BGC PARTNERS LAUNCHES FULLY ELECTRONIC DOLLAR INTEREST RATE OPTIONS ON BGC TRADER
New York, 20 October 2010 – BGC Partners, Inc. (NASDAQ: BGCP) (“BGC”), a leading global intermediary to the wholesale financial markets, today executed its first fully electronic Dollar Interest Rate Option (IRO) trade. The transaction was carried out using the Volume Match tool on BGC’s proprietary, hybrid execution platform, BGC™ Trader.
The BGC Trader platform offers customers the option of voice or electronic execution for over 50 BGC products across Rates, Credit, Equity, Commodity and Foreign Exchange products globally. Volume Match is an award-winning, auction-style tool that enables fully-electronic transaction of asset classes including credit default swaps, foreign exchange options and European interest rate swaps (IRS).
Rob Sutton, Managing Director, Global Head of USD IRS and Head of IRO, North America, said: “BGC’s leading voice franchise is supported by our world-class technology platform and we have seen the significant success of Volume Match across a range of products since its launch in 2009. By offering our customers the option of transacting dollar IROs electronically via Volume Match we will further increase our global liquidity pool and electronic presence within the Rates market.”
Clive England, Director, Head of e-Commerce, Americas, added: “BGC Trader is fully flexible, enabling the rapid and seamless addition of new products to the platform, driven by customer demand. Over the past 18 months we have also implemented the Volume Match tool within BGC Trader for a growing number of products, to offer customers a wide range of execution options depending on their needs. This, alongside our suite of pre- and post-trade technology offerings, provides customers with comprehensive trade services to support BGC’s expanding, global voice brokerage network.
US securities products and services are offered by BGC Financial, L.P. member SIPC and FINRA. A subsidiary of BGC Partners, Inc.