BGC Partners Receives Approval to Broker FX Options in China
NEW YORK, May 6, 2014 /CNW/ - BGC Partners, Inc. (NASDAQ: BGCP) ("the Company" or "BGC"), a leading global brokerage company servicing the financial and real estate markets, today announced that China Credit BGC Money Broking Company Limited ("CCTBGC"), its joint venture with China Credit Trust Co. Ltd., has been granted a license by the State Administration of Foreign Exchange ("SAFE") to broker FX options to the interbank market in China.
CCTBGC was established in 2009. The following year it became the first Sino-foreign joint venture inter-dealer broking company to be granted a business license by the China Banking Regulatory Commission to operate in Beijing and has since offered interest rate swaps, bonds, interbank cash deposit products and FX forwards to Chinese and foreign banks in China.
"I am delighted that BGC has received its license to broker FX options in China," commented Daniel M. LaVecchia, Executive Managing Director, North America and Global Head of FX Products. He continued: "Since commencing brokering of FX options at the end of March we have seen strong interest and demand from our valued clients. The addition of FX options to BGC's suite of products means we are well placed to meet the needs of the marketplace in China through an extended and comprehensive array of FX products."
"We are pleased the marketplace has responded swiftly and positively to our joint venture, largely due to the application of our world-class technology as well as our deep access to liquidity," commented Shaun D. Lynn, President of BGC. "Our ability to now offer FX options in addition to other financial instruments is being welcomed by our clients, further strengthening our position in the market and underscoring BGC's commitment to China and the Asia-Pacific region."
About BGC Partners, Inc.
BGC Partners (NASDAQ: BGCP) is a leading global brokerage company servicing the financial and real estate markets. BGC's products include fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commercial real estate, commodities, futures, and structured products. BGC also provides a wide range of services, including trade execution, broker-dealer services, clearing, processing, information, and other back-office services to a broad range of financial and non-financial institutions. Through its BGC Trader and BGC Market Data brands, BGC offers financial technology solutions, market data, and analytics related to numerous financial instruments and markets. Through the Newmark Grubb Knight Frank brand, the Company offers a wide range of commercial real estate services including leasing and corporate advisory, investment sales and financial services, consulting, project and development management, and property and facilities management. BGC's customers include many of the world's largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, property owners, real estate developers, and investment firms. For more information, please visit www.bgcpartners.com.
BGC, BGC Trader, Grubb & Ellis, Grubb and Newmark are trademarks and service marks of BGC Partners, Inc. and its affiliates. Knight Frank is a service mark of Knight Frank Limited Corp., used with permission
Discussion of Forward-Looking Statements by BGC Partners
Statements in this press release regarding BGC's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC's Securities and Exchange Commission filings, including, but not limited to, the risk factors set forth in the Company's public filings, including the most recent Form 10-K and any updates to such risk factors contained in subsequent Form 10-Q or Form 8-K filings.
SOURCE BGC Partners, Inc.For further information:
BGC Media Contacts: Hannah Sloane, +1 212-294-7938 or Sarah Laufer, +1 212-915-1008; BGC Investor Contacts: Jason McGruder, +1 212-829-4988 or Jason Chryssicas, +1 212-915-1987