BGC Group's FMX Futures Exchange to launch on September 23, 2024
Rhea-AI Summary
BGC Group (Nasdaq: BGC) and 10 leading investment banks and market-making firms have announced the launch of FMX Futures Exchange on September 23, 2024. FMX will initially offer SOFR futures, with U.S. treasury futures to be added in Q1 2025. The exchange aims to provide significant capital savings through its clearing partnership with LCH , which has $225 billion in interest rate swap collateral.
FMX Futures Exchange is part of FMX Holdings , which includes a rapidly growing cash U.S. Treasuries marketplace and spot Foreign Exchange platform. Equity owners of FMX Holdings include major financial institutions such as Bank of America, Barclays, Citadel Securities, Citi, Goldman Sachs, J.P. Morgan, Jump Trading Group, Morgan Stanley, Tower Research Capital, and Wells Fargo.
Positive
- Launch of FMX Futures Exchange, expanding BGC Group's market presence
- Partnership with 10 leading investment banks and market-making firms
- Potential for significant capital savings through clearing partnership with LCH
- Initial offering of SOFR futures with plans to add U.S. treasury futures in Q1 2025
- Backing from major financial institutions as equity owners of FMX Holdings
Negative
- None.
News Market Reaction – BGC
In the trading session that priced this news, BGC gained 3.56%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FMX expects to provide clients with significant capital savings through its clearing partnership with LCH Limited ("LCH"), a fully approved CFTC Derivatives Clearing Organization and one of the largest clearers of interest rate swaps in the world. LCH has
FMX Futures Exchange is a part of FMX Holdings LLC, which includes the world's fastest growing cash
About BGC Group, Inc.
BGC Group, Inc. (Nasdaq: BGC) is a leading global marketplace, data, and financial technology services company for a broad range of products, including fixed income, foreign exchange, energy, commodities, shipping, equities, and now includes the FMX Futures Exchange. BGC's clients are many of the world's largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms.
BGC and leading global investment banks and market making firms have partnered to create FMX, part of the BGC Group of companies, which includes a
For more information about BGC, please visit www.bgcg.com.
Discussion of Forward-Looking Statements about BGC
Statements in this document regarding BGC that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, BGC undertakes no obligation to update any forward-looking statements. 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 ("SEC") filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
MEDIA CONTACT:
BGC Group
Erica Chase
erica.chase@cantor.com
+1 212-610-2419
INVESTOR CONTACT:
Jason Chryssicas
+1 212-610-2426
1 Source: Clarus Financial Technology. Cleared interest rate swap collateral data as of 3/29/24.
View original content to download multimedia:https://www.prnewswire.com/news-releases/bgc-groups-fmx-futures-exchange-to-launch-on-september-23-2024-302247730.html
SOURCE BGC Group, Inc.