Lutnick Lands Wall Street Giants for His Futures Fight With CME
- FMX gets backing from JPMorgan, BofA, Citadel Securities, Jump
- CME dominates sector with interest-rate, commodities offerings
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Howard Lutnick is lining up some of Wall Street’s biggest power players for a fresh challenge to the behemoth of futures trading and interest-rate derivatives, CME Group Inc.
The chief executive officer of Cantor Fitzgerald got backing from Bank of America Corp., Barclays Plc, Citadel Securities, Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co., and Jump Trading as he prepares to launch his new futures exchange. The firms invested $172 million for a 25.75% stake in FMX, which increases as they use the platform. The business is part of BGC Group Inc., a brokerage spun off from Cantor Fitzgerald in 2004 and led by Lutnick.