BGC Group announced today (Tuesday) that its subsidiary BGC Brokers has received authorization from the U.K. Financial Conduct Authority (FCA) to operate as a registered benchmark administrator under the U.K. Benchmarks Regulation.
The approval allows BGC to administer swaps pricing benchmarks for EUR interest rate swaps, GBP interest rate swaps, cross-currency swaps, and EU and U.K. inflation swaps. Reference pages for these products are now available on Bloomberg and LSEG platforms.
BGC Expands Benchmark Offerings
Nadim Mourad, executive managing director at BGC, said the registration reflects the firm's position as "one of the world's leading interest rate derivatives brokers with a comprehensive benchmark reference page for EUR, GBP swaps, inflation, and cross-currency products, covering the full forward curve."
The benchmark authorization follows BGC's recent business expansion moves. BGC acquired Macro Hive in October 2025 to integrate AI technology into its rates and foreign exchange trading operations. The company also posted a 31% jump in third-quarter revenue and reaffirmed its fourth-quarter outlook in December.
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Sean Windeatt, co-chief executive officer at BGC, added the company looks forward to "expanding our benchmark offerings into other products and markets."
BGC operates as a broker for fixed income, foreign exchange, energy, commodities, and equities products. The firm's clients include banks, investment banks, trading firms, hedge funds, and corporations. BGC also runs FMX Futures Exchange, a U.S. interest rate futures exchange.
What FCA Registration Means
FCA benchmark administrator authorization requires firms to meet strict governance and operational standards. Administrators must establish effective organizational arrangements, maintain market integrity, and ensure benchmark continuity.
The registration allows supervised entities in the U.K. to use BGC's benchmarks for valuation and risk management, as firms can only use benchmarks from administrators listed on the FCA register.
The U.K. Benchmarks Regulation puts administrators under direct FCA supervision for the provision of reference rates used in financial contracts. This includes external auditor assessments or home jurisdiction supervision requirements.
Competitor Precedent
BGC joins other interdealer brokers with FCA benchmark administrator status. TP ICAP's Parameta Solutions received FCA authorization in May 2022 to administer nine benchmarks.
The FCA maintains a public register of authorized and registered benchmark administrators. Third-country administrators must receive approval through recognition or endorsement regimes by December 2030.
