– Simultaneously, Singapore dollar and Hong Kong dollar interest rate swap pages (IRS) confirmed –
– News follows previous acceptance of euro and US dollar IRS pages –
LONDON AND NEW YORK, 28 October 2008 – BGC Partners, Inc. (Nasdaq: BGCP), one of the world’s leading inter-dealer brokers, announced today the publication of its US dollar overnight index swap (OIS) and euro overnight index average (EONIA) pages as price references by the International Swaps and Derivatives Association (ISDA®).
Today’s announcement also confirmed the acceptance of BGC’s Singapore dollar and Hong Kong dollar interest rate swap 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, Robin Clark, Executive Managing Director at BGC Partners, said “We are delighted that ISDA has published further interest rate swap pages from BGC as pricing references for the market. Recent events are unprecedented and we believe that this decision will be enthusiastically welcomed by our clients and the wider marketplace.”
Nadim Mourad, Managing Director, Interest Rate Swaps at BGC Partners in London said “These new additions to ISDA’s pricing references of BGC’s dollar OIS and EONIA pages expands the number of pages available to the market and we expect to make further announcements in the coming months in order to meet demand.”
Speaking with regard to the US market, Rob Sutton, Managing Director, Interest Rate Swaps in New York said “Adding BGC’s US dollar overnight index swaps pages as pricing references to ISDA‘s definitions is tremendous news for clients and the market as a whole; these pricing references complement LIBOR, allowing clients to price risk off a non-credit dominated curve, especially at a time when the focus on short-term liquidity and financing is particularly intense.”
The Reuters pages BGCANTOR51 for dollar OIS and BGCANTOR61 for EONIA 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:
Europe +44 207 894 8013
US: +1 212 829 4840
Hong Kong: +852 3477 7701
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:
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Adrian Thomas
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