BGC Group, Inc.
For the period ended Jun 30, 2025. Filed Aug 11, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 11, 2025
BGC$10.48+0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-12.
0001628280-25-024645
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0001628280-25-039532
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 304 previous paragraphs and 372 current paragraphs.
164 unchanged; 103 reworded; 95 added; 36 removed; 1 previous and 10 current paragraphs rearranged.
Tables are not compared: 8 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (95)
Current report
Revenues in our Fenics businesses increased 18.6%, to $162.9 million, and 17.1% to $335.5 million, for the three and six months ended June 30, 2025, respectively, as compared to the prior year periods.
Current report
•FMX Futures Exchange successfully launched U.S. Treasury futures in May 2025 and continued to scale its SOFR futures ADV and open interest to record levels in the second quarter. SOFR average daily open interest increased sequentially by 73% in the second quarter and July’s open interest has more than doubled from those levels.
Current report
•PortfolioMatch ADV nearly doubled reflecting market share gains across the U.S. and EMEA credit markets. PortfolioMatch’s strong growth was driven by new clients, increased distribution, and deepening connectivity with large systematic traders.
Current report
Data, network and post-trade revenues increased by 15.1% to $35.5 million. This growth was primarily driven by Lucera and Fenics Market Data, partially offset by lower post-trade revenues due to the sale of BGC’s Capitalab business in the fourth quarter of 2024. Excluding Capitalab, revenues grew by more than 20%.
Current report
Acquisitions
Current report
We had no divestitures or sale of investments during both the three and six months ended June 30, 2025 and 2024.
Current report
Cost Reduction Program
Current report
In the second quarter of 2025, we launched a cost reduction program, which we expect will be completed by year-end and deliver at least $25 million in annualized savings through expense synergies. These savings are expected to enhance our profitability, drive margins higher, and deliver long-term shareholder value.
Current report
On July 4, 2025, President Trump signed the OBBBA into law, which, among other things, introduces a broad range of changes to existing tax rules, including significant modifications to certain incentives previously introduced or expanded by the Inflation Reduction Act of 2022, as well as extensions and modifications of certain provisions of the Tax Act. Management is currently evaluating potential implications of the OBBBA on our multinational activities, specifically on the applicability of the new net controlled foreign corporation tested income and foreign-derived deduction eligible income rules that replace the Tax Act’s GILTI and foreign-derived intangible income framework.
Current report
Based on a preliminary analysis, management does not expect that the OBBBA tax provisions will have a material impact on us, including with respect to its future financial condition, results of operations or liquidity. Management will continue to assess the potential impact the OBBBA may have on our future financial condition, results of operations or liquidity.
Current report
Total revenues increased $233.2 million compared to the prior year period, or 42.3%, to $784.0 million. Excluding OTC Global, revenues grew by $114.9 million, or 21%. Brokerage revenues increased by $226.4 million, or 45.9% due to overall growth across all asset classes:
Current report
•ECS increased $143.9 million, or 122.2%, driven by the acquisition of OTC Global. Excluding OTC Global, ECS grew by $31.3 million, or 27%;
Current report
•Rates increased $34.5 million, or 20.8%;
Current report
•FX increased $19.5 million, or 21.9%;
Current report
•Credit increased $5.9 million, or 8.5%; and
Current report
•Equities increased $22.5 million, or 43.8%.
Current report
For the six months ended June 30, 2025 compared to the six months ended June 30, 2024:
Current report
Income from operations before income taxes was $155.3 million compared to $126.3 million for the same period in the prior year.
Current report
Total revenues increased $318.9 million compared to the prior year period, or 28.2%, to $1,448.2 million. Excluding OTC Global, revenues grew by $200.6 million, or 17.8%. Brokerage revenues increased by $309.1 million, or 30.3% due to overall growth across all asset classes:
Current report
•ECS increased $175.4 million, or 74.2%, driven by the acquisition of OTC Global. Excluding OTC Global, ECS grew by $62.8 million, or 27%;
Current report
•Rates increased $60.4 million, or 17.7%;
Current report
•FX increased $45.5 million, or 26.3%;
Current report
•Credit increased $5.2 million, or 3.3%; and
Current report
•Equities increased $22.6 million, or 19.8%.
Current report
In addition, there was an increase of $6.2 million, or 10.1%, in Data, network and post-trade revenues, primarily driven by strong revenue growth across Fenics Market Data, our Lucera network business and OTC Global, partially offset by lower post-trade revenues due to the sale of BGC’s Capitalab business in the fourth quarter of 2024. Excluding Capitalab, Data, network and post-trade revenues grew by $8.5 million, or 14%. Furthermore, Interest and dividend income remained flat compared to the same period in the prior year.
Current report
Total expenses increased $250.0 million, or 23.8%, to $1,298.2 million, compared to the prior year period, primarily driven by the operations of OTC Global, which we acquired on April 1, 2025. We recorded total expenses of $101.5 million for the six months ended June 30, 2025 related to the operation of OTC Global. Total compensation and employee benefits expenses increased by $192.2 million primarily driven by the operations of OTC Global, higher revenues during the period and an increase in headcount. These higher compensation expenses were partially offset by a $3.0 million decrease in equity-based compensation. The $57.7 million increase in non-compensation expenses was primarily driven by the operations of OTC Global and increases in Interest expense related to the BGC Group 6.150% Senior Notes issued in April 2025 and the BGC Group 6.600% Senior Notes issued in June 2024. These higher Interest expenses were partially offset by a reduction of interest expense due to the repayments in full of the $255.5 million outstanding aggregate principal amount of BGC Group 3.750% Senior Notes and the $44.5 million outstanding aggregate principal amount of BGC Partners 3.750% Senior Notes on October 1, 2024. Non-compensation expenses also increased period over period due to higher Selling and promotion and Communication costs which were primarily driven by higher revenues.
Current report
Total brokerage revenues increased by $226.4 million, or 45.9%, to $719.9 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. Commissions revenues increased by $204.4 million, or 51.7%, to $599.5 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. Principal transactions revenues increased by $22.0 million, or 22.3%, to $120.4 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024.
Current report
Our ECS revenues increased by $143.9 million, or 122.2%, to $261.6 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, which was primarily driven by the acquisition of OTC Global and strong organic growth across our energy complex. Excluding the acquisition of OTC Global, ECS revenues grew by 27% for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024.
Current report
Our FX revenues increased by $19.5 million, or 21.9%, to $108.5 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, which was primarily driven by strong growth in FX options and emerging market currencies.
Current report
Our Credit revenues increased by $5.9 million, or 8.5%, to $75.3 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, which was primarily driven by higher U.S. and emerging market credit volumes.
Current report
Our Equities revenues increased by $22.5 million, or 43.8%, to $73.9 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, which was primarily driven by all major Equities products, with particular strength across EMEA and Americas due to higher volatility and market share gains.
Current report
Fees from related parties increased by $0.6 million, or 12.9%, to $5.2 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily driven by an increase in revenues in connection with services provided to Cantor, such as accounting, occupancy, and legal.
Current report
Data, network and post-trade revenues increased by $4.7 million, or 15.1%, to $35.5 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. This growth was primarily driven by Lucera and Fenics Market Data, partially offset by lower post-trade revenues due to the sale of BGC’s Capitalab business in the fourth quarter of 2024. Excluding Capitalab, revenues grew by 20.2% year-over-year.
Current report
Equity-based compensation and allocations of net income to limited partnership units and FPUs increased by $17.7 million, or 26.8%, to $83.9 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. There was a $5.9 million increase in the issuance of common stock and grants of exchangeability due to the timing of the issuances. The remaining $11.8 million is primarily due to an increase in accelerations of RSUs and restricted stock awards.
Current report
Other income (loss) decreased by $1.2 million, or 68.0%, to $0.6 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, which was primarily driven by a decrease in litigation resolutions partially offset by an increase in other recoveries.
Current report
Six Months Ended June 30, 2025 compared to Six Months Ended June 30, 2024
Current report
Revenues
Current report
Brokerage Revenues
Current report
Total brokerage revenues increased by $309.1 million, or 30.3%, to $1,330.7 million for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. Commissions revenues increased by $284.0 million, or 35.0%, to $1,094.2 million for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. Principal transactions revenues increased by $25.2 million, or 11.9%, to $236.5 million for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.
Current report
Our ECS revenues increased by $175.4 million, or 74.2%, to $411.6 million for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, which was primarily driven by the acquisition of OTC Global and strong organic growth across our energy complex.
Showing the first 40 of 95 passages. Open the source sections for the rest.
Removed paragraphs (36)
Previous report
Revenues in our Fenics businesses increased 15.6%, to $172.7 million in the first quarter of 2025, as compared to the prior year period.
Previous report
•FMX Futures Exchange continued to make progress connecting new, large FCMs, while preparing for the launch of U.S. Treasury futures, which following the extreme volatility in April, is scheduled for May 2025. As FMX continues to integrate more FCMs, ADV and open interest on the Exchange are expected to meaningfully accelerate.
Previous report
•PortfolioMatch ADV doubled due to strong growth across both U.S. and European credit volumes. PortfolioMatch continues to capture market share in this rapidly growing segment of the credit market.
Previous report
Data, network and post-trade revenues increased by 5.2% to $32.5 million. This growth was primarily driven by Fenics Market Data and Lucera, partially offset by lower post-trade revenues due to the sale of BGC’s Capitalab business in the fourth quarter of 2024. Excluding Capitalab, revenues grew by circa 10% year-over-year.
Previous report
Fenics’ revenue growth was led by Fenics Rates. Fenics represented 26.0% of BGC’s overall revenue in the first quarter of 2025 compared to 25.8% in the first quarter of 2024.
Previous report
On December 3, 2024, the Company announced the sale of Capitalab, which was part of its post-trade business, to Capitolis. BGC will retain its high-growth, post-trade foreign exchange risk reduction business, which was previously included under the Capitalab brand and will be renamed Fenics NDF Match.
Previous report
Total revenues increased $85.6 million compared to the prior year period, or 14.8%, to $664.2 million, largely due to overall growth of 15.7% in our brokerage revenues:
Previous report
•ECS increased $31.5 million, or 26.6%;
Previous report
•Rates increased $25.9 million, or 14.8%;
Previous report
•FX increased $26.0 million, or 31.0%;
Previous report
•Credit decreased $0.7 million, or 0.7%; and
Previous report
•Equities increased $0.1 million, or 0.1%.
Previous report
Total brokerage revenues increased by $82.8 million, or 15.7%, to $610.8 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. Commission revenues increased by $79.5 million, or 19.2%, to $494.7 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. Principal transactions revenues increased by $3.2 million, or 2.9%, to $116.1 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024.
Previous report
Our ECS revenues increased by $31.5 million, or 26.6%, to $149.9 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, driven by strong growth across environmental and energy transition products, as well as oil and refined products.
Previous report
Our FX revenues increased by $26.0 million, or 31.0%, to $110.0 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, reflecting broad-based growth across all FX products.
Previous report
Our Credit revenues decreased by $0.7 million, or 0.7%, to $86.9 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, due to lower Emerging Market and European credit volumes, partially offset by PortfolioMatch volumes and strong U.S. credit activity.
Previous report
Our Equities revenues increased by $0.1 million, or 0.1%, to $62.9 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, as a result of higher European and U.S. equity volumes being offset by lower Asian equity derivatives volumes.
Previous report
Fees from related parties remained flat at $4.4 million for the three months ended March 31, 2025 and 2024.
Previous report
Data, network and post-trade revenues increased by $1.6 million, or 5.2%, to $32.5 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. This growth was primarily driven by Fenics Market Data and Lucera, partially offset by lower post-trade revenues due to the sale of BGC’s Capitalab business in the fourth quarter of 2024. Excluding the impact of Capitalab, revenues grew by circa 10% year-over-year.
Previous report
Equity-based compensation and allocations of net income to limited partnership units and FPUs decreased by $20.8 million, or 21.6%, to $75.3 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. For the three months ended March 31, 2025 and 2024, the Company incurred compensation charges of $9.0 million and $25.4 million, respectively, for the acceleration of RSUs and restricted stock awards, respectively, held by former BGC executive officers.
Previous report
On April 4, 2025, Cantor borrowed $120.0 million from the Company under the BGC Credit Agreement. On April 14, 2025, Cantor made a partial repayment of $15.0 million to the Company of the $120.0 million borrowed from the Company under the BGC Credit Agreement. As of May 9, 2025, $105.0 million of borrowings remained outstanding under the BGC Credit Agreement. The borrowing rate as of May 9, 2025 was 6.18%.
Previous report
On April 2, 2025, we issued an aggregate of $700.0 million principal amount of BGC Group 6.150% Senior Notes. The BGC Group 6.150% Senior Notes are general senior unsecured obligations of the Company. The BGC Group 6.150% Senior Notes bear interest at a rate of 6.150% per year, payable in cash on April 2 and October 2 of each year, commencing October 2, 2025. The BGC Group 6.150% Senior Notes will mature on April 2, 2030. We may redeem some or all of the notes at any time or from time to time for cash at certain “make-whole” redemption prices (as set forth in the indenture related to the BGC Group 6.150% Senior Notes). If a “Change of Control Triggering Event” (as defined in the indenture related to the BGC Group 6.150% Senior Notes) occurs, holders may require the Company to purchase all or a portion of their notes for cash at a price equal to 101% of the principal amount of the notes to be purchased plus any accrued and unpaid interest to, but not excluding, the purchase date. The initial carrying value of the BGC Group 6.150% Senior Notes was $692.8 million, net of discount and debt issuance costs of $7.2 million, of which $0.4 million were underwriting fees payable to CF&Co. The Company intends to use the net proceeds to repurchase, redeem and/or repay at maturity all $288.2 million outstanding aggregate principal amount of BGC Partners 4.375% Senior Notes and all $11.8 million outstanding aggregate principal amount of the BGC Partners 4.375% Senior Notes, in each case including to pay any applicable redemption premium.
Previous report
In connection with the issuance of the BGC Group 6.150% Senior Notes, on April 2, 2025, we entered into a Registration Rights Agreement with the initial purchasers in the offering of the BGC Group 6.150% Senior Notes, including CF&Co, pursuant to which we are obligated to file a registration statement with the SEC with respect to an offer to exchange the BGC Group 6.150% Notes for a substantially identical issue of notes registered under the Securities Act and to complete such exchange offer prior to 365 days after April 2, 2025.
Previous report
Discussion of the three months ended March 31, 2025
Previous report
Material movements in the Company’s Liquidity position from April 1, 2025 through May 9, 2025 included the following:
Previous report
•$692.8 million net proceeds received from the issuance of the BGC Group 6.150% Senior Notes
Previous report
•$550.0 million full repayment of the borrowings outstanding under the Revolving Credit Agreement
Previous report
•$318.9 million of cash payments related to the acquisition of OTC Global, which had a total consideration of $325.0 million composed of $322.5 million in cash and $2.5 million in restricted shares of BGC Class A common stock
Previous report
•$120.0 million loan to Cantor under the BGC Credit Agreement of which Cantor partially repaid $15.0 million
Previous report
We intend to use the net proceeds of any shares of BGC Class A common stock sold under our CEO Program for general corporate purposes, including for potential acquisitions and repurchases of shares of BGC Class A common stock from executive officers and other employees of ours or our subsidiaries and of Cantor and its affiliates. Prior to the Corporate Conversion, we also used the net proceeds for redemption of LPUs and FPUs in BGC Holdings. Certain of such executive officers and other employees of ours or our subsidiaries and of Cantor and its affiliates will be expected to use the proceeds from such sales to repay outstanding loans issued by, or credit enhanced by, Cantor or BGC.
Previous report
On April 2, 2025, BGC Group issued an aggregate of $700.0 million principal amount of BGC Group 6.150% Senior Notes. $0.4 million of underwriting fees were payable to CF&Co.
Previous report
MARKET SUMMARY
Previous report
The following table provides certain volume and transaction count information for the quarterly periods indicated:
Previous report
1 Includes Fenics Integrated.
Previous report
Note: Certain information may have been recast with current estimates to reflect changes in reporting methodology. Such revisions have no impact on the Company’s revenues or earnings.
Previous report
Fully Electronic volume, including new products, was $15.9 trillion for the three months ended March 31, 2025, compared to $15.9 trillion for the three months ended March 31, 2024. Our Hybrid volume for the three months ended March 31, 2025 was $65.8 trillion, compared to $65.8 trillion for the three months ended March 31, 2024.
Reworded paragraphs (103)
Previous wording
The objective of this Management’s Discussion and Analysis is to allow investors to view the Company from management’s perspective, considering items that have had and could have a material impact on future operations. This discussion summarizes the significant factors affecting our results of operations and financial condition as of and during the three months ended March 31, 2025 and 2024. This discussion is provided to increase the understanding of, and should be read in conjunction with, our unaudited Condensed Consolidated Financial Statements and the notes thereto included elsewhere in this report.
Current wording
The objective of this Management’s Discussion and Analysis is to allow investors to view the Company from management’s perspective, considering items that have had and could have a material impact on future operations. This discussion summarizes the significant factors affecting our results of operations and financial condition as of and during the three and six months ended June 30, 2025 and 2024. This discussion is provided to increase the understanding of, and should be read in conjunction with, our unaudited Condensed Consolidated Financial Statements and the notes thereto included elsewhere in this report.
Previous wording
We are a leading global marketplace, data, and financial technology company that specializes in the trade execution of a broad range of products, including fixed income securities such as government bonds, corporate bonds, and other debt instruments, as well as related interest rate derivatives and credit derivatives. Additionally, we provide brokerage services across foreign exchange, energy, commodities, shipping, equities, and futures and options. Our business also provides network and connectivity solutions, market data and related information services, and post-trade services.
Current wording
We are a leading global marketplace, data, and financial technology company across the ECS and financial markets. We specialize in the brokerage and trade execution of a broad range of ECS products, including listed derivatives and physical commodities in the oil and refined, and environmental and energy transition, markets, as well as ship chartering. Additionally, we provide brokerage services across fixed income securities such as government bonds and corporate bonds, as well as related interest rate derivatives and credit derivatives, foreign exchange, equities and futures and options. Our business also provides network and connectivity solutions, market data and related information services, and post-trade services.
Previous wording
As of March 31, 2025, we had 2,165 brokers, salespeople, managers, and other front-office personnel across our businesses.
Current wording
As of June 30, 2025, we had 2,480 brokers, salespeople, managers, and other front-office personnel across our businesses.
Previous wording
Effective as of 12:01 a.m., Eastern Time, on July 1, 2023, BGC Holdings reorganized from a Delaware limited partnership into a Delaware limited liability company through a merger with and into Holdings Merger Sub, with Holdings Merger Sub continuing as a direct subsidiary of BGC Partners. Effective as of 12:02 a.m., Eastern Time, on July 1, 2023, Merger Sub 1 merged with and into BGC Partners, with BGC Partners continuing as a direct subsidiary of BGC Group. At the same time, Merger Sub 2 merged with and into Holdings Merger Sub, with Holdings Merger Sub continuing as a subsidiary of BGC Group. As a result of the Corporate Conversion Mergers, BGC Partners and BGC Holdings became wholly owned subsidiaries of BGC Group.
Current wording
Merger Sub 1 merged with and into BGC Partners, with BGC Partners continuing as a direct subsidiary of BGC Group. At the same time, Merger Sub 2 merged with and into Holdings Merger Sub, with Holdings Merger Sub continuing as a subsidiary of BGC Group. As a result of the Corporate Conversion Mergers, BGC Partners and BGC Holdings became wholly owned subsidiaries of BGC Group.
Previous wording
•64.0 million Cantor units, including 5.7 million purchased on June 30, 2023, were converted into shares of BGC Group Class B common stock, subject to the terms and conditions of the Corporate Conversion Agreement, provided that a portion of the 64.0 million shares of BGC Group Class B common stock issued to Cantor will exchange into BGC Group Class A common stock in the event that BGC Group does not issue at least $75,000,000 in shares of BGC Group Class A or B common stock in connection with certain acquisition transactions prior to July 1, 2030, the seventh anniversary of the Corporate Conversion. As of May 9, 2025, the Company has issued approximately $16.8 million of BGC Group Class A common stock in connection with acquisitions since the Corporate Conversion;
Current wording
•64.0 million Cantor units, including 5.7 million purchased on June 30, 2023, were converted into shares of BGC Group Class B common stock, subject to the terms and conditions of the Corporate Conversion Agreement, provided that a portion of the 64.0 million shares of BGC Group Class B common stock issued to Cantor will exchange into BGC Group Class A common stock in the event that BGC Group does not issue at least $75,000,000 in shares of BGC Group Class A or B common stock in connection with certain acquisition transactions prior to July 1, 2030, the seventh anniversary of the Corporate Conversion. As of August 8, 2025, we have issued approximately $17.3 million of BGC Group Class A common stock in connection with acquisitions since the Corporate Conversion;
Previous wording
On February 18, 2025, Mr. Howard W. Lutnick was confirmed by the United States Senate as the 41st Secretary of Commerce. Following his confirmation, on February 18, 2025, Mr. Howard W. Lutnick stepped down as Chairman of the Board and Chief Executive Officer of the Company. On February 18, 2025, the Company appointed Brandon Lutnick, son of Mr. Howard W. Lutnick, to serve as a member of the Board. Additionally, on February 18, 2025 the Company appointed Mr. Stephen Merkel to serve as a member of the Board and as Chairman of the Board. On February 18, 2025, the Company appointed John A. Abularrage, JP Aubin, and Sean A. Windeatt as Co-Chief Executive Officers of the Company and as the Principal Executive Officers of the Company. Mr. Howard W. Lutnick has agreed to divest his interests in BGC to comply with U.S. government ethics rules, which is expected to occur within 90 days following his confirmation, and does not expect any arrangement which involves selling shares on the open market.
Current wording
On February 18, 2025, Mr. Howard W. Lutnick was confirmed by the United States Senate as the 41st Secretary of Commerce. Following his confirmation, on February 18, 2025, Mr. Howard W. Lutnick stepped down as Chairman of the Board and Chief Executive Officer of the Company. On February 18, 2025, the Company appointed Brandon Lutnick, son of Mr. Howard W. Lutnick, to serve as a member of the Board. Additionally, on February 18, 2025 the Company appointed Mr. Stephen Merkel to serve as a member of the Board and as Chairman of the Board. On February 18, 2025, the Company appointed John J. Abularrage, JP Aubin, and Sean A. Windeatt as Co-Chief Executive Officers of the Company and as the Principal Executive Officers of the Company.
Previous wording
FMX includes the world’s fastest growing cash U.S. Treasuries marketplace, FMX UST, and its spot foreign exchange platform, FMX FX, along with its newly launched U.S. interest rate futures exchange. FMX is challenging the CME’s leading position in U.S. interest rate futures, cash U.S. Treasuries and spot foreign exchange.
Current wording
FMX includes the world’s fastest growing cash U.S. Treasuries marketplace, FMX UST, and its spot foreign exchange platform, FMX FX, along with its U.S. interest rate futures exchange. FMX is challenging the CME’s leading position in U.S. interest rate futures, cash U.S. Treasuries and spot foreign exchange.
Previous wording
On September 23, 2024 FMX Futures Exchange launched the trading of SOFR futures, the largest notional futures contract in the world. FMX Futures Exchange launched with five FCMs, Goldman Sachs, J.P. Morgan, Marex, RBC, and Wells Fargo.
Current wording
On September 23, 2024, FMX Futures Exchange launched the trading of SOFR futures, the largest notional futures contract in the world. On May 18, 2025, FMX Futures Exchange also successfully launched the trading of U.S. Treasury futures contracts, initially with 2-year and 5-year contracts.
Previous wording
Within our Fenics businesses, Fenics Markets revenue grew 14.2%, to $145.5 million, in the first quarter of 2025 as compared to the prior year period. Fenics Markets growth was primarily driven by electronic volumes across Rates and Foreign Exchange.
Current wording
Within our Fenics businesses, Fenics Markets revenue grew 16.5%, to $134.1 million, in the second quarter of 2025 as compared to the prior year period. Fenics Markets growth was primarily driven by higher electronic trading volumes and Fenics Market Data revenues.
Previous wording
Fenics Growth Platforms revenue grew 23.7%, to $27.1 million, in the first quarter of 2025, as compared to the prior year period, primarily driven by FMX, PortfolioMatch, and Lucera, partially offset by the sale of Capitalab. Excluding Capitalab, Fenics Growth Platforms revenues grew by approximately 30% year-over-year. Collectively, our newer Fenics Growth Platform offerings are not yet fully up to scale, but continue to grow at a leading rate. Over time, the Company expects these new products and services to become profitable, high-margin businesses as their scale and revenues increase, all else equal.
Current wording
Fenics Growth Platforms revenue grew 29.6%, to $28.7 million, in the second quarter of 2025, as compared to the prior year period, primarily driven by FMX, PortfolioMatch, and Lucera. We sold our Capitalab business in the fourth quarter of 2024. Excluding Capitalab, Fenics Growth Platforms revenues grew by approximately 38% year-over-year. Collectively, our newer Fenics Growth Platform offerings are not yet fully up to scale, but continue to grow at a leading rate. Over time, we expect these new products and services to become profitable, high-margin businesses as their scale and revenues increase, all else equal.
Previous wording
The Company continues to invest in our Fenics Growth Platforms, and notable highlights for the first quarter of 2025 compared to the prior year period include:
Current wording
We continue to invest in our Fenics Growth Platforms, and notable highlights for the second quarter of 2025 compared to the prior year period include:
Previous wording
•FMX UST generated ADV exceeding $60 billion in the first quarter, a 33% increase compared to the prior year period. This growth was driven by strong support from FMX’s Equity Partners, which drove market share to approximately 33% for the first quarter, up from 30% last quarter and 28% a year ago. Notably, FMX daily volume exceeded $100 billion for the first time on February 28th, 2025.
Current wording
•FMX UST generated ADV of $68 billion in the second quarter, a 45% increase compared to the prior year period. FMX continues to see strong support from the FMX Equity Partners, who have helped drive central limit order book market share to more than 35% for the second quarter, up from 33% last quarter and 30% a year ago.
Previous wording
•FMX FX more than doubled its ADV to $14.5 billion in the first quarter, driven by deepening support from FMX’s Equity Partners, as well as onboarding new participants onto the platform.
Current wording
•FMX FX nearly doubled its ADV to $15.6 billion in the second quarter, driven by support from the FMX Equity Partners, as well as the addition of new products and participants.
Previous wording
•Lucera, Fenics’ network business providing critical real-time trading infrastructure to the capital markets, increased its revenue by more than 15% and grew its client pipeline for sustained future growth. Lucera plans to launch new Foreign Exchange and Rates products throughout 2025, which are expected to drive new growth opportunities.
Current wording
•Lucera, Fenics’ network business providing critical real-time trading infrastructure to the capital markets, grew revenue by more than 40%, driven by new clients and product launches.
Previous wording
Fenics brokerage revenues increased by 18.3% to $140.1 million in the first quarter of 2025 over the prior year period.
Current wording
Fenics brokerage revenues increased by 19.7% to $127.4 million in the second quarter of 2025 over the prior year period.
Previous wording
On April 1, 2025, the Company completed its acquisition of OTC Global. The Company acquired 100% of the equity in OTC Global and its subsidiaries for total consideration of $325.0 million, which included $322.5 million in cash and $2.5 million of restricted shares of BGC Class A common stock. OTC generated revenues of over $400 million for the year ended December 31, 2024, representing an acquisition multiple of approximately 0.75 times revenue. With the integration of OTC’s complementary product suite, we expect that ECS will become BGC’s largest asset class. This positions us as the world’s largest ECS broker by revenue as of the date of acquisition, making BGC a more comprehensive and diversified company.
Current wording
On April 1, 2025, we completed the previously announced acquisition of OTC Global. We acquired 100% of the equity in OTC Global and its subsidiaries for $325.0 million, subject to post-closing adjustments, which included $322.5 million in cash and $2.5 million of restricted shares of BGC Class A common stock. OTC Global generated revenues of over $400 million for the year ended December 31, 2024, representing an acquisition multiple of approximately 0.75 times revenue. With the integration of OTC Global’s complementary product suite, ECS became our largest asset class. The amounts of revenue and pre-tax income from OTC Global included in our unaudited Condensed Consolidated Statement of Operations from April 1, 2025 to the period ending June 30, 2025 are $118.3 million and $16.8 million, respectively. This positions us as the world’s largest ECS broker by revenue as of April 1, 2025, making BGC a more comprehensive and diversified company. Furthermore, the OTC Global acquisition was accretive to our second quarter earnings per share.
Previous wording
On October 1, 2024, the Company completed the acquisition of Sage, an energy and environmental brokerage firm. This acquisition expanded BGC’s energy brokerage services in the U.S. and supported BGC’s global growth efforts across ECS.
Current wording
On October 1, 2024, we completed the acquisition of Sage, an energy and environmental brokerage firm. This acquisition expanded our energy brokerage services in the U.S. and supported our global growth efforts across ECS.
Previous wording
In February 2022, the U.S., U.K., EU, and other countries imposed sanctions on Russian counterparties, and as a result BGC has ceased trading with those clients. The Company derived less than 1% of total revenue from its Moscow branch and sanctioned Russian counterparties. During the three months ended March 31, 2025 and 2024, the Company reserved nil and $2.0 million, respectively, in connection with unsettled trades and receivables with sanctioned Russian entities.
Current wording
In February 2022, the U.S., U.K., EU, and other countries imposed sanctions on Russian counterparties, and as a result, we ceased trading with those clients. We derived less than 1% of total revenue from its Moscow branch and sanctioned Russian counterparties. During both the three and six months ended June 30, 2025, we released $4.4 million of reserves associated with Russia’s Invasion of Ukraine. During the three and six months ended June 30, 2024, we reserved $2.0 million and $4.0 million, respectively, in connection with potential losses associated with Russia’s Invasion of Ukraine.
Previous wording
Management performed Pillar 2 calculations for the necessary jurisdictions for the first quarter of 2025 and determined that the minimum global effective tax did not have a material impact on our first quarter 2025 tax rate.
Current wording
Management performed Pillar 2 calculations for the necessary jurisdictions for the second quarter of 2025 and determined that the minimum global effective tax did not have a material impact on our second quarter 2025 tax rate.
Previous wording
During the fourteen years between 2008 and 2022, BGC and the entire financial service industry’s trading volumes were constrained by low interest rates and quantitative easing. Manufactured zero and near-zero interest rates caused the breakdown and disappearance of the historic correlation between issuance and trading volume growth. The recent change in central bank monetary policies away from zero interest rates, following the highest inflation in decades, together with meaningful interest rates set the stage for a resurgence in secondary market trading volumes for rates, credit and foreign exchange. We believe the return of this strong positive correlation in the current macro trading environment, which has meaningful interest rates and issuance that is multiples above 2008 levels, positions BGC to benefit and drive its trading volumes, revenue and profitability higher for the foreseeable future.
Current wording
During the fourteen years between 2008 and 2022, BGC and the entire financial service industry’s trading volumes were constrained by low interest rates and quantitative easing. Manufactured zero and near-zero interest rates caused the breakdown and disappearance of the historic correlation between issuance and trading volume growth. The change in central bank monetary policies away from zero interest rates, following the highest inflation in decades, together with meaningful interest rates set the stage for a resurgence in secondary market trading volumes for rates, credit and foreign exchange. We believe the return of this strong positive correlation in the current macro trading environment, which has meaningful interest rates and issuance that is multiples above 2008 levels, positions BGC to benefit and drive its trading volumes, revenue and profitability higher for the foreseeable future.
Previous wording
Several factors could influence the financial service industry and our business performance, including general economic conditions, the geopolitical environment, current or expected inflation, interest rate fluctuations, the threat or imposition of broad-based tariffs, market volatility, changes in investment patterns and priorities, regulatory changes, and other factors that are generally beyond our control. Generally, volatility benefits BGC by increasing secondary trading volumes, as market participants seek to hedge their risk or capitalize on price fluctuations. We believe that these activities are most efficiently executed in our wholesale markets, known for their depth and liquidity. Rates of inflation may affect our expenses such as employee compensation and benefits, technology and communication expenses and occupancy costs. We believe any effects of inflation on our results of operations and financial condition have not been significant during any of the periods presented in this Quarterly Report on Form 10-Q.
Current wording
Several factors could influence the financial service industry and our business performance, including general economic conditions, the geopolitical environment, current or expected inflation, interest rate fluctuations, the threat, imposition and impact of broad-based tariffs, market volatility, changes in investment patterns and priorities, regulatory changes, and other factors that are generally beyond our control. Generally, volatility benefits BGC by increasing secondary trading volumes, as market participants seek to hedge their risk or capitalize on price fluctuations. We believe that these activities are most efficiently executed in our wholesale markets, known for their depth and liquidity. Rates of inflation may affect our expenses such as employee compensation and benefits, technology and communication expenses and occupancy costs. We believe any effects of inflation on our results of operations and financial condition have not been significant during any of the periods presented in this Quarterly Report on Form 10-Q.
Previous wording
Additionally, there has been an increase in strategic acquisitions of OTC trading platforms by exchanges and electronic marketplaces including ICE buying BondPoint and TMC Bonds, Deutsche Börse buying 360T, CBOE buying Hotspot, MarketAxess buying LiquidityEdge, Tradeweb buying Nasdaq’s U.S. Fixed Income Electronic Trading Platform, r8fin and ICD, LSEG acquiring Quantile, etc. We view the consolidation in the industry favorably, as we expect it to provide additional operating leverage to our businesses in the future.
Current wording
Additionally, there have been strategic acquisitions of OTC trading platforms by exchanges and electronic marketplaces including ICE buying BondPoint and TMC Bonds, Deutsche Börse buying 360T, CBOE buying Hotspot, MarketAxess buying LiquidityEdge, Tradeweb buying Nasdaq’s U.S. Fixed Income Electronic Trading Platform, r8fin and ICD, LSEG acquiring Quantile, etc. We view the consolidation in the industry favorably, as we expect it to provide additional operating leverage to our businesses in the future.
Previous wording
Rates volumes in particular are influenced by market volumes and, in certain instances, volatility. Historically low and negative interest rates, as well as central bank quantitative easing programs, across the globe significantly reduced the overall trading appetite for rates products. Such programs depressed rates volumes because they entail central banks buying government securities or other securities in the open market in an effort to promote increased lending and liquidity and bring down long-term interest rates. When central banks hold these instruments, they tend not to trade or hedge, thus lowering rates volumes across cash and derivatives markets industry-wide. Following the market dislocation and pandemic, major central banks such as the U.S. Federal Reserve, ECB, Bank of Japan, Bank of England, and Swiss National Bank restarted quantitative easing programs in 2020. Beginning in 2022 inflationary concerns have resulted in rising interest rates and tapering and/or unwinding of central bank asset purchases. The return of interest rates has led to improved macro trading conditions which has benefited BGC. This improved backdrop is expected to support both BGC’s Fenics and Voice/Hybrid businesses for the foreseeable future.
Current wording
Rates volumes in particular are influenced by market volumes and, in certain instances, volatility. Historically low and negative interest rates, as well as central bank quantitative easing programs, across the globe significantly reduced the overall trading appetite for rates products. Such programs depressed rates volumes because they entail central banks buying government securities or other securities in the open market in an effort to promote increased lending and liquidity and bring down long-term interest rates. When central banks hold these instruments, they tend not to trade or hedge, thus lowering rates volumes across cash and derivatives markets industry-wide. Following the market dislocation and COVID-19 pandemic, major central banks such as the U.S. Federal Reserve, ECB, Bank of Japan, Bank of England, and Swiss National Bank restarted quantitative easing programs in 2020. Beginning in 2022, inflationary concerns have resulted in rising interest rates and tapering and/or unwinding of central bank asset purchases. The return of interest rates has led to improved macro trading conditions which has benefited BGC. This improved backdrop is expected to support both BGC’s Fenics and Voice/Hybrid businesses for the foreseeable future.
Previous wording
During the three months ended March 31, 2025, industry volumes were higher across Rates, ECS, FX, Credit, and Equities compared to the prior year period. BGC’s brokerage revenues were up by 15.7% year-over-year in the quarter, reflecting growth across all geographies and strong double-digit revenue growth across BGC’s three largest asset classes, Rates, ECS and FX.
Current wording
During the three months ended June 30, 2025, industry volumes were higher across Rates, ECS, FX, Credit, and Equities compared to the prior year period. BGC’s brokerage revenues were up by 45.9% year-over-year in the quarter, reflecting growth across all asset classes and geographies.
Previous wording
Below is an expanded discussion of the volume and growth drivers of our various brokerage product categories.
Current wording
Below is an expanded discussion of the volume and growth drivers of our various asset class categories.
Previous wording
ECS volumes were higher during the first quarter of 2025 compared to the prior year period. CME and ICE energy futures and options volumes were up 20% and 24%, respectively, compared to the prior year period. In comparison, BGC’s ECS revenues increased 26.6%, compared to the prior year period, to $149.9 million.
Current wording
ECS volumes were higher during the second quarter of 2025 compared to the prior year period. CME and ICE energy futures and options volumes were up 26% and 27%, respectively, compared to the prior year period. In comparison, BGC’s ECS revenues increased 122.2%, compared to the prior year period, to $261.6 million.
Previous wording
The level of secondary trading and related hedging activity was higher during the first quarter of 2025 compared to the prior year period. According to Bloomberg and the Federal Reserve Bank of New York, the Primary Dealer average daily volume of U.S. Government Securities was up 7% compared to the prior year period. Over the same time period, listed products on CME were up 9%, and OTC interest rate derivative volumes traded on SEF were up 10% compared to the first quarter of 2024, according to Clarus. In comparison, our overall Rates revenues were up 14.8%, as compared to a year earlier, to $200.9 million.
Current wording
Rates volumes were higher during the second quarter of 2025 compared to the prior year period. According to Bloomberg and the Federal Reserve Bank of New York, the Primary Dealer average daily volume of U.S. Government Securities was up 19% compared to the prior year period. Over the same time period, listed products on CME were up 20%, and OTC interest rate derivative volumes traded on SEF were up 11% compared to the second quarter of 2024, according to Clarus. In comparison, our overall Rates revenues were up 20.8%, as compared to a year earlier, to $200.6 million.
Previous wording
Our Rates revenues, like the revenues for most of our products, are not fully dependent on market volumes and, therefore, do not always fluctuate consistently with industry metrics. This is largely because our Voice, Hybrid, and Fully Electronic Rates desks often have volume discounts built into their price structure, which results in our Rates revenues being less volatile than the overall industry volumes.
Current wording
Our Rates revenues, like the revenues for most of our products, are not fully dependent on market volumes and, therefore, do not always fluctuate consistently with industry metrics. This is largely because our Voice, Hybrid, and Fully Electronic desks often have volume discounts built into their price structure, which results in our revenues being less volatile than the overall industry volumes.
Previous wording
Global foreign exchange volumes were higher during the first quarter of 2025 compared to the prior year period. Volumes for CME FX futures and options and CME EBS spot FX were up 17%, and 36% respectively, and Cboe FX was up 12%. In comparison, our overall FX revenues increased by 31.0%, compared to the prior year period, to $110.0 million.
Current wording
Global foreign exchange volumes were higher during the second quarter of 2025 compared to the prior year period. Volumes for CME FX futures and options and CME EBS spot FX were up 2%, and 29% respectively, and Cboe FX was up 14%. In comparison, our overall FX revenues increased by 21.9%, compared to the prior year period, to $108.5 million.
Previous wording
Our Credit business is impacted by the level of global corporate bond issuance and interest rates. Credit volumes were higher during the first quarter of 2025 compared to the prior year period. FINRA TRACE average daily volume for U.S. Investment Grade was up 11% and U.S. High Yield was up 7% according to Bloomberg. In comparison, our overall Credit revenues decreased by 0.7%, compared to the prior year period, to $86.9 million.
Current wording
Our Credit business is impacted by the level of global corporate bond issuance and interest rates. Credit volumes were higher during the second quarter of 2025 compared to the prior year period. FINRA TRACE average daily volume for U.S. Investment Grade was up 18% and U.S. High Yield was up 22% according to Bloomberg. In comparison, our overall Credit revenues increased by 8.5%, compared to the prior year period, to $75.3 million.
Previous wording
Global equity volumes were generally higher during the first quarter of 2025 compared to the prior year period. According to the Securities Industry and Financial Markets Association, or SIFMA, the average daily volume of U.S. cash equities was up 33% as compared to a year earlier. Over the same timeframe, Eurex average daily volumes of equity and equity index derivatives were up 14%, and, according to the OCC, the average daily volume of U.S. options was up 23%. Our Equities business primarily consists of equity derivatives and our overall revenues from Equities increased by 0.1%, compared to the prior year period, to $62.9 million.
Current wording
Global equity volumes were generally higher during the second quarter of 2025 compared to the prior year period. According to the Securities Industry and Financial Markets Association, or SIFMA, the average daily volume of U.S. cash equities was up 56% as compared to a year earlier. Over the same timeframe, the average daily volume of U.S. options was up 24%, according to the OCC, however, Eurex average daily volumes of equity and equity index derivatives were down 7%. Our Equities business primarily consists of equity derivatives and our overall revenues from Equities increased by 43.8%, compared to the prior year period, to $73.9 million.
Previous wording
As of March 31, 2025, our front-office headcount was 2,165 brokers, salespeople, managers, and other front-office personnel, up 2.2% from 2,119 a year ago. Compared to the prior year, average revenue per front-office employee for the three months ended March 31, 2025, increased by 12.4%, to $0.3 million.
Current wording
As of June 30, 2025, our front-office headcount was 2,480 brokers, salespeople, managers, and other front-office personnel, up 16.9% from 2,122 a year ago. Compared to the prior year, average revenue per front-office employee for the three months ended June 30, 2025, increased by 27.4%, to $0.3 million.
Previous wording
Income from operations before income taxes was $80.0 million compared to $71.1 million in the prior year period.
Current wording
Income from operations before income taxes was $75.3 million compared to $55.2 million in the prior year period.
Previous wording
In addition, there was an increase of $1.9 million in Interest and dividend income, primarily driven by income earned on bank deposits and money market funds. Further, there was an increase of $1.6 million, or 5.2%, in Data, network and post-trade revenues, primarily driven by Fenics Market Data and Lucera, partially offset by lower post-trade revenues due to the sale of BGC’s Capitalab business in the fourth quarter of 2024. Revenues for Data, Network and Post-trade, excluding the impact of Capitalab, revenues grew by circa 10% year-over-year.
Current wording
In addition, there was a decrease of $1.9 million, or 10.9% in Interest and dividend income, primarily driven by a decrease in dividend income partially offset by interest income earned on government bonds and money market funds. Further, there was an increase of $4.7 million, or 15.1%, in Data, network and post-trade revenues, primarily driven by Lucera and Fenics Market Data, partially offset by lower post-trade revenues due to the sale of BGC’s Capitalab business in the fourth quarter of 2024. Excluding Capitalab, Data, Network and Post-trade revenues grew by $6.0 million, or 20.2%.
Previous wording
Total expenses increased $38.5 million, or 7.0%, to $586.5 million compared to the prior year period, primarily driven by an increase in total compensation and employee benefits expenses of $30.0 million. The increase in compensation and employee benefits was primarily due to higher commissionable revenues during the period. The $8.4 million increase in non-compensation expenses was primarily driven by an increase in interest expense related to the BGC Group 6.600% Senior Notes issued in June 2024. The increase in Interest expense was partially offset due to the repayments in full of the $275.0 million of principal amount outstanding under the BGC Credit Agreement on April 1, 2024, as well as the $255.5 million outstanding aggregate principal amount of BGC Group 3.750% Senior Notes and the $44.5 million outstanding aggregate principal amount of BGC Partners 3.750% Senior Notes on October 1, 2024. Non-compensation expenses also increased period over period due to higher Selling and promotion, Commissions and floor brokerage, and Communication costs which were primarily driven by higher revenues.
Current wording
Total expenses increased $211.5 million, or 42.3%, to $711.7 million compared to the prior year period, primarily driven by the operations of OTC Global, which we acquired on April 1, 2025. We recorded total expenses of $101.5 million for the three months ended June 30, 2025 related to the operation of OTC Global. Total compensation and employee benefits expenses increased by $162.2 million which was primarily due to the operations of OTC Global and higher revenues during the period. The $49.3 million increase in non-compensation expenses was primarily driven by the operations of OTC Global and an increase in Interest expense related to the BGC Group 6.150% Senior Notes issued in April 2025 and the BGC Group 6.600% Senior Notes issued in June 2024. The increase in Interest expense was partially offset by a reduction of interest expense due to the repayments in full of the $255.5 million outstanding aggregate principal amount of BGC Group 3.750% Senior Notes and the $44.5 million outstanding aggregate principal amount of BGC Partners 3.750% Senior Notes on October 1, 2024 and repayments of the outstanding borrowings on the Revolving Credit Agreement. Non-compensation expenses also increased period over period due to higher Selling and promotion and Communication costs which were primarily driven by higher revenues.
Previous wording
Our Rates revenues increased by $25.9 million, or 14.8%, to $200.9 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, reflecting higher volumes across all major interest rate products.
Current wording
Our Rates revenues increased by $34.5 million, or 20.8%, to $200.6 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, reflecting higher volumes across all major interest rate products.
Previous wording
Interest and dividend income increased by $1.9 million, or 19.1%, to $11.6 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. This was primarily driven by an increase in interest income on government bonds and money market funds versus the year ago period, which were primarily driven by changing interest rates and larger balances.
Current wording
Interest and dividend income decreased by $1.9 million, or 10.9%, to $15.3 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. This was primarily driven by a decrease in dividend income partially offset by an increase in interest income on government bonds and money market funds versus the year ago period, which was primarily driven by changing interest rates and larger balances.
Previous wording
Other revenues decreased by $0.6 million, or 11.0% to $4.9 for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily driven by a decrease in consulting income.
Current wording
Other revenues increased by $3.5 million, or 75.3% to $8.1 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily driven by the acquisition of OTC Global, partially offset by a decrease in consulting income.
Previous wording
Compensation and employee benefits expense increased by $50.8 million, or 17.5%, to $341.6 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. The primary driver of the increase was higher commissionable revenues.
Current wording
Compensation and employee benefits expense increased by $144.5 million, or 53.1%, to $416.5 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. The primary drivers of the increase were the acquisition of OTC Global and higher revenues.
Previous wording
Occupancy and equipment expense increased by $1.8 million, or 4.3%, to $42.6 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. This increase was primarily driven by an increase in software licenses and maintenance costs, offset by cost savings for consolidating BGC’s London office space in the third quarter of 2024.
Current wording
Occupancy and equipment expense increased by $5.5 million, or 13.5%, to $46.5 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. This increase was primarily driven by the acquisition of OTC Global and an increase in software licenses and maintenance costs, partially offset by cost savings for consolidating BGC’s London office space in the third quarter of 2024.
Showing the first 40 of 103 pairs. Open the source sections for the rest.
Rearranged current paragraphs (10)
Current report — wording carried from elsewhere
Effective as of 12:01 a.m., Eastern Time, on July 1, 2023, BGC Holdings reorganized from a Delaware limited partnership into a Delaware limited liability company through a merger with and into Holdings Merger Sub, with Holdings Merger Sub continuing as a direct subsidiary of BGC Partners. Effective as of 12:02 a.m., Eastern Time, on July 1, 2023,
Current report — wording carried from elsewhere
Total other income (losses), net decreased $39.9 million, or 88.4%, to $5.2 million, which was largely driven by a $36.6 million unrealized gain recorded in the six months ended June 30, 2024 related to fair value adjustments on investments carried under the measurement alternative.
Current report — wording carried from elsewhere
Equity-Based Compensation and Allocations of Net Income to Limited Partnership Units and FPUs
Current report — wording carried from elsewhere
Occupancy and equipment expense increased by $7.3 million, or 8.9%, to $89.0 million for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. This increase was primarily driven by the acquisition of OTC Global and an increase in software licenses and partially offset by cost savings for consolidating BGC’s London office space.
Current report — wording carried from elsewhere
Fees to related parties increased by $3.5 million, or 23.2%, to $18.8 million for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. Fees to related parties are primarily allocations paid to Cantor for administrative and support services, such as accounting, occupancy and legal.
Current report — wording carried from elsewhere
Provision (benefit) for income taxes increased by $5.6 million, or 13.9%, to $45.6 million for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. This increase was primarily driven by a change in the geographical and business mix of earnings which can impact our consolidated effective tax rate from period to period.
Current report — wording carried from elsewhere
Net Income (Loss) Attributable to Noncontrolling Interest in Subsidiaries
Current report — wording carried from elsewhere
See “Balance Sheet” herein, and Note 13—“Related Party Transactions,” and Note 17—“Notes Payable and Other Borrowings” to our unaudited Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for information regarding our BGC Credit Agreement with Cantor.
Current report — wording carried from elsewhere
The table below presents our Liquidity Analysis as of June 30, 2024 and December 31, 2023:
Current report — wording carried from elsewhere
Dual Class Equity Structure of BGC Group, Inc.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
On April 3, 2025, the Company repaid in full the $550.0 million of borrowings outstanding under the Revolving Credit Agreement.