BGC Partners Shopping Trayport Platform, but FENICS to Remain

BGC Partners announced that it expects to complete a sale of the Trayport energy and commodities trading platform by the

BGC Partners issued its Q2 financials today. The report is the first full quarter figures following the completion of its acquisition of GFI Group. For the quarter, BGC post-tax distributable earnings were $64.6 million, 48.6 above the same period last year. The profits came on top line growth of 59.1%, as revenues reached $684.6 million.

In addition to reporting financial figures, BGC also provided an update of  Trayport, GFI’s electronic energy and commodities trading platform. According to BGC Partners, Trayport remains in play with an expected sale of the platform by the end of 2015. In regards to the sale process, BGC stated: “Numerous serious parties are participating in the process at a valuation that reflects Trayport’s continuing growth in the year following last year’s proposed transaction, as well as its high margins, leading technology, and strategic importance in the global energy and commodities markets.”

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The news follows initial reports from company sources back in March, that BGC was exploring the sale of Trayport. The CME Group remains closely linked as a buyer for Trayport, having tried to acquire GFI Group itself. Nonetheless, based on rhetoric from the company and other sources, BGC appears ready to take its time, in order to let the best offer materialize.

Officially not included as a planned sale is GFI’s FX options trading platform, FENICS, which has also been reported to be up for sale. After initially being linked to be targeted by the CME Group, BGC Partners made it official today that FENICS is not going anywhere soon. As part of its consolidation of GFI within BGC, it was announced today that all electronic trading platforms of the combined firms will be operated within the FENICS brand name.

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