BGC bids for GFI; Eris launches real-time data

November 21, 2014 05:31 AM
Exchange Shorts

DB1 purchased a minority stake in R5FX, a London-based FinTech firm specialized in emerging currencies, for an amount in the single-digit millions. R5 focuses on developing a new interbank liquidity pool for NDFs and EMFX. It has been designed by and for the banks.

BGC extended its offer to buy GFI by three weeks as it failed to convince shareholders to back the hostile $5.25 per share tender offer, reported the FT. BGC secured 31.7% of shareholders, but needs the support of 66% of shareholders to succeed and buy the 86.5% shares they does not own. ICAP CEO, Michael Spencer, said his firm has no plans to bid for GFI.

Tullett Prebon expects to complete its acquisition of PVM completion expected to take place Nov. 26. Tullet will issue 25.8m new ordinary shares to fund $112m initial consideration payable at completion.

LSE Derivatives Market has received SEC approval to offer certain U.S. investors stock, depository receipt and index options contracts.

NDAQ will provide value-added Corporate Solutions to companies listed on the Canadian Securities Exchange (CSE). CSE issuers can access the corporate solutions suite of products including the Investor Relations Desktop and mobile platforms, Advisory Services, Directors' Desk and the GlobeNewsWire press release distribution service.

Chicago Mercantile Exchange and BNY Mellon will collaborate to provide investors with US Tri-Party Repo Indices and related futures products, which will be launched in 2015, pending regulatory review, and will be listed by and subject to the rules of CBOT.

Eris Exchange: open interest in USD-denominated interest rate swap futures on Eris Exchange has reached $14 billion in notional, a record all-time high, representing around 140,000 contracts.  The largest Eris trade was executed on November 14, 2014, with 10,059 contracts with a notional of $1b going through the market.

Eris Exchange launched real-time trade data via its website’s “Trade Recap” page.

SGX will petrochemical derivatives in two phases. In the first phase, SGX Platts PX CFR China Swaps and Futures will be launched on Dec. 2. For the second phase, the following Polyolefin contracts will be launched on Jan. 19, 2015: SGX ICIS LLDPE CFR China Swaps and Futures; SGX ICIS LLDPE CFR S.E. Asia Swaps and Futures; SGX ICIS PP Flat Yarn (Raffia) CFR China Swaps and Futures; and SGX ICIS PP Flat Yarn (Raffia) CFR S.E. Asia Swaps and Futures. 

ASX CEO, Elmer Funke Kupper, said ASX can still build a significant derivatives-clearing business, which was launched in January, according to The Australian.

About the Author

Bernardo Mariano brings to ERDesk his experience structuring private deals for the acquisition of mutual exchanges. Prior to joining ERDesk Bernardo worked as a Director for Instinet and later, CEO of Reuters' Bondex. He holds an MS in Economics from University of Illinois and an MIA in Finance from Columbia University. He can be reaced at be reached at mariano@erdesk.com.