Societe Generale invests in GMEX 18 February 2015Paris Reporter: Stephanie Palmer
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Societe Generale Prime Services has become the second minority investor in the Global Markets Exchange Group (GMEX).
Formerly Newedge, Societe Generale acquired a minority stake of GMEX, and plans to provide execution and clearing services for clients trading on the exchange. It follows a similar investment from Deutsche Börse Group AG.
GMEX is an exchange focused on business and the launch of new products including interest rate swap futures contracts and derivatives indices. It is also involved in emerging parkets exchange business partnerships, enabled by multi-asset trading technology.
David Escoffier, deputy head of global markets for Societe Generale Corporate and Investment Banking and Newedge CEO, said: “The GMEX Group offers genuinely new ways to trade Interest Rates via their unique and versatile Constant Maturity Futures product.”
He added: “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 focused on delivery value to our clients."
Hirander Misra, CEO and co-founder of GMEX Group, 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.”
“We look forward to working with all our partners as we continue to position ourselves to meet the needs of the market across the investment management, banking and futures trading community.”
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