– Simultaneously, US dollar overnight index swap (OIS) and euro overnight index average (EONIA) pages confirmed –
– News follows previous acceptance of euro and US dollar interest rate swap pages –
LONDON, 28 October 2008 – BGC Partners, Inc. (Nasdaq: BGCP), one of the world’s leading inter-dealer brokers, announced today the publication of its Singapore dollar interest rate swap and Hong Kong dollar interest rate swap pages as price references by the International Swaps and Derivatives Association (ISDA®).
Today’s announcement also confirmed the publication of BGC’s US dollar OIS and EONIA pages and follows the previous announcement by BGC that ISDA has published its euro and US dollar interest rate swap pages as pricing references.
At a time of heightened volatility, when market participants are focusing more closely on benchmark interest rates for pricing purposes, the increased number of pricing references on BGC screens around the world will assist trading strategies by reflecting underlying market activity in a range of asset classes.
ISDA documentation governs the terms to confirm, mark, assign and terminate derivative transactions between counterparts and it is clearly in the interest of ISDA members to gain access to market prices from the leading industry providers. The pages will be snapshots of real-time BGC screens taken at a pre-determined time daily.
Commenting on the acceptance, Mark Webster, Executive Managing Director and General Manager of BGC Partners in Asia said “We have added greatly to our capabilities in Asia in terms of personnel and the use of our proprietary technology across the region. This announcement is confirmation of how we are able to marry that technology with voice and electronic generation of pricing data to provide viable references for the market.”
Mark Spring, Executive Managing Director in Asia said “The publication of our Hong Kong and Singapore dollar interest rate swap pages is a first for us in Asia and reflects the growth of our business here and the increasing demand for BGC pricing references to be made available to a wider audience.”
Craig Bannister, Managing Director in Singapore, viewed the decision as “a boost for local currency IRS markets at a time when pricing has been extremely challenging for the industry.” Mr Bannister’s fellow Managing Director in Hong Kong, Dominica Li, said the references will “help provide welcome information for users who are looking for maximum support during these periods of extraordinary volatility.”
The Reuters pages BGCANTOR56 for Hong Kong dollar and BGCANTOR55 for Singapore dollar will be referenced within the 2006 ISDA Definitions on 28th October 2008 and may be applied to transactions executed with effect that day.
The pages are published by BGCantor Market Data, a division of BGC Partners and a leading global provider of derivatives, treasury, and fixed income data to market professionals.
ISDA, which represents participants in the privately negotiated derivatives industry, is the largest global financial trade association, by number of member firms. ISDA was chartered in 1985, and today has approximately 850 member institutions from 56 countries on six continents.
-ENDS-
Note:
For any queries please contact your BGCantor Market Data representative as follows:
Tel:
Hong Kong: +852 3477 7701
Europe +44 207 894 8013
US: +1 212 829 4840
Email: marketdata@bgcantor.com
Alternatively, you may contact your local Reuters representative.
About BGC
BGC Partners, Inc. (Nasdaq: BGCP) is a leading, fast growing, and global inter-dealer broker, specializing in the brokering of financial instruments and related derivatives products. BGC Partners provides integrated voice, hybrid, and fully electronic execution and other brokerage services to the world’s largest and most creditworthy banks, broker-dealers, investment banks, trading firms, and investment firms for a broad range of global financial products, including fixed income securities, interest rate swaps, foreign exchange, equity derivatives, credit derivatives, futures, commodities, structured products, and other instruments. Through its eSpeed and BGC Trader brands, BGC Partners uses its proprietary, built, and paid for technology to operate multiple buyer, multiple seller real-time electronic marketplaces for the world’s most liquid capital markets. The Company’s pioneering suite of tools provides end-to-end transaction solutions for the purchase and sale of financial products over its global private network or via the Internet. BGC Partners’ neutral platform, reliable network, straight-through processing and superior products make it the trusted source for electronic trading for the world’s largest financial firms. Through its BGCantor Market Data brand, the Company also offers globally distributed and innovative market data and analysis products for numerous financial instruments and markets.
BGC’s unique partnership structure and extensive employee ownership creates a distinctive competitive advantage among its peers. Named after fixed income trading innovator B. Gerald Cantor, BGC Partners has 16 offices in New York and London, as well as in Beijing (representative office), Chicago, Copenhagen, Hong Kong, Istanbul, Johannesburg, Mexico City, Nyon, Paris, Seoul, Singapore, Sydney, Tokyo and Toronto.
To learn more, please visit www.bgcpartners.com
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Media Contacts:
London
Timo Kindred
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tkindred@bgcpartners.com
Adrian Thomas
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athomas@bgcpartners.com
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Florencia Panizza
+1 212 294 7938
fpanizza@bgcpartners.com