Thomson Reuters announced today that BGC Partners (NASDAQ: BGCP), a leading global brokerage company servicing the wholesale financial markets, has gone live with non-deliverable options (NDOs) on Thomson Reuters trade notification service, Thomson Reuters Trade Notification. BGC Partners can now provide its customers with straight-through processing (STP) for the additional OTC FX instrument, paving the way for complying with upcoming OTC derivatives regulation.
Philip Norton, executive managing director and global head of e-commerce at BGC Partners commented, âWe remain committed to providing our customers with market leading STP solutions. Offering electronic notification for non deliverable options will enable BGCâs client base to benefit from the reductions in risk and costs that result from the improved transparency and reporting that automation brings. We already use Thomson Reuters Trade Notification across our FX and money markets business and the addition of NDOs now expands our offering in both established and emerging growth markets. BGC Partners continues to value its successful collaborative relationship with Thomson Reuters.â
Thomson Reuters Trade Notification is a neutral, independent platform that takes advantage of the Companyâs extensive post-trade network, currently servicing more than 500 institutions across 70 countries world-wide. By providing electronic trade notifications, the solution removes barriers to straight-through processing by connecting banks, brokers and ECNs seamlessly with their counterparties. Market participants can receive trade notifications electronically and return affirmations, rejections or modifications to the source. Publishers (brokers, price makers and ECNs) can publish trade notifications to Thomson Reuters Trade Notification receivers all round the globe.
Rich Kiel, global head of post trade services at Thomson Reuters said, âThere is a growing market for non-deliverable options in Asia, followed closely by the Americas and Europe and with upcoming regulation we recognized that there is a going to be increased demand for STP in this area. The addition of NDOs to our Trade Notification portfolio means that our customers can also quickly expand the scope of their STP offerings. We intend to continue expanding our service in this way in order to provide a one-stop solution for the market.â