Leading inter-dealer brokerage firm closes previously announced acquisition of Radix Energy
LONDON – 6 March 2008 – BGC, a leading inter-dealer brokerage firm providing integrated voice and electronic services to wholesale fixed income, interest rate, foreign exchange and derivatives markets worldwide, today announced the completion of its acquisition of the business of Radix Energy, through its new subsidiary BGC Radix Energy L.P. Singapore Branch.
The acquisition marks an important step in BGC’s expansion through its ability to offer clients voice and electronic brokerage services in the world’s energy markets for the first time, with products including crude oil, naptha, middle distillates, fuel oil and freight swap derivatives. Although based in Singapore, BGC Radix Energy will serve clients on a global basis.
Commenting on the transaction, Shaun Lynn, President of BGC, said, “We consider world energy markets and the Asian region as important factors in the next stage of BGC’s growth and development and are delighted to have completed this acquisition. Radix Energy is the latest in a series of acquisitions and we will continue to look at opportunities and invest where we feel a business will complement our existing lines.”
Richard Tan, Managing Director of BGC Radix Energy said, “This acquisition will enable Radix Energy to become a global operation through BGC’s investment, support and the application of its platform to the energy markets. It means that we will be able to broaden and expand services to existing clients and source new opportunities in Europe and the .”
Since its creation in October 2004, having been separated out from Cantor Fitzgerald, BGC has expanded through organic growth and selected acquisitions in Europe, Asia and the In 2004, BGC employed over 650 people; total employees now exceed 1,700 in 14 offices around the world. The acquisition of Radix Energy follows the previous acquisitions of Euro Brokers, ETC Pollak, Aurel Leven Securities, the equity derivatives business of Marex Financial and the announcement that BGC is to merge with eSpeed Inc., subject to the relevant regulatory and other approvals.
About BGC
BGC is a leading inter-dealer broker, providing integrated voice and electronic execution and other brokerage services to banks, brokerage houses and investment banks for a broad range of global financial products including fixed income securities, foreign exchange, equity derivatives, credit derivatives, futures, structured products and other instruments. This is complemented by market data products for selected financial instruments. Named after fixed income trading innovator B. Gerald Cantor, BGC has offices in London, New York, Copenhagen, Istanbul, Nyon, Paris, Mexico City, Toronto, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Beijing (representative office). To learn more, please visit www.bgcpartners.com.
Media Contact:
Timo Kindred
44-(0)20-7894-7292
tkindred@bgcpartners.com