LONDON, Aug. 23, 2023 /PRNewswire/ -- Fenics Market Data,
a division within BGC Group, Inc. (Nasdaq: BGC) ("BGC Group" or
"BGC" or the "Company"), today announced the launch of a
new and unique data service for Australian Dollar ("AUD") Interest
Rate Swaps ("IRS"). The new service, based on executable data, will
bring greater transparency to the market, helping to reduce the
risk of mispricing.
Working with market participants, Fenics Market Data created a
unique service that is now the only composite screen available for
AUD IRS, compiled from live, executable inputs from multiple market
participants. The service was launched with over 50% of the market
contributing, and that percentage is expected to increase to more
than 80% in the coming weeks. The service is available on
Bloomberg (FMDS<GO>FABD).
Dr. Keith Nicolle, product
strategist at Fenics Market Data, said: "Transactions such as
Interest Rate Swaps, that are priced using a narrow, single venue
price reference source, are under scrutiny from regulators
concerned at mispricing for end user clients. The onus is on
industry players to ensure that their price referencing sources are
reflective of the whole market and not a singular view."
Traditionally markets have relied on single Interdealer Broker
(IDB) reference pages, which are only a subsection of the market,
and not reflective of the broader view. Several IDBs produce a data
page or screen for the AUD IRS market. These indicative data prices
themselves are not tradeable, as the illiquid tenors are calculated
by models. Since these pages only reflect an individual IDB's view
on the market, this naturally heightens the chances of mispricing
that regulators are keen to prevent. The new Fenics Market Data AUS
IRS service will deliver a complete market view, direct from market
participants, comprised of tradeable prices.
Rich Winter, Global Head, Fenics
Market Data and kACE Information Analytics, said: "This is a
transformative new service. By working together with market
participants, we are helping our clients meet their regulatory
needs. The power of harnessing extensive market contributions
offers traders, risk and compliance officers, and managers alike,
reassurance that the referencing source used by them for client
trades is the broadest and most accurate reflection of real,
observed prices in the market."
Nicholas Allen, Executive
Director, Head of AUD Rates Trading at Westpac, said: "The Fenics
Market Data team have worked collaboratively with the industry to
produce the aggregated AUD IRS page, made solely of executable
prices. This page is a leap forward on current practice for
compliant and independent price validation."
About Fenics Market Data
Fenics Market Data is a
leading provider and generator of global financial and commodities
market data. Fenics Market Data is a division within BGC Group,
Inc. (Nasdaq: BGC) and the distributor of data for the BGC Group of
companies, including but not limited to, BGC, GFI, RP Martin,
Freedom, Amerex, Aurel BGC, Sunrise, BGC Liquidez and Perimeter
Markets, as well as our flagship Fenics Market Data packages. Data
is sourced directly from the global broking operations of BGC
Group, Inc, including electronic and voice broking, global pricing
systems and analytics, with enhanced coverage through Fenics Market
Data proprietary data packages. Fenics Market Data contracts for
its services via the BGC Group UK subsidiary Fenics Software
Limited.
About BGC Group, Inc.
BGC Group, Inc. ("BGC") is a
leading global brokerage and financial technology company. BGC,
through its various affiliates, specializes in the brokerage of a
broad range of products, including Fixed Income (Rates and Credit),
Foreign Exchange, Equities, Energy and Commodities, Shipping, and
Futures. BGC, through its various affiliates, also provides a wide
variety of services, including trade execution, brokerage,
clearing, trade compression, post-trade, information, and other
back-office services to a broad range of financial and
non-financial institutions. Through its brands, including Fenics®,
FMX™, FMX Futures Exchange™, Fenics Markets Xchange™, Fenics
Digital™, Fenics UST™, Fenics FX™, Fenics Repo™, Fenics Direct™,
Fenics MID™, Fenics Market Data™, Fenics GO™, Fenics
PortfolioMatch™, BGC®, BGC Trader™, kACE2™, and Lucera®,
BGC offers financial technology solutions, market data, and
analytics related to numerous financial instruments and markets.
BGC, BGC Group, BGC Partners, BGC Trader, GFI, GFI Ginga,
CreditMatch, Fenics, Fenics.com, FMX, Sunrise Brokers, Poten &
Partners, RP Martin, kACE2, Capitalab, Swaptioniser,
CBID, Caventor, LumeMarkets and Lucera are trademarks/service marks
and/or registered trademarks/service marks of BGC and/or its
affiliates.
BGC's customers include many of the world's largest banks,
broker-dealers, investment banks, trading firms, hedge funds,
governments, corporations, and investment firms. BGC's Class A
common stock trades on the Nasdaq Global Select Market under the
ticker symbol "BGC". BGC is led by Chairman of the Board and Chief
Executive Officer Howard W. Lutnick.
For more information, please visit http://www.bgcg.com. You can
also follow BGC at https://twitter.com/bgcgroupinc,
https://www.linkedin.com/company/bgc_group and/or
http://ir.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:
Harjeet Singh
+44 207-894-8829
Investor Contact:
Jason Chryssicas
+1 212-610-2426
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