LONDON, Feb. 2, 2018
/PRNewswire/ -- Capitalab, a division of BGC Brokers L.P.
("BGC Brokers"), an entity within BGC Partners, Inc. group of
companies (NASDAQ: BGCP) today announced that its
Swaptioniser® portfolio compression service has
successfully executed the first combined compression cycle in
Swaptions, Caps, Floors and LCH cleared interest rate Swaps and
Forward Rate Agreements (FRAs).
As a result Capitalab's appointment as an Approved Compression
Service Provider (ACSP) for LCH's SwapClear service (LCH's clearing
platform for interest rate derivatives), Capitalab's non-cleared
Rates compression service now includes LCH cleared Swaps and FRAs
within the same cycle as bilateral Swaptions, Caps, Floors and
Swaps. Capitalab is the first provider to offer a combined option
and cleared swap product approach, where additional risk offsets
and the larger trade pool provide attractive improvements in
compression and operational efficiency.
"With this new milestone, Capitalab is leveraging its Swaptions
expertise in the compression space to deliver a new solution to the
industry, on the back of strong demand. Our clients appreciate the
ability to combine major Interest Rate products in one streamlined
compression exercise, reducing gross notional, leverage exposure
and counterparty risks in an efficient manner," said
Gavin Jackson,
Capitalab's London-based
co-founder.
"We now have an enhanced multi-product multilateral compression
with cleared and bilateral trades combined in the same exercise:
notional reduction of both bilateral and CCP positions. As a
result, we believe Capitalab's service facilitates
significantly more flexible constraints and allows cleared
positions to be offset with bilateral positions, particularly
regarding Caps, Floors and Swaptions which can carry significant
delta. We were also very pleased to have clients such as J.P.
Morgan and Citi included," said David
Bachelier, Capitalab's Singapore-based co-founder.
Cameron Goh, Global Head of
Product, Rates and FX, LCH, said: "We are delighted to welcome
Capitalab as an additional compression partner at SwapClear to
provide more choice to our members and their clients. The ability
for customers to compress cleared and non-cleared positions
increases opportunities to drive down notional outstanding and
increase capital and operational efficiencies for the market. We
look forward to completing more compression cycles with Capitalab
on behalf of our mutual customers."
About Capitalab
Capitalab, a division of BGC Brokers
L.P., provides compression services that are designed to bring
greater capital and operational efficiency to the global
derivatives market. It assists clients in managing the
growing cost of holding derivatives, while helping them to
meet their regulatory mandates. Through the Swaptioniser® service
for portfolio compression of Interest Rate Swaptions, Interest Rate
Swaps, Caps and Floors and FX Options, as well as Initial Margin
Optimisation service and fully automated trade processing,
Capitalab looks to simplify the complexities of managing large
quantities of derivatives to promote sustainable growth and lower
systemic risk and to improve resiliency in the industry. The
Capitalab brand is part of FENICS's fully electronic family of
brands. BGC Brokers L.P. is authorised and regulated by the
UK Financial Conduct Authority and is based in London.
About BGC Partners, Inc.
BGC Partners is a leading
global brokerage company servicing the financial and real estate
markets. BGC offers Real Estate Services through its publicly
traded subsidiary Newmark Group, Inc. 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
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 its publicly traded
subsidiary Newmark Group, Inc. ("Newmark"). Newmark's Class A
common stock trades on the NASDAQ Global Select Market under the
ticker symbol (NASDAQ: NMRK).
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 BGC 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 about BGC Partners
and Newmark
Statements in this document and in the financial
results press release for the quarter ended December 31, 2017 regarding BGC and Newmark that
are not historical facts are "forward-looking statements" that
involve risks and uncertainties, which could cause actual results
to differ from those contained in the forward-looking statements.
Except as required by law, BGC and Newmark undertake no obligation
to update 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 and Newmark's Securities and Exchange
Commission filings, including, but not limited to, the risk factors
set forth in these filings and any updates to such risk factors
contained in subsequent Forms 10-K, Forms 10-Q or Forms 8-K.
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