BGC Gets Regulatory Approval for FMX Futures Exchange
January 23, 2024 at 04:09 am IST
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By Dean Seal
BGC said the Commodity Futures Trading Commission has given it the go-ahead to start operating its FMX Futures exchange for U.S. Treasury and Secured Overnight Financing Rate futures.
The financial services firm said Monday the Treasury and SOFR contracts are the most widely traded futures contracts in the world.secured
The approval will allow the FMX exchange to create competition across the Chicago Mercantile Exchange's U.S. interest rate complex, Chief Executive Howard Lutnick said.
BGC Group, Inc. is a global brokerage and financial technology company servicing the financial markets. The Company, through its affiliates, specializes in the brokerage of a range of products, including fixed income, foreign exchange, equities, energy and commodities, shipping, and futures. It also provides a variety of services, including trade execution, brokerage, clearing, trade compression, post-trade, information, and other back-office services to a range of financial and non-financial institutions. Through its brands, including Fenics, FMX, FMX Futures Exchange, Fenics Markets Xchange, Fenics Digital, Fenics UST, Fenics FX, Fenics Repo, Fenics Direct, Fenics MID, Fenics Market Data, Fenics GO, Fenics PortfolioMatch, BGC, BGC Trader, KACE and Lucera, it offers financial technology solutions, market data, and analytics related to numerous financial instruments and markets. It serves banks, broker-dealers, investment banks, trading firms, hedge funds, governments and corporations.