CME Fenics purchase sheds light on broker struggles
Revenues fall at interdealer brokers in Q2
CME Group's purchase of GFI-owned Fenics, an over-the-counter foreign exchange options analytics and pricing tool, highlights the growing struggles faced by interdealer brokers in the current low-volatility environment as they sell off assets to stay competitive in their core voice business, say market participants.
CME's purchase of Fenics this week, along with energy trading software provider Trayport, includes the buyout of GFI Group in exchange for $4.55 per share of CME stock. Following
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