New York, January 12, 2011 – GFI Group Inc. (NYSE: “GFIG”) announced the first ever trades in its Dry Freight and UK Gas businesses on Join-the-Trade “JTT”.
JTT is a workup functionality that allows market participants to anonymously trade large volumes for a pre-defined period of time, at the prevailing market price without the risk of distorting the market.
GFI introduced Join-the-Trade for the UK Gas market and for Dry Freight in November 2010. To date over, over 20 customers have implemented the functionality and GFI has already experienced a significant increase in market activity on those desks using JTT.
As a result of this successful launch, GFI plans to roll out JTT into other energy products in 2011, targeting early January with its role out into the Coal markets.
Luke Jemmett, GFI Group Head of Commodity Product Management said, “The benefits if Join-the-Trade are twofold: it allows for a more transparent marketplace and it adds additional levels of liquidity to the market. This new functionality encourages orders to be worked in the open market rather than being executed bilaterally.”
Join-the-Trade for Dry Freight and UK Gas is conducted on EnergyMatch Europe®, GFI Group’s online energy trading platform. It employs GFI’s hybrid broking strategy where experienced brokers supported by advanced technology provide both voice- and screen-based execution.
About GFI Group Inc. www.GFIgroup.com
GFI Group Inc. (NYSE: “GFIG”) is a leading provider of wholesale brokerage, clearing services, electronic execution and trading support products for global financial markets. GFI Group Inc. provides brokerage services, market data, trading platform and analytics software products to institutional clients in markets for a range of fixed income, financial, equity and commodity instruments.
Headquartered in New York, GFI was founded in 1987 and employs more than 1,900 people with additional offices in London, Paris, Hong Kong, Seoul, Tokyo, Singapore, Sydney, Cape Town, Santiago, Dubai, Dublin, Tel Aviv, Calgary, Los Angeles, Englewood (NJ) and Sugar Land (TX). GFI Group Inc. provides services and products to over 2,400 institutional clients, including leading investment and commercial banks, corporations, insurance companies and hedge funds. Its brands include GFISM, GFInet®, CreditMatch®, GFI ForexMatch®, EnergyMatch®, FENICS®, Starsupply®, Amerex®, Trayport® and Kyte®.
Forward-looking statement
Certain matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “might,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of GFI Group Inc. (the “Company”) and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: economic, political and market factors affecting trading volumes; securities prices or demand for the Company’s brokerage services; competition from current and new competitors; the Company’s ability to attract and retain key personnel, including highly-qualified brokerage personnel; the Company’s ability to identify and develop new products and markets; changes in laws and regulations governing the Company’s business and operations or permissible activities; the Company’s ability to manage its international operations; financial difficulties experienced by the Company’s customers or key participants in the markets in which the Company focuses its brokerage services; the Company’s ability to keep up with technological changes; uncertainties relating to litigation and the Company’s ability to assess and integrate acquisition prospects. Further information about factors that could affect the Company’s financial and other results is included in the Company’s filings with the Securities and Exchange Commission. 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.
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