Inter-dealer brokerage BGC will launch its first integrated voice and electronic US dollar repo trading platform for the primary dealer community in the New Year. The platform will be powered by its sister company eSpeed, developer of electronic marketplaces and trading technology.
During the initial rollout phase, primary dealers will be able to execute and process overnight and term specials, treasury bills and off-the-run treasury repo trades either electronically or through voice broking capabilities. Phase two will enable dealers to execute voice or electronic trades for additional repo asset classes, including general collateral and mortgage-backed securities.
Philip Norton, head of e-commerce for BGC, says, “Launching an integrated voice and electronic US dollar repo trading platform for the primary dealer community makes perfect sense, as it is a complex market with high volumes requiring fast execution and trade processing. BGC’s proven capability as an inter-dealer voice broker coupled with eSpeed’s leading proprietary trading technology will provide the primary dealer community with a significant value proposition.”
Paul Saltzman, chief operating officer of eSpeed, adds: “Having worked closely with the primary dealer community both here at eSpeed as well as at the Bond Market Association for many years, I understand first hand the important role primary dealers play in the funding markets. ESpeed’s innovative and leading proprietary technology will assist BGC in providing an additional liquidity source to the dealer community and will help to facilitate their funding needs.”