BGC Group, Inc. and ten of the world’s leading investment banks and market-making firms announced the successful launch of the highly anticipated FMX Futures Exchange. The exchange is now open for trading SOFR futures, the largest notional futures contract in the world, and will add U.S. treasury futures in the first quarter of 2025.

“We are excited to introduce real competition to the U.S. SOFR futures market and provide clients with much-needed innovation, superior pricing, and dramatically improved capital efficiency,” said Howard W. Lutnick, Chairman and CEO of BGC Group and Chairman of FMX Holdings, LLC. “This is the first U.S. interest rate futures exchange to launch with a fully operational, globally connected, state-of-the-art trading system, along with enormous capital savings driven by the LCH’s cross-margin capabilities. Together with our strategic partners, FMX is well-positioned to capitalize on this tremendous opportunity.”

The FMX Futures Exchange expects to provide clients with significant capital savings through its clearing partnership with LCH Limited (“LCH”), a fully approved CFTC Derivatives Clearing Organization and one of the largest clearers of interest rate swaps in the world. LCH has $225 billion of interest rate swap collateral securing its interest rate swaps, against which LCH members expect to cross-margin eligible U.S. interest rate futures traded on FMX Futures Exchange.¹

“We congratulate BGC Group on the successful launch of the highly innovative FMX Futures Exchange,” said Daniel Maguire, Group Head, LSEG Markets and CEO, LCH Group. “Our partnership highlights LCH’s commitment to delivering choice to market participants. It will enable members and clients to benefit from our extended clearing capabilities and bring increased resiliency, margin efficiencies and liquidity to the USD rates derivatives market.”

The FMX Futures Exchange is a part of FMX Holdings, LLC, which includes the world’s fastest growing cash U.S. treasuries marketplace and rapidly growing spot Foreign Exchange platform. Bank of America, Barclays, Citadel Securities, Citi, Goldman Sachs, J.P. Morgan, Jump Trading Group, Morgan Stanley, Tower Research Capital, and Wells Fargo are the equity partners of FMX Holdings, LLC.

Source: BGC