Based on the endorsement of leading global banks and investment banks, the inclusion of the prices displayed by BGC Partners is seen by market participants as a vital step in reflecting underlying market activity. ISDA documentation governs the terms to confirm, mark, assign and terminate derivative transactions between counterparts and it is clearly in the interest of ISDA members to gain access to market prices from the leading industry providers. The pages will be snapshots of real-time BGC screens taken at a pre-determined time daily.
Commenting on the acceptance, Robin Clark, Executive Managing Director at BGC Partners, said âThis is a significant development for our clients because it is a reflection of the widespread, and rapidly-growing, use of our screens to view real-time trading prices based on our hybrid voice, voice assisted and electronic brokerage services in a variety of products. We believe that this will contribute to market best practices and are publishing this data for the benefit of ISDA members worldwide.â
Nadim Mourad, Managing Director, Interest Rate Swaps at BGC Partners in London said âWe are delighted that BGCâs euro and US dollar interest rate swap pages have been formally recognised as pricing references by ISDA and feel it reflects our position as a market leader which has been quickly established since BGCâs inception in 2004.â
In the context of the US dollar market, Rob Sutton, Managing Director, Interest Rate Swaps in New York said âThe inclusion of BGCâs USD IRS screen data within ISDA Definitions is formal recognition of the comprehensive price information that we provide to our clients and the wider financial marketplace. The combination of our benchmark US Treasury and USD Interest Rate Swap liquidity, our increasing transaction volumes and ISDAâs approval are further acknowledgement of our commitment and dedication to the Interest Rate Swap market and its participants.â
The Reuters pages BGCANTOR60 for euro and BGCANTOR50 for US dollar will be referenced within the 2006 ISDA Definitions on 19th August 2008 and may be applied to transactions executed with effect that day.
The pages are published by BGCantor Market Data, a division of BGC Partners and a leading global provider of derivatives, treasury, and fixed income data to market professionals.
ISDA, which represents participants in the privately negotiated derivatives industry, is the largest global financial trade association, by number of member firms. ISDA was chartered in 1985, and today has over 840 member institutions from 56 countries on six continents.