BGC Partners has established a precious metals desk to work alongside its existing base metals desk of the past eleven years, according to a company release today.
BGC is tapping Richard Yeabsley, head of FX options in London, to manage the precious metals desk, which will provide broking services in options, forwards, interest rate swaps (IRS), exchange for physicals (EFP) and Nymex Clearport products. BGC Partners will also provide global coverage in broking the precious metals via offices in London, New York, Sydney Singapore, Tokyo and Hong Kong.
In addition, the firm has hired Bob Davis, who has 22 years in the bullion market, to manage the forwards, IRS and EFP broking. Davis was previously global head of precious metals sales and marketing at BNP Paribas in London.
In a statement, Shaun Lynn, president and CEO of BGC Partners, said, "The creation of this desk is closely aligned to BGC Partners' overall growth strategy and will both add to and strengthen our existing commodities franchise."