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BGC Post-Merger Targets Swaps

07-09-2008 | Source: Wall Street Letter - Click here to take out a FREE Trial

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BGC Partners, a company created from the merger of BGC and eSpeed, is talking to several U.S. investment banks about introducing their electronic credit default swaps trading on BGC Trader. Their plan is part of the company’s post-merger strategy. BGC, a voice brokerage company, merged with eSpeed, the first platform with full electronic brokering of U.S. Treasuries, in April. BGC Partners offers the option of using either voice or electronic trading methods.

The company is also starting to roll out FX options trading on BGC Trader globally. There are 15 banks and 50 traders working on this endeavor in Europe, 10 banks in North America and BGC is looking to go live in Asia as well. Phil Norton, executive managing director of e-Commerce, said that the company hopes to have this FX platform live by the end of the year.

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