Global brokerage firm BGC Partners announced on Friday that it received temporary registration approval from the CFTC to operate a swap execution facility, which the company expects to begin on Oct. 2.
“Receiving CFTC approval to operate a SEF marks the next chapter for our company and our clients, and is a positive step forward for the marketplace,” BGC President Shaun D. Lynn said. “BGC has utilized the strength of its leading proprietary technology and is fully prepared for a new era of derivatives transactions. We are excited to offer clients deeper access to liquidity, as well as increased transparency in the clearing and execution of derivatives trading.”
BGC plans to offer tailored approaches to electronic swaps participants and traders. Its tech infrastructure includes execution methodologies like central limit order book, intra-day electronic auctions, indications of interest, voice-managed orders for blocks and non-blocks and other features.
Additionally, the company said it plans to use its leverage as a longtime expert in electronic marketplaces and exchanges to the benefit of market participants. The company sold eSpeed trading platform to NASDAQ OMX Group in June for $1.23 billion.