(EnergyAsia, February 25, Monday) — BGC, an international financial brokerage firm, said it has agreed to acquire the assets of Singapore-based Radix Energy through a new BGC subsidiary to be named BGC Radix Energy. The transaction is expected to close in early March 2008.

BGC, which provides integrated voice and electronic services to wholesale fixed income, interest rate, foreign exchange and derivatives markets worldwide, said BGC Radix Energy will offer its clients voice and electronic brokerage services in the world’s energy markets for the first time, with products including crude oil, naptha, middle distillates, fuel oil and freight swap derivatives.

Richard Tan, Radix Energy’s managing director, established the company in 2000 and has expanded the business to more than 30 staff, who will continue to be based in Singapore serving its base of clients in the region and beyond. Mr Tan will remain as a managing director responsible for BGC’s energy division, reporting locally to Craig Bannister, managing director at BGC in Singapore and regionally to Mark Webster, executive managing director and general manager for Asia, and to Mark Spring, executive managing director for Asia.

Shaun Lynn, President of BGC, said: “World energy markets have experienced the same tremendous volatility as elsewhere in recent months and acquiring Radix Energy gives BGC the opportunity to offer existing clients access to these markets and clients of Radix access to BGC’s global price discovery, execution and transaction processing services.”

Mr Tan said: “It is an important development for Radix Energy, because the business will be able to take advantage of BGC’s technology platform and investment in order to further expand its brokerage of energy products. It will enable BGC Radix Energy to become a major energy brokerage house, providing services to existing clients in Singapore and further afield to new clients in Europe and the US.”

The acquisition will mark the latest development in the growth and expansion of BGC which now has more than 1,700 staff in 14 offices around the world. The company recently acquired Euro Brokers, ETC Pollak, Aurel Leven Securities, the equity derivatives business of Marex Financial. BGC is also merging with eSpeed Inc, subject to the relevant regulatory and other approvals.

Named after fixed income trading innovator B. Gerald Cantor, BGC has offices in London, New York, Copenhagen, Istanbul, Nyon, Paris, Mexico City, Toronto, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Beijing (representative office).

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