New York, November 25, 2014 – GFI Group Inc. (NYSE: “GFIG”), a leading intermediary in the global OTC and listed markets, today announced the launch of USD Market Agreed Coupon MAC Swaps on its SEF. Live tradable prices for these contracts are available in a Central Limit Order Book (CLOB) on GFI’s electronic trading platform for interest rates, RatesMatch SM. Clearing of these swaps is done via Straight Through Processing STP with CME Group and LCH.Clearnet.
Henry Ann, Head of Rates for GFI Swaps Exchange LLC said: “We are very pleased to be amongst the first to operate a CLOB for USD MAC Swaps on a SEF. Having executed several MAC swaps via RFQ, this innovation towards a CLOB comes in response to rapidly increasing market demand for this product. Current trading volumes of MAC swaps have grown faster than any other product in this asset class.”
MAC swaps were created by SIFMA & ISDA as an over-the-counter swap product with pre-defined standard terms. They start on IMM (International Monetary Market) dates and trade with a pre-set fixed rate determined by SIFMA & ISDA. The standardization of product terms allows for greater initial margin and line item efficiencies for market participants.
RatesMatch offers leading technology for specialist execution services across a breadth of interest rate derivatives. It provides a fully integrated workflow, from price discovery, pre-trade credit checks and trade execution, to trade capture and straight-through processing (STP). GFI has electronic connections to a number of major clearing houses and swap data repositories (SDRs) to provide a fully electronic workflow.
GFI Swaps Exchange LLC is a multi-asset swap execution facility (SEF) which operates markets across a number of different asset classes. RatesMatch allows participants of GFI Swaps Exchange to be confident of deep liquidity, proven technology and superior execution with the assurance that they are fully compliant with CFTC, FINRA and NFA requirements.
About GFI Group Inc.
GFI Group Inc. (NYSE: GFIG) is a leading intermediary in the global OTC and Listed markets offering an array of sophisticated trading technologies and products to a broad range of financial market participants. More than 2,500 institutional clients benefit from GFI’s know-how and experience in operating electronic and hybrid markets for cash and derivative products across multiple asset classes, including fixed income, interest rates, foreign exchange, equities, energy and commodities. GFI’s brands include Trayport®, a leading provider of trading solutions for energy markets worldwide and FENICS ®, a market leader in FX options software.
Founded in 1987 and headquartered in New York, GFI employs over 2,000 people globally, with additional offices in London, Paris, Nyon, Dublin, Madrid, Sugar Land (TX), Hong Kong, Tel Aviv, Dubai, Seoul, Tokyo, Singapore, Sydney, Cape Town, Santiago, Bogota, Buenos Aires, Lima and Mexico City.
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.
For any queries or additional information please contact:
Patricia Gutierrez
Vice President – Public Relations
GFI Group Inc.
55 Water Street, 28th Floor
New York, NY 10041
Tel: (212) 968 2964
Mob: (646) 717 4379
patricia.gutierrez@gfigroup.com
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