BGC Unveils Fenics Markets Xchange

BGC Partners has launched Fenics Markets Xchange (FMX), a fully-electronic trading platform for US Rates, cash and futures – the firm has also signed a clearing services agreement with LCH for the new service – in a move it says will “fundamentally alter the current futures landscape”.

The firm says the new platform was created and designed specifically in response to its customers by combining both Fenics UST and FMX US futures on the same platform. It will utilise Fenics UST’s platform and the agreement with LCH’s listed rates clearing service provides a platform for generating significant capital and operational efficiencies between OTC IRS and US futures positions.

BGC’s adds that FMX offering will deliver, “for the first time”, a robust US Rates fully electronic cash and futures platform.

“FMX will be the first futures provider offering a world-class electronic US Rates marketplace coupled with integrated futures cross-margining,” says Howard Lutnick, chairman and CEO of BGC Partners. “LCH is the leading global rates clearing house that will provide a complete clearing solution for FMX US futures. In addition to providing cross-margining benefits with OTC IRS to our clients, we anticipate FMX execution and LCH clearing services will improve market resiliency, expand global capacity, and increase client liquidity.”

Suzanne de Verdelon, group head of SwapClear and listed rates, LCH, adds, “We look forward to working with our new exchange partner as they launch US Futures capabilities and deliver further choice to the market. This agreement with BGC Partners for our listed rates clearing service is an example of our commitment to both open access and our customers.”