BGC Partners Inc (BGCP.O) plans to launch a new electronic trading platform for U.S. Treasuries by the end of June, four years after selling a similar business to exchange operator Nasdaq Inc (NDAQ.O), an executive at the brokerage said on Tuesday.
The new platform has been three to four times faster in testing with professional trading firms than existing Treasuries trading platforms, such as NEX Group’s (NXGN.L) BrokerTec and Nasdaq Fixed Income, formerly known as eSpeed, Lou Scotto, head of FENICS U.S. Treasuries, said in an interview. FENICS is the name of BGC’s electronic trading operations.
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