There are often instances where a particular problem has interest beyond just a particular firm or organization.   By spreading the total cost across multiple "subscribers", the cost burden to any individual entity can be substantially reduced without sacrificing the depth or quality of the analysis. This approach is often referred to in the industry as a "multi-client study". 

INTL FCStone has the resources and talent available to conduct in-depth multi-client studies in areas that are complementary to our core expertise in commodity price risk management.  Our team of highly trained consultants is also available to assist other consulting organizations with their multi-client studies.  We also have relationships with a network of other consulting organizations and have the ability to bring in this additional outside expertise when necessary.

We use the following 6-step process in the development of a multi-client study:

1. Work with potential client groups to identify the problem or problems to be researched.
2. Put together complete study outline and cost estimate in the form of a prospectus.  From study cost and subscriber fee, determine the minimum number of subscribers needed to conduct the study.
3. Market the prospectus to potential subscribers.
4. If minimum number of subscriptions achieved, schedule and conduct initial project meeting with subscribers to solicit additional input on study content and revise outline.
5. Conduct the study.
6. Present results to subscribers in the form of a written copy of the study, a PowerPoint summary of the study, and one in-person presentation of the study by a member of the research team at a site and venue of the subscriber's choosing (travel expenses for INTL FCStone personnel extra, Webex venue also available).

Examples of multi-client studies might include the following:

• Feasibility study on particular cross-hedge or OTC instrument development to meet a particular industry risk management need.
• In-depth analysis of the market potential for a new dairy protein product with long-term forecasts of demand scenarios.
• Detailed profile of a particular country's potential for development of risk management products and venues.