GFI Group, Inc., a subsidiary of BGC Partners, Inc. (NASDAQ: BGCP) operating as an intermediary in the global OTC and listed markets, has just announced that an affiliated entity has entered into an agreement to acquire Micromega Securities Proprietary Limited.
Micromega Securities operates in the South African fixed income, rates and foreign exchange markets, via its three subsidiaries: TTSA Securities (PTY) Ltd, SA International & Capital Market Brokers (PTY) Ltd and Micromega Africa Money Brokers (PTY) Ltd. GFI and Micromega Securities have operated a joint venture since 2013.
Micromega Securities is currently a wholly owned subsidiary of Micromega Holdings (PTY) Ltd (JSE: MMG), a public company listed on the Johannesburg Stock Exchange.
We recognize the opportunity to increase GFI’s footprint in the South African and the wider African marketplace by formally bringing Micromega Securities and its talented team into GFI,” said Colin Heffron, CEO of GFI Group.