BGC forming consortium to take on CME Group’s rates empire
Banks and PTFs are being offered a stake in FMX, which has CFTC approval to launch a futures exchange
Howard Lutnick’s BGC Group is in talks with banks and principal trading firms (PTFs) about forming a consortium that will have a stake in its electronic trading and exchange businesses, according to three sources involved with the discussions.
Negotiations over the final details of the package have been underway for several weeks. The talks have involved several of the largest US Treasury dealers and PTFs.
Banks said to be still involved in the discussions include Bank of America, Barclays, Citi
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