Societe Generale Prime Services has acquired a minority stake in Global Markets Exchange (GMEX) Group, a UK start-up trading platform.
GMX is regulated in the UK as an investment company rather than a trading venue. It offers a product with a so-called constant maturity future.
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It also allows investors to tweak the maturity date of their swap, and avoid the costs associated with rolling over a futures contract.
The French bank is the second minority investor in the start-up, after an earlier investment by Deutsche Borse Group in 2013.
GMEX Group CEO and co-founder Hirander Misra said, "We welcome this investment from Societe Generale, which in conjunction with their earlier announcement to become an execution and clearing member of the GMEX exchange, emphasises the value of our proposition."
Societe Generale corporate & investment banking deputy head of global markets David Escoffier remarked, "The GMEX Group offers genuinely new ways to trade Interest Rates via their unique and versatile Constant Maturity Futures product. That’s exciting for our clients as they adapt to the new environment, for our industry, and for us as part of this venture.
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By GlobalData"Acquiring a minority share reflects our commitment to driving innovation in the derivative markets, and we will continue to look positively at other similar initiatives based on innovation, quality and focused on delivery value to our clients."
