GMEX Adds Virtu as Swap Future Liquidity Provider

High-speed firm set to act as market-maker for product.

GMEX will operate from London.

The Global Markets Exchange Group (GMEX) has announced that electronic-trading specialist Virtu Financial will act as a liquidity provider for its Interest-Rate Swap Constant-Maturity Future (CMF), by joining GMEX Exchange.

Orders will be matched on the exchange, then confirmed and cleared at Eurex. Subject to regulatory approvals for the clearing component, the venue is scheduled to launch in April 2015, having already received a green light to operate from the UK Financial Conduct Authority.

"We are pleased to have Virtu join as a committed liquidity provider for launch," says Hirander Misra, CEO at GMEX Group. "We continue to make great progress leading up to our launch in terms of on-boarding buy-side firms, banks and futures trading houses, both directly and through vendor connections."

Swap futures have emerged as an area of distinct interest in the wake of ongoing regulatory reform surrounding trades in over-the-counter derivative products such as swaps.

In the US, swap execution facilities have been mandated to act as an execution intermediary, while Europe is planning to mandate trading through organised trading facilities and multi-lateral trading facilities as part of the review of the Markets in Financial Instruments Directive.

Emergent operators such as GMEX and Eris Exchange have pioneered the development of swap futures over recent months. Eurex's owner, Deutsche Börse, has a minority stake in GMEX.

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