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Global Markets Exchange Group (GMEX) reports that Virtu Financial, an electronic market maker, will become a liquidity provider for its GMEX Exchange.
Virtu will participate in the exchange, to be operated by GMEX, and will “offer liquidity” in GMEX’s interest rate swap constant maturity future (CMF) contracts, according to a GMEX statement. “Orders will be matched on the GMEX exchange platform, with trade confirmation and clearing occurring at Eurex.”
The exchange is scheduled to launch in early April, “subject to regulatory approval for the trading and clearing of the CMF at Eurex,” the statement notes. “GMEX received its regulatory approval by the UK Financial Conduct Authority (FCA) in December 2014.”
This decision to expand liquidity provision to GMEX Exchange is “a logical extension of Virtu’s business objective to lower costs for both retail and institutional investors by supplying competitive bids and offers, without seeking to take on risky directional positions,” says Douglas Cifu, CEO of Virtu Financial, in the statement. The GMEX CMF contract offers a lower margin exchange traded alternative to over-the-counter interest rate swaps for hedging.
GMEX Group stakeholders include Deutsche Börse AG and Forum Trading Solutions Ltd.
Need a Reprint?- Read More:
- Clearing & Settlement,
- confirmation matching,
- hedging
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