Astute hire of industry veteran Cawley shows BCG is serious about expanding market share in its swaps business.
BGC Partners has hired industry veteran James Cawley to serve as chief executive officer of BGC Derivative Markets L.P., the firm's swap execution facility subsidiary. The move is yet another sign that BGC Partners is moving swiftly to expand its business in swaps trading both organically and through acquisition. On October 22, the interdealer broker started a $675 million hostile bid for GFI Group, a rival New York brokerage and clearing firm. Cawley was formerly CEO of the SEF Javelin Capital Markets, which he founded in 2009, where he was an early advocate for swaps trading on SEFs.