GFI Asia Partners Pte. Ltd (“GFI”), a subsidiary of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage and financial technology company, announced today that it took a majority stake in a newly established joint venture company in China, GFIGS Commercial Consulting (Shanghai) Co., Ltd (“GFIGS”), offering OTC derivatives brokerage service.
GFI’s joint venture partner, Guizhou Big Data Capital Service Centre Co., Ltd. (“Guizhou Big Data Capital”), is a modern service enterprise whose main business direction is data commercialization and capitalization for both the information and financial services industry.
GFIGS will be registered and headquartered in Shanghai and will initially provide services in Iron Ore derivatives, building on GFI’s reputation as a leader and pioneer in Iron Ore derivatives markets, with the aim to expand to other products. This new joint venture presents an exciting opportunity for GFI’s further growth and development in China. GFI looks forward to a long and successful partnership with Guizhou Big Data Capital.
Commenting on today’s announcement, Benny Luk, Group CEO of Greater China, said: “We are delighted with the establishment of GFIGS to offer OTC brokerage services in China. Iron Ore futures trading volumes in China are more than 20 times larger than the offshore market. With Guizhou Big Data Capital’s extensive network and coverage of China’s financial markets and GFI’s experienced voice brokerage and best-in-class trading technology, we are able to comprehensively serve our clients’ needs in China.”
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Mr. He Xuan, Chairman at Guizhou Big Data Capital Service Centre Co., Ltd., said: “China is the world’s largest steel market and iron ore consumer. GFI is one of the world’s largest iron ore brokers and is also an active participant in shipping and energy markets. We anticipate that this joint venture with GFI will become an opportunity for both sides to cultivate the Chinese market for a long time. We believe that through close cooperation running through the ferrous metals industry, the two sides can make good use of the platform of Shanghai Clearing House to actively develop customers, steadily develop business, realize the comprehensive linkage between exchange and over the counter and real goods and derivatives. The platform of Shanghai Clearing House can also continue to improve the service experience, enrich the service connotation, and finally build an industry model for Sino-foreign cooperation.”
GFI prides itself on its reputation as an industry leader in commodities markets. In May 2020, Singapore Exchange announced the winners of the SGX Commodities Awards 2019. GFI was recognized by the Singapore Exchange as the Number One Overall Top Bulk Commodities Inter-Dealer Broker; Number One Overall Iron Ore Inter-Dealer Broker; Number One 62% Iron Ore Futures Inter-Dealer Broker; and Number One Coking Coal Options Inter-Dealer Broker.
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