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BGC Partners Enlists Bloomberg Entity Exchange to Coordinate MiFID II Client Outreach and Repapering Exercise

December 14, 2017

BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets, has selected Bloomberg Entity Exchange to help the clients of its EU regulated entities adhere to MiFID II client repapering and rulebook disclosure rules (“BGC”).

BGC has applied to operate Organized Trading Facilities‎ (OTFs) and Multilateral Trading Facilities (MTFs) under the MiFID II regime. As such, BGC is required to collect information related to venue participants and related transaction activity. MiFID II obliges brokers like BGC to collect and maintain more detailed information about their clients, amend business terms and conditions and disclose rulebook information about the trading venues they operate.

Bloomberg will help BGC by employing its web-based entity data management solution, Entity Exchange, to drive the client engagement and data collection process as well as the distribution and collection of new terms of business contracts as mandated under MiFID II.

“As part of our MIFID II compliance, we are partnering with Bloomberg Entity Exchange to ensure that BGC is managing and streamlining the repapering process for our clients,” said Mr. Shaun D. Lynn, President of BGC Partners.

Bloomberg Entity Exchange is a community platform for the secure exchange of client information required to comply with the data requirements mandated by Know-Your-Customer (KYC) obligations as well as compliance requirements stipulated in MiFID II.

“New regulations have obliged brokers to reconsider how they collect client information,” said Dan Matthies, head of Bloomberg’s Entity Exchange business. “While this creates a short-term burden on compliance and client teams, it also offers the opportunity to put a new process in place to drive better client service and risk management going forward.”

Bloomberg Entity Exchange provides a centralised solution on a single platform by managing and sending from a single source, whilst providing a means to distribute a series of documents simultaneously. The platform will enable clients to provide BGC with their data securely and provide an end-to-end audit trail of all relevant activity.

“It is important that we educate clients about our approach to MiFID II, while providing them with the necessary documentation which allows them to trade with BGC Partners, once the regulation is in effect,” added Mr. Lynn.

Dan Matthies of Bloomberg added: “Bloomberg has engaged with thousands of firms to understand how the experience of exchanging information with brokers can be improved. BGC’s decision to employ Entity Exchange shows it is also focused on improving the customers’ experience. This has aligned us to deliver excellent customer service together.”

About BGC Partners, Inc.

BGC Partners is a leading global brokerage company servicing the financial and real estate markets. BGC owns GFI Group Inc., a leading intermediary and provider of trading technologies and support services to the global OTC and listed markets. The Company’s Financial Services offerings include fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commodities, futures, and structured products. BGC provides a wide range of services, including trade execution, broker-dealer services, clearing, trade compression, post trade, information, and other services to a broad range of financial and non-financial institutions. Through brands including FENICS, BGC Trader, Capitalab, Lucera, and FENICS Market Data, BGC offers financial technology solutions, market data, and analytics related to numerous financial instruments and markets.

Real Estate Services are offered through brands including Newmark Knight Frank, Newmark Cornish & Carey, ARA, Computerized Facility Integration, Berkeley Point, NKF Capital Markets, and Excess Space. Under these names and others, the Company provides 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. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com. You can also follow the Company at https://twitter.com/bgcpartners and/or https://www.linkedin.com/company/bgc-partners.

BGC, BGC Trader, GFI, FENICS, FENICS.COM, Capitalab, Swaptioniser, ColleX, Newmark, Grubb & Ellis, ARA, Computerized Facility Integration, Landauer, Lucera, Excess Space, Excess Space Retail Services, Inc., Berkeley Point and Grubb are trademarks/service marks, and/or registered trademarks/service marks of BGC Partners, Inc. and/or its affiliates. Knight Frank is a service mark of Knight Frank (Nominees) Limited.

Discussion of Forward-Looking Statements by BGC Partners
Statements on this website regarding BGC Partners’ business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. Except as required by law, BGC undertakes no obligation to release any revisions to any forward-looking statements. 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 our public filings, including our most recent Form 10-K and any updates to such risk factors contained in subsequent Form 10-Q or Form 8-K filings.

About Bloomberg

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Media Contacts

Bloomberg 

  • Global, Susan Doyle, sdoyle37@bloomberg.net, +1-202-807-2213
  • EMEA, Anna Schoeffler, aschoeffler1@bloomberg.net, +44-20-3525-0776
  • LATIN AMERICA, Pam Snook, pamsnook@bloomberg.net, +1-212-617-7653
  • ASIA, Belina Tan, belina.tan@bloomberg.net, +65-6231363

BGC Partners