BGC Group's FMX Futures gets funding from banking consortium

Bgc

25/04/2024 14:26

April 25 (Reuters) - Brokerage BGC Group  BGC.O  said on
Thursday its exchange platform FMX Futures was valued at $667
million after securing investment from a consortium including
Bank of America  BAC.N  and Citigroup  C.N .
    The consortium - which also includes Goldman Sachs  GS.N ,
JPMorgan  JPM.N , Wells Fargo  WFC.N , Barclays  BARC.L , Morgan
Stanley  MS.N  and Citadel Securities - has become minority
owners of FMX, according to BGC Group.
    Earlier this year, BGC received regulatory approval for FMX
Futures to operate an exchange for Secured Overnight Financing
Rate (SOFR) futures and U.S. Treasuries.
    FMX Futures is expected to launch in September 2024.

 (Reporting by Mehnaz Yasmin and Niket Nishant in Bengaluru;
Editing by Shounak Dasgupta)
 ((Mehnaz.Yasmin@thomsonreuters.com))