BGC Group To Trade Futures On New Exchange: CEO Lutnick Is 'Jazzed, Jazzed, Jazzed'
Portfolio Pulse from Michael Juliano
BGC Group Inc. is launching the FMX Futures Exchange to trade SOFR futures, challenging the Chicago Mercantile Exchange's monopoly. The exchange is backed by major financial institutions and aims to start trading on September 23. Despite skepticism from CME's CEO, FMX has regulatory approvals to proceed.
September 12, 2024 | 5:49 pm
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POSITIVE IMPACT
Bank of America is part of the consortium backing FMX Futures Exchange, which aims to challenge CME's monopoly in SOFR futures.
Bank of America's involvement in FMX Futures Exchange indicates a strategic move to diversify and potentially benefit from breaking CME's monopoly in SOFR futures.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Barclays is part of the consortium backing FMX Futures Exchange, which aims to challenge CME's monopoly in SOFR futures.
Barclays' involvement in FMX Futures Exchange suggests a strategic interest in diversifying its financial services and potentially gaining from the new market dynamics.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
BGC Group Inc. is launching the FMX Futures Exchange to trade SOFR futures, aiming to break CME's monopoly. The exchange is backed by major financial institutions and has regulatory approvals.
BGC Group's launch of FMX Futures Exchange is a significant move to enter the SOFR futures market, challenging CME's dominance. The backing by major financial institutions and regulatory approvals suggest a positive outlook for BGC.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Citigroup is part of the consortium backing FMX Futures Exchange, which aims to challenge CME's monopoly in SOFR futures.
Citigroup's participation in FMX Futures Exchange indicates a strategic move to potentially benefit from the disruption of CME's monopoly in SOFR futures.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Goldman Sachs is part of the consortium backing FMX Futures Exchange, which aims to challenge CME's monopoly in SOFR futures.
Goldman Sachs' involvement in FMX Futures Exchange suggests a strategic interest in diversifying its financial services and potentially gaining from the new market dynamics.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
J.P. Morgan Chase is part of the consortium backing FMX Futures Exchange, which aims to challenge CME's monopoly in SOFR futures.
J.P. Morgan Chase's participation in FMX Futures Exchange indicates a strategic move to potentially benefit from the disruption of CME's monopoly in SOFR futures.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Morgan Stanley is part of the consortium backing FMX Futures Exchange, which aims to challenge CME's monopoly in SOFR futures.
Morgan Stanley's involvement in FMX Futures Exchange suggests a strategic interest in diversifying its financial services and potentially gaining from the new market dynamics.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50