NEW YORK, Sept. 21, 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.
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"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.
For more information about BGC's SEF please visit: http://www.bgcpartners.com/products-and-services/SEF/
