FCA clears path for BGC's takeover of GFI

UK regulator raps US broker over stake breach

fca-building
FCA headquarters, London

The UK Financial Conduct Authority (FCA) has given the green light to BGC to take over rival interdealer broker GFI Group.

This comes after the New York-based broker settled a dispute with the FCA after exceeding its 10% stake in GFI without seeking its prior approval, which is a breach of regulatory law.

The original offer on the table to GFI shareholders expired at midnight on November 19, but it has subsequently issued a further deadline of 5pm December 9.

"We are extending our offer to

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