Cantor Fitzgerald has launched a new subsidiary to offer product design, technology and advisory services to B2B marketplaces worldwide.
Dubbed Independent Market Services, the new unit will offer a full range of market services including market design, trading technology implementation, market operation expertise and futures and derivative product design. The group will leverage Cantor Fitzgerald's experience in building and operating markets and the technology of its eSpeed trading systems subsidiary.
"Many industries are facing enormous challenges turning outdated distribution networks into fair and efficient marketplace environments," says William Flanagan, president of Independent Market Services. "There is a new and very real need for expertise in marketplace design and operation. IMS will provide these for our partners."
Flanagan, a former Commander-in-Chief of the US Atlantic Fleet, has been instrumental at Cantor Fitzgerald in developing non-financial commodities markets, especially those brought about by government deregulation and privatisation. Phil Ginsberg and Jeanine Hull will serve as senior vice presidents of the new company.
Both London's International Financial Futures and Options Exchange and the Chicago Mercantile Exchange have advanced similar plans for selling technology and advisory services to B2B marketplaces.