NEW YORK, Oct. 17, 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 the launch of its Energy Derivatives desk, and the appointments of Anup Patel and Paul Paftinos, who have joined BGC to lead this initiative.
Based in New York, BGC's Energy Derivatives desk will focus on brokering Natural Gas Options, WTI and Brent Oil Options. The launch complements BGC's existing energy practice, which includes environmental energy commodities and its Houston-based electricity, natural gas and environmental products group, and underscores BGC's increasing ambitions in this space.
"We believe energy brokerage offers immense potential, representing a sector and an opportunity that BGC is excited about further unlocking," said Shawn McLoughlin, Director of New Business Development, BGC North America. He continued: "We are confident Anup and Paul will be valuable additions to our growing energy practice, in addition to our expanding commodities brokerage business, and we are delighted to welcome them to BGC."Mr. Patel joins BGC from LCM Commodities, LLC, where he served as an Energy Derivatives specialist for two years. Prior to this, Mr. Patel was a portfolio manager at Energy Arbitrage Management, where he specialized in natural gas and crude oil options. Mr. Paftinos joins BGC from LCM Commodities, LLC, where he served as Vice President of Energy Derivatives for more than four years. Prior to this, he worked in Energy Sales at Lehman Brothers, and from 2004 until 2007, Mr. Paftinos worked in Energy Operations at Goldman Sachs. "We are excited to join BGC and launch its Energy Derivatives desk," said Mr. Patel and Mr. Paftinos, Co-Heads of BGC's Energy Derivatives desk, in a joint statement: "We look forward to working with BGC management and its brokers to grow the business, in addition to playing an important strategic role in building the energy practice."
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