BGC launches FMX marketplace for US Rates

Rick Steves

BGC has launched FMX, a marketplace for fully electronic trading and execution across U.S. Rates Cash and Futures, with clearing being provided by LCH.

The global brokerage and financial technology company has created and designed FMX to address customer demand by combining both Fenics UST and FMX U.S. Futures on the same platform.

BGC specializes in the brokerage of a broad range of products, including Fixed Income (Rates and Credit), Foreign Exchange, Equities, Energy and Commodities, Shipping, and Futures.

The U.S. Treasury and Futures integrated trading and clearing solution delivered by FMX will leverage the Fenics UST’s platform, significant trading liquidity, and an expansive client network.

This is a fully electronic cash and futures platform for U.S. Rates with a clearing agreement with LCH’s Listed Rates clearing service to generate capital and efficiencies between OTC IRS and U.S. Futures positions.

Howard W. Lutnick, Chairman and CEO of BGC Partners, said: “We are excited about the launch of FMX, our combined U.S. Treasury and Futures electronic marketplace. Underpinned by Fenics’ leading technology and global connectivity, FMX provides a needed alternative, robust solution for our clients. FMX will be the first futures provider offering a world-class electronic U.S. Rates marketplace coupled with integrated futures cross-margining.”

“LCH is the leading global rates clearing house that will provide a complete clearing solution for FMX U.S. Futures. In addition to providing cross-margining benefits with OTC IRS to our clients, we anticipate FMX execution and LCH clearing services will improve market resiliency, expand global capacity, and increase client liquidity.”

Suzanne de Verdelon, Group Head of SwapClear and Listed Rates, LCH Ltd, commented: “We look forward to working with our new exchange partner as they launch U.S. Futures capabilities and deliver further choice to the market. This agreement with BGC Partners for our Listed Rates clearing service is an example of our commitment to both open access and our customers.”

BGC also provides a wide variety of services, including trade execution, brokerage, clearing, trade compression, post-trade, information, and other back-office services to a broad range of financial and non-financial institutions.

Lucera is one of the many subsidiaries wholly owned by BGC Partners. Providing on-demand co-located infrastructure and connectivity, priced on a month-to-month basis, Lucera has partnered with Equiti Capital a few months ago.

Equiti Capital deployed Lucera LumeFX’s aggregator that offers latency execution and expansive connectivity to the FX market.

The prime brokerage is leveraging the cross-asset matching, aggregation and price distribution platform to open new markets without having to own the infrastructure as it is priced on a SaaS subscription model.

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