BGC Group launched its highly anticipated FMX Futures Exchange on Monday, opening for SOFR futures trading at 9 PM ET.
Marex cleared the first trade on the platform, according to LCH, and was the first day one non-bank FCM member for SOFR futures. The firm told Global Trading that the launch went well, and exchange connections and service responded very well end-to-end.
According to Bloomberg data, FMX volumes as of launch were six lots.
FMX has been the subject of much debate over recent months, not least due to the vocal opposition to the exchange from CME CEO Terry Duffy. The ongoing public conflict between Duffy and BCG CEO Howard Lutnick has been followed closely, with the former’s attempts to stop FMX from launching falling flat.
BGC is on schedule to have US Treasury futures trading on FMX in Q1 2025, it said.
Of FMX’s 10 equity owners, Bank of America, Barclays, Goldman Sachs, Morgan Stanley and Citi declined to comment on the launch. Citadel Securities, JP Morgan, Jump Trading Group, Tower Research Capital and Wells Fargo could not be reached for comment.
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