NEW YORK, Dec. 14, 2017 /PRNewswire/ -- 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 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
Bloomberg, the global business and financial information and
news leader, gives influential decision makers a critical edge by
connecting them to a dynamic network of information, people and
ideas. The company's strength – delivering data, news and analytics
through innovative technology, quickly and accurately – is at the
core of the Bloomberg Terminal. Bloomberg's enterprise solutions
build on the company's core strength: leveraging technology to
allow customers to access, integrate, distribute and manage data
and information across organizations more efficiently and
effectively. For more information, visit
www.bloomberg.com or request a demo.
BLOOMBERG, BLOOMBERG PROFESSIONAL, and BLOOMBERG TERMINAL are
trademarks and service marks of Bloomberg Finance L.P., a
Delaware limited partnership, or
its subsidiaries. All rights reserved.
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SOURCE Bloomberg