This quarter, the company will begin to work with regulators, lenders, and rating agencies regarding any possible conversion.
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Due to weaker industry volumes across rates and FX, BGC’s revenues for the second quarter of 2020 are now expected to be slightly below the low-end of the range of its previously stated outlook.
If the company determines to execute such a conversion, it would be subject to the approval of the Board of Directors and relevant committees.
March has been highly volatile, with significant volumes across numerous global instruments, BGC says.
The current target is to be positioned to begin executing a conversion around the end of the third quarter of 2020.
Mr Bisgay will replace Sean A. Windeatt, who was Interim CFO.
The revised guidance reflects a backdrop of generally lower industry volumes.
FENICS Market Data is becoming the sole international commercial agent for CCT-BGC’s market leading onshore Chinese data, covering the Fixed Income, Interest Rate and Foreign Exchange markets.
ASIC found that David Moore was charging unpermitted spreads on transactions entered on behalf of a number of accounts of clients referred to BGC by a referring broker.
The fine stems from BGC Financial’s transaction reporting failures which occurred from November 2, 2015 through September 27, 2017.
The aim is to ensure that BGC has adequate arrangements in place to comply with obligations related to its fixed income solutions business.
As part of the partnership, BNL will start implementing Tink’s solutions for account aggregation, payment initiation and personal finance management.
The Swaptioniser portfolio compression service has successfully executed the first combined compression cycle in Swaptions, Caps, Floors and LCH cleared interest rate Swaps and Forward Rate Agreements.
The bulk of Mike O’Sullivan’s experience within the trading industry comes from his 14 years at CMC Markets, where he held senior roles within the company’s partnerships, projects, operations and customer success divisions, reporting directly to Ex-Co and leading teams in global CMC Markets locations.
Cindy Lee has been promoted to Deputy Chief Financial Officer.
Gary Papier, James Hunt, and David Cutler join London-based R.J. O’Brien Limited.
As part of Capitalab’s Rates Initial Margin Optimisation service, swaption notional was created between Nomura and Deutsche Bank.
Citadel Securities joins IMC, Maven Securities and Optiver in providing committed two-way liquidity in Eurex listed Euro Stoxx 50 Index Options and related Delta 1 strategies through the Fenics GO platform.
The desk will focus on JPY as well as EUR, GBP, CHF, AUD, NZD, CAD and other forwards to service its Japanese and international clients.