NEW YORK, Sept. 4, 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 it has filed an application with the U.S. Commodity Futures Trading Commission (CFTC) to become a Swap Execution Facility (SEF), consistent with the latest derivatives trading regulations under the Dodd-Frank Act.
"As a leading price discovery, order management and execution facility that supports the evolution of trading methodologies, we look forward to welcoming in a new wave of derivatives transaction which further utilizes the strength of our leading proprietary technology," said Shaun D. Lynn, President of BGC.
Capitalizing on its billion dollar-plus investment in its technology platform, BGC intends to 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 has been consistently rigorous in ensuring that its technology and infrastructure remain fully compliant with the latest regulatory requirements. We are highly regarded for our leading proprietary technology and our robust and successful voice franchise," said Phil Norton, Executive Managing Director, e-Commerce at BGC. "We believe market participants will benefit from BGC's technology, which promotes greater access to liquidity, efficiency, and improved transparency for customers trading by electronic, voice or hybrid means under the new Dodd-Frank guidelines." About BGC Partners, Inc. 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.