BGC Partners quits oil and products trading in London -traders
LONDON, March 25
LONDON, March 25 (Reuters) - BGC Partners, a spun-off brokerage unit of Cantor Fitzgerald, has decided to withdraw from trading in oil and oil products in London, trading sources said on Monday.
The brokerage is a separate affiliate of global financial services firm Cantor Fitzgerald, which lost 658 of its 960 employees who worked at the World Trade Center when it was destroyed in the air attacks on Sept. 11, 2001.
Both are run by the same chairman and chief executive officer, Howard W. Lutnick, and have shared initiatives to donate profits to families of those killed in the attack.
BGC Partners declined to comment.
Around 10-15 people occupied roles in its oil and products division, the trading sources said. Some were expected to find new roles within the company.
Former BGC Partners traders were not free to discuss the reasons for their departure as they had signed confidentiality agreements.
However, one former BGC Partners broker who had worked in the division said the firm had faced tough competition from established players in the industry, adding the team had made money during his time there.