SocGen Takes Minority Stake in GMEX Group
French firm becomes an execution and clearing member of the venue.
SocGen Prime Services, formerly Newedge, has become the second minority investor in the London-based exchange after Deutsche Borse Group purchase a minority stake in 2013 for a figure in the "single-digit millions."
The French bank has also announced it will become an execution and clearing member of the venue.
“The GMEX Group offers genuinely new ways to trade Interest Rates via their unique and versatile Constant Maturity Futures product,” says David Escoffier, deputy head of global markets for SocGen's corporate and investment banking and CEO at Newedge. “That's exciting for our clients as they adapt to the new environment, for our industry, and for us as part of this venture. 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 focus on delivery value to our clients."
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