BGC Partners plans to float its real estate broking unit, allowing it to focus on battling UK rival TP ICAP as the dominant interdealer broker in global financial markets.

It will leave BGC to focus on the brokers who trade over-the-counter derivatives by phone, as well as building its electronic infrastructure business. Like its rival, BGC appear to be doubling down on a gamble that humans will still be a vital part of the over-the-counter markets, which has been upended in recent years by a combination of regulation.

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