BGC Partners Expands Base Metals Sector, Tapping Michael Turek as Head

BGC Partners, Inc. (NASDAQ: BGCP), a global brokerage company servicing a multitude of sectors and asset classes, has appointed Michael Turek as its newest Head of BGC's Base Metals desk in New York, according to a BGC statement.

BGC Partners utilizes a wide-ranging suite of products, including fixed income securities, interest rate Swaps Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Read this Term, FX, equities, equity derivatives, credit derivatives and commodities, futures, among others. Last month, the BGC made waves following the resignation of independent board members of GFI Group and the subsequent appointment of 6 out of 8 directors on the new BGC expanded board, following a 56.3% acquisition of GFI’s shares.

The latest appointment by Mr. Turek in New York as is base metals head complements the group’s London team, working in tandem in a bid to expand its commodities business – the London team is co-headed by Bradley Marchant and Steven Bingley.

Mr. Turek joined BGC after a lengthy stint in commodities trading, having most recently come over from Newedge Group where he worked as its senior director. Before Newedge, Mr. Turek also held executive level roles at Prudential Financial, including Senior Vice President and Metals Sales Trader.

According to Bobbie Lambert, Director of Commodities at BGC in a recent statement on the appointment, "We are delighted to welcome Michael to BGC. He brings extensive sales and trading experience in the commodities sector as we seek to expand the depth and breadth of this business into new global markets. We are confident that his industry experience and client relationships will be invaluable as we continue to invest in and expand in our base metals business."

"I am excited to join BGC, a leading global brokerage firm with an excellent industry reputation. I find BGC especially compelling as they are committed to expanding in the base metals sector at an opportunistic time. I am thrilled to work alongside Bobbie, Steven and Bradley to offer clients fast and price efficient access to Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term, expand the global reach of BGC's Base Metals business, and place BGC at the forefront of the marketplace,” added Mr. Turek in an accompanying statement.