During the initial roll-out phase of BGC’s integrated US dollar repo trading platform, primary dealers will be able to execute and process overnight and term specials, treasury bills, and off-the-run treasury repo trades either electronically or through voice broking capabilities.
Later in the year, BGC will begin phase two of its roll-out, which will enable primary dealers to execute voice or electronic trades for additional repo asset classes, including general collateral and mortgage-backed securities.
Powered by eSpeed, developer of electronic marketplaces and trading technology, BCG aims to go live with the platform in early 2006.
Philip Norton, head of eCommerce for BGC, said, Launching an integrated voice and electronic US Dollar repo trading platform for the primary dealer community makes perfect sense, as it is a complex market with high volumes requiring fast execution and trade processing.
Commenting on the platform, chief operating officer of eSpeed, Paul Saltzman said that eSpeed technology will assist BGC in providing an additional liquidity source to the dealer community and assist their funding needs.
