27 September 2023

BGC Partners Arranges First Intermediated Block Trade Of CME Group Bitcoin Options In Asia

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LONDON – GFI (HK) Securities LLC, a subsidiary of BGC Partners, Inc. (Nasdaq: BGCP) (“BGC”), a leading global brokerage and financial technology company, is excited to announce that it has arranged the first ever intermediated block trade of CME Group Bitcoin options contracts in Asia between Cumberland DRW LLC (“Cumberland”) and Goldman Sachs.

In addition to BGC’s comprehensive cryptocurrency offering, BGC is actively engaged with the digital community to ensure it remains the trusted partner of choice in this rapidly evolving asset class. This transaction brought together major global market participants in the cryptocurrency space. Since 1Q 2022, BGC has been active in multiple segments of the digital marketplace, successfully arranging transactions in options on multiple listed ETFs, and other transactions in options on CME Group Bitcoin futures, and options on CME Group Micro Bitcoin futures. On April 7, 2022, BGC announced it arranged the first ever block trade of Micro Bitcoin options offered by CME Group.1

In anticipation of an active OTC wholesale cryptocurrency marketplace, BGC is establishing electronic platforms and voice / hybrid listed brokerage desks in major financial centers to facilitate the expected growth in this sector.

Brad Howell, CEO Asia Pacific* for BGC, commented on today’s announcement, “We are delighted to partner with Cumberland and Goldman Sachs to execute the first listed cryptocurrency futures and options block trade via CME Group in Asia. This transaction marks BGC’s continued commitment to expanding our cryptocurrency offering and to working with our global counterparties in developing this rapidly evolving asset class.”

Paul Kremsky, Global Head of Business Development for Cumberland, said, “Since Cumberland DRW first established an OTC cryptocurrency desk in 2014, the goal has always been to help usher institutions into the digital assets space. BGC will be a key partner in opening the growing asset class to a broader group of banks, funds, and investors, and Cumberland is extremely excited to work with them as a liquidity provider.”

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