Lutnick says he expects to close GFI deal

February 20, 2015 10:55 AM

The Intercontinental Exchange will replace the London gold “fix” from March 20, according to the London Bullion Market Association, Reuters reported.

BGC Partners expects to reach a deal to acquire GFI Group for around $778m, Bloomberg reported. According to Howard Lutnick, the CEO of Cantor Fitzgerald who runs BGC Partners, “we have been actively engaged in discussions with GFI and expect to reach an agreement on all of the tender offer conditions that we have been seeking over the last several months in order to complete out $6.10 per share all-cash offer.”

The London Metal Exchange will launch cash-settled ferrous metals products in 2H15, adopting a staggered approach that begins with the promotion of the physically delivered billet contract. After that, the exchange will then start cash-settled scrap and rebar contracts.

Deutsche Boerse AG aims to conclude a cooperation agreement with the Shanghai Stock Exchange (SSE) in the near future. According to DB1 Deputy CEO Andreas Preuss, “the project is very much alive and is going to plan.”

TMX Datalink launched four new end-of-day (EOD) trading services, including MX Options Trades and Quotes, MX Futures Trades and Quotes, MX Options Trading Summary and MX Futures Trading Summary files, aimed at helping options and futures traders get better pricing and quote information, Traders Magazine reported.

National Futures Association (NFA) chairman Christopher Hehmeyer plans to step down after his fifth term ends.

 

About the Author

Bernardo Mariano brings to ERDesk his experience structuring private deals for the acquisition of mutual exchanges. Prior to joining ERDesk Bernardo worked as a Director for Instinet and later, CEO of Reuters' Bondex. He holds an MS in Economics from University of Illinois and an MIA in Finance from Columbia University. He can be reaced at be reached at mariano@erdesk.com.