BGC Group to Launch FMX Futures Exchange for U.S. Interest Rate Futures

BGC Group, Inc, in collaboration with ten leading global investment banks and market-making firms, has announced the launch of the FMX Futures Exchange (FMX) for U.S. interest rate futures. The new exchange will go live on Monday, 23 September 2024, at 9:00 p.m. ET, initially offering Secured Overnight Financing Rate (SOFR) futures, with plans to introduce U.S. Treasury futures in early 2025.

FMX aims to deliver capital savings to its clients through its clearing partnership with LCH Limited, a major clearer of interest rate swaps. LCH will facilitate cross-margining for eligible U.S. interest rate futures using $225 billion in collateral held by its members. FMX is a subsidiary of FMX Holdings LLC, whose equity owners include prominent financial institutions such as Bank of America, Goldman Sachs, and J.P. Morgan. The company also operates in the U.S. Treasuries and foreign exchange markets.