GFI Group to provide Credit Suisse and UBS Sponsored Access Functionality for Interest Rate Swaps Agreement will allow bank customers to access GFI's SEF
NEW YORK, Nov. 20, 2013 /PRNewswire/ -- GFI Group Inc. (NYSE: GFIG), a leading provider of wholesale brokerage, electronic execution and trading support products for global financial markets, announced today that two of the world's leading banks, Credit Suisse and UBS, will be utilizing the sponsored access functionality of GFI's Swap Execution Facility "SEF" for interest rate swaps.
GFI Sponsored Access functionality allows dealer banks to connect their existing customer execution platforms to RatesMatchSM, the firm's electronic SEF marketplace for the trading of interest rate swaps. Credit Suisse and UBS will act as agents, facilitating an easy transition for their customers as they comply with the Dodd-Frank Act and Commodity Futures Trading Commission's (CFTC) SEF rules. UBS will also stream prices into RatesMatchSM Central Limit Order Book, adding additional liquidity to GFI's market place for interest rates swaps.
GFI RatesMatchSM provides banks and their customers with a central liquidity pool and the use of 4 major trading protocols: Central Limit Order Book, Request-for-Quote, Matching sessions and Request for MatchSM.
Henry Ann, Head of Rates--North America at GFI Group said: "We are delighted that Credit Suisse and UBS are partnering with RatesMatchSM for interest rate swaps in the new regulatory landscape. Our sponsored access functionality underscores GFI's commitment to working with major dealers that are connecting their customers to our SEF. This is an important early step in the evolution of our rates business and we look forward to working with these two firms and other dealers who will be using our sponsored access model in the future."
"Providing our clients seamless access to SEFs like GFI's through our sponsored access model is at the core of our agency and liquidity aggregation strategy. We believe enabling clients to benefit from the GFI liquidity pool without the challenges of becoming a direct SEF participant is incredibly valuable in this time of complexity and fragmentation," said Paul Hamill, Managing Director, Fixed Income Trading at UBS."
GFI Swaps Exchange LLC has received temporary registration approval from the Commodity Futures Trading Commission ("CFTC") to operate a Swap Execution Facility ("SEF") for the trading of regulated swaps. It offers its members a comprehensive range of electronic and other methods of trade execution, including central limit order book, electronic request for quote ("RFQ"), voice-based request-for-quote, Request for MatchSM, session-based matching and join-the-trade.
GFI's SEF also facilitates execution of brokered trades, cross trades and block trades. GFI Swaps Exchange includes the following trading systems: RatesMatchSM, CreditMatch®, GFI ForexMatch® and EnergyMatch®.
About GFI Group Inc.
GFI Group Inc. (NYSE: "GFIG") is a leading provider of wholesale brokerage services, clearing services, electronic execution and trading support products for global financial markets. GFI Group Inc. provides brokerage services, market data, trading platform and analytics software products to institutional clients in markets for a range of fixed income, financial, equity and commodity instruments.
Headquartered in New York, GFI was founded in 1987 and employs more than 2,000 people with additional offices in London, Paris, Nyon, Hong Kong, Manila, Seoul, Tokyo, Singapore, Sydney, Cape Town, Santiago, Bogota, Buenos Aires, Lima, Dubai, Dublin, Tel Aviv, Los Angeles and Sugar Land (TX). GFI Group Inc. provides services and products to over 2,600 institutional clients, including leading investment and commercial banks, corporations, insurance companies and hedge funds. Its brands include GFISM, GFInet®, CreditMatch®, GFI ForexMatch®, EnergyMatch®, FENICS®, Starsupply®, Amerex®, Trayport® and Kyte®.
Certain matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "might," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of GFI Group Inc. (the "Company") and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: economic, political and market factors affecting trading volumes; securities prices or demand for the Company's brokerage services; competition from current and new competitors; the Company's ability to attract and retain key personnel, including highly-qualified brokerage personnel; the Company's ability to identify and develop new products and markets; changes in laws and regulations governing the Company's business and operations or permissible activities; the Company's ability to manage its international operations; financial difficulties experienced by the Company's customers or key participants in the markets in which the Company focuses its brokerage services; the Company's ability to keep up with technological changes; uncertainties relating to litigation and the Company's ability to assess and integrate acquisition prospects. Further information about factors that could affect the Company's financial and other results is included in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE GFI Group Inc.