DOCSLIB.ORG

Gfi Group Inc. 2009 Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Gfi Group Inc. 2009 Annual Report GFI GROUP INC. 2009 ANNUAL REPORT GFI’s businesses are distributed across 20 locations in 14 countries worldwide. Through our diversifi cation, focused management effort, and the underlying durability of our business model, GFI weathered the storm brought on by the fi nancial crisis of 2008 and positioned itself well for future opportunities. Dublin London Calgary Paris Englewood Tokyo New York Seoul Sugarland Tel Aviv Hong Kong Singapore Dubai Cape Town Santiago Sydney 2005 2006 2007 2008 2009 Revenues $ 533.6 $ 747.2 $ 970.5 $ 1,015.5 $ 818.7 Income before provision for income taxes 84.3 101.8 150.7 83.0 23.3 Net Income 48.1 61.1 94.9 53.1 16.3 Basic earnings per share* 0.45 0.54 0.81 0.45 0.14 Diluted earnings per share* 0.43 0.52 0.80 0.44 0.13 Brokerage personnel period-end headcount 777 932 1,037 1,037 1,082 Employee period-end headcount 1,151 1,438 1,599 1,740 1,768 Total assets $ 576.1 $ 699.6 $ 975.8 $ 1,085.9 $ 952.1 Stockholders’ Equity 238.3 330.5 452.2 477.0 484.1 * On March 31, 2008, GFI Group Inc. completed a four-to-one stock split in the form of a stock dividend to shareholders. Earnings per share refl ect the effect of this stock split on historical earnings per share. GFI GR OUP INC . 2009 ANNUAL REPORT FINANCIAL HIGHLIGHTS (dollars in millions except for per share and headcount amounts) REVENUES NET INCOME BROKERAGE PERSONNEL DILUTED EPS in millions (US$) in millions (US$) (US$) $ $818.7 818.7 $ $16.3 16.3 1,0821,082 $ $0.130.13 0.80 1,015.5 94.9 1,037 1,037 970.5 932 747.2 777 0.52 61.1 53.1 0.43 0.44 533.6 48.1 05 06 07 08 09 05 06 07 08 09 05 06 07 08 09 05 06 07 08 09 GLOBAL PRESENCE AND DIVERSIFIED PRODUCT REVENUES 2009 GAAP REVENUES BY GEOGRAPHY 2009 GAAP REVENUES BY PRODUCT Americas Credit Europe, Middle East Financial & Africa 23% Equity Asia Pacific 34% 40% 45% Commodity Software, Analytics, Software, Analytics, Market Data & Market Data & Other Other 19% 16% 8% 7% 8% 1 2009 SAW THE CONTINUATION OF THE CHALLENGING CONDITIONS THAT STARTED IN 2008 2 GFI GROUP INC. 2009 ANNUAL REPORT Our ability to manage resources, diversify our business streams and control expenses resulted in a strong balance sheet, including cash of $342.4 million. While the market disruption continued, the drive to regulate and bring transparency to the OTC markets remained a central focus of GFI, as we maintained an active dialogue with regulators and policy makers in Washington, London and Brussels throughout 2009. GFI MANAGED THROUGH 2009 BY FOCUSING ON AND ANTICIPATING MANY EMERGING CHALLENGES AND OPPORTUNITIES. WE WERE AIDED BY OUR BUSINESS DIVERSITY AND BALANCE AS WELL AS BY OUR CONTINUING INVESTMENT IN TECHNOLOGY, WHICH IS GROWING IN IMPORTANCE, PARTICULARLY INLIGHT OF COMING REGULATIONS AND THE MARKET’S DIRECTION TOWARDS INCREASED AUTOMATION AND TRANSPARENCY. FOCUSED... ON PLACING THE TRUST AND SATISFACTION OF OUR CUSTOMERS AT THE CENTER OF OUR EFFORTS, ON FURTHERING OUR SHAREHOLDERS’ AND EMPLOYEES’ TRUST IN OUR MANAGEMENT TEAM, AND ON ADVANCING THE GOAL OF APPROPRIATE REGULATION OF THE OTC MARKETS. DURABLE... WE HAVE A STRONG BUSINESS MODEL AND CONTINUE TO BUILD ON OUR CAPABILITIES, SELECTIVELY EXPANDING OUR PRODUCT OFFERINGS AND CUSTOMER BASE, WHILE WE EMBED TECHNOLOGY INTO OUR WORK FLOW TO CREATE ADDITIONAL VALUE. POISED... WITH A LEADING POSITION IN TECHNOLOGY, MARKET STRUCTURE AND RELATIONSHIPS WITH MAJOR MARKET PARTICIPANTS, WE ARE WELL POSITIONED FOR THE NEXT EVOLUTION OF OUR MARKETS. 3 GFI GR OUP INC . 2009 ANNUAL REPORT DEAR FELLOW SHAREHOLDERS: THE YEAR UNFOLDED WITH A FORMIDABLE ARRAY OF CHALLENGES CARRIED OVER FROM THE FINANCIAL CRISIS OF 2008. HOWEVER, AS THE YEAR PROGRESSED, PRELIMINARY, THOUGH UNEVEN, SIGNS OF RECOVERY EMERGED. 2009 in Context – An Evolving Quarterly Landscape The first quarter began with the global credit crisis and recessionary environment adversely impacting share, index and asset values globally. Dealers and hedge funds deployed less capital in certain derivative markets amidst the difficult credit and economic conditions combined with uncertainty around changing market structure and the effect of proposed government and regulatory action in the U.S. and Europe. Within GFI product categories, GFI’s credit revenues became more weighted toward cash fixed income products and less reliant on credit derivatives. Equity market trading volumes declined and share values were depressed, lowering revenues, particularly in Europe. Dealers scaled back their trading operations in Asia and in emerging markets globally, reducing our financial product revenues. Commodity product revenues declined due to the slow recovery of the dry freight market and traders shifting volumes to shorter-term, exchange-traded products. In the second quarter, signs of normalcy emerged in the credit markets with the narrowing of credit spreads and strong corporate bond issuance. The third quarter was marked by uneventful market activity with trading volumes continuing to be depressed to some degree due to the uncertainty in the banking and regulatory environment. At the same time, hints of recovery emerged for both the global economy and GFI as the recession began to abate. We saw sequential improvement in emerging market foreign exchange derivative, interest rate derivative and shipping product revenues. In the final quarter of the year, revenues declined year-over-year, as we believe some customers closed their books earlier than usual to lock in the year’s profits. While our revenues were lower, the general business environment was nevertheless more stable overall than it was the previous year and the diversity of our business allowed us to take advantage of areas of market strength. Weathering the Storm through Focus, Diversity and Technology Advancement GFI managed through 2009 by focusing on and anticipating many emerging challenges and opportunities. We were aided by our business diversity and balance as well as by our continuing investment in technology, which is growing in importance, particularly in light of coming regulations and the market’s direction towards increased automation and transparency. Our business diversity did not happen overnight. Rather, it reflects ongoing strategic investment, particularly over the past five years. In the category of commodity products, we grew our product offerings and capabilities through the complementary acquisitions of Starsupply Petroleum’s North American Business in 2005, Amerex Energy’s North American operations in 2006 and Trayport Limited in 2008. These acquisitions strengthened our presence in oil, natural gas, electric power and emissions brokerage. The addition of Trayport, with its market leading trading software position in European energy and commodities, positioned us well for increased electronic trading in this space. We were pleased to be named No.1 Energy & Commodity Broker for 2010 by Energy Risk magazine. 4 The acquisition of Trayport was highly complementary to the electronic execution platforms we have developed internally – CreditMatch®, EnergyMatch® and GFI ForexMatch®. Electronic OTC trading has been widely adopted in Europe, while there has been slower take up in North America. However, in entering 2010, we have seen noteworthy traction in electronic trading in North America in key OTC products on our CreditMatch and EnergyMatch hybrid brokerage platforms. We are continuing to enhance our platforms and are differentiating ourselves as being more than just a “broker platform” – we are a multi-clearing, multi-broker, highly scalable, hybrid platform melding both man and machine with advanced technology. To expand our position in equities, we established a Paris office in 2005 with a team of brokers specializing in equity derivatives, cash equities and financial futures. In 2009, equity products represented 26% of our total brokerage revenues, making it our second largest product category. Along with acquisitions and investment in technology, we have also deepened our presence in selected markets by adding brokerage desks. This included expanding our cash fixed income capability in 2008 in anticipation of a market shift in that direction. In 2009, revenues from cash fixed income products increased 141% from 2008, which partially offset a 58% decline in credit derivative revenues compared with the prior year. As a result, credit products remained our largest product category at 37% of brokerage revenues. Despite ongoing market challenges, our full commitment to the credit markets enabled us to earn the rank of #1 Credit Broker by Credit magazine in 2010, and we feel we are well positioned to benefit from expected increased volumes when the new regulatory environment takes shape. IN ADDITION TO DIVERSIFYING OUR PRODUCT OFFERINGS AND CAPABILITIES, WE HAVE CONTINUED TO DIVERSIFY OUR CUSTOMER BASE BY REACHING OUT TO NON-TRADITIONAL CUSTOMERS, INCLUDING INSTITUTIONAL INVESTORS AND HEDGE FUNDS, THROUGH THE GROWTH OF OUR OUR CASH PRODUCTS AND COMMODITIES BUSINESSES, VIA TRAYPORT AND THROUGH THE EXPANSION OF OUR GFI FENICS® CAPABILITIES. We also have continued to diversify geographically and expanded in Europe, Asia-Pacific, the Middle East and South America over the past several years. Aligning Our Cost Structure to Market Conditions Although signs of improvement as the year progressed were welcome, the performance of our brokerage operations, which saw a 22% decline in revenues in 2009, necessitated a better alignment of our cost structure. This was especially the case in the category of compensation and employee benefits expense, which is the largest component of our costs and has been the most difficult to control, especially during the years of rapid growth in the derivatives market. However, with volumes and revenues at a lower base than in prior years, we renegotiated certain employment agreements in the fourth quarter of 2009 to better reflect the current market environment.
Load more

Recommended publications
  • GFI Group Inc. to Acquire Amerex Energy
    GFI Group Inc. to Acquire Amerex Energy - North America, A Leading Broker of Energy Products; Increases Revenue Guidance for Third Quarter of 2006 to Greater than 30% over Prior Year with Strong Growth across All Products Led by Energy - Timely and immediately accretive acquisition of Texas-based operations of premier independent broker of OTC energy products and addition of highly experienced brokerage team will provide GFI Group with one of the largest and fastest growing energy businesses in North America – New York, September 7, 2006 – GFI Group Inc. (Nasdaq: GFIG) announced today that it has agreed to acquire substantially all of the North American brokerage operations and assets of Amerex Energy (“Amerex”), a group of business entities that is a leading interdealer broker (IDB) of electric power, natural gas and emissions products and related derivative and option contracts in North America. The Amerex entities involved in the transaction with GFI had annual revenues of over $46 million in 2005 and exceeded $30 million in revenues in the first six months of 2006. GFI is paying $86 million in cash for substantially all of Amerex’s assets in North America, including its brokerage operations in Sugar Land, Texas. Completion of the transaction is subject to standard closing conditions and is scheduled to close before the end of October. GFI expects the acquisition of the Amerex operations and assets, which have been consistently profitable, to be immediately accretive to its earnings per share. Founded in 1978, Amerex’s North American business provides deep trading liquidity for a range of energy and related derivatives products.
    [Show full text]
  • Form 10-Q Gfi Group Inc
    Exhibit I-2 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2013 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File No: 000-51103 GFI GROUP INC. (Exact name of registrant as specified in its charter) Delaware 80-0006224 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 55 Water Street, New York, NY 10041 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (212) 968-4100 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. YES x NO o Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES x NO o Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
    [Show full text]
  • Bgc Partners, Inc. Q4 2014 Earnings Presentation Disclaimer
    BGC PARTNERS, INC. Q4 2014 EARNINGS PRESENTATION DISCLAIMER Discussion of Forward-Looking Statements by BGC Partners Statements in this document regarding BGC Partners' business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. Except as required by law, BGC undertakes no obligation to release any revisions to any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC's Securities and Exchange Commission filings, including, but not limited to, the risk factors set forth in the Company's public filings, including BGC's most recent Form 10-K and any updates to such risk factors contained in subsequent Form 10-Q or Form 8-K filings. Important Additional Information This communication is provided for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any shares of the common stock of GFI Group Inc. ("GFI") or any other securities. BGC Partners, Inc. and its subsidiary BGC Partners, L.P. have commenced a tender offer for all outstanding shares of common stock of GFI and have filed with the Securities and Exchange Commission ("SEC") a tender offer statement on Schedule TO (including an Offer to Purchase, a Letter of Transmittal and related documents). These documents, as they may be amended from time to time, contain important information, including the terms and conditions of the tender offer, and stockholders of GFI are advised to carefully read these documents before making any decision with respect to the tender offer.
    [Show full text]
  • GFI Group Inc. Annual Report 2008
    GFI Group Inc. Annual Report 2008 “An investment in knowledge pays the best interest” Benjamin Franklin 2008 was a historic year of rapid change and exceptional challenges. For GFI, progress and resilience came, in large measure, from fi delity to the solid foundation provided by our hybrid brokerage model. 2008 Financial Highlights for year ended December 31 (dollars in millions except for per share and headcount amounts) Revenues in millions (US$) Brokerage Personnel 2008 1,015.5 2008 1,037 2007 970.5 2007 1,037 2006 747.2 2006 932 2005 533.6 2005 777 2004 385.0 2004 560 Net Income in millions (US$) Diluted EPS (US$) 2008 53.1 2008 0.44 2007 94.9 2007 0.80 2006 61.1 2006 0.52 2005 48.1 2005 0.43 2004 23.1 2004 0.24 2008 2007 2006 2005 2004 Revenues $1,015.5 $970.5 $747.2 $533.6 $385.0 Income before provision for income taxes 83.0 150.7 101.8 84.3 43.2 Net income 53.1 94.9 61.1 48.1 23.1 Basic earnings per share* 0.45 0.81 0.54 0.45 0.25 Diluted earnings per share* 0.44 0.80 0.52 0.43 0.24 Brokerage personnel period-end headcount 1,037 1,037 932 777 560 Employee period-end headcount 1,740 1,599 1,438 1,151 868 Total assets $1,085.9 $975.8 $699.6 $ 576.1 $ 640.2 Stockholders’ equity 477.0 452.2 330.5 238.3 53.4 *On March 31, 2008, GFI Group Inc.
    [Show full text]
  • BGC Partners' and GFI Group's First Quarter 2015 Financial Results Announcement to Be Issued Prior to Market Open on Wednesday, April 29, 2015
    BGC Partners' and GFI Group's First Quarter 2015 Financial Results Announcement to be Issued Prior to Market Open on Wednesday, April 29, 2015 4/7/2015 Conference Call Scheduled for the same day at 10:00 a.m. ET NEW YORK, April 7, 2015 /PRNewswire/ -- BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," "BGC," or the "Company"), a leading global brokerage company servicing the financial and real estate markets and BGC's majority-owned division, GFI Group Inc. (NYSE: GFIG) ("GFI Group" or "GFI"), a leading intermediary and provider of trading technologies and support services to the global OTC and listed markets, today announced that they plan to issue a joint advisory press release by 8:00 a.m. ET on Wednesday, April 29, 2015. BGC owns approximately 56 percent of GFI's common shares and GFI's financial results will be consolidated with those of BGC from March 2, 2015 onward. Therefore, BGC and GFI will be issuing a joint advisory release notifying the public that a full-text financial results press release will be accessible at any of the following pages: http://ir.bgcpartners.com (an HTML version with Excel financial tables or PDF) http://ir.bgcpartners.com/news-releases (an HTML version with Excel financial tables or PDF) http://www.bgcpartners.com/news-centre/press-releases (PDF only) BGC will host a conference call on Wednesday, April 29, 2015 at 10:00 a.m. ET to discuss these results. WHO: BGC Partners, Inc. (NASDAQ: BGCP) & GFI Group, Inc. (NYSE: GFIG) WHAT: First Quarter 2015 financial results conference call WHEN: Wednesday, April 29, 2015 at 10:00 a.m.
    [Show full text]
  • Gfi Group Inc. Fact Sheet
    GFI GROUP INC. FACT SHEET GFI Group Inc. (NYSE: GFIG) is a leading intermediary in the global Fixed Income KEY FACTS OTC and listed markets offering an array of sophisticated trading Financials technologies and products to a broad range of financial market Equity Trading symbol participants. More than 2,500 institutional clients benefit from Commodity NYSE: GFIG GFI’s know-how and experience in operating electronic and hybrid Trading Systems markets for cash and derivative products across multiple asset Data & Analytics Total Revenues classes, including fixed income, interest rates, foreign exchange, Clearing (Non-GAAP) 2013 equities, and energy and commodities. $900.0 Million Average Diluted Shares Outstanding (For the year ended 1 Financial Highlights - Non-GAAP (dollars in millions except for per share and headcount amounts) 12/31/13) 119.1 Million 2009 2010 2011 2012 2013 Trailing 12 Month Total Revenues2 $816.0 $861.6 $1,009.2 $919.1 $900.0 Dividend (12/31/13) Revenues, net of interest and transaction-based expenses2 785.6 794.0 874.5 781.5 745.5 $0.15 Income before provision for income taxes 60.5 45.3 44.5 10.5 15.6 Net Income 39.0 33.6 26.5 8.9 9.1 IPO Basic earnings per share3 0.33 0.28 0.22 0.08 0.08 January 2005 Diluted earnings per share3 0.32 0.27 0.21 0.07 0.07 Brokerage personnel period-end headcount 1,082 1,161 1,271 1,188 1,121 Founded Employee period-end headcount 1,768 1,990 2,176 2,062 2,087 1987 Total assets2 $954.9 $1,273.8 $1,190.5 $1,180.1 $1,161.5 Stockholders’ Equity2 487.5 494.1 447.2 425.1 407.3 Employees as of 12/31/13 2,087 Headquarters 2013 Total Revenues (Year ending December 31, 2013) New York Offices New York, Bogota, Buenos Aires, Lima, Mexico City, Santiago, Sugar Land (TX), Fixed Income 20% London, Brussels, Cape Town, Financials 21% Dubai, Dublin, Madrid, Nyon, Equity 13% Paris, Tel Aviv, Singapore, Commodity 18% Hong Kong, Manilla, Seoul, Other4 28% Shanghai, Sydney, Tokyo, 1.
    [Show full text]
  • Gfi Group Inc. Factsheet
    GFI GROUP INC. FACTSHEET. GFI Group Inc. is a leading provider of wholesale brokerage, electronic Credit execution and trading support products for global financial markets. GFI Equity Group Inc. provides brokerage services, market data, trading platform and Financials analytics software products to institutional clients in markets for a range of credit, financial, equity and commodity instruments. Energy Data & Analytics GFI provides services and products to over 2,400 institutional clients, Trading Systems including leading investment and commercial banks, corporations, insurance companies and hedge funds. KEY FACTS Financial Highlights Trading Symbol (dollars in millions except for per share and headcount amounts) NASDAQ: GFIG Revenues 2005 2006 2007 2008 2009 (2009) $818.7 Million Revenues $533.6 $747.2 $970.5 $1,015.5 $818.7 Income before provision for income taxes 84.3 101.8 150.7 83.0 23.3 Average Diluted Shares Outstanding (for 12 months ending 12/31/09) 121.6 Million Net income 48.1 61.1 94.9 53.1 16.3 Basic earnings per share* 0.45 0.54 0.81 0.45 0.14 Trailing 12 months Dividend Diluted earnings per share* 0.43 0.52 0.80 0.44 0.13 (12/31/09) $0.20 Brokerage personnel period-end headcount 777 932 1,037 1,037 1,082 IPO Date Employee period-end headcount 1,151 1,438 1,599 1,740 1,768 January 2005 Total assets $576.1 $699.6 $975.8 $1,085.9 $952.1 Stockholders’ equity 238.3 330.5 452.2 477.0 481.1 Founded 1987 * On March 31, 2008, GFI Group Inc.
    [Show full text]
  • BGC Partners, Inc. GFI Subsidiary Expands Asia Footprint with Acquisition of Energy Broker Ginga Petroleum
    BGC Partners, Inc. GFI subsidiary expands Asia footprint with acquisition of energy broker Ginga Petroleum 3/12/2019 LONDON, March 12, 2019 /PRNewswire/ -- GFI Asia Holdings Pte. Ltd, a subsidiary of BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," "BGC" or "the Company"), a leading global brokerage and nancial technology company, today announced that it has completed the acquisition of Ginga Petroleum (Singapore) Pte Ltd ("Ginga"). Founded in 1998 and with over 60 employees, Ginga provides a comprehensive range of broking services for physical and derivative energy products including Naphtha, Liqueed Petroleum Gas, Fuel Oil, Biofuels, Middle Distillates, Petrochemicals and Gasoline. Julian Swain , deputy CEO of GFI Group, Inc., commented on today's announcement: "We are delighted to complete the purchase of Ginga, a company with a strong reputation in Asia that is very complementary to our oil broking business in London." Further details of the transaction were not disclosed. About GFI Group, Inc. Founded in 1987 and headquartered in New York, GFI is owned by, and operates as a division of BGC. GFI is a leading intermediary in the global OTC and listed markets oering an array of sophisticated trading technologies and products to a broad range of nancial market participants. More than 2,500 institutional clients benet from GFI's know-how and experience in operating electronic and hybrid markets for cash and derivative products across multiple asset classes, including xed income, interest rates, foreign exchange, equities, energy and commodities. About BGC Partners, Inc. BGC Partners is a leading global brokerage and nancial technology company. BGC's Financial Services oerings include xed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commodities, futures, and structured products.
    [Show full text]
  • Sefcon I Agenda October 4, 2010
    CONTENTS OCTOBER 4, 2010 Section 1 Agenda Section 2 About Wholesale Markets Brokers Association, Americas Section 3 Founding Members Section 4 About Wholesale Markets Brokers Association, Europe Section 5 Panelist Biographies SEFCON I AGENDA OCTOBER 4, 2010 8:30 a.m. – 9:00 a.m. Breakfast and Registration 9:00 a.m. – 9:10 a.m. Welcoming Remarks: Christopher Giancarlo – Conference Chair; Board Member, WMBAA; Executive Vice President, GFI Group Inc. 9:10 a.m. – 10:00 a.m. Panel 1: OTC Trade Execution Moderator: Dr. Mayiz Habbal – Managing Director, Securities & Investments Group, Celent Panelists: David Hall – Chief Operating Officer, Chatham Financial Julian Harding – Chairman, WMBAA; Executive Director, Tradition Robert Pickel – Executive Vice Chairman, International Swaps and Derivatives Association, Inc. (ISDA) Dexter Senft – Managing Director, Global Head of E-Commerce for Interest Rate, Credit and Currency Businesses, Morgan Stanley 10:00 a.m. – 10:45 Keynote Address: Chairman Gary Gensler – Chairman of the Commodity a.m. Futures Trading Commission (CFTC) Coffee Break 10:45 a.m. – 11:00 a.m. Panel 2: What is a SEF? 11:00 a.m. – 12:00 Moderator: p.m. Kevin McPartland – Senior Analyst, TABB Group Panelists: Athanassios Diplas – Managing Director and Global Head of the Systemic Risk Management Group, Deutsche Bank Christopher Ferreri – Board Member, WMBAA; Managing Director, Hybrid Trading, ICAP North America, Inc. Lee Olesky – Chief Executive Officer, Tradeweb LLC Patrick McCarty – U.S. Senate, Senior Staff, Senate Agriculture Committee Michael Piwowar – U.S. Senate, Chief Financial Economist, Senate Banking Committee 2 12:00 p.m. – 12:40 p.m. Lunch Break 12:40 p.m.
    [Show full text]
  • United States District Court Southern District of New York
    Case 1:17-cv-04302 Document 1 Filed 06/08/17 Page 1 of 61 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK TERA GROUP, INC., TERA ADVANCED TECHNOLOGIES, LLC, and TERAEXCHANGE, LLC, Plaintiffs, Docket No. -against- COMPLAINT CITIGROUP, INC., CITIBANK N.A., CITIGROUP GLOBAL MARKETS INC., CITIGROUP GLOBAL MARKETS LIMITED, BANK OF AMERICA JURY TRIAL DEMANDED CORPORATION, BANK OF AMERICA, N.A., MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, BARCLAYS PLC, BARCLAYS BANK PLC, BARCLAYS CAPITAL INC., BNP PARIBAS, S.A., BNP PARIBAS SECURITIES CORP., CREDIT SUISSE AG, CREDIT SUISSE GROUP AG, CREDIT SUISSE SECURITIES (USA) LLC, CREDIT SUISSE INTERNATIONAL, DEUTSCHE BANK AG, DEUTSCHE BANK SECURITIES INC., THE GOLDMAN SACHS GROUP, INC., GOLDMAN, SACHS & CO., GOLDMAN SACHS BANK USA, GOLDMAN SACHS FINANCIAL MARKETS, L.P., GOLDMAN SACHS INTERNATIONAL, HSBC HOLDINGS PLC, HSBC BANK PLC, HSBC BANK USA, N.A., HSBC SECURITIES (USA) INC., JPMORGAN CHASE & CO., JPMORGAN CHASE BANK, N.A., J.P. MORGAN SECURITIES LLC, J.P. MORGAN SECURITIES PLC, MORGAN STANLEY, MORGAN STANLEY BANK, N.A., MORGAN STANLEY & CO. LLC, MORGAN STANLEY CAPITAL SERVICES LLC, MORGAN STANLEY DERIVATIVE PRODUCTS INC., MORGAN STANLEY BANK INTERNATIONAL LIMITED, THE ROYAL BANK OF SCOTLAND GROUP PLC, ROYAL BANK OF SCOTLAND PLC, RBS SECURITIES INC., UBS AG, and UBS SECURITIES LLC, Defendants. Case 1:17-cv-04302 Document 1 Filed 06/08/17 Page 2 of 61 TABLE OF CONTENTS INTRODUCTION .........................................................................................................................
    [Show full text]
  • BGC PARTNERS, INC. (Exact Name of Registrant As Specified in Its Charter)
    Table of Contents As filed with the Securities and Exchange Commission on January 12, 2016 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-3 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 BGC PARTNERS, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 13-4063515 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) 499 Park Avenue New York, New York 10022 (212) 610-2200 (Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices) Stephen M. Merkel Executive Vice President, General Counsel and Secretary BGC Partners, Inc. 499 Park Avenue New York, New York 10022 (212) 610-2200 (212) 829-4708 fax (Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service) Copies to: Christopher T. Jensen George G. Yearsich Morgan, Lewis & Bockius LLP 101 Park Avenue New York, New York 10178 (212) 309-6000 (212) 309-6001 fax Approximate date of commencement of proposed sale to the public: From time to time after the effective date of this registration statement, as determined by market conditions. If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ¨ If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, please check the following box.
    [Show full text]
  • GFI Re-Opens Tokyo Office with the Launch of G10 Forward FX
    FOR IMMEDIATE RELEASE GFI re-opens Tokyo office with the launch of G10 Forward FX LONDON, 07 November, 2019 – GFI Group Japan, a division of BGC Capital Markets (Japan), LLC, a subsidiary of BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," or "BGC"), today announced the opening of a new office in Tokyo’s Akasaka Biz Tower with the launch of its G10 Forward FX (“FWD FX”) desk focusing on Yen as well as EUR, GBP, CHF, AUD, NZD, CAD and other Forwards to service its Japanese and international clients. The re-establishment of a Japan office further strengthens GFI’s existing FWD FX businesses in Hong Kong, Sydney and Singapore providing clients with unrivaled coverage across all markets in the Asia Pacific region, further supported by GFI’s offices in London and New York. Brad Howell, Chief Executive Officer of GFI Asia Pacific, commented “With re-establishing the GFI brand in Japan and the re-opening of our Tokyo office, GFI is making a long term commitment to Japanese financial markets. We believe Japan is a key strategic growth area for GFI in the Asia Pacific regions. We are very excited about the opportunity, especially launching a core product like FWD FX which is a staple of financial markets and the real economy alike.” About BGC Partners, Inc. BGC Partners is a leading global brokerage and financial technology company. BGC’s offerings include fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commodities, futures, and structured products. BGC provides a wide range of services, including trade execution, broker-dealer services, clearing, trade compression, post trade, information, and other services to a broad range of financial and non-financial institutions.
    [Show full text]