Interdealer broker TP ICAP has won regulatory approval to be a provider of crypto-asset exchange services via its wholesale marketplace for spot crypto-assets, dubbed Fusion Digital Assets. This is a bid to provide “a credible infrastructure” for institutions thinking about allocating capital to wholesale digital asset markets, officials say. The approval comes at a time… Read More >>
CFTC Mulls SOFR Start Date for Interdealer Brokers
MRAC Subcommittee Urges July 26 Start Date A key CFTC subcommittee is recommending that interdealer brokers replace the trading of U.S. Dollar linear interest rate swaps (IRS) based upon the London Inter-Bank Offered Rate (LIBOR) with the trading of IRS based upon the Secured Overnight Financing Rate (SOFR) starting July 26, 2021, and to continue… Read More >>
Tullett Prebon-ICAP Deal to Impact Post-Trade Services
Interdealer broker ICAP is selling its brokering business and more to Tullett Prebon in an arrangement that both companies say will lead to $91 million in savings and streamlined support for post-trade services, transaction processing and trading data offerings. The move is seen as a response to challenging times for interdealer brokers who face a… Read More >>
ICAP Veteran Appointed to Virtu Financial Board
Market maker Virtu Financial has appointed John D. Nixon, the former group executive director for Americas at interdealer broker ICAP (US), to its board of directors effective immediately, officials say. Nixon recently announced that he will retire from the ICAP board of directors March 31 of this year, a position he held since May 2008…. Read More >>
CFO for BGC Partners to Retire
Interdealer broker BGC Partners has announced that its chief financial officer (CFO) Graham Sadler will be retiring. Sadler will stay on at BGC until a replacement has been found, officials say. “Graham has been with us for more than six years and represents a key part of our senior management team. His financial acumen, industry… 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 >>
GFI Shareholders Kill CME Offer as BGC Bid Still Stands
Shareholders at interdealer broker GFI Group rejected a takeover bid by trading exchange giant CME Group on Friday, Jan. 30, a move that could clear the way for interdealer broker BGC Partners’ rival offer. However, on Monday, Feb. 2, GFI Group’s board of directors issued a statement stressing that there are alternatives to the BGC… Read More >>
GFI Board Supports CME Group Acquisition
The board of directors for interdealer broker GFI Group, which has been courted aggressively by the CME Group and BGC Partners, will recommend that GFI stockholders at a rescheduled special meeting on Friday, Jan. 30, 2015 vote for the proposed merger with CME Group. The revised terms of the CME transaction have been approved by… Read More >>
BGC Partners Replaces CIO
Interdealer broker BGC Partners has hired Eric Hirschhorn as its new chief information officer (CIO), replacing BGC’s previous CIO Yevette Tierney, who “left the company to pursue other interests, effective immediately,” according to the statement. “I would like to acknowledge the outstanding work performed by Yevette and her team over the past eight years,” says… 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 >>
