Societe Generale Prime Services – formerly Newedge – has acquired a minority stake in Global Markets Exchange Group International (GMEX Group).
Following the investment by Deutsche Börse Group AG, Societe Generale becomes the second minority investor in GMEX Group and plans to provide execution and clearing services for clients trading on the exchange.
“The GMEX Group offers genuinely new ways to trade Interest Rates via their unique and versatile Constant Maturity Futures product,” says David Escoffier, Deputy Head of Global Markets for Societe Generale Corporate & Investment Banking and CEO at Newedge. “That's exciting for our clients as they adapt to the new environment, for our industry, and for us as part of this venture. Acquiring a minority share reflects our commitment to driving innovation in the derivative markets, and we will continue to look positively at other similar initiatives based on innovation, quality and focused on delivery value to our clients."
“We welcome this investment from Societe Generale, which in conjunction with their earlier announcement to become an execution and clearing member of the GMEX exchange, emphasises the value of our proposition. We look forward to working with all our partners as we continue to position ourselves to meet the needs of the market across the investment management, banking and futures trading community,” says Hirander Misra, Chief Executive Officer and Co-Founder of GMEX Group.
GMEX Group is an exchange business focused on the launch of new products, including pioneering Interest Rate Swap Futures contracts, and derivatives indices, as well as emerging markets exchange business partnerships enabled by multi-asset trading technology.