StoneX Group Inc. (SNEX)

A farmer needs to hedge a harvest, an importer to buy the currency of a country with no liquid market, a processor to buy metal for delivery. Large banks do not serve such clients: the trades are small and troublesome. This company does, and charges a noticeable margin for it.

Income combines commissions, the spread between buying and selling prices, and interest on client balances. Volatility suits such a firm: the more prices move, the more actively clients hedge. Risks: operational errors in complex transactions, counterparty credit risk and regulation. Growth came from buying brokers in different countries, and that geography is itself a barrier to a competitor. The company pays no dividend.