BGC Partners, Inc.
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| BGC Partners, Inc. | |
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| Founded | 2004 |
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| Key People | Howard Lutnick, Chairman and CEO, Mark Benfield, Executive Managing Director and Director of BGC Market Data |
| Employees | 1,200 + |
| Products | Inter-dealer brokerage |
| Corporate Website | bcgpartners.com |
BGC Partners, Inc. (NASDAQ: BGCP) is a global inter-dealer broker that provides integrated voice and electronic brokerage services including price discovery, trade execution, straight-through processing, and clearing and settlement to wholesale market participants worldwide. BGC is active in the global fixed income, rates, foreign exchange, equity derivatives, credit derivatives, futures and structured product markets.
BGC Partners also owns 25 percent of ELX Futures, L.P. and provides the technology for the exchange, which is based on BGC’s eSpeed platform.
On April 1, 2013, NASDAQ OMX Group Inc. agreed to acquire the eSpeed platform from BGC in a cash-and-stock deal worth about $1.23 billion. The proposed transaction includes $750 million in cash and as much as $484 million in Nasdaq shares--approximating certain tax benefits to Nasdaq--to be paid over 15 years. BGC said the one-time gain from the $750 million upfront payment is expected to increase its per-share earnings, but won't be included in its results for distributable earnings.[1]
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History
BGC’s origins date back to 1945 when B. Gerald Cantor founded what became Cantor Fitzgerald: a brokerage service for inter-dealer fixed income markets.
BGC was separated from Cantor Fitzgerald in 2004 and has since expanded to 18 offices worldwide with approximately 1300 brokers and over 2100 employees. In 2005, BGC merged with Maxcor Financial Group. This was followed by the acquisitions of ETC Pollak and Aurel in Paris.
On Apr. 1, 2008, BGC merged with eSpeed to form a provider of voice and electronic brokerage services in the global marketplace. The combined company is BGC Partners, Inc. (NASDAQ: BGCP). Cantor remains the largest and controlling shareholder in BGC. In 2008 BGC acquired Radix Energy in Singapore, and in June 2009 completed its acquisition of Brazilian inter-dealer broker Liquidez DTVM Ltda.
Products and Services
- BGCantor Market Data is a source of real-time, indicative, end-of-day and historical fixed income, foreign exchange, and derivative pricing from eSpeed and BGC Partners. In April 2008, when eSpeed merged with BGC to form BGC Partners, Inc., Cantor Market Data became BGCantor Market Data as part of the combined firm. BGCantor Market Data provides data based on over $400 billion of daily fixed income transactions.[2]
- On July 22 2009, BGC Partners announced the addition of a Precious Metals desk to work alongside its existing Base Metals desk. It will provide broking services in options, forwards, IRS, EFP, and NYMEX Clearport products.[3]
Resources
In 2006 BGC launched BGCTrader, a multi-asset front-end for voice and electronic execution of prices for the inter-bank and broker community to support products including fixed income, European corporate cash, FX options, credit default swaps (both single name and i-Traxx).
Vendor Connectivity
BGC Partners launched its preferred vendor program in 2008, for the first time allowing independent software vendors (ISVs) to connect directly to BGC’s electronic trading platform, eSpeed, for U.S. Treasuries. Current ‘preferred vendors’ include: RTS Realtime Systems, CQG, Ullink, Broadway Technology, First Derivatives, Orc Software, Trading Screen, List Group and Progress Apama.
Key People
- Howard W. Lutnick, Chairman and CEO
- Lee M. Amaitis, Vice Chairman
- Shaun D. Lynn, President
- Stephen Merkel, Executive Vice President, General Counsel and Secretary
- Sean Windeatt, Chief Operating Officer
- Graham Sadler, Chief Financial Officer
- Hannah Sloane, Vice President, Marketing and Communications
- Mark Benfield, Executive Managing Director and Director, BGC Market Data
- Tony Verrier, Executive Managing Director and General Manager, London and Europe
- Mark Webster, Executive Managing Director and General Manager, The Americas
- Len Harvey, Executive Managing Director and General Manager, Asia-Pacific
- Louis Scotto, Executive Managing Director, The Americas
- Jean-Pierre Aubin, Executive Managing Director and Global Head Listed Products
- Daniel M. LaVecchia, Executive Managing Director, North America, Global Head of FX Products
- Philip Norton, Executive Managing Director, e-Commerce
- Yevette Tierney, Chief Information Officer
- Rob Kitchin, Senior Managing Director and Head of Credit and Commodities
- Roger C. Campbell, Chief Administrative Officer, North America
- Mark Spring, Executive Managing Director, Asia
- Jérôme Frank, Senior Managing Director, France
References
- ↑ Nasdaq OMX to Acquire eSpeed Platform for Up to $1.23 Billion. The Wall Street Journal.
- ↑ BGCantor Market Data. Trinity Exchange.
- ↑ BGC Partners Expands Commodities. BGC Partners.
