From delivery centre to global benchmark: How India is reshaping StoneX’s operating model

StoneX, a 101-year-old global financial services firm and one of the world’s largest non-bank financial institutions, is quietly turning India into a strategic engine room for its next phase of growth.

“We are probably the biggest non-bank financial institution out there,” says Gregory Kallinikos, Chief Executive Officer, APAC, StoneX. “We offer every financial service conceivable apart from taking deposits – we’re not a bank. Everything else we do: investment banking, equities, fixed income, financial derivatives, physical trading of precious metals, grains, and agriculture.”

The group traces its roots back to one of the first members of the Chicago Mercantile Exchange (CME) in the US. Today, it is listed on Nasdaq, compounding growth with what Kallinikos calls “a capital appreciation story.”

“The company has about $2.3 billion of hard equity,” he explains. “This year, we announced our full-year results – the bottom line is about $300 million ...