LONDON and SINGAPORE, Sept. 20, 2011 /PRNewswire/ -- BGC Partners, Inc. (NASDAQ: BGCP), ("BGC Partners" or "BGC"), a leading global brokerage company servicing the wholesale financial markets, announces its first fully electronic Thai Baht Interest Rate Swap (IRS) trade using BGC's award-winning Volume Match tool on the BGC™ Trader platform.
Volume Match is integrated into BGC's proprietary platform, BGC Trader and, at pre-set times during the day, offers customers auction-style electronic trading across a wide range of asset classes including credit default swaps, foreign exchange options, precious metals and interest rate swaps.
Philip Norton, Executive Managing Director and Global Head of e-Commerce, said: "Thai Baht IRS is the latest addition to a suite of fully electronic Interest Rate Derivative products and reflects the continuation of our strategy to support BGC's strong voice franchises with the BGC Trader and Volume Match technologies. By offering our clients a choice between fully electronic or broker-managed execution, we are providing them with the flexibility to trade according to their preference."
Len Harvey, Executive Managing Director and General Manager, Asia Pacific, commented: "We are very pleased to continue the roll-out of Volume Match in the Asia Pacific region, following the launch of fully electronic Australian Dollar IRS in February and Singapore Dollar IRS in October last year. The addition of Thai Baht IRS reflects the growing demand for electronic trading across new products in the region and we intend to add further products as client demand continues."
Max Rozario, Head of Thai Baht at BGC in Singapore added: "We are encouraged by the increasing interest show by our Thai Baht IRS customers and their initial feedback has confirmed our belief in Volume Match's potential as an effective execution tool in this market."
About BGC™ Trader
BGC Trader is BGC's proprietary multi-asset, integrated voice and electronic price execution platform for the inter-bank and broker community. Introduced through extensive customer feedback, BGC Trader offers a feature-filled, flexible and easy to use front-end. Users benefit from thin-client technology, which allows improved delivery with managed product updates and enhancements, speed, availability and resilience.
BGC Trader is fully integrated with a choice of either voice or electronic access to support multiple products including:
- FX Options
- Credit Default Swaps
- Global Corporate Bonds
- Global Government Bonds
- Interest Rate Derivatives
- Equities Options
BGC's platform is regulated as a multilateral trading facility (MTF) by the FSA and adheres to the EU's Markets in Financial Instruments Directive.
About BGC™ Volume Match
Volume Match is an application within the BGC Trader platform. Volume Match is an anonymous auction-style trading system, which provides customers with efficient price discovery, order management and execution in credit and FX derivative products. It is run multiple times per day for multiple products depending on market demand:
- At specific times and set price levels the market can execute trades anonymously
- Volume Match runs for approximately 5 minutes, several times per day
- At the conclusion of the Volume Match, only those participating will be aware of their transactions
- All unfilled interest remains undisclosed to the marketplace – which aims to remove execution risk
In some markets Volume Match offers an additional price discovery tool allowing traders themselves to post two-way prices. With this additional step, the mid-price is established by the market rather than being inputted by the broker. This offers significantly increased price transparency and efficiency of execution in certain markets.
Volume Match is deployed using Citrix, and is hosted by BGC.
About BGC Partners, Inc.
BGC Partners (Nasdaq: BGCP) is a leading global brokerage company primarily servicing 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 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's 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 BGC Market Data brands, the Company offers financial technology solutions, market data, and analytics related to select financial instruments and markets. BGC's 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 has offices in 25 cities, located in New York and London, as well as in Aspen, Beijing, Chicago, Copenhagen, Dubai, Garden City, Hong Kong, Istanbul, Johannesburg, Mexico City, Moscow, Nyon, Paris, Rio de Janeiro, Sao Paulo, Sarasota, Seoul, Singapore, Sydney, Tokyo, Toronto, West Palm Beach and Zurich. For more information, please visit: www.bgcpartners.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 most recent 10-K and any updates to such risk factors contained in subsequent 10-Q filings.
SOURCE BGC Partners, Inc.