LONDON, Jan. 25, 2017
/PRNewswire/ -- BGC Brokers L.P. ("BGC Brokers") a subsidiary
of BGC Partners, Inc. group (NASDAQ: BGCP), today announced
that it is collaborating with Pirum Systems ("Pirum"), the market
leader in connectivity and real-time straight-through processing
(STP) to the securities finance industry, to launch BGC's
latest offering ColleX™ and improve post-trade
efficiency for clients.
ColleX™ provides clients a platform for collateral trading.
Specifically, it is a multi-product and multi-asset-class platform
to promote collateral mobility in all its forms. Its centralised
liquidity increases the depth and breadth of interests, thereby
promoting fast execution. ColleX™ was launched to market in Q3 2016
as part the widening portfolio of electronic services developed by
BGC's FENICS business [1].
The collaboration between the two firms will enable clients to
leverage ColleX™'s expertise in electronic trading, combined with
Pirum Systems' ability to manage the post-trade lifecycle, which
includes regulatory reporting.
Philip Norton, Executive
Managing Director, e-Commerce, BGC Partners commented: "The need to
tackle market-wide collateral latency and mobility makes Pirum's
STP connectivity and post-trade infrastructure key to the financing
universe. Linking ColleX™ to Pirum's suite of products addresses
frictional costs, which is a benefit to our clients. Furthermore,
we are excited to grow this joint effort across BGC's global
brands."
Rajen Sheth, Chief
Executive Officer, Pirum Systems commented: "We are excited to be
working with ColleX™ to create this trading marketplace. Market
connectivity and trade life-cycle management is core to Pirum's
product offering. Our ability to streamline the post-trade process
by transacting on ColleX™ will increase liquidity in this
marketplace."
Pirum Systems is the market leader in real-time STP services to
the securities finance industry, providing unparalleled
connectivity with counterparties, collateral venues, trading
platforms and central counterparties.
About BGC Partners, Inc.
BGC Partners is a leading
global brokerage company servicing the financial and real estate
markets. BGC owns GFI Group Inc., a leading intermediary and
provider of trading technologies and support services to the global
OTC and listed markets. The Company's Financial Services
offerings include fixed income securities, interest rate swaps,
foreign exchange, equities, equity derivatives, credit derivatives,
commodities, futures, and structured products. BGC provides a wide
range of services, including trade execution, broker-dealer
services, clearing, trade compression, post trade, information, and
other services to a broad range of financial and non-financial
institutions. Through brands including FENICS, BGC Trader,
Capitalab, and BGC Market Data, BGC offers financial technology
solutions, market data, and analytics related to numerous financial
instruments and markets.
Real Estate Services are offered through brands including
Newmark Grubb Knight Frank,
Newmark Cornish & Carey, ARA,
Computerized Facility Integration, Landauer Valuation &
Advisory, and Excess Space. Under these names, the Company
provides a wide range of commercial real estate services, including
leasing and corporate advisory, investment sales and financial
services, consulting, project and development management, and
property and facilities management.
BGC's customers include many of the world's largest banks,
broker-dealers, investment banks, trading firms, hedge funds,
governments, corporations, property owners, real estate developers,
and investment firms. BGC's common stock trades on the NASDAQ
Global Select Market under the ticker symbol (NASDAQ: BGCP).
BGC also has an outstanding bond issuance of Senior Notes due
June 15, 2042, which trade on the New
York Stock Exchange under the symbol (NYSE: BGCA). BGC
Partners is led by Chairman and Chief Executive Officer Howard W.
Lutnick. For more information, please visit
http://www.bgcpartners.com. You can also follow the Company
at https://twitter.com/bgcpartners and/or
https://www.linkedin.com/company/bgc-partners.
BGC, BGC Trader, GFI, FENICS, FENICS.COM, Capitalab,
Swaptioniser, Newmark, Grubb & Ellis, ARA, Computerized
Facility Integration, Landauer, and Excess Space, Excess
Space Retail Services, Inc., and Grubb are trademarks/service
marks, and/or registered trademarks/service marks and/or service
marks of BGC Partners, Inc. and/or its affiliates. Knight
Frank is a service mark of Knight Frank (Nominees)
Limited.
Discussion of Forward-Looking Statements about BGC
Partners
Statements in this document regarding BGC's
businesses that are not historical facts are "forward-looking
statements" that involve risks and uncertainties. Except as
required by law, BGC undertakes no obligation to release any
revisions to 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 filings,
including, but not limited to, the risk factors set forth in its
public filings, including the most recent Form 10-K and any updates
to such risk factors contained in subsequent Forms 10-Q or Forms
8-K.
About Pirum Systems
Pirum Systems was founded with
the objective of providing advanced, centralised reconciliation
services for financial market participants. Today Pirum provides a
secure, centralised connectivity and automation hub which
seamlessly connects market participants with each other, allowing
them to electronically verify key transaction details and fully
automate the post-trade lifecycle. By combining an in-depth
understanding of both the Securities Finance industry and
Information Technology, Pirum has created a set of highly
innovative and flexible services which are tailored to fully
support the complexities of the underlying business
processes. In addition to this processing hub, Pirum's
platform provides onward connections to other infrastructure
service providers. This position, at the heart of the Securities
Financing market, allows Pirum clients to reuse their connection to
Pirum to access triparty agents, trading venues, market data
companies & CCPs with additional connectivity being added all
the time. Financial Institutions from around the world have
responded to Pirum's creative approach by joining this secure
on-line community. They have increased processing efficiency,
reduced operational risk and improved profitability by using
Pirum's services to reduce manual processing.
[1] For the purposes of this document, all of the Company's
fully electronic businesses in the Financial Services segment may
be referred to interchangeably as "FENICS". FENICS includes
fees from fully electronic brokerage, as well as data, software,
and post-trade services across both BGC and GFI.
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