New York and London, 10 June, 2009 – CQG, Inc. today announced that it will provide an ultra-low latency trade execution interface for BGC Partners’ U.S. Treasury Benchmarks on BGC’s proprietary electronic trading platform, eSpeed. CQG’s hosted trading gateways have been collocated with BGC’s eSpeed platform to provide traders with fast access to one of the leading electronic platforms for cash U.S. Treasury securities.
“CQG is pleased to be working with BGC Partners to develop an exceptional solution for U.S. Treasury traders,” said Rod Giffen, CQG’s Global Head of Sales and Support. “The addition of BGC’s eSpeed marketplace to CQG’s existing network of Hosted Exchange Gateways makes CQG a complete solution for trading U.S. interest rate products.”
“We’re very pleased that CQG has been selected as a member of BGC’s “preferred vendor program”, and excited to be extending the reach of our electronically-traded products to their global users,” said Robert Brown, Global Head of eBusiness Integration for BGC Partners. “By leveraging the analytics, charting, and spread capabilities of the CQG product suite, traders will be able to integrate BGC’s U.S. Treasuries into their strategies.”
BGC Partners’ eSpeed platform was the pioneering technology for electronic trading of U.S. Treasuries. Today, the flexibility of BGC’s technology enables it to offer a range of electronic fixed income and other products, including international government bonds, foreign exchange, and derivatives.
CQG clients wishing to trade BGC’s U.S. Treasury products will be able to take advantage of CQG’s network of Hosted Exchange Gateways. Expanding on its industry-leading analytics software and market data feeds, CQG has established an extensive network of Direct Market Access servers in order to provide traders with the best possible infrastructure and integrated front-end for trade execution. CQG’s hosted distributed trading gateways are installed around the globe in close proximity to the matching engines of major exchanges, providing a secure, low-latency order routing service that is built and maintained by CQG for the benefit of traders worldwide.
Traders will also benefit from CQG’s recent innovations in spread trading. The server-based CQG Spreader is a tool for spread traders needing sophisticated order management and ultra low-latency trade execution. Using CQG Spreader, traders can easily create and manage multi-legged, inter-market, and cross-exchange spreads. CQG’s Spreader Core (collocated servers at the exchanges) uses proprietary algorithmic rules to manage working legs of the spread. Bid/Ask queues per leg in the exchange’s order book are monitored by the spread servers for liquidity. The close proximity of the core to the exchange servers allows modification and execution of spread legs to occur in less than a millisecond.
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CQG Contact:
Vera Jurevis
303-573-1400
BGC Partners Contact:
Florencia Panizza
646-339-2958 or +44 7801-428-236
About CQG, Inc.
CQG, Inc. is the industry’s highest-performing solution for integrated trade routing, global market data, and advanced technical analysis. CQG partners with more than 35 Futures Clearing Merchants and provides Direct Market Access to more than 35 exchanges through its worldwide network of collocated Hosted Exchange Gateways. CQG’s market data feed consolidates over 100 sources, including exchanges worldwide for futures, options, fixed income, foreign exchange, and equities as well as data on debt securities, industry reports, and financial indices.
About BGC Partners, Inc.
BGC Partners, Inc. (NASDAQ: BGCP) is a leading, fast growing, and global inter-dealer broker, specializing in the brokering of financial instruments and related derivatives products. BGC Partners provides integrated voice, hybrid, and fully electronic execution and other brokerage services to the world’s largest and most creditworthy banks, broker-dealers, investment banks, trading firms, and investment firms for a broad range of global financial products, including fixed income securities, interest rate swaps, foreign exchange, equity derivatives, credit derivatives, futures, commodities, structured products, and other instruments.
Through its eSpeed and BGC Trader brands, BGC Partners uses its proprietary, built, and paid for technology to operate multiple buyer, multiple seller real-time electronic marketplaces for the world’s most liquid capital markets. The Company’s pioneering suite of tools provides end-to end transaction solutions for the purchase and sale of financial products over its global private network or via the Internet. BGC Partners’ neutral platform, reliable network, straight-through processing and superior products make it the trusted source for electronic trading for the world’s largest financial firms. Through its BGCantor Market Data brand, the Company also offers globally distributed and innovative market data and analysis products for numerous financial instruments and markets.
BGC’s unique partnership structure and extensive employee ownership create a distinctive competitive advantage among its peers. Named after fixed income trading innovator B. Gerald Cantor, BGC Partners has 16 offices in New York and London, as well as in Beijing (representative office), Chicago, Copenhagen, Hong Kong, Istanbul, Johannesburg, Mexico City, Nyon, Paris, Seoul, Singapore, Sydney, Tokyo and Toronto. For more information, visit https://bgcpartnersprd.wpengine.com. The Company’s corporate address is: BGC Partners, Inc., 499 Park Avenue, New York, New York 10022. The media, analysts, and investors can also subscribe to BGC Partners’ investor “Email Alerts” at the “Investor Relations” section ofhttps://bgcpartnersprd.wpengine.com.
About BGC Partners’ Preferred Vendor Program
BGC Partners’ ‘preferred vendor program’ was established in 2008 to offer selected network providers and independent software vendors direct access to BGC’s proprietary trading platform, eSpeed. Working closely with BGC’s experienced technology team, preferred vendors can connect directly to BGC’s Application Programming Interface (API) to give their customers fast access to BGC’s market for U.S. treasuries and other electronically traded products.
BGC Partners’ preferred vendors are selected with the aim of supporting and enhancing the range of complex strategies demanded by today’s traders, and to offer trading access to global pools of liquidity for the most sophisticated traders on both the buy-side and sell-side.
Discussion of Forward-Looking Statements by BGC Partners
The information in this release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as “may,” “will,” “should,” “estimates,” “predicts,” “potential,” “continue,” “strategy,” “believes,” “anticipates,” “plans,” “expects,” “intends” and similar expressions are intended to identify forward-looking statements. Our actual results and the outcome and timing of certain events may differ significantly from the expectations discussed in the forward-looking statements. Factors that might cause or contribute to such a discrepancy include, but are not limited to: our relationship with Cantor Fitzgerald, L.P. and its affiliates (“Cantor”) and any related conflicts of interest, competition for and retention of brokers and other managers and key employees, reliance on Cantor for liquidity and capital and other relationships; pricing and commissions and market position with respect to any of our products and services and those of our competitors; the effect of industry concentration and reorganization, reduction of customers and consolidation; liquidity, clearing capital requirements and the impact of recent credit market events; market conditions, including trading volume and volatility, and further deterioration of the equity and debt capital markets; economic or geopolitical conditions or uncertainties; the extensive regulation of the Company’s businesses, changes in regulations relating to the financial services industry, and risks relating to compliance matters; factors related to specific transactions or series of transactions, including credit, performance and unmatched principal risk, as well as counterparty failure; the costs and expenses of developing, maintaining and protecting intellectual property, including judgments or settlements paid or received in connection with intellectual property, or employment or other litigation and their related costs; certain financial risks, including the possibility of future losses and negative cash flow from operations, potential liquidity and other risks relating to the ability to obtain financing and risks of the resulting leverage, as well as interest and currency rate fluctuations; the ability to enter new markets or develop new products, trading desks, marketplaces or services and to induce customers to use these products, trading desks, marketplaces or services and to secure and maintain market share; the ability to enter into marketing and strategic alliances and other transactions, including acquisitions, dispositions, reorganizations, partnering opportunities and joint ventures, and the integration of any completed transactions; the ability to hire new personnel; the ability to expand the use of technology for our hybrid platform, including screen-assisted, voice-assisted and fully electronic trading; effectively managing any growth that may be achieved; financial reporting, accounting and internal control factors, including identification of any material weaknesses in our internal controls and our ability to prepare historical and pro forma financial statements and reports in a timely manner; the effectiveness of risk management policies and procedures; the ability to meet expectations with respect to payment of dividends, distributions and repurchases of our common stock or purchases of BGC Holdings, L.P. (“BGC Holdings”) limited partnership interests or other equity interests in our subsidiaries, including from Cantor, our executive officers, and our employees; and the risks and other factors described herein under the heading “Item 1A—Risk Factors” in most recent Form 10-K filed with the SEC on March 16, 2009, and as amended in any subsequent filings. The foregoing risks and uncertainties, as well as those risks discussed under the heading “Item 7A—Quantitative and Qualitative Disclosures About Market Risk” and elsewhere in our most recent 10-K, may cause actual results to differ materially from the forward-looking statements. The information included herein is given as of the filing date of our most recent Form 10-K with the SEC, and future events or circumstances could differ significantly from these forward looking statements. The Company does not undertake to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. Our discussions in financial releases often summarize the significant factors affecting our results of operations and financial condition. This discussion is provided to increase the understanding of, and should be read in conjunction with, our Consolidated Financial Statements and the accompanying Notes thereto included elsewhere in our most recent Form 10-K.