July 11th, 2010 – BGC Partners, Inc. (NASDAQ: BGCP – News), one of the world’s leading inter-dealer brokers, and China Credit Trust Co., Ltd. (“CCT”), a leading national investment trust company, are pleased to announce that their money broking joint venture, China Credit BGC Money Broking Company Limited (“China Credit BGC”) , is the first Sino-foreign joint venture inter-dealer broking company to have been granted a business license by the China Banking Regulatory Commission to operate in Beijing.
Pending approval of product licenses by the People’s Bank of China, China Credit BGC expects to offer interest rate swaps, bonds, and interbank cash deposit products to Chinese and foreign banks in Beijing.
Len Harvey, Executive Managing Director and General Manager, Asia-Pacific for BGC, said “Beijing is the heartbeat of the market, as most Chinese banks are headquartered there. We are proud to offer Chinese and non-Chinese customer the unique combination of CCT’s expertise and market capabilities with BGC’s world-class technology, liquidity, and global banking relationships.”
Mr. Harvey’s remarks were underscored by Shaun Lynn, President of BGC, who stated “BGC’s increasing global presence enables us to offer clients broad access to markets worldwide, while focusing on meeting each local client’s unique needs. Our relationship with CCT amplifies our commitment to serving the Chinese marketplace and to becoming the premier inter-dealer broker in the Asia-Pacific region.”
Philip Chung, Managing Director for Hong Kong and China at BGC, who serves as General Manager of China Credit BGC, said “Our team, which consists of an initial complement of twenty broking professionals, is extremely eager to launch our services to clients, and we expect to double the size of the staff by the end of this year.”