Howard Lutnick, CEO of Cantor Fitzgerald, is launching a new futures market exchange with substantial backing from major financial institutions including Goldman Sachs, JPMorgan, Citadel Securities, Barclays, and others. The venture, known as FMX Partners, secured minority investments totaling a post-money value of $667 million and is set to launch in September. These investments are tied to minimum trading volume commitments. Lutnick also anticipates a Federal Reserve rate cut just before the US presidential election this year.
Cantor Fitzgerald CEO Howard Lutnick talks about the futures market with Bloomberg's Sonali Basak https://t.co/gD3teKiK56 https://t.co/vKFQIlLhzZ
Goldman and Citadel Securities back Howard Lutnick’s renewed tilt on futures market https://t.co/rH28UIEmf9
Cantor Fitzgerald CEO Howard Lutnick expects the Federal Reserve to cut rates a single time this year, just ahead of the US presidential election https://t.co/QEYjbOF2Ks
It’s usually extremely difficult for start-up exchanges to gain market share against incumbents, but the new venture by Howard Lutnick is backed by Goldman, JPM, Citadel Securities and others, which is about as strong a starting point as you could ask for. Will be very…
$FMX Partners: BofA, JPM, Citadel, Goldman, Barclays, and several others made minority investments in FMX at a post-money value of $667m and is expected to launch in September. The minority investments should also come with minimum trading volume commitments. $BGC