BGC Partners has launched BGC Trader for Yen Interest Rate Swaps (IRS). BGC is the first interdealer broker to launch a fully electronic platform for the Yen IRS market.
This new market offering utilises BGC Trader, BGC's proprietary multi-asset, integrated voice and electronic price execution platform. By leveraging BGC's existing global technology and applying it to this market, BGC has become the first interdealer broker to introduce rapid and efficient price discovery, order management and execution for customers seeking access to the Yen IRS market. BGC has electronically executed Yen IRS trades with a variety of domestic and international banks and has utilised JSCC, LCH and SEF settlements.
"We hired and trained a team of five traditional voice brokers as we prepared to launch this innovative new electronic offering in the Yen IRS market," says Philip Norton, Executive Managing Director, Global Head of e-Commerce, BGC Partners. "This launch underscores our commitment to innovation and adds to our growing suite of electronic product offerings in Asia. We will continue to increase our electronic offering in new product areas where there is client demand and stay at the forefront of electronic trade execution."
