BGC Partners Files Swap Execution Facility Application with the CFTC
NEW YORK, Sept. 4, 2013
NEW YORK, Sept. 4, 2013 /PRNewswire/ -- BGC Partners, Inc. (NASDAQ: BGCP)
("the Company" or "BGC"), a leading global brokerage company servicing the
wholesale financial and real estate markets, today announced that it has filed
an application with the U.S. Commodity Futures Trading Commission (CFTC) to
become a Swap Execution Facility (SEF), consistent with the latest derivatives
trading regulations under the Dodd-Frank Act.
(Logo: http://photos.prnewswire.com/prnh/20110720/MM38935LOGO )
"As a leading price discovery, order management and execution facility that
supports the evolution of trading methodologies, we look forward to welcoming
in a new wave of derivatives transaction which further utilizes the strength
of our leading proprietary technology," said Shaun D. Lynn, President of BGC.
Capitalizing on its billion dollar-plus investment in its technology platform,
BGC intends to provide swap market participants with flexible, tailored
approaches to electronic execution and clearing of derivatives trades. BGC's
technology infrastructure includes fully-compliant execution methodologies
such as anonymous Central Limit Order Book (CLOB), name disclosed Request for
Quote (RFQ) system, Intra-day Electronic Auctions, Indications of Interest,
and Voice Managed Orders for Blocks and Non-Blocks. Market participants will
be able to utilize BGC's platform to segregate US person/non-US person
transactions on both a graphical user interface (GUI) and application
programming interface (API) via instrument choice and contra-counterparty
BGC expects to leverage its longstanding, demonstrated expertise in running
electronic marketplaces and exchanges to benefit market participants. This
includes eSpeed, a fully electronic trading platform for U.S. Treasury Notes
and Bonds that BGC sold to NASDAQ OMX Group, Inc. in June 2013 for $1.234
billion, and ELX Futures, L.P., the fully regulated electronic futures
exchange owned by BGC and other leading global market participants.
"BGC has been consistently rigorous in ensuring that its technology and
infrastructure remain fully compliant with the latest regulatory requirements.
We are highly regarded for our leading proprietary technology and our robust
and successful voice franchise," said Phil Norton, Executive Managing
Director, e-Commerce at BGC. "We believe market participants will benefit from
BGC's technology, which promotes greater access to liquidity, efficiency, and
improved transparency for customers trading by electronic, voice or hybrid
means under the new Dodd-Frank guidelines."
About BGC Partners, Inc. BGC is a leading global brokerage company primarily
servicing the wholesale financial and real estate markets. Products include
fixed income securities, interest rate swaps, foreign exchange, equities,
equity derivatives, credit derivatives, commercial real estate, commodities,
futures, and structured products. BGC also provides a wide range of services,
including trade execution, broker-dealer services, clearing, processing,
information, and other back-office services to a broad range of financial and
non-financial institutions. Through its BGC Trader and BGC Market Data brands,
BGC offers financial technology solutions, market data, and analytics related
to select financial instruments and markets. Through the Newmark Grubb Knight
Frank brand, the Company offers a wide range of commercial real estate
services, including leasing and corporate advisory, investment sales and
financial services, consulting, project and development management, and
property and facilities management.
BGC's customers include many of the world's largest banks, broker-dealers,
investment banks, trading firms, hedge funds, governments, corporations,
property owners, real estate developers, and investment firms. For more
information, please visit www.bgcpartners.com .
BGC, BGC Trader, Grubb & Ellis, Grubb and Newmark are trademarks and service
marks of BGC Partners, Inc. and its affiliates. Knight Frank is a service mark
of Knight Frank Limited Corp., used with permission.
Discussion of Forward-Looking Statements by BGC Partners Statements in this
press release regarding BGC's business that are not historical facts are
"forward-looking statements" that involve risks and uncertainties. For a
discussion of additional risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking statements, see
BGC's Securities and Exchange Commission filings, including, but not limited
to, the risk factors set forth in the Company's public filings, including the
most recent Form 10-K and any updates to such risk factors contained in
subsequent Form 10-Q or Form 8-K filings.
Contact: Media Contacts: Hannah Sloane, +1-212-294-7938, or Sarah Laufer,
+1-212-915-1008; or Investor Contact: Jason McGruder, +1-212-829-4988
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