GFI Group to Acquire Interdealer Broker Micromega Securities

GFI Group, Inc., a subsidiary of BGC Partners, Inc. (NASDAQ: BGCP), which functions as an intermediary in the global over-the-counter (OTC) and listed markets, has undergone a strategic Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term to buy Micromega Securities Proprietary Limited, an operator of South African markets, per a GFI statement.

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South Africa-based Micromega Securities offers interdealer brokerage services across a number of asset classes, including fixed income, rates, and foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (FX). The group primarily functions through its three subsidiaries TTSA Securities Ltd, SA International & Capital Market Brokers Ltd, and Micromega Africa Money Brokers Ltd.

The latest deal between the two venues will see GFI acquiring Micromega Securities, which have already worked together in a joint venture for the past three years. The deal is important for GFI Group, which will expand its focus and market penetration in one of Africa’s largest economies.

The overall details constituting the transaction were not disclosed at this time, and the acquisition itself is pending requisite regulatory approvals. According to Colin Heffron, Chief Executive Officer of GFI Group, in a recent statement on the acquisition: "We recognize the opportunity to increase GFI's footprint in the South African and the wider African marketplace by formally bringing Micromega Securities and its talented team into GFI.”