BGC Group Launches FMX Futures Exchange

BGC Group, Inc., in collaboration with ten leading investment banks and market-making firms, has successfully launched the FMX Futures Exchange, a new platform designed to revolutionize the U.S. SOFR futures market.

This exchange is now open for trading SOFR futures, which represent the largest notional futures contract globally. Furthermore, FMX Futures Exchange plans to introduce U.S. treasury futures in the first quarter of 2025, broadening its offerings in the derivatives market.

Howard W. Lutnick, Chairman and CEO of BGC Group, expressed excitement about the launch, stating, "We are excited to introduce real competition to the U.S. SOFR futures market and provide clients with much-needed innovation, superior pricing, and dramatically improved capital efficiency."

The FMX Futures Exchange is distinguished by its fully operational, globally connected trading system and the expected capital savings it offers through its clearing partnership with LCH Limited, a CFTC-approved Derivatives Clearing Organization. LCH is recognized as one of the largest clearers of interest rate swaps, with $225 billion of collateral securing its interest rate swaps. This partnership aims to provide significant capital savings for clients by enabling cross-margining of eligible U.S. interest rate futures traded on the exchange.

Daniel Maguire, Group Head of LSEG Markets and CEO of LCH Group, praised the initiative, saying, "We congratulate BGC Group on the successful launch of the highly innovative FMX Futures Exchange."

With key equity partners including Bank of America, Goldman Sachs, and J.P. Morgan, the FMX Futures Exchange is positioned to capitalize on a growing demand for efficient trading solutions in an increasingly complex financial landscape.