Ten New Global Financial Giants Join FMX as Minority Shareholders
BGC Group (NASDAQ: BGC) announced today that ten companies, including Bank of America and Barclays, have become minority shareholders of FMX, bringing FMX's valuation to $667 million.
Strategic Integration and Market Impact
FMX will integrate BGC's U.S. cash government securities platform, foreign exchange spot trading platform, and U.S. interest rate futures exchange, leveraging low-latency trading infrastructure and global distribution. This will further support the liquidity of the interest rate futures market.
Commitment to the Market and Future Outlook
Howard W. Lutnick, Chairman and CEO of BGC Group and Chairman of FMX I, stated, "We have brought together ten of the world's leading investment banks and market-making firms to create a quality trading venue for the interest rate market.” “We look forward to FMX benefiting all market participants by providing ownership to this impressive group of investors.”
Progress and Future Roadmap of FMX Futures
FMX Futures plans to launch in September 2024 and received CFTC approval in January this year. Meanwhile, FMX UST (formerly Fenics UST) is also seeing an increase in market share every quarter. In the first quarter of 2024, the market share increased from 26% to 28%.
Benefits to Financial Institutions and Clients
CEO Lou Scotto said, “With the support of these major financial institutions, FMX has developed into a rapidly evolving futures platform. Moreover, this development will bring significant efficiency benefits to our mutual clients.” “Together with our clearing partner LCH, the world's largest interest rate swap clearing organization, we offer our clients strong portfolio margin capabilities and a competitive advantage in the U.S. interest rate market.”
