BGC Partners executes first CME crypto options block trade in Asia

Rick Steves

BGC Partners (HK) Securities LLC, a subsidiary of BGC Partners, Inc., has arranged an intermediated block trade of CME Group Bitcoin options contracts in Asia, in what appears to be the first ever of its kind. 

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The block trade was between Cumberland and Goldman Sachs.

BGC offers financial technology solutions, market data, and analytics related to numerous financial instruments and markets through a variety of brands, including BGC, BGC Trader, GFI, Fenics, FMX, Fenics Market Data, Fenics GO, Capitalab, and Lucera.

BGC pledges to expand cryptocurrency offering

In Q1 2022, the global brokerage has embarked on the world of digital assets and is now providing a comprehensive cryptocurrency offering besides staying engaged with the digital community to ensure it remains a trusted partner in the evolving asset class.

This year, BGC has arranged transactions in options on multiple listed ETFs, and other transactions in options on CME Group Bitcoin futures, and options on CME Group Micro Bitcoin futures.

On April 7, 2022, the broker arranged a block trade of Micro Bitcoin options offered by CME Group in what was also deemed a first of its kind.

Brad Howell, Chief Executive Officer, Asia Pacific at BGC, commented: “We are delighted to partner with Cumberland and Goldman Sachs to execute the first listed cryptocurrency futures and options block trade via CME Group in Asia. This transaction marks BGC’s continued commitment to expanding our cryptocurrency offering and to working with our global counterparties in developing this rapidly evolving asset class.”

Paul Kremsky, Global Head of Business Development for Cumberland, said: “Since Cumberland DRW first established an OTC cryptocurrency desk in 2014, the goal has always been to help usher institutions into the digital assets space. BGC will be a key partner in opening the growing asset class to a broader group of banks, funds, and investors, and Cumberland is extremely excited to work with them as a liquidity provider.”

In anticipation of an active OTC wholesale cryptocurrency marketplace, BGC is establishing electronic platforms and voice / hybrid listed brokerage desks in major financial centers to facilitate the expected growth in this sector.

BGC caters to some of the world’s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms.

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