NEW YORK, Sept. 20, 2013 /PRNewswire/ -- BGC Partners, Inc. (NASDAQ:BGCP) ("the Company" or "BGC"), a leading global brokerage company servicing the wholesale financial and real estate markets, today announced that its subsidiary BGC Derivative Markets, L.P. has received temporary registration approval from the U.S. Commodity Futures Trading Commission (CFTC) to operate a Swap Execution Facility (SEF). BGC intends to offer trading of regulated swaps from October 2 onwards, consistent with the derivatives trading regulations under the Dodd-Frank Act.
"Receiving CFTC approval to operate a SEF marks the next chapter for our company and our clients, and is a positive step forward for the marketplace," said Shaun D. Lynn, President of BGC. "BGC has utilized the strength of its leading proprietary technology and is fully prepared for a new era of derivatives transactions. We are excited to offer clients deeper access to liquidity, as well as increased transparency in the clearing and execution of derivatives trading."
Capitalizing on its billion dollar-plus investment in its technology platform, BGC will provide swap market participants with flexible, tailored approaches to electronic execution and clearing of derivatives trades. BGC's technology infrastructure includes fully-compliant execution methodologies such as anonymous Central Limit Order Book (CLOB), name disclosed Request for Quote (RFQ) system, Intra-day Electronic Auctions, Indications of Interest, and Voice Managed Orders for Blocks and Non-Blocks. Market participants will be able to utilize BGC's platform to segregate US person/non-US person transactions on both a graphical user interface (GUI) and application programming interface (API) via instrument choice and contra-counterparty filtering.
BGC expects to leverage its longstanding, demonstrated expertise in running electronic marketplaces and exchanges to benefit market participants. This includes eSpeed, a fully electronic trading platform for U.S. Treasury Notes and Bonds that BGC sold to NASDAQ OMX Group, Inc. in June 2013 for $1.234 billion, and ELX Futures, L.P., the fully regulated electronic futures exchange owned by BGC and other leading global market participants.
BGC is a leading global brokerage company primarily servicing the wholesale financial and real estate markets. Products include fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commercial real estate, commodities, futures, and structured products. BGC also provides a wide 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. Through its BGC Trader and BGC Market Data brands, BGC offers financial technology solutions, market data, and analytics related to select financial instruments and markets. Through the Newmark Grubb Knight Frank brand, the Company offers a wide range of commercial real estate services, including leasing and corporate advisory, investment sales and financial services, consulting, project and development management, and property and facilities management.
BGC's customers include many of the world's largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, property owners, real estate developers, and investment firms. For more information, please visit www.bgcpartners.com.
BGC, BGC Trader, Grubb & Ellis, Grubb and Newmark are trademarks and service marks of BGC Partners, Inc. and its affiliates. Knight Frank is a service mark of Knight Frank Limited Corp., used with permission.
Discussion of Forward-Looking Statements by BGC Partners
Statements in this press release regarding BGC's 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's Securities and Exchange Commission filings, including, but not limited to, the risk factors set forth in the Company's public filings, including the most recent Form 10-K and any updates to such risk factors contained in subsequent Form 10-Q or Form 8-K filings.