Consortium backs BGC’s effort to challenge CME

Banks and market makers—including BofA, Citi, Goldman, Jump and Tower—will have a 26% stake in FMX.

Credit: Casimiro/Alamy Stock Photo

A consortium of 10 banks and market-making firms is investing $172 million in BGC’s electronic trading and exchange business, called FMX.

The deal, which gives FMX an implied valuation of $667 million, underscores BGC’s ambitions to challenge CME Group’s dominance in the US Treasury cash and futures markets.

The consortium—which consists of Bank of America, Barclays, Citadel Securities, Citi, Goldman Sachs, JP Morgan, Jump Trading, Morgan Stanley, Tower Research Capital and Wells Fargo—will have a

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