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"We wanted to complement our emerging markets business" |
The deal is a simple one, and increases BGC’s presence in emerging markets, a priority for the company. BGC knew what kind of business it was looking to buy, and found the perfect candidate at Marex Financial, an independent futures broker. "We decided six months ago that we wanted to get into emerging markets equity derivatives," says Nick Ruddell, senior managing director at BGC. "We wanted to complement our emerging markets business, where we have strength in interest rate products." The acquisition adds to BGC’s business an experienced equity derivatives team, led by Bryan Coyne. Coyne, a 20-year financial markets veteran, becomes director of emerging markets equity derivatives, reporting to Ruddell. Marex’s core businesses are in commodities, financial futures and options, and FX. The shedding of its emerging markets equity derivatives business, a remnant of Refco before its buyout by Marex, will enable the company to concentrate on those areas.
As well as in central Europe, BGC’s new equity derivatives business is particularly strong in South Africa. The deal not only gives BGC an office in Johannesburg but also membership on South Africa’s derivatives exchange, Safex.