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

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

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