BGC Partners Receives Approval to Broker FX Options in China
NEW YORK, May 6, 2014
NEW YORK, May 6, 2014 /PRNewswire/ --BGC Partners, Inc. (NASDAQ: BGCP) ("the
Company" or "BGC"), a leading global brokerage company servicing the financial
and real estate markets, today announced that China Credit BGC Money Broking
Company Limited ("CCTBGC"), its joint venture with China Credit Trust Co.
Ltd., has been granted a license by the State Administration of Foreign
Exchange ("SAFE") to broker FX options to the interbank market in China.
BGC Partners, Inc. logo.
CCTBGC was established in 2009. The following year it became the first
Sino-foreign joint venture inter-dealer broking company to be granted a
business license by the China Banking Regulatory Commission to operate in
Beijing and has since offered interest rate swaps, bonds, interbank cash
deposit products and FX forwards to Chinese and foreign banks in China.
"I am delighted that BGC has received its license to broker FX options in
China," commented Daniel M. LaVecchia, Executive Managing Director, North
America and Global Head of FX Products. He continued: "Since commencing
brokering of FX options at the end of March we have seen strong interest and
demand from our valued clients. The addition of FX options to BGC's suite of
products means we are well placed to meet the needs of the marketplace in
China through an extended and comprehensive array of FX products."
"We are pleased the marketplace has responded swiftly and positively to our
joint venture, largely due to the application of our world-class technology as
well as our deep access to liquidity," commented Shaun D. Lynn, President of
BGC. "Our ability to now offer FX options in addition to other financial
instruments is being welcomed by our clients, further strengthening our
position in the market and underscoring BGC's commitment to China and the
About BGC Partners, Inc.
BGC Partners (NASDAQ: BGCP) is a leading global brokerage company servicing
the financial and real estate markets. BGC's 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 numerous
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.
SOURCE BGC Partners, Inc.
Contact: BGC Media Contacts: Hannah Sloane, +1 212-294-7938 or Sarah Laufer,
+1 212-915-1008; BGC Investor Contacts: Jason McGruder, +1 212-829-4988 or
Jason Chryssicas, +1 212-915-1987
Press spacebar to pause and continue. Press esc to stop.