BGC Formally Recognised As Designated Source of Liquidity for Greek Government Bonds

5 August 2008

The Bank of Greece, the Hellenic Republic Public Debt Management Agency and BGC Partners, Inc. (“BGC Partners”) are pleased to announce the inclusion of BGC Partners as an additional designated trading venue available to the Greek Government Bond Primary Dealer community.

This arrangement, which commenced 1st August 2008, will allow all volumes transacted at BGC Partners and settled domestically at the Bank of Greece Securities Settlement System to be incorporated into the Bank of Greece’s and the Public Debt Management Agency’s analysis of secondary market activity by Primary Dealers in Greek Government Bonds.

The PDMA and the Bank of Greece are supportive of Primary Dealers in Greek Government Bonds providing liquidity in a flexible manner which is enhanced through this agreement.

Philip Norton, Executive Managing Director and Global Head of e-Commerce at BGC Partners, said: "The evolution of the European Government Bond market is continuing and the leadership shown by the Greek authorities is evidence that the Primary Dealers can expect continued innovation going forward."

BGC Partners’ integrated voice and electronic platform is already used by its brokers across multiple asset classes to provide wholesale banks with a choice of voice, voice-assisted, screen assisted, or fully electronic brokerage services where available. This enables greater flexibility with regard to price discovery, execution and processing of transactions.

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