Electronification of the global markets continues to gather steam, with BGC Partners now bringing low-touch trading to the Far East.
BGC has launched its BGC Trader for Yen Interest Rate Swaps (“IRS”) system. According to the firm, it is the interdealer broker to launch a fully electronic platform for the Yen IRS market.
This new low-touch trading system runs off the firm’s BGC Trader platform. By introducing low-touch trading to this market, the broker hopes to capture market share and commission dollars by offering Yen IRS traders more rapid and efficient price discovery, order management and execution service. In order to get clients more comfortable, BGC hired five new traders to man the phones and help in the transition.
BCG has already electronically executed Yen IRS trades with a variety of domestic and international banks and has utilized 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,” said Philip Norton, global head of e-Commerce. “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.”
