INTL FCStone 2011 Annual Report Download - page 35

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INTL FCSTONE INC.Form10K 21
PARTI
ITEM 2 Properties
Future sales by existing stockholders could depress the market
price of our common stock. If our stockholders sell substantial
amounts of our common stock in the public market, the market
price of our common stock could fall. Such sales also might make
it more di cult for us to sell equity securities in the future at a
time and price that we deem appropriate.
Our international operations involve special
challenges that we may not be able to meet,
which could adversely aff ect our fi nancial results
We engage in a signi cant amount of business with customers in
the international markets. Certain additional risks are inherent
in doing business in international markets, particularly in a
regulated industry. ese risks include:
•
the inability to manage and coordinate the various regulatory
requirements of multiple jurisdictions that are constantly
evolving and subject to unexpected change;
•tariff s and other trade barriers;
•
diffi culties in recruiting and retaining personnel, and managing
international operations;
•diffi culties of debt collection in foreign jurisdictions;
•potentially adverse tax consequences; and
•reduced protection for intellectual property rights.
Our operations are subject to the political, legal
and economic risks associated with politically
unstable and less developed regions of the world,
including the risk of war and other international
confl icts and actions by governmental authorities,
insurgent groups, terrorists and others
Specifi cally, we conduct business in countries whose currencies
may be unstable. Future instability in such currencies or the
imposition of governmental or regulatory restrictions on such
currencies could impede our foreign exchange business and our
ability to collect on collateral held in such currencies.
Our operations are required to comply with the
laws and regulations of foreign governmental and
regulatory authorities of each country in which
we conduct business
ese may include laws, rules and regulations, including
registration requirements. Our compliance with these laws
and regulations may be diffi cult and time consuming and may
require signifi cant expenditures and personnel requirements,
and our failure to be in compliance would subject us to legal
and regulatory liabilities. We have customers in numerous
countries around the world in which we are not registered. As a
result, we may become subject to the regulatory requirements of
those countries. We may also experience diffi culty in managing
our international operations because of, among other things,
competitive conditions overseas, established domestic markets,
language and cultural diff erences and economic or political
instability. Any of these factors could have a material adverse
eff ect on the success of our international operations or limit our
ability to grow our international operations and, consequently,
on our business, fi nancial condition and operating results.
If we are unable to manage any of these risks eff ectively, our
business could be adversely aff ected.
ITEM 1B Unresolved Staff Comments
We have received no written comments regarding our periodic or current reports from the staff of the SEC that were issued 180days
or more preceding the end of our fi scal year2011 that remain unresolved.
ITEM 2 Properties
e Company maintains offi ces in NewYork, NewYork;
Winter Park, Florida; West Des Moines, Iowa; Chicago, Illinois;
Kansas City, Missouri; St.Louis, Missouri; Omaha, Nebraska;
Minneapolis, Minnesota; Bloomington, Illinois; Miami, Florida;
New Smyrna Beach, Florida; Indianapolis, Indiana; Spirit Lake,
Iowa; Bowling Green, Ohio; Nashville, Tennessee; Castle Rock,
Colorado; Topeka, Kansas; Winnipeg, Canada; Buenos Aires,
Argentina; Campinas, Brazil; Sao Paulo, Brazil; Maringa, Brazil;