Philip Smith on vertical integration
From Europe’s New Gold Rush Accelerates | In the Round with Philip Smith · · StoneX
“We are supplying raw material into that refinery which is keeping it within StoneX which means we are controlling the economics of it that we would otherwise have moved to a third party. We would be beholden to pricing set by others.”
On , Philip Smith, Group Chief Executive at STONEX GROUP INC, spoke about vertical integration during Europe’s New Gold Rush Accelerates | In the Round with Philip Smith on StoneX.
About Philip Smith
Philip Smith, Group Chief Executive at StoneX, appeared on the May 9, 2026 episode of "In the Round" from Frankfurt to discuss the company's European metals operations. Smith described the metals business as "the deepest tallest vertical that we have across the organization which is unique." He noted that the company had achieved a record quarter, following a previous consecutive record quarter, and said that Coin Invest had matched its best year's performance "in one year, one day." Smith also stated that StoneX plans to roll out StoneX Bullion for all employees, allowing them to buy products from the platform at cost.