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BGC Group Inc., (NASDAQ:BGC) a financial services firm led by Cantor Fitzgerald CEO Howard Lutnick, plans to launch an exchange that will start trading secured overnight financing rate (SOFR) futures on Sept. 23 on its new FMX Futures Exchange. The SOFR is a benchmark interest rate for dollar-denominated derivatives and loans that replaced the London Interbank Offered Rate (LIBOR) in June 2023. “I think we’re going to bring competition into the market and I’m jazzed, jazzed, jazzed,” Lutnick said in announcing the new exchange on Bloomberg Television on Wednesday. FMX Futures Exchange is a consortium backed by Bank of America Corp. (NYSE:BAC), Barclays (NYSE:BCS), Citadel Securities, Citigroup Inc. (NYSE:C), The Goldman Sachs Group Inc. (NYSE:GS), J.P.Morgan Chase & Co. (NYSE:JPM), Morgan Stanley (NYSE:MS), Jump Trading Group and Tower ...


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