BGC Partners, a global brokerage company specializing in forex, equities and derivatives, has announced that its subsidiary, China Credit BGC Money Broking Company Ltd (CCTBGC) has been granted a State license to deal FX options in China, according to a BGC statement.
Chinese State Organization Grants FX License
BGC Partners maintains global operations for its diverse product suite across virtually every global hub, including London, New York and Tokyo. The company has recently seen its forex business grow this past year, highlighted by several partnerships with compliance organizations and financial firms. The new license for its subsidiary, CCTBGC, was granted by the State Administration of Foreign Exchange (SAFE), China’s paramount administrative body relegated to foreign exchange activities.
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According to Daniel M. LaVecchia, Executive Managing Director, North America and Global Head of FX Products in a statement on the approval, “I am delighted that BGC has received its license to broker FX options in China. Since commencing brokering of FX options at the end of March we have seen strong interest and demand from our valued clients. The addition of FX options to BGC’s suite of products means we are well placed to meet the needs of the marketplace in China through an extended and comprehensive array of FX products.”
CCTBGC Looks to Expand FX Offering
Indeed, CCTBGC is a relatively new construct, having been founded in 2009 – in just one year the company has become an active player in the forex industry, given the procurement of a business license by China’s Banking Regulatory Commission to offer forex products.
“We are pleased the marketplace has responded swiftly and positively to our joint venture, largely due to the application of our world-class technology as well as our deep access to liquidity. Our ability to now offer FX options in addition to other financial instruments is being welcomed by our clients, further strengthening our position in the market and underscoring BGC’s commitment to China and the Asia-Pacific region,” added Shaun D. Lynn, President of BGC in an accompanying statement.