New York-based interdealer broker BGC Partners plans to make a $675 million hostile bid for rival GFI Group, it said on Tuesday, topping an agreed offer for GFI from futures exchange operator CME Group .BGC, which already owns about 13.5 percent of GFI, said its proposed cash offer of $5.25 per share was more than 15 percent above the $4.55 per share all-stock bid made by CME in July.Interdealer brokers match buyers and sellers of currencies, bonds and other tradable instruments, and analysts have long been expecting the industry to consolidate after it was hit by new regulations that have forced their traditional investment bank clients to cut back on risky trading activities.The industry has also faced a challenge as regulators push more derivatives trading onto electronic platforms in a bid to make the market more open and safer, while low interest rates have dampened market volatility, adding to brokers' woes.
BGC Partners, Inc. (BGC) is a global brokerage company primarily servicing the wholesale financial markets, specializing in the brokering of a range of products, including fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commercial real estate, property derivatives, commodities, futures and structured products. Shares of BGCP fell by 1.59% or $-0.12/share to $7.41. In the past year, the shares have traded as low as $5.10 and as high as $8.01. On average, 1133030 shares of BGCP exchange hands on a given day and today's volume is recorded at 1141853.
CME Group Inc. (CME Group) offer a range of global products across all asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. Shares of CME fell by 0.67% or $-0.515/share to $75.94. In the past year, the shares have traded as low as $66.44 and as high as $84.71. On average, 1353010 shares of CME exchange hands on a given day and today's volume is recorded at 1019976.
GFI Group Inc. (GFI) is a provider of wholesale brokerage services, clearing services and electronic execution and trading support products for global financial markets. Shares of GFIG traded higher by 10.55% or $0.48/share to $5.03. In the past year, the shares have traded as low as $2.98 and as high as $5.04. On average, 914697 shares of GFIG exchange hands on a given day and today's volume is recorded at 4667172.
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