StoneX Group Inc (NASDAQ:SNEX), the owner of retail FX brands such as FOREX.com and City Index, plans to repurchase up to 1 million shares of its stock. This becomes clear from a document filed with the Securities and Exchange Commission (SEC) on August 29, 2022.

On August 23, 2022, the Board of Directors of StoneX Group Inc authorized for fiscal year 2023 the repurchase of up to 1.0 million shares of its outstanding common stock from time to time in open market purchases and private transactions. The repurchases will commence on October 1, 2022 and will end on September 30, 2023, subject to the discretion of the senior management team to implement the Company’s stock repurchase plan, and subject to market conditions and as permitted by securities laws and other legal, regulatory and contractual requirements and covenants.

Let’s recall that, StoneX saw a slight decline in overall revenues in fiscal third quarter 2022.

For the quarter, StoneX brought in operating revenues of $528.8 million, down 3% from the previous quarter’s $544.7 million. StoneX reported quarterly net income of $49.1 million, versus $64.0 million the previous quarter.

StoneX’s CFD business generated average daily trading volumes (ADV) of $13.1 billion in Q3 2022, down from $14.9 billion the previous quarter, but much improved over the $10.6 billion ADV StoneX saw for all of fiscal 2021.