Societe Generale Prime Services – formerly Newedge – reports that it has acquired a minority stake in Global Markets Exchange Group International (GMEX Group). The Societe Generale investment follows the recent taking of a minority stake in GMEX Group by Deutsche Börse Group.
Societe Generale “plans to provide execution and clearing services for clients trading on the exchange,” according to a statement, which characterizes GMEX Group as an exchange business focused on the launch of new products such as pioneering interest rate swap futures contracts, and derivatives indices, and emerging markets exchange business partnerships enabled by multi-asset trading technology.
“Acquiring a minority share reflects our commitment to driving innovation in the derivative markets, and we will continue to look positively at other similar initiatives based on innovation, quality and focused on delivery value to our clients,” David Escoffier, deputy head of global markets for Societe Generale Corporate & Investment Banking and CEO at Newedge, says in the statement, signaling Societe Generale’s interest in future acquisitions.
The 150-year-old Societe Generale has more than 148,000 employees, locations in 76 countries, and 32 million clients around the world, according to the company, which describes its three core businesses as retail banking in France; international retail banking, financial services and insurance, “with a presence in emerging economies and leading specialized businesses;” and corporate and investment banking, private banking, asset management and securities services.
Need a Reprint?
Leave a Reply