BGC Partners

BGC Partners, Inc. (Nasdaq:BGCP), has announced today the acceptance of its euro interest rate swap (EUR) and US dollar (USD) interest rate swap pages as formally recognised price references by the International Swaps and Derivative Association (ISDA).

Based on the endorsement of leading global banks and investment banks, the inclusion of the prices displayed by BGC Partners is seen by market participants as a vital step in reflecting underlying market activity. ISDA documentation governs the terms to confirm, mark, assign and terminate derivative transactions between counterparts and it is clearly in the interest of ISDA members to gain access to market prices from the leading industry providers. The pages will be snapshots of real-time BGC screens taken at a pre-determined time daily.

Commenting on the acceptance, Robin Clark, Executive Managing Director at BGC Partners, said “This is a significant development for our clients because it is a reflection of the widespread, and rapidly-growing, use of our screens to view real-time trading prices based on our hybrid voice, voice assisted and electronic brokerage services in a variety of products. We believe that this will contribute to market best practices and are publishing this data for the benefit of ISDA members worldwide.”

Nadim Mourad, Managing Director, Interest Rate Swaps at BGC Partners in London said “We are delighted that BGC’s euro and US dollar interest rate swap pages have been formally recognised as pricing references by ISDA and feel it reflects our position as a market leader which has been quickly established since BGC’s inception in 2004.”