BGC to launch hybrid dollar repo trading platform
Interdealer broker BGC of the United States plans to go live with a combined voice and electronic US dollar repurchase agreement (repo) trading platform early next year.
Later in the year, BGC will extend the service to cover trades in other repo asset classes such as general collateral and mortgage-backed securities.
The technology behind the platform, which the broker said will be the first of its kind, will be provided by trading software specialist eSpeed.
BGC's head of e-commerce, Philip Norton, said the US repo market sees high volumes that require fast execution and trade processing.
BGC was formerly the voice brokerage arm of Cantor Fitzgerald before its spinoff in August 2004. But it offers electronic trading services through a relationship with eSpeed.
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