NEW YORK, NY -- (Marketwire) -- 04/20/11 -- GFI Group Inc. (NYSE: GFIG) today announced it has set up a US Coal Desk in its New York office. The new desk will broker US and European centrally-cleared coal swaps for domestic clients using a single screen. Working closely with GFI's existing coal desk in London, the US desk will add to the already strong position GFI holds in the global coal markets by now offering U.S. clients the possibility to trade US and European centrally-cleared coal swaps using GFI's Trayport®-powered hybrid trading technology.
Richard Giles, GFI Group Managing Director and Head of Commodities and Energy Brokerage North America said: "We are very excited to be able to respond to our clients' demand by adding this new desk to our commodities offering worldwide. We are the first to provide US coal traders with one single point for the trading for European and domestic cleared swaps," and added, "Our clients will have the ability to trade using Trayport's technology, which integrates GFI's voice and electronic capabilities."
The desk is staffed by three brokers: Geoffrey Puzzi, Larry LaCosta and Nicholas Stefans, who bring to GFI over 35 years of combined experience in the commodities sector, twelve of them in the coal markets. Geoffrey Puzzi started his career at CBOT and NYMEX and worked for MF Global before joining GFI Group. Larry LaCosta is a member of the New York Coal Trade Association and a member of its board of governors. Larry has over 30 years institutional brokering experience and, before joining GFI Group, owned and operated LGL Energy Market Services, LLC, brokering coal and renewable energy credits. Nicholas Stefans started his career at GFI Group's London office where he joined the European coal desk.
Trayport is a leading provider of software to the global commodity trading community. It develops, deploys and supports quality, resilient software for trading in any asset class worldwide in cleared or OTC markets.
About GFI Group Inc. www.GFIgroup.com
GFI Group Inc. (NYSE: GFIG) is a leading provider of wholesale brokerage, clearing services, electronic execution and trading support products for global financial markets. GFI Group Inc. provides brokerage services, market data, trading platform and analytics software products to institutional clients in markets for a range of fixed income, financial, equity and commodity instruments.
Headquartered in New York, GFI was founded in 1987 and employs more than 1,900 people with additional offices in London, Paris, Hong Kong, Seoul, Tokyo, Singapore, Sydney, Cape Town, Santiago, Bogotá, Dubai, Dublin, Tel Aviv, Calgary, Los Angeles, Englewood (NJ) and Sugar Land (TX). GFI Group Inc. provides services and products to over 2,400 institutional clients, including leading investment and commercial banks, corporations, insurance companies and hedge funds. Its brands include GFI(SM), GFInet®, CreditMatch®, GFI ForexMatch®, EnergyMatch®, FENICS®, Starsupply®, Amerex®, Trayport® and Kyte®.
Certain matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "might," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of GFI Group Inc. (the "Company") and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: economic, political and market factors affecting trading volumes; securities prices or demand for the Company's brokerage services; competition from current and new competitors; the Company's ability to attract and retain key personnel, including highly-qualified brokerage personnel; the Company's ability to identify and develop new products and markets; changes in laws and regulations governing the Company's business and operations or permissible activities; the Company's ability to manage its international operations; financial difficulties experienced by the Company's customers or key participants in the markets in which the Company focuses its brokerage services; the Company's ability to keep up with technological changes; uncertainties relating to litigation and the Company's ability to assess and integrate acquisition prospects. Further information about factors that could affect the Company's financial and other results is included in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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