London, UK - 30th April 2014: Global Derivatives Indices (“GDI”), a wholly owned subsidiary of Global Markets Exchange Group International LLP (“GMEX Group”), today announced a strategic collaboration with Tullett Prebon Information (TPI), part of Tullett Prebon, one of the world’s leading inter-dealer brokers. The deal allows GDI the rights to use TPI’s high quality, independent over-the-counter (“OTC”) derivatives data as part of its accurate and reliable index benchmarks.
GDI licenses its indices for the creation of futures contracts to group company Global Markets Exchange Group Limited (”GMEX”), which will launch a Multilateral Trading Facility (“MTF”) later this year, subject to approval from the UK Financial Conduct Authority. The initial launch will focus on the pioneering GMEX Constant Maturity Futures (“CMF”) contracts for Interest Rate Swaps, which will be traded on its London Derivatives Exchange (“LDX”) segment. Designed to overcome the complications of hedging interest rates that have been associated with standard quarterly expiring futures contracts, these contracts are linked to the GDI developed proprietary Constant Maturity Index (“CMI”),which reflects the underlying IRS market in real-time.
“This is an important and exciting strategic alliance with one of the world’s leading inter-dealer brokers and its global information arm, which will help ensure the index benchmarks underpinning our innovative futures contracts have very high standards of data integrity.” said Hirander Misra, CEO of GMEX Group and Chairman of GDI.
“Our indices are calculated from reliable IRS inputs and will consist of a diverse range of market participants, including TPI, banks, investment funds and market makers. Once the exchange launches, there will be index surveillance validation alongside GMEX market surveillance to help ensure benchmark quality.” added Vj Angelo, President of GMEX Group and CEO of GDI.
“Both competition and regulatory change are driving the need for data that can be trusted to stand the closest scrutiny, and our partnership with GMEX Group and its index division is testament to this increasing demand for high quality, independent data, which is essential for the creation of credible benchmarks that underpin global trading activity.” said Frank Desmond, Managing Director, Tullett Prebon Information.
Media Contact
Melanie Budden
The Realization Group
Tel: +44 (0) 7974 937 970
E-mail: pr@gmex-group.com
About GMEX Group
Global Markets Exchange Group International LLP is a group of companies that offer sustainable and innovative solutions for the new era of global financial markets, encompassing:
GDI licenses its indices for the creation of futures contracts to group company Global Markets Exchange Group Limited (”GMEX”), which will launch a Multilateral Trading Facility (“MTF”) later this year, subject to approval from the UK Financial Conduct Authority. The initial launch will focus on the pioneering GMEX Constant Maturity Futures (“CMF”) contracts for Interest Rate Swaps, which will be traded on its London Derivatives Exchange (“LDX”) segment. Designed to overcome the complications of hedging interest rates that have been associated with standard quarterly expiring futures contracts, these contracts are linked to the GDI developed proprietary Constant Maturity Index (“CMI”),which reflects the underlying IRS market in real-time.
“This is an important and exciting strategic alliance with one of the world’s leading inter-dealer brokers and its global information arm, which will help ensure the index benchmarks underpinning our innovative futures contracts have very high standards of data integrity.” said Hirander Misra, CEO of GMEX Group and Chairman of GDI.
“Our indices are calculated from reliable IRS inputs and will consist of a diverse range of market participants, including TPI, banks, investment funds and market makers. Once the exchange launches, there will be index surveillance validation alongside GMEX market surveillance to help ensure benchmark quality.” added Vj Angelo, President of GMEX Group and CEO of GDI.
“Both competition and regulatory change are driving the need for data that can be trusted to stand the closest scrutiny, and our partnership with GMEX Group and its index division is testament to this increasing demand for high quality, independent data, which is essential for the creation of credible benchmarks that underpin global trading activity.” said Frank Desmond, Managing Director, Tullett Prebon Information.
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Media Contact
Melanie Budden
The Realization Group
Tel: +44 (0) 7974 937 970
E-mail: pr@gmex-group.com
About GMEX Group
Global Markets Exchange Group International LLP is a group of companies that offer sustainable and innovative solutions for the new era of global financial markets, encompassing:
- Operation of a Multilateral Trading Facility for the trading of a Constant Maturity Future for Interest Rate Swaps, subject to FCA approval
- Development of related new tradable market and product indices
- Creation and operation of low cost electronic exchanges in equities, debt, FX, derivatives and commodities in developing and, in a targeted way, developed markets
- Interconnectivity of exchanges to each other creating a global network of liquidity
- Business development to enhance liquidity in partner exchange products
- Consultancy on exchange strategy, product development, clearing and regulation
- Provision of platform technology
