First to Offer Service for Exotic Derivative
New York, September 7, 2011 – GFI Group Inc.(NYSE: “GFIG”) a leading provider of wholesale brokerage, clearing services, electronic execution and trading support products for global financial markets announced today it has conducted the first electronic matching of US Dollar (USD) Interest Rate Spread Options.
This new offering follows the successful launch of Euro Interest Rate Spread Options matching during the first quarter of the year which, to date, has traded in excess of £10 billion notional amount.
Matt Woodhams, GFI Group Head of Ecommerce stated: “We decided to launch matching of USD interest rate spread options after the success of our matching service for Euro spread options, which has traded in excess of £10 billion notional amount since its introduction”.
Woodhams added: “Our brokers have played an important role in making these matching sessions a success. They have worked closely with their clients offering them their expertise alongside our latest trading technology. Our new product has been very well accepted by our clients as it provides them with an additional seamless and efficient trading option”.
GFI Group is a leader at offering innovative electronic trading solutions that include auctions, matching and hybrid eTrading, on a variety of different asset classes that offer customers a greater choice in their method of execution and enhanced liquidity. Matching is offered globally by GFI on a multitude of products ranging from USD interest rate spread options to Japan single stock options.
Matching is a process run on various GFI electronic trading platforms which allows traders to anonymously contribute and trade at pre-defined levels on specific contracts during periodic sessions. Sessions are carried out during set times in the day and have short focused durations, typically ranging between 3 to 5 minutes. GFI’s proprietary matching technology helps create concentrated and deep liquidity pools that facilitate large volume trades to be transacted at pre-defined levels.
GFI conducts Matching processes for multiple products on its electronic trading platforms: CreditMatch®, GFI ForexMatch® and EnergyMatch®.
CreditMatch® is GFI’s electronic trading platform for fixed income derivatives and bonds. It forms a key part of GFI’s hybrid brokerage model, serving the market from its operations in New York, London, Sydney, Tokyo, Singapore and Hong Kong and working alongside GFI’s brokers from each of these offices. CreditMatch® displays fixed income derivative and bond prices together on the same screen.
GFI ForexMatch® is GFI’s electronic system for FX derivatives trading. It supports GFI’s hybrid brokerage model, combining traditional voice brokerage services with sophisticated electronic trading technology. GFI ForexMatch® enhances price discovery and increases efficiency by enabling full electronic trade execution and processing of FX instruments.
EnergyMatch® is the next generation electronic OTC energy marketplace combining the liquidity pools of multiple brokerage firms, electronic trading participants along with multiple clearing options in an open access web based platform. EnergyMatch® brings together buyers and sellers of derivative and physical commodities contracts
About GFI Group Inc.
GFI Group Inc. (NYSE: “GFIG”) is a leading provider of wholesale brokerage services, 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.
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, Bogota, Dubai, Dublin, Tel Aviv, Calgary, Los Angeles and Sugar Land (TX). GFI Group Inc. provides services and products to over 2,600 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.