BofA Merrill Lynch joins 5 top banks providing FX options liquidity to FENICS Trader
New York, June 20, 2011 – GFI FENICSSM, part of GFI Group Inc. (NYSE: GFIG), announced today that BofA Merrill Lynch has gone live as a liquidity provider on its FX options platform FENICS Trader™. The bank will initially support options across 44 currency pairs.
FENICS Trader, the pioneering e-Commerce solution for FX options, provides users with multi-bank FX options liquidity from a single user interface. Launched in February 2011 after a successful test period, trade volumes & notional amounts continue to increase as the product is rolled out.
Liam Hudson, Global Head of E-FX Trading at BofA Merrill Lynch, said, “We are pleased to support FENICS Trader with liquidity. Our aim is to provide our clients with a combination of high quality price support and the best possible service experience”. He added, “BofA Merrill Lynch liquidity will further enhance the value of FENICS Trader for our clients. Expanding our eFX options capability is a key part of BofA Merrill Lynch’s strategy to grow the FX franchise”.
Richard Brunt, Global Head of GFI FENICS stated, “We are delighted that a bank of the stature of BofA Merrill Lynch has agreed to support FENICS Trader and our many mutual clients with its liquidity. This will help maintain the very encouraging growth we have seen in trade volumes since our launch.”
BofA Merrill Lynch joins a growing liquidity pool on FENICS Trader, including BNP Paribas, Commonwealth Bank of Australia, Credit Suisse, UBS and Unicredit Bank AG.
Brunt added: “FENICS Trader continues to be well supported by the market-making banks, with other banks to go live in the coming months. The breadth of market coverage on FENICS Trader is very compelling and provides our clients very competitive prices in a single interface”.
FENICS Trader is available to clients via the FENICS Professional™ platform. FENICS Professional is a suite of pricing, trading, risk management and STP components allowing customers to control, monitor and oversee every aspect of FX option trading and lifecycle management from a single interface.
GFI FENICS has been providing leading FX derivatives software since 1987. Its products are licensed to over 350 client firms worldwide – financial institutions and corporations – with thousands of users benefiting from its solutions.
About GFI Group Inc. www.GFIgroup.com
GFI Group Inc. (NYSE: “GFIG”) is a leading provider of wholesale brokerage, clearing services, electronic execution and trading support products for global financial markets. GFI Group Inc. provides brokerage services, market data, trading platform and analytics software products to institutional clients in markets for a range of fixed income, financial, equity and commodity instruments.
Fenics Software Limited is a subsidiary of GFI Group Inc.
Headquartered in New York, GFI was founded in 1987 and employs more than 2,000 people with additional offices in London, Paris, Hong Kong, Seoul, Tokyo, Singapore, Sydney, Cape Town, Santiago, Bogotá, Dubai, Dublin, Tel Aviv, Calgary, Los Angeles, Englewood (NJ) and Sugar Land (TX). GFI Group Inc. provides services and products to over 2,400 institutional clients, including leading investment and commercial banks, corporations, insurance companies and hedge funds. Its brands include GFISM, GFInet®, CreditMatch®, GFI ForexMatch®, EnergyMatch®, FENICS®, Starsupply®, Amerex®, Trayport® and Kyte®.
Certain matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “might,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of GFI Group Inc. (the “Company”) and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: economic, political and market factors affecting trading volumes; securities prices or demand for the Company’s brokerage services; competition from current and new competitors; the Company’s ability to attract and retain key personnel, including highly-qualified brokerage personnel; the Company’s ability to identify and develop new products and markets; changes in laws and regulations governing the Company’s business and operations or permissible activities; the Company’s ability to manage its international operations; financial difficulties experienced by the Company’s customers or key participants in the markets in which the Company focuses its brokerage services; the Company’s ability to keep up with technological changes; uncertainties relating to litigation and the Company’s ability to assess and integrate acquisition prospects. Further information about factors that could affect the Company’s financial and other results is included in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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