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Newedge to join forces with GMEX Group
Newedge to provide execution and clearing services for the new Interest Rate Swap Futures exchange to global buy and sell side clients
Newedge UK Financial Limited plans to become a trading and clearing member of Global Markets Exchange Group Limited (”GMEX”), a wholly-owned subsidiary of GMEX Group, which is expected to go live during the first half of 2014 to operate as a Multilateral Trading Facility (“MTF”), subject to regulatory approval from the UK Financial Conduct Authority (”FCA”).
The initial launch is focused on GMEX’s pioneering Constant Maturity Futures (“CMF”) contract, which addresses the complications of hedging interest rates that are associated with the standard quarterly expiring futures contracts. Newedge aims to offer execution and clearing services for this and future GMEX products to its global client base that includes asset managers, hedge funds, sell side banks and futures trading firms.
"With this cooperation, Newedge is supporting innovation in new exchange listed derivatives products, which will enable institutions to reduce balance sheet costs and achieve margining efficiencies,"
“We welcome this collaboration with such a key global derivatives prime broker to support our international growth, development and distribution. We look forward to working closely with Newedge as a trading and clearing member of the GMEX exchange, to the benefit of buy side, sell side and futures trading firms across the world,” said Hirander Misra, CEO and Co-Founder of GMEX Group.
Richard Newman: +44 207 550 2492, richard.newman@
Nicole Wesch: +44 207 550 2057, nicole.wesch@
Melanie Budden, The Realization Group: +44 7974 937 970, melanie.budden@
Newedge, a 50/50 joint venture between Société Générale and Crédit Agricole CIB, is a major force in global multi-asset brokerage business, with a world-leading position in the execution and clearing of listed derivative products. With a presence in 19 locations in 14 countries, Newedge offers a full range of clearing and execution services covering options and futures contracts for financial products and commodities, as well as for money market instruments, bonds, FX, equities, and commodities on OTC markets. Newedge provides a range of value added services, including prime brokerage, asset financing, an electronic platform for trading and order routing, cross margining, and the centralized reporting of client portfolios. Newedge, which primarily serves institutional clients, provides access to more than 85 exchanges. Newedge's 2,700+ employees form a close-knit, multinational team that can innovatively respond to its clients in fast-moving markets.
For more information, visit www.newedge.com
About GMEX Group
Global Markets Exchange Group International LLP is a group of companies that offer ethical, sustainable and innovative solutions for the new age of global financial markets, encompassing:
* Creation and operation of low cost electronic exchanges in equities, debt, FX, derivatives and commodities in developing and, in a targeted way, developed markets
* Development of related new tradable market and product indices
* Interconnectivity of exchanges to each other and to the GMEX London based exchanges creating a global network of liquidity
* Trading of partner exchange products on GMEX in London and relevant GMEX products on the partner exchange based on a revenue share model
* Business development to enhance liquidity in partner exchange products
* Consultancy on exchange strategy, product development, clearing and regulation
* Provision of platform technology
. For more information, visit www.gmex-group.com
All information, prices or projections are subject to change without notice. Some financial products and investments are subject to fluctuations in price and or value and investors may get back less than originally invested. Futures and options, as well as certain other financial instruments, are speculative products and the risk of loss can be substantial. Consequently, only risk capital should be used to trade futures and options and other speculative products. Investors should fully understand the risks and potential losses and seek their own independent investment and trading advice having regard to their objectives, financial situation and needs. This information is not intended to be construed as an offer to purchase or sell any financial product or security or as an official confirmation of any transaction. If the information is generated by or on behalf of Newedge USA, LLC and includes an analysis of the price or market for any derivatives, it should be construed as a solicitation for the purpose of the relevant CFTC Rules
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