Scott Gordon: In being acquired by Marex Spectron, RCG retains name, management, and gains global reach

Sarah Rudolph

Sarah Rudolph

Managing Editor & Head of Editorial Operations

Rosenthal Collins (RCG) has roots going back nearly 95 years, so the news that it is being acquired is big.  But the name will live on, as will much of the management and staff of the company. Marex Spectron is set to take over the customer business of RCG, one of the top independent FCMs, in January, with RCG’s current president and CFO Jason Manumaleuna as CEO and Scott Gordon, current chairman and CEO, as vice chairman. RCG will become a division of Marex Spectron.

In an interview with JLN, Gordon said Marex was “keenly interested in having RCG run the company with no change to the management or the customer side….customers will still be talking to the same people and getting the same service.”

Gordon will step back from the day to day operations he has been involved in at RCG for the past 15 years or so. He will leave the daily management to Manumaleuna, who Gordon said is the perfect person to be CEO. “When we hired him, I was hoping someday this would happen,” he said. Gordon will remain as an advisor.

Marex brings to RCG their global brokerage business and large balance sheet – several times larger than RCG’s, Gordon said – and their Category One membership at the London Metal Exchange, as well as their keen research and technology and offerings of financing and other vehicles.

“When I’m looking five years out and I say, What [does RCG] need to propel us and keep us thriving, those things Marex brings are what’s on that list. We complement each other further by the fact that we’re significant in the U.S. and they are significant in Europe,” Gordon said.

RCG does international business already, but it is not a clearing member on all the foreign exchanges and so must transact through a third-party broker. RCG customers will have far better global access because of the relationship with Marex, he added.

The company also expects to attract new business, including customers whom they had to turn away in the past because they did not have access to LME, or to a particular OTC hedging product, for example.

The RCG division of Marex Spectron will offer all of RCG’s current electronic trading platforms – which include RCG ONYX Plus, the full CQG suite and Trading Technologies, to name a few – plus Marex’s NEON platform, making a total of nearly 10 platforms to choose from.

At the moment, RCG is not disclosing anything about what it plans for its other, non-customer businesses.

 

John Lothian Newsletter

Today's Newsletter

We visit more than 100 websites daily for financial news (Would YOU do that?)

Now Read This

Jordan Melamed – Open Outcry Traders History Project

Jordan Melamed is a former trader at the Chicago Mercantile Exchange and a filmmaker. He is the son of CME Chairman Emeritus Leo Melamed. He followed his father’s footsteps to the trading floor of the CME. After a career trading in the open outcry markets he pursued a career as a filmmaker. He is the director of “Futures Past,” a story of the end of open outcry trading and the human element of trading and family.

ESG: We’re Only at the Tip of the Iceberg

At FIA IDX 2019 in London, John Lothian News sat down with Clive Furness, the managing director of Contango Markets Ltd., to talk about ESG (environmental, social and governance) and how it fits into commodity and index products, and why it’s a “social revolution” and not a fad.

Leo Melamed – Open Outcry Traders History Project

The first video we are releasing from the Open Outcry Traders History Project is of Leo Melamed. In this video, Leo tells of his start as a law student and runner, how he financed his first membership with help from his father and how many times he went broke. Three. There are lots of great stories from Leo – from how he makes his trading decisions to the impact of his career on his family and what kind of father he was. The Chairman Emeritus of the CME has had a long, history-making career. Here is his story.

Pin It on Pinterest

Share This