NEW
YORK, Jan. 22, 2024 /PRNewswire/ -- BGC Group,
Inc. (Nasdaq: BGC), today announced that its FMX Futures Exchange
received Commodity Futures Trading Commission ("CFTC") approval to
operate an exchange for U.S. Treasury and SOFR futures, the most
widely traded futures contracts in the world, for trading on
FMX1.
Howard W. Lutnick, Chairman and
CEO of BGC Group, a leading global brokerage and financial
technology company, said, "With this CFTC approval, we will combine
our leading Fenics UST cash Treasury platform with our FMX Futures
Exchange to deliver competition across the CME's U.S. interest rate
complex. For the first time, the most valuable futures market in
the world will have real competition."
Howard W. Lutnick also commented,
"Similar to U.S. interest rate futures, the wholesale U.S. Treasury
market had historically been dominated by the CME until we launched
Fenics UST. Since our launch, Fenics UST has grown rapidly,
reaching 25 percent market share during the third quarter of 2023,
up from 18 percent only a year ago2. We will execute the
same playbook with our FMX Futures Exchange."
FMX's clearing agreement with LCH SwapClear, one of the largest
holders of interest rate collateral in the world, uniquely
positions FMX to compete and reshape the U.S. interest rate
market.
Robert Allen, President of FMX
Futures Exchange, added, "FMX's global connectivity and vast
distribution, combined with LCH's highly efficient cross-margin
benefits will challenge CME's most valuable vertical, its U.S.
interest rate complex. FMX is the first and only exchange to launch
with all the tools necessary to compete and grow in the world's
most important market."
Isabelle Girolami, CEO, LCH
Limited said, "Our relationship with FMX is a key example of our
commitment to open markets, collaboration and delivering further
choice to the market. We are delighted to be working with a highly
innovative exchange to bring a complete service offering across USD
swaps, UST futures and SOFR STIRs to our members and clients. Our
clearing capabilities will allow for portfolio margining across all
these expressions of rates risk, meaningful margin efficiencies and
effective risk management."
About BGC Group, Inc.
BGC Group, Inc. ("BGC") is a
leading global brokerage and financial technology company. BGC,
through its affiliates, specializes in the brokerage of a broad
range of products, including Fixed Income (Rates and Credit),
Foreign Exchange, Equities, Energy and Commodities, Shipping, and
Futures. BGC, through its affiliates, also provides a broad range
of services, including: trade execution, brokerage, clearing, trade
compression, post-trade, information, and other back-office
services to a broad range of financial and non-financial
institutions. Through its brands, including Fenics®, FMX™, FMX
Futures Exchange™, Fenics Markets Xchange™, Fenics Digital™, Fenics
UST™, Fenics FX™, Fenics Repo™, Fenics Direct™, Fenics MID™, Fenics
Market Data™, Fenics GO™, Fenics PortfolioMatch™, BGC®, BGC
Trader™, kACE2™, and Lucera®, BGC offers financial
technology solutions, market data, and analytics across a broad
range of financial instruments and markets. BGC, BGC Group, BGC
Partners, BGC Trader, GFI, GFI Ginga, CreditMatch, Fenics,
Fenics.com, FMX, Sunrise Brokers, Poten & Partners, RP Martin,
kACE2, Capitalab, Swaptioniser, CBID, Caventor,
LumeMarkets and Lucera are trademarks/service marks and/or
registered trademarks/service marks of BGC and/or its
affiliates.
BGC's customers include many of the world's largest banks,
broker-dealers, investment banks, trading firms, hedge funds,
governments, corporations, and investment firms. BGC's Class A
common stock trades on the Nasdaq Global Select Market under the
ticker symbol "BGC". BGC is led by Chairman of the Board and Chief
Executive Officer Howard W. Lutnick.
For more information, please visit http://www.bgcg.com. You can
also follow BGC at https://twitter.com/bgcgroupinc,
https://www.linkedin.com/company/bgc_group and/or
http://ir.bgcg.com.
Discussion of Forward-Looking Statements about
BGC
Statements in this document regarding BGC
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. These include statements about the
Company's business, results, financial position, liquidity and
outlook, which may constitute forward-looking statements and are
subject to the risk that the actual impact may differ, possibly
materially, from what is currently expected. Except as required by
law, BGC undertakes 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
Securities and Exchange Commission ("SEC") filings,
including, but not limited to, the risk factors and Special Note on
Forward-Looking Information set forth in these filings and any
updates to such risk factors and Special Note on Forward-Looking
Information contained in subsequent reports on Form 10-K, Form 10-Q
or Form 8-K.
Media Contact:
Jason
Angrisani
+1 212-915-1224
Investor Contact:
Jason Chryssicas
+1 212-610-2426
1 Source: Futures Industry Association
("FIA").
2 Central limit order book ("CLOB") market share.
Source: Coalition Greenwich.
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SOURCE BGC Group, Inc.