INTL FCStone 2012 Annual Report Download - page 38
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Please find page 38 of the 2012 INTL FCStone annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.INTL FCSTONE INC.Form10K22
PART I
ITEM 1B Unresolved Staff Comments
Because of this volatility, we may fail to meet the expectations of
our stockholders or of securities analysts, and the trading prices
of our common stock could decline as a result. In addition, any
negative change in the public’s perception of the securities industry
could depress our stock price regardless of our operating results.
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 a ect our 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;
•tari s and other trade barriers;
•
di culties in recruiting and retaining personnel, and managing
international operations;
•di 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 con icts and actions by
governmental authorities, insurgent groups,
terrorists and others.
Speci 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.
These may include laws, rules and regulations, including
registration requirements. Our compliance with these laws
and regulations may be di cult and time consuming and may
require signi 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 di culty in managing
our international operations because of, among other things,
competitive conditions overseas, established domestic markets,
language and cultural di erences and economic or political
instability. Any of these factors could have a material adverse
e ect on the success of our international operations or limit our
ability to grow our international operations and, consequently,
on our business, nancial condition and operating results.
If we are unable to manage any of these risks e ectively, our
business could be adversely a ected.
ITEM 1B Unresolved Staff Comments
We have received no written comments regarding our periodic or current reports from the sta of the SEC that were issued 180 days
or more preceding the end of our scal year 2012 that remain unresolved.