BGC Group has set the date for the launch of its new futures exchange, FMX Futures Exchange.

Backed by the likes of Bank of America, Barclays, Citadel Securities, Citi, Goldman Sachs, JP Morgan, Jump Trading Group, Morgan Stanley, Tower Research Capital, and Wells Fargo the new venue is set to go live on 23 September.

The new venue is intending to rival the behemoths that dominate the futures trading venue sphere, namely CME Group, ICE, and Cboe global Markets. It will initially only support SOFR futures trading with plans to add US Treasury futures in the first quarter of next year.

The venue has confirmed a clearing partnership with LCH ahead of launch, offering an integrated clearing and trading offering. The exchange received approval from the Commodity Futures Trading Commission (CFTC) to operate as an exchange for US Treasury and SOFR futures in January.

“LCH has $225 billion of interest rate swap collateral securing its interest rate swaps, against which LCH members expect to cross margin eligible US interest rate futures traded on FMX Futures Exchange,” said BGC in its release.

FMX Futures Exchange is built off BGC Group’s marketplace Fenics Markets Xchange (FMX) which is launched in 2021 with the aim of allowing participants to trade US rates cash and futures electronically.

The marketplace combined BGC’s low latency electronic trading platform for US treasuries, Fenics UST, and FMX US futures trading on one platform.