BGC Group launches FMX Futures Exchange
24 September 2024 US
Image: alphaspirit/stock.adobe.com
BGC Group, in cooperation with ten investment banks and market-making firms, have launched FMX Futures Exchange.
The exchange is now open for trading SOFT futures and will add US treasury futures in the first quarter of 2025.
Howard W. Lutnick, chairman and CEO of BGC Group and chairman of FMX Holdings, says: 鈥淭his is the first US interest rate futures exchange to launch with a fully operational, globally connected, state-of-the-art trading system, along with enormous capital savings driven by the LCH鈥檚 cross-margin capabilities.
鈥淭ogether with our strategic partners, FMX is well-positioned to capitalise on this tremendous opportunity.鈥�
Through its clearing partnership with LCH, BGC expects the new exchange to provide clients with 鈥渟ignificant鈥� capital savings.
LCH members expect to cross-margin eligible US interest rate futures traded on the exchange against LCH鈥檚 US$225 billion of interest rate swap collateral securing its interest rate swaps.
Daniel Maguire, group head of LSEG Markets and CEO of LCH Group, says: 鈥淥ur partnership highlights LCH鈥檚 commitment to delivering choice to market participants. It will enable members and clients to benefit from our extended clearing capabilities and bring increased resiliency, margin efficiencies, and liquidity to the US dollar rates derivatives market.鈥�
The exchange is now open for trading SOFT futures and will add US treasury futures in the first quarter of 2025.
Howard W. Lutnick, chairman and CEO of BGC Group and chairman of FMX Holdings, says: 鈥淭his is the first US interest rate futures exchange to launch with a fully operational, globally connected, state-of-the-art trading system, along with enormous capital savings driven by the LCH鈥檚 cross-margin capabilities.
鈥淭ogether with our strategic partners, FMX is well-positioned to capitalise on this tremendous opportunity.鈥�
Through its clearing partnership with LCH, BGC expects the new exchange to provide clients with 鈥渟ignificant鈥� capital savings.
LCH members expect to cross-margin eligible US interest rate futures traded on the exchange against LCH鈥檚 US$225 billion of interest rate swap collateral securing its interest rate swaps.
Daniel Maguire, group head of LSEG Markets and CEO of LCH Group, says: 鈥淥ur partnership highlights LCH鈥檚 commitment to delivering choice to market participants. It will enable members and clients to benefit from our extended clearing capabilities and bring increased resiliency, margin efficiencies, and liquidity to the US dollar rates derivatives market.鈥�
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