– Decision follows formal recognition by Belgian Debt Agency –
LONDON, 19th March 2008 – BGC, a leading inter-dealer brokerage firm providing integrated voice and electronic services to wholesale markets worldwide, today announced that its electronic trading platform has been formally recognised as a designated platform by the Dutch State Treasury Agency for primary dealers to meet their market-making obligations in government bonds.
The decision by the Dutch authorities follows that of the Belgian Debt Agency, in January 2008, to recognise BGC as a platform provider giving primary dealers greater choice in meeting their quoting obligations.
Commenting on the decision by the Dutch State Treasury Agency, Shaun Lynn, President of BGC said “After a very thorough and consultative process, we are delighted that the Dutch State Treasury Agency has formally recognised BGC’s platform as a means by which primary dealers can meet their market-making obligations in government bonds.”
Philip Norton, Executive Managing Director and Global Head of e-Commerce at BGC said “BGC has listened to the issuers and primary dealer community to ensure that their requirements are met in a new, competitive environment. For the first time, primary dealers have a choice about where they post prices and that will benefit the market as a whole.”
Since the introduction of the new Markets in Financial Instruments Directive in Europe, greater competition has been encouraged across Europe in a range of products and services.
“The innovative decisions by the Belgian and Dutch authorities are recognition that there can continue to be improvements in liquidity and efficiency through wider choice. Dealers and their clients will, respectively, be able to provide and receive services more quickly, efficiently and transparently.” Norton continued.
“If other Euro zone governments join the liberalisation of the market, BGC will submit similar applications with the aim of providing an integrated voice and electronic service in other markets. There has been broad support from the European primary dealer community for this liberalisation and we look forward to contributing to this new, competitive environment” he continued.
BGC’s integrated voice and electronic platform is already used by its brokers across multiple asset classes to provide wholesale banks with a choice of voice, voice-assisted, screen assisted, or fully electronic brokerage services where available. This enables greater flexibility with regard to price discovery, execution and processing of transactions.
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:
Adrian Thomas
44-(0)207-894-8647
athomas@bgcpartners.com