BGC Group has launched a fully electronic platform for
U.S. dollar swaps, which the brokerage says will improve speed and
transparency for institutional investors.
Expanding Digital Access to Swaps
Dubbed Opti Match, the new platform is available through
BGC Derivatives Markets, L.P. Investors can access it directly if they are Swap
Execution Facility (SEF) participants, or indirectly via BGC or GFI brokers. The platform will initially cover several interest
rate products, including SOFR-based trades and CME/LCH switches.
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Charles Veneziano, Head of Rates at BGC Group, said
the launch reflects the firm’s strategy to give clients a choice. “We are focused
on providing our clients with the flexibility to trade fully electronic,
hybrid, or voice, ensuring seamless connectivity and efficiency across every
execution style,” he said.
BGC has assigned Briana Grazioso, Director of eSales, the task of leading Opti Match. She will oversee its strategy, development, and client
adoption.[#highlighted-links#]
Bradley Barclay, a senior broker with more than a decade of experience in U.S. interest rate swaps, will reportedly join her. Barclay, who
previously worked at TP ICAP, will focus on expanding the new platform and
report to Veneziano.
Part of a Bigger Push
The launch comes as financial firms increasingly shift
swaps and rates trading into electronic venues. Institutions face growing
demands for efficiency and transparency, and firms like BGC see digital
platforms as a way to meet both.
Related: BGC Group Buys Back $151M in Shares from US Commerce Secretary Howard Lutnick After Cabinet Appointment
Opti Match also fits into BGC’s broader plan to grow
across markets. Alongside swaps, the group operates in futures, foreign
exchange, and U.S. cash treasuries. With Opti Match, BGC signals that
electronic execution will play a larger role in its future.
In May, BGC Group repurchased more than 16.4 million of its shares in a transaction tied to Chairman and CEO Howard Lutnick’s U.S.
government ethics agreement. The deal was structured to unwind Lutnick’s
personal holdings and eliminate potential conflicts of interest related
to his public service role.
Separately, the company mentioned that Lutnick was preparing
to transfer his remaining ownership in Cantor Fitzgerald to family trusts. Lutnick, the company’s longtime Chairman and CEO, has
stepped down after being confirmed by the Senate as the 41st U.S. Secretary of
Commerce.
This article was written by Jared Kirui at www.financemagnates.com.
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