BGC Group launches FMX Futures Exchange
BGC Group (Nasdaq: BGC) and ten leading investment banks and market-making firms have launched the FMX Futures Exchange. The exchange is now trading SOFR futures, with plans to add U.S. treasury futures in Q1 2025. FMX aims to provide real competition in the U.S. SOFR futures market, offering innovation, superior pricing, and improved capital efficiency.
The exchange partners with LCH for clearing, enabling significant capital savings through cross-margin capabilities. LCH has $225 billion in interest rate swap collateral. FMX Holdings, includes a growing cash U.S. treasuries marketplace and spot Foreign Exchange platform. Equity partners include major financial institutions like Bank of America, Barclays, Citadel Securities, and Goldman Sachs.
Il gruppo BGC (Nasdaq: BGC) e dieci importanti banche d'investimento e società di market making hanno lanciato il FMX Futures Exchange. La borsa sta già negoziando i futures SOFR, con piani per aggiungere i futures sui titoli di Stato USA nel primo trimestre del 2025. FMX mira a fornire una vera competizione nel mercato dei futures SOFR negli Stati Uniti, offrendo innovazione, prezzi superiori e una maggiore efficienza del capitale.
La borsa collabora con LCH per il clearing, consentendo significativi risparmi di capitale grazie alle capacità di cross-margining. LCH ha $225 miliardi in garanzie per swap sui tassi d'interesse. FMX Holdings comprende un mercato in crescita per i titoli di Stato USA in contante e una piattaforma di cambio spot. Tra i partner azionari figurano importanti istituzioni finanziarie come Bank of America, Barclays, Citadel Securities e Goldman Sachs.
El grupo BGC (Nasdaq: BGC) y diez importantes bancos de inversión y firmas de creación de mercado han lanzado la FMX Futures Exchange. La bolsa ya está negociando futuros SOFR, con planes de agregar futuros de tesorería de EE. UU. en el primer trimestre de 2025. FMX tiene como objetivo proporcionar una verdadera competencia en el mercado de futuros SOFR de EE. UU., ofreciendo innovación, precios superiores y una mejor eficiencia de capital.
La bolsa se asocia con LCH para la compensación, permitiendo importantes ahorros de capital a través de capacidades de cross-margining. LCH tiene $225 mil millones en colateral de swaps de tasa de interés. FMX Holdings incluye un creciente mercado de tesorerías de EE. UU. en efectivo y una plataforma de intercambio spot. Los socios de capital incluyen importantes instituciones financieras como Bank of America, Barclays, Citadel Securities y Goldman Sachs.
BGC 그룹 (Nasdaq: BGC)와 10개의 주요 투자은행 및 마켓메이킹 회사가 FMX 선물 거래소를 출범시킵니다. 이 거래소는 현재 SOFR 선물을 거래하고 있으며, 2025년 1분기에 미국 재무부 선물을 추가할 계획입니다. FMX는 미국 SOFR 선물 시장에서 진정한 경쟁을 제공하고, 혁신, 우수한 가격 및 향상된 자본 효율성을 제공하는 것을 목표로 하고 있습니다.
거래소는 청산을 위해 LCH와 협력하여 교차 마진 기능을 통한 상당한 자본 절감을 가능하게 합니다. LCH는 2,250억 달러의 금리 스왑 담보를 보유하고 있습니다. FMX Holdings는 증가하는 현금 미국 재무부 시장 및 현물 외환 플랫폼을 포함합니다. 주요 주식 파트너에는 뱅크 오브 아메리카, 바클레이스, 시타델 증권 및 골드만 삭스와 같은 주요 금융 기관이 포함됩니다.
Le groupe BGC (Nasdaq: BGC) et dix grandes banques d'investissement et sociétés de market making ont lancé la FMX Futures Exchange. La bourse négocie déjà des futures SOFR et prévoit d'ajouter des futures sur les bons du Trésor américain au premier trimestre de 2025. FMX vise à fournir une véritable concurrence sur le marché américain des futures SOFR, offrant innovation, tarification supérieure et efficacité du capital améliorée.
La bourse s'associe à LCH pour le clearing, permettant des économies de capital significatives grâce aux capacités de cross-margining. LCH détient 225 milliards de dollars en garanties de swaps de taux d'intérêt. FMX Holdings comprend un marché des bons du Trésor américain en espèces en pleine croissance et une plateforme de change au comptant. Parmi les partenaires en capital figurent de grandes institutions financières telles que Bank of America, Barclays, Citadel Securities et Goldman Sachs.
Die BGC-Gruppe (Nasdaq: BGC) und zehn führende Investmentbanken sowie Market-Making-Firmen haben die FMX Futures Exchange ins Leben gerufen. Die Börse handelt bereits SOFR-Futures und plant, im ersten Quartal 2025 US-Staatsanleihen-Futures hinzuzufügen. FMX zielt darauf ab, echte Konkurrenz im US-Markt für SOFR-Futures zu bieten und Innovation, überlegene Preisgestaltung und verbesserte Kapitaleffizienz zu gewährleisten.
Die Börse arbeitet mit LCH an der Abwicklung zusammen, was erhebliche Kapitalersparnisse durch Cross-Margining-Fähigkeiten ermöglicht. LCH verfügt über 225 Milliarden US-Dollar an Sicherheiten für Zins-Swaps. FMX Holdings umfasst einen wachenden Markt für US-Staatsanleihen in bar und eine Spot-Devisenplattform. Zu den Eigenkapitalpartnern gehören große Finanzinstitute wie Bank of America, Barclays, Citadel Securities und Goldman Sachs.
- Launch of FMX Futures Exchange with SOFR futures trading
- Planned addition of U.S. treasury futures in Q1 2025
- Partnership with LCH for clearing, offering potential capital savings
- Backing from ten major investment banks and market-making firms as equity partners
- Integration with growing cash U.S. treasuries marketplace and spot Foreign Exchange platform
- None.
Insights
The launch of FMX Futures Exchange by BGC Group is a significant development in the U.S. interest rate futures market. This move introduces real competition to the SOFR futures market, which could lead to improved pricing and capital efficiency for market participants. The partnership with LCH for clearing services is particularly noteworthy, as it offers potential for substantial capital savings through cross-margin capabilities.
Key points to consider:
- BGC's strategic positioning with ten major investment banks and market-making firms as equity partners provides a strong foundation for liquidity and market adoption.
- The planned addition of U.S. treasury futures in Q1 2025 could further enhance FMX's market position and revenue potential.
- The
$225 billion of interest rate swap collateral at LCH suggests significant potential for cross-margining benefits, which could attract more trading volume to FMX.
For BGC Group (Nasdaq: BGC), this venture represents a major expansion into exchange operations, diversifying its revenue streams beyond its traditional brokerage business. The success of FMX could significantly impact BGC's future financial performance and market valuation. Investors should monitor the exchange's trading volumes and market share gains in the coming months to assess its impact on BGC's bottom line.
The launch of FMX Futures Exchange marks a disruptive entry into the U.S. interest rate futures market, which has long been dominated by a few major players. This move by BGC Group and its partners could potentially reshape the competitive landscape in several ways:
- Market Share Dynamics: As a new entrant with backing from major financial institutions, FMX could quickly gain market share, potentially pressuring incumbent exchanges.
- Pricing Pressure: Increased competition may lead to more competitive pricing across the industry, potentially squeezing margins for all players.
- Innovation Catalyst: FMX's entry with a state-of-the-art trading system may spur further technological advancements in the industry.
- Capital Efficiency Focus: The emphasis on capital savings through cross-margining could set a new standard in the market, forcing competitors to enhance their offerings.
The success of FMX could have ripple effects throughout the financial markets, potentially influencing how other derivatives are traded and cleared. For investors in BGC Group, this represents a bold move into a high-value market segment with significant growth potential, albeit with execution risks as they navigate regulatory challenges and established competitor responses.
Exchange launches with SOFR futures
"We are excited to introduce real competition to the
The FMX Futures Exchange expects to provide clients with significant capital savings through its clearing partnership with LCH Limited ("LCH"), a fully approved CFTC Derivatives Clearing Organization and one of the largest clearers of interest rate swaps in the world. LCH has
"We congratulate BGC Group on the successful launch of the highly innovative FMX Futures Exchange," said Daniel Maguire, Group Head, LSEG Markets and CEO, LCH Group. "Our partnership highlights LCH's commitment to delivering choice to market participants. It will enable members and clients to benefit from our extended clearing capabilities and bring increased resiliency, margin efficiencies and liquidity to the USD rates derivatives market."
The FMX Futures Exchange is a part of FMX Holdings, LLC, which includes the world's fastest growing cash
About BGC Group, Inc.
BGC Group, Inc. (Nasdaq: BGC) is a leading global marketplace, data, and financial technology services company for a broad range of products, including fixed income, foreign exchange, energy, commodities, shipping, equities, and now includes the FMX Futures Exchange. BGC's clients are many of the world's largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms.
BGC and leading global investment banks and market making firms have partnered to create FMX Holdings, LLC, part of the BGC Group of companies, which includes a
For more information about BGC, please visit www.bgcg.com.
Discussion of Forward-Looking Statements about BGC
Statements in this document regarding BGC that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, BGC undertakes no obligation to update any forward-looking statements. 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 ("SEC") filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
1 Source: Clarus Financial Technology. Cleared interest rate swap collateral data as of 3/29/24.
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SOURCE BGC Group, Inc.
FAQ
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