BGC Partners ‎Appoints Bloomberg Entity Exchange for MiFID II Compliance ‎

BGC Partners ‎has applied to operate ‎Organized Trading Facilities‎ (OTFs).

One of the leading brokerage companies in the United States, BGC Partners ‎‎(NASDAQ: BGCP), has selected Bloomberg Entity Exchange as the chosen ‎platform to satisfy its compliance requirements ahead of the MiFID II ‎implementation in January 2018.‎

BGC Partners ‎has applied to operate ‎Organized Trading Facilities‎ (OTFs), which constitute any entity that ‎aggregates trading interests or orders related to financial instruments, ‎focused on non-equities such as derivatives and cash bond markets.‎ Bloomberg Entity Exchange matches these requirements with a web-based electronic platform that centralises the exchange of information and documentation required by BGC Partners to offer execution services to its customers in compliance with MiFID II.

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

BGC’s ‎decision to task the Bloomberg’s web-based entity data ‎management solution with a key role in helping consolidate specific ‎information segments was made after considering several KYC products.

Suggested articles

Bloom Helps DeFi Go Beyond Collateralized Lending with OnRampGo to article >>

The company expects its selection to simplify the re-papering process for ‎clients of its EU regulated entities ahead of the January 3, 2018 MiFID II ‎deadline. It will also enhance their compliance understanding of what the ‎new rules will mean to their trading relationships, especially around trade ‎execution, reporting and transparency.‎

Shaun D. Lynn, President of BGC Partners, commented: ‏“‏As part of our MIFID II compliance, we are partnering with Bloomberg Entity Exchange to ‎ensure that BGC is managing and streamlining the repapering process for our clients.”

Dan Matthies, Head of Bloomberg’s Entity Exchange business, added: ‏“‏New regulations have obliged brokers to reconsider how they collect client information. While this creates a short-‎term burden on compliance and client teams, it also offers the opportunity to put a new ‎process in place to drive better client service and risk management going forward‏.”

Got a news tip? Let Us Know