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.

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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.

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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.”

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