BGC Partners Granted Swap Execution Facility Approval from the CFTC
NEW YORK, Sept. 20, 2013 /CNW/ - 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 its subsidiary BGC
Derivative Markets, L.P. has received temporary registration approval from
the U.S. Commodity Futures Trading Commission (CFTC) to operate a Swap
Execution Facility (SEF). BGC intends to offer trading of regulated swaps from
October 2 onwards, consistent with the derivatives trading regulations under
the Dodd-Frank Act.
"Receiving CFTC approval to operate a SEF marks the next chapter for our
company and our clients, and is a positive step forward for the marketplace,"
said Shaun D. Lynn, President of BGC. "BGC has utilized the strength of its
leading proprietary technology and is fully prepared for a new era of
derivatives transactions. We are excited to offer clients deeper access to
liquidity, as well as increased transparency in the clearing and execution of
Capitalizing on its billion dollar-plus investment in its technology platform,
BGC will 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.
For more information about BGC's SEF please visit:
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
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.
SOURCE BGC Partners, Inc.
Media Contacts: Hannah Sloane, +1 212-294-7938, or Sarah Laufer, +1
212-915-1008; Investor Contact: Jason McGruder, +1 212-829-4988, or Jason
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CO: BGC Partners, Inc.
ST: New York
NI: FIN REL
-0- Sep/20/2013 05:00 GMT
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