Jumping the fences

Interdealer broker BGC shelved its planned initial public offering in May, deciding instead to merge with electronic trading platform eSpeed, a move intended to position BGC as a major force in electronic and voice broking. Alexander Campbell talks to BGC's chairman and chief executive, Lee Amaitis


The success, and even the survival, of interdealer brokers such as BGC has come as a surprise to some. "Ten years ago, most people thought we would be extinct by now," says Lee Amaitis, the New York-based broker's chairman and chief executive. "But brokers are back in vogue."

Part of the reason is that the major brokerage firms have evolved with the times. Two development trends were expected to kill off the interdealer brokers - the movement of products from over-the-counter markets to exchanges

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