Wedbush Securities Expands into FX Prime Brokerage with the Hire of Michael Stone
April 12, 2023 – Wedbush Securities, a diversified independent financial services providers, has announced its expansion into FX Prime Brokerage services directed by industry veteran Michael Stone as Senior Vice President.
The firm will begin this offering in May 2023. FX will be part of the newly named Fixed Income, Currencies, Commodities, and Securities Finance (“FICCS”) Division of Wedbush Securities, led by EVP Bob Fitzsimmons.
Prior to joining Wedbush, Stone spent the past three decades in FX Prime Brokerage, as part of the team at ABN AMRO Bank, one of the first entrants in the FX Prime Brokerage space; and at Prudential Bache (later acquired by Jefferies) to create a similar offering. James Peckham, Ray Cera, and Stephen Lamb, all previously at Jefferies, join Stone in building out the business unit at Wedbush.
Stone states, “I, and my team from Jefferies, are very excited to join a firm that is so highly regarded in the Futures space, and look forward to building a business that adds value to mid-level corporates and professional trading groups who are perpetually in need of access to high-quality liquidity on reasonable credit terms.”
Bob Fitzsimmons adds, “With our launch into FX Prime Brokerage and having one of the best FX teams in the business, this definitely adds an extra level of service and investment opportunities for our clients.”
Stone will be working out of the firm’s FICCS Division office in Chicago.
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