LONDON – 16 AUGUST 2007 – BGC, a leading inter-dealer brokerage firm providing integrated voice and electronic services to wholesale fixed income, interest rate, foreign exchange and derivatives markets worldwide, announced today that it has acquired the emerging markets equity derivatives business of Marex Financial for an undisclosed sum.
Based in London and Johannesburg, the acquisition provides BGC with particular strength in Central and Eastern Europe and South Africa, providing clients with greater access to emerging market equity derivative products, whilst simultaneously enabling Marex to concentrate solely on its core business.
This new emerging markets equity derivatives team will be led by Bryan Coyne who has 20 years’ experience in financial markets. Mr Coyne will become Director, Emerging Markets Equity Derivatives and will report to Nick Ruddell, Senior Managing Director at BGC. Prior to working at Marex, Mr Coyne spent 14 years at Greenwich Securities and five years at Investec. The team will begin at BGC immediately.
The acquisition marks the latest development in the growth and expansion of BGC which now has over 1,650 staff in 15 offices around the world and follows the recent announcement that BGC is to merge with eSpeed Inc., giving clients a seamless voice and electronic service all from a single company.
Commenting on the transaction, Nick Ruddell, Senior Managing Director at BGC, said, “We are delighted to be able to expand BGC’s equity derivatives business in emerging markets through this transaction. BGC has grown rapidly and we see equity derivatives as an important building block in the continued expansion of the business.”
Mark Slade, Chief Executive Officer of Marex Financial said, “This transaction will enable Marex to focus its energies on the core business and invest in future growth and development of that service. We believe that this will be in the best interests of our clients and are very pleased to have concluded the agreement with BGC.”
About BGC
BGC is a leading inter-dealer broker, providing integrated voice and electronic execution and other brokerage services to banks, brokerage houses and investment banks for a broad range of global financial products including fixed income securities, foreign exchange, equity derivatives, credit derivatives, futures, structured products and other instruments. This is complemented by market data products for selected financial instruments. Named after fixed income trading innovator B. Gerald Cantor, BGC has offices in London, New York, Copenhagen, Istanbul, Milan, Nyon, Paris, Mexico City, Toronto, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Beijing (representative office). To learn more, please visit www.bgcpartners.com.
About MAREX
MAREX Financial Limited is an independent Futures Broker offering a comprehensive coverage of the key global Commodities, Financial Futures and Options and Foreign Exchange Markets.
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Media Contact:
Adrian Thomas
44-(0)207-894-8647
athomas@bgcpartners.com