LONDON, Dec. 22, 2016 /PRNewswire/ -- GFI Group, Inc. ("GFI" or "the Company"), a subsidiary of BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners" or "BGC") operating as an intermediary in the global OTC and listed markets, today announced that an affiliated entity has entered into an agreement to acquire Micromega Securities Proprietary Limited ("Micromega Securities").
Micromega Securities operates in the South African fixed income, rates and foreign exchange markets, via its three subsidiaries: TTSA Securities (PTY) Ltd, SA International & Capital Market Brokers (PTY) Ltd and Micromega Africa Money Brokers (PTY) Ltd. GFI and Micromega Securities have operated a joint venture since 2013. Micromega Securities is currently a wholly owned subsidiary of Micromega Holdings (PTY) Ltd (JSE: MMG), a public company listed on the Johannesburg Stock Exchange.
"We recognize the opportunity to increase GFI's footprint in the South African and the wider African marketplace by formally bringing Micromega Securities and its talented team into GFI," said , CEO of GFI Group.
Details of the transaction were not disclosed, and completion of the transaction is subject to legal and regulatory approvals and certain closing conditions.
About Micromega Securities Proprietary Limited
Founded in 1991, Micromega Securities Proprietary Limited offers interdealer brokerage services in fixed income, rates and foreign exchange products via its three operating subsidiaries: TTSA Securities (PTY) Ltd, SA International & Capital Market Brokers (PTY) Ltd and Micromega Africa Money Brokers (PTY) Ltd. The group operates from its office in Johannesburg. TTSA Securities and SA International & Capital Market Brokers are regulated in South Africa by the Johannesburg Stock Exchange. SA International & Capital Market Brokers and Micromega Africa Money Brokers are approved by the South African Reserve Bank for FX trading.
About GFI Group, Inc.
Founded in 1987 and headquartered in New York, GFI is owned by, and operates as a division of BGC. GFI is a leading intermediary in the global OTC and listed markets offering an array of sophisticated trading technologies and products to a broad range of financial market participants. More than 2,500 institutional clients benefit from GFI's know-how and experience in operating electronic and hybrid markets for cash and derivative products across multiple asset classes, including fixed income, interest rates, foreign exchange, equities, energy and commodities.
About BGC Partners, Inc.
BGC Partners is a leading global brokerage company servicing the financial and real estate markets. BGC owns GFI Group Inc., a leading intermediary and provider of trading technologies and support services to the global OTC and listed markets. The Company's Financial Services offerings include fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commodities, futures, and structured products. BGC provides a wide range of services, including trade execution, broker-dealer services, clearing, trade compression, post trade, information, and other services to a broad range of financial and non-financial institutions. Through brands including FENICS, BGC Trader, Capitalab, and BGC Market Data, BGC offers financial technology solutions, market data, and analytics related to numerous financial instruments and markets.
BGC, BGC Trader, GFI, FENICS, FENICS.COM, Capitalab, Swaptioniser, Newmark, Grubb & Ellis, ARA, Computerized Facility Integration, Landauer, Landauer Valuation & Advisory, and Excess Space, Excess Space Retail Services, Inc., and Grubb are trademarks/service marks, and/or registered trademarks/service marks and/or service marks of BGC Partners, Inc. and/or its affiliates. Knight Frank is a service mark of Knight Frank (Nominees) Limited.
Discussion of Forward-Looking Statements about BGC Partners
Statements in this document regarding BGC's businesses that are not historical facts are "forward-looking statements" that involve risks and uncertainties. Except as required by law, BGC undertakes no obligation to release any revisions to any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC's Securities and Exchange Commission filings, including, but not limited to, the risk factors set forth in its public filings, including the most recent Form 10-K and any updates to such risk factors contained in subsequent Forms 10-Q or Forms 8-K.
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