StoneX Financial Ltd
Financial Conduct Authority (FCA) · Reference 446717 1
Authorised Verified on register, 4 Oct 2026
City Index
City Index is a CFD and spread betting brand of StoneX Group Inc., a Nasdaq-listed financial services group, and a sister brand of FOREX.com. In the UK it is a trading name of StoneX Financial Ltd (FCA), whose newest UK documents use the name StoneX Trading instead; in Australia it is a trading name of StoneX Financial Pty Ltd (ASIC).
Research-based assessment This profile has not completed TTI’s on-site verification and 30-day platform review. How TTI verification works
Verified licences
| Regulator | Licence | Legal entity | Register status | Source |
|---|---|---|---|---|
| Financial Conduct Authority (FCA) | 446717 | StoneX Financial Ltd | Authorised Checked 4 Oct 2026 | Register entry for StoneX Financial Ltd (opens in a new tab) 1 |
| Australian Securities and Investments Commission (ASIC) | AFSL 345646 | StoneX Financial Pty Ltd | Authorised Checked 4 Oct 2026 | Register entry for StoneX Financial Pty Ltd (opens in a new tab) 2 |
| Cyprus Securities and Exchange Commission (CySEC) | 400/21 | StoneX Europe Ltd | Authorised Checked 4 Oct 2026 | Register entry for StoneX Europe Ltd (opens in a new tab) 17 |
Each licence was matched on the regulator’s own register on the date shown. Unverified claims are listed under Regulation and legal entities.
Assessment summary
City Index is owned by StoneX Group, a listed company that files audited reports with the SEC, and both companies that serve its clients are on their regulators’ registers. Its UK and Australian terms provide segregated client money, negative balance protection for retail clients and access to the Financial Ombudsman Service or AFCA; UK clients are also covered by the FSCS. The ombudsman upheld about a quarter of the decisions it published on the UK company. The regulatory record is light: a 2023 ASIC report on self-reported leverage breaches that were compensated, and a 2011 UK fine for transaction reporting, now too old to count. In the UK the brand is being replaced by StoneX Trading. City Index’s websites refused our automated requests, so its leverage, risk warnings and marketing claims are not determined.
Key positives
- Client-facing entities appear on the regulator’s register 1234
Both companies that serve City Index clients are on their regulators’ registers: StoneX Financial Ltd on the FCA’s list and StoneX Financial Pty Ltd in ASIC’s data, with matching names and numbers.
- Regulatory claims on the website are accurate 12346
The licence details in City Index’s documents match the registers. We could not read the claims on its websites.
- Clients can tell which regulated entity serves them 3478
The terms, key information documents and PDS name the StoneX company that contracts with the client and its regulator.
- Client money segregation is disclosed 47
The UK terms segregate client money under the FCA’s rules, and the Australian PDS holds it on trust in a segregated account.
- Ultimate ownership can be identified 59
City Index belongs to StoneX Group Inc., a Nasdaq-listed company; Companies House shows StoneX Group Inc. holding 75% or more of StoneX Financial Ltd.
Key concerns
- StoneX Financial Pty Ltd, trading as City Index, compensated Australian clients after self-reporting CFD leverage limit breaches 10
Reduced the enforcement dimension by 2 points (low severity, 2.9 years before the review).
- Permissions cover the services offered 25
Partly met StoneX’s annual report describes the Australian licence as covering dealing and market making in derivatives and FX for retail clients. We could not see the UK company’s permissions in the FCA data we used.
- An investor compensation scheme applies 47
Partly met UK clients may claim from the Financial Services Compensation Scheme, but no compensation scheme covers Australian clients.
Breakdown by dimension
Each dimension is scored from its criteria, then weighted. Dimensions without enough evidence are left out and the remaining weights are rescaled. Open a dimension to see every criterion, our rationale and the sources.
Regulatory status and licence verification 26% of score Whether the firm’s licences exist, are current and cover what it offers.
- Met
- Met
- Partly met
- Met
- Met
Criteria and their weighting are explained in the methodology.
Corporate transparency and ownership 13% of score Whether you can find out who owns and runs the firm.
- Met
- Met
- Met
- Met
- Met
Financial statements are available 5
StoneX Group publishes audited annual reports with the SEC.
Criteria and their weighting are explained in the methodology.
Client fund protections and disclosed safeguards 13% of score What protects client money if something goes wrong.
- Met
- Met
- Partly met
- Not determined
- Not determined
Criteria and their weighting are explained in the methodology.
Enforcement and substantiated adverse findings 13% of score Regulator warnings, enforcement actions and final legal findings on record.
Starts at 100 and loses points for each substantiated adverse finding by severity and age. Allegations, complaints and clone warnings never count. Total deducted: 2 points.
- Met
- Enforcement action
StoneX Financial Pty Ltd, trading as City Index, compensated Australian clients after self-reporting CFD leverage limit breaches 10
9 Nov 2023. Reduced the enforcement dimension by 2 points (low severity, 2.9 years before the review).
- Enforcement action
FSA fines City Index Limited GBP 490,000 for transaction reporting failures 11
20 Jan 2011. Not counted: more than 10 years old at the review date.
Criteria and their weighting are explained in the methodology.
Complaint handling and documented resolutions 8% of score How the firm handles complaints, and what independent records show.
- Met
- Met
- Met
Independent complaint outcomes show no adverse pattern 13
The ombudsman upheld 5 of the 19 decisions it published in three years on StoneX Financial Ltd and Gain Capital UK, most of them about City Index or FOREX.com trading accounts.
- Not determined
Complaint data is disclosed 14
We found no complaint statistics published by City Index, and its UK company is below the thresholds for the FCA’s and ombudsman’s firm-level tables. AFCA publishes complaint figures for the financial firms that are its members, but its data site refused our requests, so we could not check the Australian company.
Criteria and their weighting are explained in the methodology.
Trading terms and operational transparency 8% of score Whether costs, execution and risks are disclosed before you sign up.
- Met
- Met
An order execution policy is published 15
StoneX Financial Ltd publishes an order execution policy covering CFDs and spread bets.
- Met
- Not determined
- Not determined
Risk warnings are clear and current 6
We could not access City Index’s websites to check its risk warnings.
Criteria and their weighting are explained in the methodology.
Public disclosures and communication 4% of score Whether public claims hold up and the firm communicates openly.
- Not determined
Marketing claims are accurate and attributable 6
We could not access City Index’s marketing pages.
- Met
- Met
Criteria and their weighting are explained in the methodology.
On-site office verification 5% of score What our visit confirmed in person: a real, staffed office of the assessed entity, not a ghost address.
We have not checked this firm’s office in person, so this dimension scores zero. We check offices through our on-site verification programme.
- Not met
Real office at the stated address, not a ghost address
- Not met
Office of the assessed entity
- Not met
Staffed and operating
Criteria and their weighting are explained in the methodology.
On-site assessment and platform testing 10% of score What our on-site checks and 30-day platform testing found.
We have not completed an on-site assessment of this firm, so this dimension does not count and its weight is shared among the others.
- Not determined
Company identity
- Not determined
Regulatory claims
- Not determined
Office visit
- Not determined
Account opening
- Not determined
Platform usability
- Not determined
Costs and disclosures
- Not determined
Customer support
- Not determined
Deposits and withdrawals
- Not determined
Trading functions
- Not determined
Complaints process
Criteria and their weighting are explained in the methodology.
Regulation and legal entities
A brand can trade through several companies, each licensed in a different place with different protections. Check which entity your account would be with.
StoneX Financial Pty Ltd
Australian Securities and Investments Commission (ASIC) · Reference AFSL 345646 2
Licence start date 31 May 2010.
Authorised Verified on register, 4 Oct 2026
StoneX Europe Ltd
Cyprus Securities and Exchange Commission (CySEC) · Reference 400/21 17
Authorised Verified on register, 4 Oct 2026
StoneX Group Inc.
No licence recorded for this entity.
Dated findings
Warnings, enforcement actions, legal findings, allegations and complaint records are labelled separately. What each label means.
Enforcement action Settled
StoneX Financial Pty Ltd, trading as City Index, compensated Australian clients after self-reporting CFD leverage limit breaches 10
On 9 November 2023 ASIC reported that StoneX Financial Pty Ltd, trading as City Index, was one of seven CFD issuers that self-reported issuing CFDs to retail clients with leverage above the limits in ASIC’s product intervention order and compensated affected clients under ASIC’s review. ASIC did not impose a penalty.
Enforcement action Settled
FSA fines City Index Limited GBP 490,000 for transaction reporting failures 11
On 20 January 2011 the FSA fined City Index Limited GBP 490,000 because between November 2007 and September 2009 it failed to submit accurate transaction reports for about 2 million transactions, nearly 60% of those it had to report. City Index settled early. The fine is more than ten years old and no longer affects the score.
Company response
Firms can respond to their profile and to any finding. No response has been published for City Index. How firms can respond.
Assessment history
| Review date | Result | Methodology | Status |
|---|---|---|---|
| 6 Oct 2026 | Trust score 92 out of 100 Strong | 1.2 | Current |
Corrections and updates
No corrections have been made to this profile.
Sources
- 1 Financial Services Register: investment firms list (CSV), data as at 3 October 2026 (opens in a new tab)
Shows StoneX Financial Ltd (FRN 446717) with status Authorised, first authorised 24 March 2006.
- 2 Australian Financial Services Licensee dataset (October 2026) (opens in a new tab)
Lists AFSL 345646 held by StoneX Financial Pty Ltd (ABN 50141774727), Sydney, from 31 May 2010.
- 3 City Index key information document: rolling spot forex (updated 29 December 2025) (opens in a new tab)
States that City Index is a trading name of StoneX Financial Ltd, registered in England and Wales under number 05616586 and authorised by the FCA under reference 446717, with telephone 0800 060 8609.
- 4 City Index CFD product disclosure statement (October 2023) (opens in a new tab)
Issued by StoneX Financial Pty Ltd (ACN 141 774 727, AFSL 345646), trading as City Index. Client money is held on trust in a client segregated account under the Corporations Act. Retail accounts have negative balance protection. Sets out transaction fees, financing, spreads, guaranteed stop premiums, conversion and inactivity fees. StoneX Financial Pty Ltd is a member of the Australian Financial Complaints Authority, and clients get at least 14 days’ notice of a new PDS and 30 days’ notice of higher fees.
- 5 StoneX Group Inc. annual report on Form 10-K for the year ended 30 September 2025 (opens in a new tab)
Audited annual report filed on 28 November 2025. Describes FOREX.com and Cityindex.com as StoneX’s direct channels for retail forex and CFDs; Gain Capital Group, LLC as a CFTC registered FCM and retail foreign exchange dealer; StoneX Financial Ltd as its FCA regulated UK subsidiary; StoneX Financial Pte. Ltd. (MAS), StoneX Financial Pty Ltd (ASIC) and StoneX Securities Co., Ltd. (Japanese FSA, Kanto Local Finance Bureau No. 291). The legal proceedings note concerns StoneX’s institutional businesses, not FOREX.com.
- 6 City Index websites (opens in a new tab)
City Index’s websites and StoneX’s UK and Australian trading sites refused our automated requests on 4 October 2026 (HTTP 403), so we could not read their pricing, leverage, risk warning or marketing pages. We used the documents City Index publishes on its document host instead.
- 7 StoneX Financial Ltd general terms for City Index (November 2023) (opens in a new tab)
General terms for FX, CFD and spread bet accounts with StoneX Financial Ltd trading as City Index. Client money is segregated from the firm’s own money under the FCA’s client money rules, in accounts with banks or third parties; the banks are not named. Retail clients have negative balance protection. StoneX Financial Ltd participates in the Financial Services Compensation Scheme, and complaints can go to the Financial Ombudsman Service. Residents of the countries listed in an annex are referred to arbitration in London.
- 8 City Index target market determination for CFDs (January 2025) (opens in a new tab)
Issued by StoneX Financial Pty Ltd, trading as City Index, for CFDs available from January 2025.
- 9 Companies House: STONEX FINANCIAL LTD (05616586) (opens in a new tab)
Active company incorporated on 9 November 2005, registered office Moor House, First Floor, 120 London Wall, London EC2Y 5ET. Lists ten active directors, including Malcolm James Wilde, Philip Andrew Smith and Lindsay James McNeile. StoneX Group Inc, a Delaware corporation, has held 75% or more of the shares since 30 June 2021.
- 10 23-298MR ASIC oversees more than $17.4 million in compensation to retail investors by OTC derivative issuers (opens in a new tab)
Release of 9 November 2023 naming StoneX Financial Pty Ltd, trading as City Index, among seven CFD issuers that self-reported issuing CFDs to retail clients with leverage above the limits in ASIC’s product intervention order and compensated affected clients under ASIC’s review.
- 11 FSA fines spread bet broker £490,000 for transaction reporting failures (opens in a new tab)
First published 20 January 2011. The FSA fined City Index Limited GBP 490,000 because between November 2007 and September 2009 it failed to submit accurate transaction reports for about 2 million transactions, nearly 60% of those reportable. City Index settled early and received a 30% discount.
- 12 Searches of FCA, ASIC, CySEC, CFTC and CVM records, and the Indian and Malaysian alert lists, for City Index and StoneX companies (opens in a new tab)
On 4 October 2026 we searched CySEC’s 1,173 board decisions, the CVM’s declaratory acts, the Indian and Malaysian alert lists and StoneX’s SEC filings, and ran web searches for actions by the FCA, ASIC, MAS and CySEC. The findings on this profile are what we found. The Securities Commission Malaysia lists a potential clone called City Index Traders, which is not a finding about City Index. The FSA also fined City Index Limited GBP 35,000 in 2004 over 2003 financial promotions, which is more than twenty years old and not recorded.
- 13 Ombudsman decisions: StoneX Financial Ltd and Gain Capital UK Limited, October 2023 to October 2026 (opens in a new tab)
Between 4 October 2023 and 4 October 2026 the ombudsman published 16 decisions about StoneX Financial Ltd, mostly about CFD and spread bet accounts trading as FOREX.com or City Index, upholding 4, and 3 decisions about Gain Capital UK Limited, upholding 1.
- 14 FCA firm-level complaints data 2025 H2 and Financial Ombudsman business complaints data (July 2025 to March 2026) (opens in a new tab)
Neither dataset includes StoneX Financial Ltd or Gain Capital UK; both publish firm-level figures only above minimum complaint volumes.
- 15 SFL order execution policy (version 3, October 2023) (opens in a new tab)
Applies to StoneX Financial Ltd and explains how it executes client orders in CFDs and spread bets, the execution factors, price slippage and how execution quality is monitored.
- 16 StoneX Trading key information document: spread bets (updated 1 July 2026) (opens in a new tab)
States that StoneX Trading is a trading name of StoneX Financial Ltd (FCA 446717), with the same telephone number, 0800 060 8609, and a link to stonex.com rather than cityindex.com.
- 17 CySEC register: StoneX Europe Ltd (opens in a new tab)
Licence 400/21 granted on 24 May 2021, company registration 409708, Nikokreontos 2, Nicosia. Approved trade names CITYINDEX and forex.com, and domains www.forex.com/ie, forex.com/de-de and forex.com/pl-pl. Services include reception, transmission and execution of orders and dealing on own account, with safekeeping and credit as ancillary services. KQ Markets Ltd is listed as a tied agent.
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