Rate volatility spurs global broker to move into yen swaps

The Nasdaq-listed firm will launch a team in Japan next week for broking yen rate swaps. — Reuters

New York: BGC Group Inc is making a big push into the yen interest-rate derivatives business as speculation over Japan’s monetary policy fuels record volumes of transactions to hedge against potential changes in borrowing costs.

The Nasdaq-listed firm will launch a team in Japan next week for broking yen rate swaps, helping clients find counterparts to exchange one stream of future interest payment for another, Ken Ichikawa, chief executive officer of the Tokyo branch of BGC Shoken Kaisha Ltd, said in an interview. It will start with eight members, and add more over the course of 2024, he said.