The CFTC has a nearly full slate of commissioners with the U.S. Senate’s unanimous vote late yesterday to promote J. Christopher Giancarlo from acting chairman to chairman, and to confirm Brian D. Quintenz, a Republican, and Rostin Behnam, a Democrat, as new commissioners. Quintenz will join the CFTC from Saeculum Capital Management, “where he is… Read More >>
BGC Partners Sells Trayport to ICE
Intercontinental Exchange (ICE), the exchanges and clearinghouses network that includes the New York Stock Exchange, reports entering into a definitive agreement to acquire London-based vendor Trayport for $650 million in ICE common stock, representing approximately 2.5 million shares. Trayport, which licenses its technology platform to brokers for electronic and hybrid trade execution, primarily in the European over-the-counter… Read More >>
GFI Launches Platform for ‘Odd Lot’ Corporate Bonds
Interdealer broker GFI Group reports that it has launched a dealer-to-dealer electronic trading platform for so-called odd lot corporate bonds in the U.S., officials say. An “odd lot,” whether of a stock or a bond, is generally defined as a smaller trade such as those that are fewer than 100 shares of a stock. “Odd… Read More >>
RJO European Affiliate Buys Kyte Group from GFI
Chicago brokerage R.J. O’Brien and Associates’ (RJO) European affiliate R.J. O’Brien Europe Ltd. (RJO Europe) will acquire interdealer broker GFI Group’s subsidiary The Kyte Group Ltd., officials say. Terms of the transaction were not disclosed, and the UK Financial Conduct Authority has approved the transaction, which is expected to close no later than March 17,… Read More >>
BGC Partners Succeeds in Hostile Takeover of GFI Group
It looks like interdealer broker BGC Partners finally has its bid for rival brokerage GFI Group sewn up, with GFI’s board agreeing Friday morning to fully support BGC’s takeover bid. After reaching the deal with GFI Group’s board, BGC officials are extending its $6.10-per-share tender offer to Feb. 26, from its previous deadline of Feb…. Read More >>
GFI’s Gooch Wants a Suitor to Replace BGC
The months-long acquisition saga of interdealer broker GFI Group appears headed for a memorable finale, with GFI Chairman Mickey Gooch reportedly wooing other potential suitors even as rival BGC Partners’ hostile bid remains just short of success. On Friday, Feb. 6, BGC, also an interdealer broker, needed just 1.7 percent more of GFI’s outstanding shares… Read More >>
BGC Offers GFI Stockholders $6.10 per Share
Interdealer broker BGC Partners has upped the ante yet again in its quest to acquire rival GFI Group, raising its all-cash tender offer to $6.10 per GFI share and offering an additional ten cents per share on top of that if GFI’s management countersigns the BGC offer by 11:59 pm on Tuesday, Jan. 20. The… Read More >>
BGC Bid for GFI Challenges CME’s Offer
Interdealer broker BGC Partners wants to acquire rival GFI Group via a direct appeal to shareholders that could undo the CME Group’s two-step bid for GFI Group, announced in July. In addition to intermediary brokerage services, GFI offers trading technology and support services for over-the-counter and listed markets. The businesses for these services are playing… Read More >>
Broadridge Targets Collateral as GFI to Use XBRL
Broadridge Targets Collateral Management Broadridge Financial Solutions, a solutions provider for financial firms and corporate issuers, is launching CollateralPro, an enterprise-wide system for bilateral and cleared derivatives, and securities financing transactions, officials say. CollateralPro, which can be hosted as a managed service or deployed onsite, has optimization module to help clients improve liquidity and profitability… Read More >>
NYSE Technologies Sale Spurs Exec Shuffle as CME Sells NYMEX Building
ICE Sale of NYSE Technologies Spurs Executive Shuffle NYSE Technologies has a new, temporary president, Benjamin R. Jackson, as its new owner, IntercontinentalExchange Group (ICE), plans to sell off key businesses of the unit as a result of its acquisition of NYSE Euronext.ICE has put up for sale key NYSE Technologies components as the… Read More >>
