Tuesday 17 February 2015 8:14 pm

SocGen backs derivatives trading venue

SOCIETE Generale has taken a minority stake in London-based derivatives exchange Global Markets Exchange (GMex) Group for an undisclosed sum. The banking corporation has taken the stake through its Societe Generale Prime Services arm, formerly known as Newedge. The deal puts SocGen second on the shareholder register to Deutsche Borse Group, which bought part of GMex last year. GMex is a swap futures trading venue, with head offices based in King William Street in the City. “Acquiring a minority share reflects our commitment to driving innovation in the derivative markets,” deputy head of global markets at SocGen’s investment banking arm David Escoffier said. SocGen will also become a execution and clearing member of the new platform, GMex said.