Sydney, Australia: BGC Partners, Inc. a leading global intermediary to the wholesale financial markets, announced its first fully electronic Australian Dollar Interest Rate Swap (IRS) trade using BGC’s award-winning Volume Match tool on the BGC™ Trader platform.

Volume Match is integrated into BGC’s proprietary platform, BGC Trader and, at pre-set times during the day, offers customers auction-style electronic trading across a wide range of asset classes including credit default swaps, foreign exchange options and interest rate swaps.

Philip Norton, Executive Managing Director and Global Head of e-Commerce, said: “Over the past two years, we have more than tripled the number of desks that offer fully e-broking. Over a third of BGC’s approximately 200 products can now be traded electronically on BGC Trader and the flexibility of BGC’s proprietary platform enables the rapid and seamless addition of further fully electronic products. This significant increase in fully electronic trading on our platform over the past year reflects our customers’ appetite for a flexible and robust electronic trading platform for derivatives.”

Deane Gunson, Managing Director Australia, said: “We are very pleased to continue the roll-out of Volume Match in the Asia Pacific region, following the launch of fully electronic Singapore dollar interest rate swaps in October. The addition of Australian dollar IRS and Bills/Libor basis reflect the growing demand for electronic trading across new products in the region.”

Anthony Herbert, head of Australia and New Zealand Interest Rate Swap, added: “Our customers look to us to provide liquidity in key markets. By offering the option of fully electronic trading for swaps products, in addition to our strong existing voice franchise, we are giving our customers more efficient price discovery and greater flexibility.”