(Reuters) – Brokerage BGC Group said on Thursday its exchange platform FMX Futures was valued at $667 million after securing investment from a consortium including Bank of America and Citigroup.
The consortium – which also includes Goldman Sachs, JPMorgan, Wells Fargo, Barclays, Morgan Stanley 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)
Comments