LONDON, June 19, 2017 /PRNewswire/ -- Clearstream, the
international central securities depository (ICSD), and ColleX the
collateral exchange platform, announced today a collaboration that
brings together ColleX's visible pricing and liquidity for secured
lending transactions with Clearstream's simplified collateral
management services.
With the introduction of the Clearstream Repurchase Conditions
(CRC), Clearstream has greatly simplified tri-party repo and its
settlement processes. The CRC sets out tri-party provisions and
collateral acceptability in one single legal document and gives all
participants instant access to a rich and diverse counterparty pool
without the need for multiple bilateral legal agreements. More than
70 participants are signed to the CRC ranging from traditional
dealer counterparts, to insurers and corporate treasurers looking
for secured funding.
ColleX, a centralised liquidity hub for collateral lending and
repo transactions, was launched in Q3 2016 as part of the widening
portfolio of electronic services developed by BGC Brokers
L.P.'s FENICS businessi. The platform deploys
proven trade negotiation technology via Auction, Order Book and
Request for Quote. It supports Bank-to-Bank and Peer-to-Peer
liquidity, with the addition of Agent Lender and IDBs to amplify
liquidity globally.
"By coupling Clearstream's capability to manage the operational
lifecycle of tri-party repo transactions with the ColleX trading
technology, ColleX is offering price discovery and best execution
to further streamline and simplify a historically fragmented market
which can be difficult to access," said Glen Stone, Head of ColleX.
Marcel Naas, Head of
Global Funding and Financing at Deutsche Börse Group, stated: "Our
partnership with collateral exchange platform ColleX speaks to our
commitment to further increase collateral efficiency by entering
into successful collaborations. Providing our buy-side clients with
a simplified access to tri-party collateral management, creating a
single collateral pool and exploring re-use and netting
opportunities, are among the objectives of our new Global Funding
and Financing product offering."
About BGC Partners, Inc.
BGC Partners, Inc. 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. 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, and Excess Space, Excess
Space Retail Services, Inc., and Grubb are trademarks/service
marks, and/or registered trademarks/service marks and/or service
marks of BGC Partners, Inc. and/or its affiliates. Knight Frank is
a service mark of Knight Frank (Nominees) Limited.
BGC Brokers LP, 1 Churchill Place, Canary Wharf, London E14 5RD, is authorised and regulated in
the United Kingdom by the
Financial Conduct Authority ("FCA"). ColleX is a registered
trading name of BGC Brokers LP and its affiliates. This document
has been produced for information purposes only and is not to be
construed as legal, investment or other advice of any kind.
Discussion of Forward-Looking Statements about BGC
Partners
Statements in this document regarding BGC's businesses 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 its public filings,
including the most recent Form 10-K and any updates to such risk
factors contained in subsequent Forms 10-Q or Forms 8-K.
About Clearstream
As an international central
securities depository (ICSD) headquartered in Luxembourg, Clearstream provides the
post-trade infrastructure for the Eurobond market and services for
securities from 56 domestic markets worldwide. With 13 trillion Euros in assets under custody,
Clearstream is one of the world's largest settlement and custody
firms for domestic and international securities and part of
Deutsche Börse Group.
i For the purposes of this document, all of the
Company's fully electronic businesses in the Financial Services
segment may be referred to interchangeably as "FENICS".
FENICS includes fees from fully electronic brokerage, as well as
data, software, and post-trade services across both BGC and
GFI.
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SOURCE BGC Partners, Inc.