BGC Partners, one of the largest interdealer brokers, on Tuesday highlighted how the lines are blurring between exchanges, brokers and interdealer brokers by agreeing a “strategic alliance” with BNY ConvergEx, a broker that is an affilate of Bank of New York.

Under the arrangement, BGC – which acts as a broker in over-the-counter equity and index options, among other products – will use BNY ConvergEx to allow its customers to hedge their options exposures in equities.

Hedging of OTC option positions in the cash equities markets is common practice but customers of interdealer brokers usually have to shop around to brokers to get their hedges done.

Bryan Coyne, head of emerging market equities at BGC in London, said the arrangement meant that BGC’s customers would get access to ConvergEx’s connections with markets globally.

“We will bring them clients and we share revenues; they bring us technology and infrastructure.”

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