BGC Partners arranges Asia’s first intermediated block trade of CME Group Bitcoin options

The move follows BGC’s arrangement of the first ever block trade of Micro Bitcoin options offered by CME Group earlier this year.

GFI (HK) Securities, a subsidiary of interdealer broker BGC Partners, has arranged its first ever intermediated block trade of CME Group Bitcoin options in Asia between Cumberland and Goldman Sachs.

The transaction brought together major global market participants in the cryptocurrency space and falls in line with BGC’s aim to remain a partner of choice in the digital assets’ realm.

Since the first quarter of this year, BGC has been involved in a number of areas related to digital assets, having successfully arranged trades in options on a number of listed ETFs, as well as trades in options on CME Group Bitcoin futures and options on CME Group Micro Bitcoin futures.

On 7 April, BGC arranged the first ever block trade of Micro Bitcoin options offered by CME Group.

In anticipation of an active OTC wholesale cryptocurrency marketplace, BGC said it is establishing electronic platforms and voice/hybrid listed brokerage desks in major financial centres to facilitate the expected growth in this sector.

“We are delighted to partner with Cumberland and Goldman Sachs to execute the first listed cryptocurrency futures and options block trade via CME Group in Asia,” said Brad Howell, CEO, Asia Pacific at BGC.

“This transaction marks BGC’s continued commitment to expanding our cryptocurrency offering and to working with our global counterparties in developing this rapidly evolving asset class.”

“Since Cumberland DRW first established an OTC cryptocurrency desk in 2014, the goal has always been to help usher institutions into the digital assets space,” said Paul Kremsky, global head of business development at Cumberland.

“BGC will be a key partner in opening the growing asset class to a broader group of banks, funds, and investors, and Cumberland is extremely excited to work with them as a liquidity provider.”