RJ O'Brien and Associates

What RJ O'Brien and Associates does

R.J. O'Brien & Associates (RJO) is the oldest and largest independent futures brokerage and clearing firm in the United States, founded in 1914 and headquartered in Chicago. The company operates as a Futures Commission Merchant (FCM), providing execution, clearing, and risk management services for exchange-traded futures and options across all major global venues, including full clearing memberships at CME Group (founding member), ICE, and CBOE Futures Exchange. RJO serves four primary client segments — financial institutions, introducing brokers (IBs), commercial hedgers (predominantly agriculture and energy), and individual traders — with a global network of more than 300 IBs and 80,000+ cleared client accounts representing approximately $4 billion in client assets.

The firm's technology stack centers on a multi-platform trading ecosystem: three proprietary platforms (RJO Futures PRO desktop, RJO WebOE browser-based order entry, and RJO Mobile Trader for iOS/Android) are complemented by partner platforms from CQG (Integrated Client and API), Trading Technologies (TT), and T4, plus FIX protocol connectivity for institutional clients. CQG API integration provides interoperability with Bloomberg, CME Direct, Fidessa, and several risk/compliance systems. In February 2025, RJO launched the RJO Technology Partnership Initiative, making its first strategic investment in Phlo Systems. The firm also distributes educational content through RJO University and the Rolling Trades podcast.

RJO's revenue model is predominantly transaction-based, with commission income from brokerage, clearing, electronic execution, voice brokerage, and OTC agricultural products, supplemented by professional-services revenue from capital & risk management and facilities management. Distribution is hybrid: direct institutional sales supported by 14 senior brokers with 15+ year average tenure, channel/IB partnerships with 300+ resellers, self-serve online trading for retail/individual clients, and regional subsidiaries (RJO Limited in the UK, RJO Canada, RJO Futures, and OASIS Investment Strategies). Following the April 2025 acquisition by StoneX Group Inc. (NASDAQ: SNEX), RJO's trading and clearing operations are being migrated to StoneX Financial Inc., effective May 31, 2026, with targeted cost synergies of $50 million and U.K. entity consolidation already releasing $20 million in capital.

Name

RJ O'Brien and Associates

Legal name

R.J. O'Brien & Associates, LLC

Website

https://rjobrien.com

Company type

Private

Founded year

1914

Operating status

Acquired

Headcount range

501–1,000 employees

Short description

R.J. O'Brien & Associates is the oldest U.S. independent futures brokerage and clearing firm (founded 1914), offering execution, clearing, and risk management across CME, ICE, and CFE to financial institutions, 300+ introducing brokers, commercial hedgers, and individual traders, now operating as a subsidiary of StoneX Group.

Ownership category

akta.pro rank

Product category

Futures Brokerage and Clearing

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (523160)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Industry-Specialist / Sector-Focused M&A Advisory (FSAEAGAJ)

akta.pro secondary industry

Institutional API Connectivity, OMS/EMS & FIX Gateways (FSADAJAJ)

Keywords

• Futures brokerage
• Futures clearing
• Electronic execution
• Commodity trading
• Risk management

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Futures Brokerage: Commission-based brokerage services for futures and options on futures trading across all major exchanges.
2. Futures Clearing: Clearing services providing execution, clearing, and risk management for client accounts.
3. Voice Brokerage: Traditional voice-based execution services for clients preferring human-assisted trading.
4. Electronic Execution: Electronic trading platform access and execution services.
5. OTC Services: Over-the-counter agricultural products brokerage services.
6. Capital & Risk Management: Risk management consulting and capital advisory services for commercial hedgers and institutional clients.
7. Facilities Management: Infrastructure and facilities management services for trading operations.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

RJ O'Brien and Associates is the oldest and largest independent futures brokerage and clearing firm in the United States, founded in 1914. It provides execution, clearing, and risk management services for futures and options across all major global exchanges, supported by proprietary platforms (RJO Futures PRO, WebOE, Mobile Trader) and third-party integrations (CQG, Trading Technologies). The firm serves institutional clients, introducing brokers, commercial hedgers, and individual traders.

Product overview

R.J. O'Brien & Associates is the oldest and largest independent futures brokerage and clearing firm in the United States, founded in 1914. The company offers a multi-platform trading ecosystem centered on proprietary platforms (RJO Futures PRO, RJO WebOE, RJO Mobile Trader) complemented by third-party CQG Integrated Client and CQG API. Services span execution (voice, electronic, OTC), futures clearing, facilities management, and capital risk management, supported by RJO University educational resources. The firm serves diverse client segments including financial institutions, introducing brokers, commercial hedgers, and individual traders. R.J. O'Brien became part of StoneX Group Inc. following acquisition in April 2025.

Differentiator

Problem solved

Functional benefit

Products and services

• RJO Futures PRO Proprietary online trading platform offering direct access to global exchanges, customizable interfaces, and risk management tools for futures trading.
• RJO WebOE Web-enabled order entry application connecting traders to global futures markets using only a browser and internet access.
• RJO Mobile Trader Mobile trading application for Apple and Android devices enabling portfolio management and trade execution with real-time market data.
• CQG Integrated Client Professional charting and analytics platform offering over 100 studies, statistical functions, trade routing, and expandable depth-of-market view.
• CQG API API integration providing order management, risk analysis, and connectivity to platforms such as Fidessa, Bloomberg, CME Direct, WebICE, GMI, TT, Laservault, and Firmsoft.
• Futures Brokerage Full-service futures brokerage providing 24-hour access, tailored strategies, and execution support through experienced market strategists for institutional clients and commercial hedgers.
• Voice Brokerage Voice-based trading execution service for clients preferring human-assisted order placement.
• Electronic Execution Electronic trading execution service for direct market access and automated order routing.
• OTC (Over-the-Counter) Services Over-the-counter agricultural products trading service for customized bilateral transactions outside exchange markets.
• Futures Clearing Comprehensive clearing services for futures contracts with 24-hour execution, settlement, and risk management across all major exchanges.
• Capital & Risk Management Risk management and capital advisory services helping clients manage trading risk exposure.
• Facilities Management Infrastructure and facilities management services for trading operations.

Quantifiable outcome

• Client assets of approximately $4 billion
• +3 more outcomes

Named customers5 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability2 records

Feature5 records

Partnerships

Six partnerships are on record, tiered core.

• Phlo SystemscoreStrategic or Co-development Partner · 11 February 2025Strategic partnership and equity investment announced Feb 11, 2025. This marks the first investment from RJO Technology Partnership Initiative launched in 2024. Phlo Systems provides technology solutions for the futures industry.
• CQGcoreTechnology or IntegrationTechnology partnership providing CQG Integrated Client and CQG API trading platforms to RJO clients. CQG offers charting, analytics, order management, and market data from 75+ global sources.
• Trading Technologies (TT)coreTechnology or IntegrationPartnership offering TT trading platform as one of the available platforms for RJO clients seeking professional-grade trading tools.
• CME GroupcoreTechnology or IntegrationRJO is a full clearing member and founding member of CME Group (Chicago Mercantile Exchange), providing access to interest rate, agricultural, energy, equity indices, and metals futures products.
• IntercontinentalExchange (ICE)coreTechnology or IntegrationRJO is a full clearing member of ICE, providing access to ICE's futures and options markets.
• CBOE Futures Exchange (CFE)coreTechnology or IntegrationRJO is a full clearing member of CBOE Futures Exchange, providing access to volatility and other CFE products.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• BGC Group: BGC Group (formerly BGC Partners, including Fenics) is a global interdealer broker with electronic and voice execution across rates, FX, commodities, and equities — comparable to RJO's voice brokerage and electronic execution offerings across financial futures.
• Goldman Sachs: Goldman Sachs operates a global prime brokerage and FCM business offering futures execution and clearing to hedge funds and institutional clients, overlapping with RJO's institutional client franchise but as part of a much larger, diversified full-service investment bank.
• JPMorgan: JPMorgan's prime brokerage and futures commission merchant operations serve large institutional and hedge fund clients with execution and clearing across global futures exchanges — comparable to RJO's institutional offerings but embedded in a universal banking platform.
• Virtu Financial: Virtu Financial is a US-listed electronic market maker and execution services firm with significant derivatives trading and execution capabilities, comparable to RJO's electronic execution franchise but at much larger scale and with a broader multi-asset market-making focus.

Direct peers

• TP ICAP: TP ICAP is a London-listed global interdealer broker with significant energy, agricultural, and financial futures broking operations, comparable to RJO's voice brokerage and OTC agricultural services across institutional and commercial clients.
• Interactive Brokers: Interactive Brokers is an electronic broker-dealer offering direct market access and futures execution to active traders and institutions globally, overlapping with RJO Futures PRO/WebOE/Mobile Trader electronic execution product set and individual trader segment.
• ADM Investor Services: ADM Investor Services is the FCM and clearing arm of Archer Daniels Midland, providing futures execution and clearing for agricultural and financial products — directly comparable to RJO's agricultural futures franchise and commercial hedger book.
• ED&F Man: ED&F Man is a privately held global commodities merchant and broker with significant presence in soft commodities, sugar, coffee, and futures execution, operating with a similar boutique, client-aligned culture to RJO across commercial hedgers and institutional clients.
• Marex: Marex (formerly Marex Spectron) is a London-headquartered global commodities broker and clearing firm offering execution across agricultural, energy, and metals futures, serving commercial hedgers and institutional clients — directly comparable to RJO's independent, full-service FCM model.
• Wedbush Futures: Wedbush Futures is a US-based independent futures broker providing execution, clearing, and technology to retail and institutional traders — directly comparable to RJO's middle-market and individual trader offering and introducing broker relationships.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/rjobrien
• Facebookfacebook.com/rjobrien1914
• LinkedInlinkedin.com/company/rjobrien

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about RJ O'Brien and Associates