BGC Group's FMX Futures Exchange to launch on September 23, 2024
BGC Group (Nasdaq: BGC) and 10 leading investment banks and market-making firms have announced the launch of FMX Futures Exchange on September 23, 2024. FMX will initially offer SOFR futures, with U.S. treasury futures to be added in Q1 2025. The exchange aims to provide significant capital savings through its clearing partnership with LCH , which has $225 billion in interest rate swap collateral.
FMX Futures Exchange is part of FMX Holdings , which includes a rapidly growing cash U.S. Treasuries marketplace and spot Foreign Exchange platform. Equity owners of FMX Holdings include major financial institutions such as Bank of America, Barclays, Citadel Securities, Citi, Goldman Sachs, J.P. Morgan, Jump Trading Group, Morgan Stanley, Tower Research Capital, and Wells Fargo.
BGC Group (Nasdaq: BGC) e 10 importanti banche d'investimento e aziende di market-making hanno annunciato il lancio della FMX Futures Exchange il 23 settembre 2024. FMX offrirà inizialmente future SOFR, con l'aggiunta di future sui titoli di stato statunitensi nel primo trimestre del 2025. L'obiettivo della borsa è fornire significativi risparmi di capitale attraverso la sua partnership di clearing con LCH, che ha 225 miliardi di dollari in garanzie per swap sui tassi d'interesse.
La FMX Futures Exchange è parte di FMX Holdings, che include un mercato dei titoli di stato statunitensi in rapida crescita e una piattaforma di cambio spot. I proprietari azionari di FMX Holdings includono istituzioni finanziarie di maggior rilievo come Bank of America, Barclays, Citadel Securities, Citi, Goldman Sachs, J.P. Morgan, Jump Trading Group, Morgan Stanley, Tower Research Capital e Wells Fargo.
BGC Group (Nasdaq: BGC) y 10 importantes bancos de inversión y empresas de creación de mercado han anunciado el lanzamiento de la FMX Futures Exchange el 23 de septiembre de 2024. FMX inicialmente ofrecerá futuros SOFR, con futuros de tesorería de EE. UU. que se agregarán en el primer trimestre de 2025. La bolsa tiene como objetivo proporcionar ahorros de capital significativos a través de su asociación de compensación con LCH, que cuenta con 225 mil millones de dólares en colateral de swaps de tasas de interés.
La FMX Futures Exchange es parte de FMX Holdings, que incluye un mercado de tesorería estadounidense en rápido crecimiento y una plataforma de cambio spot. Los propietarios de acciones de FMX Holdings incluyen importantes instituciones financieras como Bank of America, Barclays, Citadel Securities, Citi, Goldman Sachs, J.P. Morgan, Jump Trading Group, Morgan Stanley, Tower Research Capital y Wells Fargo.
BGC 그룹(Nasdaq: BGC)과 10개의 주요 투자은행 및 시장 제작 회사가 2024년 9월 23일에 FMX 선물 거래소의 출범을 발표했습니다. FMX는 처음에 SOFR 선물을 제공하며, 미국 재무부 선물은 2025년 1분기에 추가될 예정입니다. 이 거래소는 LCH와의 청산 파트너십을 통해 자본 절감을 제공하는 것을 목표로 하고 있으며, LCH는 2,250억 달러의 금리 스왑 담보를 보유하고 있습니다.
FMX 선물 거래소는 FMX Holdings의 일부로, 이는 빠르게 성장하는 미국 재무부 현금 시장과 스폿 외환 플랫폼을 포함합니다. FMX Holdings의 주주에는 뱅크 오브 아메리카, 바클레이스, 시타델 증권, 씨티, 골드만 삭스, JP 모건, 점프 트레이딩 그룹, 모건 스탠리, 타워 리서치 캐피털 및 웰스 파고 등 주요 금융 기관이 포함됩니다.
BGC Group (Nasdaq: BGC) et 10 grandes banques d'investissement ainsi que des sociétés de market-making ont annoncé le lancement de la FMX Futures Exchange le 23 septembre 2024. FMX proposera dans un premier temps des futurs SOFR, avec des futurs des trésors américains à ajouter au premier trimestre 2025. La bourse vise à offrir d'importantes économies de capital grâce à son partenariat de compensation avec LCH, qui dispose de 225 milliards de dollars en garanties de swaps de taux d'intérêt.
La FMX Futures Exchange fait partie de FMX Holdings, qui comprend un marché des trésors américains en forte croissance et une plateforme de change au comptant. Les propriétaires d'actions de FMX Holdings incluent des institutions financières majeures telles que Bank of America, Barclays, Citadel Securities, Citi, Goldman Sachs, J.P. Morgan, Jump Trading Group, Morgan Stanley, Tower Research Capital et Wells Fargo.
BGC Group (Nasdaq: BGC) und 10 führende Investmentbanken und Markt-Making-Firmen haben den Start der FMX Futures Exchange für den 23. September 2024 bekannt gegeben. FMX wird zunächst SOFR-Futures anbieten, wobei US-Staatsanleihen-Futures im ersten Quartal 2025 hinzugefügt werden. Die Börse zielt darauf ab, erhebliche Kapitaleinsparungen durch ihre Clearing-Partnerschaft mit LCH zu bieten, die über 225 Milliarden Dollar an Sicherheiten aus Zinsswaps verwaltet.
Die FMX Futures Exchange ist Teil von FMX Holdings, das einen schnell wachsenden Markt für US-Staatsanleihen sowie eine Spot-Devisenplattform umfasst. Zu den Aktionären von FMX Holdings gehören bedeutende Finanzinstitute wie Bank of America, Barclays, Citadel Securities, Citi, Goldman Sachs, J.P. Morgan, Jump Trading Group, Morgan Stanley, Tower Research Capital und Wells Fargo.
- Launch of FMX Futures Exchange, expanding BGC Group's market presence
- Partnership with 10 leading investment banks and market-making firms
- Potential for significant capital savings through clearing partnership with LCH
- Initial offering of SOFR futures with plans to add U.S. treasury futures in Q1 2025
- Backing from major financial institutions as equity owners of FMX Holdings
- None.
The launch of FMX Futures Exchange marks a significant development in the U.S. interest rate futures market. With the backing of 10 major investment banks and market-making firms, FMX is poised to become a formidable competitor in this space. The initial focus on SOFR futures, followed by U.S. treasury futures, targets the most liquid and widely traded contracts.
The partnership with LCH for clearing is a strategic move. With
For BGC Group, this venture represents a significant expansion of its market infrastructure offerings. If successful, it could diversify BGC's revenue streams and enhance its competitive position in the financial markets ecosystem.
The launch of FMX Futures Exchange could reshape the competitive landscape of the U.S. interest rate futures market. Currently dominated by CME Group, this space has long been ripe for disruption. FMX's entry, backed by major financial institutions, signals a potential shift in market dynamics.
The timing is crucial, coinciding with the ongoing transition from LIBOR to SOFR. By focusing initially on SOFR futures, FMX is aligning with regulatory priorities and market trends. The planned addition of U.S. treasury futures in Q1 2025 further broadens its appeal.
The success of FMX will largely depend on its ability to attract liquidity and offer competitive pricing. The involvement of prominent market makers as equity owners suggests a commitment to ensuring robust liquidity from day one. If FMX can deliver on its promise of capital efficiencies, it could rapidly gain market share, potentially pressuring incumbent exchanges to innovate or adjust their pricing models.
FMX's claim of being the "world's fastest growing cash U.S. Treasuries marketplace" suggests a strong technological foundation. In today's high-frequency trading environment, speed and reliability are paramount. FMX's success will hinge on its ability to deliver low-latency execution and robust system stability.
The integration with LCH for clearing introduces interesting technical challenges. Implementing real-time cross-margining across different asset classes requires sophisticated risk management systems and data processing capabilities. If executed well, this could provide FMX with a significant technological edge.
As FMX expands its product offerings, its technology stack will need to scale efficiently. The planned addition of U.S. treasury futures will test the platform's flexibility. Moreover, as a new entrant, FMX has the advantage of building on modern architecture, potentially offering more agile and cost-effective operations compared to legacy systems of established exchanges.
FMX 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
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, 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.
MEDIA CONTACT:
BGC Group
Erica Chase
erica.chase@cantor.com
+1 212-610-2419
INVESTOR CONTACT:
Jason Chryssicas
+1 212-610-2426
1 Source: Clarus Financial Technology. Cleared interest rate swap collateral data as of 3/29/24.
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SOURCE BGC Group, Inc.
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