BGC Partners, Inc. (NASDAQ: BGCP), (“BGC”), a leading global intermediary to the wholesale financial markets, is pleased to announce that its money broking joint venture, China Credit BGC Money Broking Company Limited (“China Credit BGC”), has been granted product licenses approval by the People’s Bank of China to offer interest rate swaps, bonds and interbank cash deposits products to Chinese and foreign banks in China.
In July 2010, China Credit BGC, established by BGC and China Credit Trust Co., Ltd. (“CCT”), a principal national investment trust company, was the first Sino-foreign joint venture inter-dealer broking company to be granted a business license by the China Banking Regulatory Commission to operate in Beijing. BGC holds a 33 percent stake in China Credit BGC, which is the highest percentage shareholding permitted to be held by a foreign investor in a Chinese money broker at the present time. China Credit BGC offers Chinese and non-Chinese customers the unique combination of CCT’s expertise and capabilities in the Chinese markets with BGC’s world-class technology, liquidity and global banking relationships. China Credit BGC’s office is situated in the Fortune Resource International Center in the Xicheng District of Beijing, with a growing team, currently consisting of 20 broking professionals.
Len Harvey, Executive Managing Director and General Manager, Asia-Pacific for BGC said: “We have eagerly anticipated the launch of China Credit BGC’s services and are confident that the joint venture will achieve every success. BGC is strongly committed to serving the markets in mainland China as we strive to become the premier inter-dealer broker for the Asia-Pacific region.”
Philip Chung, Managing Director for Hong Kong and China at BGC, who serves as General Manager of China Credit BGC, added: “With most Chinese banks headquartered in Beijing, we are looking forward to serving new and existing customers locally, as well as providing international broking services. We will focus on expanding our product offering, subject to official approval, as we endeavour to realise China Credit BGC’s potential.”
BGC Partners is a leading global intermediary to the wholesale financial markets, specializing in the brokering of a broad range of financial products, including fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commodities, futures, structured products and other instruments. BGC Partners also provides a full range of services, including trade execution, broker-dealer services, clearing, processing, information, and other back office services to a broad range of financial and non-financial institutions. BGC Partners’ integrated platform is designed to provide flexibility to customers with regard to price discovery, execution and processing of transactions, and enables them to use voice, hybrid, or, where available, fully electronic brokerage services in connection with transactions executed either OTC or through an exchange.
Through its eSpeed, BGC Trader, and BGCantor Market Data brands, the Company also offers financial technology solutions, market data, and analytics related to select financial instruments and markets. BGC Partners’ customers include many of the world’s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments and investment firms. Named after fixed income trading innovator B. Gerald Cantor, BGC Partners has offices located in 24 cities, including New York and London, as well as Aspen, Beijing, Chicago, Copenhagen, Dubai, Garden City, Hong Kong, Istanbul, Johannesburg, Mexico City, Moscow, Nyon, Paris, Rio de Janeiro, São Paulo, Sarasota, Seoul, Singapore, Sydney, Tokyo, Toronto and West Palm Beach. For more information, visit: https://bgcpartnersprd.wpengine.com.
Discussion of Forward-Looking Statements by BGC Partners
Statements in this press release regarding BGC Partners’ business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. 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 Partners’ Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors set forth in our public filings which we incorporate by reference, including our Form 10-K for the year ended December 31, 2010, as filed with the SEC on March 16, 2011 and any updates to such risk factors contained in subsequent 10-Q filings.
BGC Partners, Inc.
Asia Pacific and EMEA Media
Deborah Spencer
+44-20-7894-7961
dspencer@bgcpartners.com
or
Investors
Jason McGruder
+1-212-829-4988
jmcgruder@bgcpartners.com