Banks and market-makers back BGC’s FMX

A
consortium
of
10
banks
and
market-making
firms
is
investing
$172
million
in
BGC’s
electronic
trading
and
exchange
business,
called
FMX.

The
deal,
which
gives
FMX
an
implied
valuation
of
$667
million,
underscores
BGC’s
ambitions
to
challenge
CME
Group’s
dominance
in
the
US
Treasury
cash
and
futures
markets.

The
consortium
–
which
consists
of
Bank
of
America,
Barclays,
Citadel
Securities,
Citi,
Goldman
Sachs,
JP
Morgan,
Jump
Trading,
Morgan
Stanley,
Tower
Research
Capital
and
Wells
Fargo
–
will