Lutnick Lands Wall Street Giants for His Futures Fight With CME [BNN Bloomberg (Canada)]
Bank of America Corporation (BAC)
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Source: BNN Bloomberg
The chief executive officer of Cantor Fitzgerald got backing from Bank of America Corp., Barclays Plc, Citadel Securities, Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co., and Jump Trading as he prepares to launch his new futures exchange. The firms invested $172 million for a 25.75% stake in FMX, which increases as they use the platform. The business is part of BGC Group Inc., a brokerage spun off from Cantor Fitzgerald in 2004 and led by Lutnick. By bringing in notable names in finance as investors, Lutnick said he hopes to create value for the venue before it's even launched. The backers also include Morgan Stanley, Tower Research Capital and Wells Fargo & Co., which signed on to become minority equity owners of FMX, valued at $667 million. “When George Clooney bought a tequila company, the tequila was the tequila,” Lutnick said in an interview, comparing the consortium of backers with the movie star. “The day after he bought it, it was worth 10X. My exchange is
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