BGC Group, Inc.
For the period ended Mar 31, 2026. Filed May 11, 2026.
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.
Mar 31, 2026 · Filed May 11, 2026
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 2025-09-30; filed 2025-11-10.
0001628280-25-051029
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-11.
0001628280-26-033499
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 381 previous paragraphs and 285 current paragraphs.
124 unchanged; 117 reworded; 42 added; 128 removed; 12 previous and 2 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 (42)
Current report
BGC and leading global investment banks and market-making firms have partnered to create FMX, part of the BGC group of companies, which includes a U.S. interest rate futures exchange, a cash U.S. Treasuries platform and spot foreign exchange platform.
Current report
•FMX UST generated record quarterly ADV of $89.7 billion, 51% higher compared to last year. FMX UST grew its first-quarter central limit order book market share to 41%, up from 39% last quarter and 33% a year ago. In March, ADV reached $107.0 billion, the highest monthly ADV in FMX UST’s history.
Current report
•FMX Futures Exchange delivered another quarter of significant growth. SOFR ADV climbed to more than 39,000 contracts in the first quarter of 2026, up from 2,200 contracts from a year ago, while quarter-end open interest reached approximately 143,000 contracts, compared to 8,000 in the prior year period. FMX’s U.S. Treasury futures developed momentum in April, with volume building throughout the month to a new high of approximately 30,000 contracts on April 29, 2026.
Current report
•FMX FX ADV increased by 42% to a record $20.5 billion driven by strong growth across spot FX and non-deliverable forward volumes, resulting in continued market share gains.
Current report
•PortfolioMatch ADV grew by 42% in the first quarter, setting a new all-time quarterly high. Growth was driven by higher client activity across U.S. and EMEA corporate credit, reflecting new and deepening customer relationships and positive impact from the adoption of recently launched trading functionalities. Average trade size grew to record levels, supported by an increase in the platform’s global maximum trade size. PortfolioMatch continues to capture market share in this critically important part of the Credit market.
Current report
•Lucera, Fenics’ network business providing critical real-time trading infrastructure to the capital markets, grew revenues by 22.8% in the first quarter. Growth was led by continued momentum in its FX offering and increasing client adoption across Fixed Income solutions, including U.S. Treasuries and Futures. Looking ahead, a pipeline of new products across both FX and Fixed Income is set to come online, which is expected to provide meaningful sources of new incremental growth.
Current report
We did not complete any acquisitions during either the three months ended March 31, 2026 or 2025.
Current report
On December 31, 2025, we completed the acquisition of AMCOM, which specializes in the trading of agricultural commodities associated with food and alternative fuel feedstocks. The acquisition further rounded out our biofuel business.
Current report
We built on last year’s $25 million cost reduction program, which is now expected to result in approximately $35 million of annualized cost savings. We will continue to identify and execute cost savings throughout 2026. These expected savings are subject to risks and uncertainties, and actual results may differ. We will continue to monitor the impact of this program on our financial position and results of operations. In connection with the cost reduction program, the Company recorded compensation charges of $16.3 million for the three months ended March 31, 2026. These charges primarily relate to the termination or modification of certain employment contracts and the accelerated expense recognition of certain employee loans. These charges are reflected in “Compensation and employee benefits” in our unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2026. During the three months ended March 31, 2026, we made cash payments totaling $11.1 million in connection with the cost reduction program, representing a portion of the $16.3 million of charges recognized during the period.
Current report
Since 2022, the financial services industry shifted to a meaningful‑interest‑rate and more volatile macroeconomic environment following the extended period of accommodative monetary policy. Elevated inflation, changing monetary policies, geopolitical developments, and shifting growth expectations have increased volumes across rates, credit, and foreign exchange markets. At the same time, continued progress toward greater electronification and hybrid execution models has supported increased trading activity as market participants manage risk and adjust to changing market conditions.
Current report
The onset of the Iran conflict on February 28 contributed to heightened volatility across energy, interest rate, and foreign exchange markets. Prior to the conflict, our revenues were already tracking up 41% year-over-year through February 27, and finished the quarter with total revenues increasing 43.8%. This highlights the strong underlying performance of our business, with the conflict only contributing incrementally. Management continues to monitor evolving geopolitical conditions and their potential impact on operations and market exposures.
Current report
Brokerage revenues increased by $285.0 million, or 46.7%, due to overall growth across all asset classes:
Current report
•Rates increased $55.3 million, or 27.5%;
Current report
•Equities increased $21.6 million, or 34.3%.
Current report
Data, network and post-trade revenues increased by $2.0 million, or 6.1%, primarily driven by Lucera and Fenics Market Data. This increase was partially offset by decreased revenues from software solutions following the sale of the kACE business in the fourth quarter of 2025. Excluding kACE, Data, network and post-trade revenues grew by 23.2%. Other revenues increased $5.4 million, or 110.4%, mainly attributable to the operations of OTC Global and higher consulting income. Interest and dividend income decreased $1.1 million, or 9.0%, primarily due to a decrease in interest-earning balances.
Current report
Total expenses increased $260.5 million, or 44.4%, to $847.0 million compared to the prior year period, primarily driven by the operations of OTC Global, which we acquired on April 1, 2025. Total compensation and employee benefits expenses increased by $203.8 million, which was primarily due to the operations of OTC Global, higher commissionable revenues, charges incurred as a part of the cost reduction program, and the weaker U.S. dollar during the three months ended March 31, 2026. In addition, the proportion of Equity-based compensation and allocations of net income to limited partnership units, as a percentage of Total compensation and employee benefits expenses, decreased from 18.1% for the prior year period to 13.4% for the current year period. This change reflects period-over-period variation in the mix of compensation, with a smaller share of total compensation delivered through equity awards in the current year period.
Current report
Our ECS revenues increased by $180.0 million, or 120.1%, to $330.0 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, driven by OTC Global and strong organic growth across our broader energy complex and shipping businesses.
Current report
Our Rates revenues increased by $55.3 million, or 27.5%, to $256.2 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, reflecting strong growth across listed futures and options, interest rate swaps, and government bonds, supported by continued FMX UST market share gains.
Current report
Our Equities revenues increased by $21.6 million, or 34.3%, to $84.5 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, reflecting strong market share gains across all major geographies and global equity volatility.
Current report
Equity-based compensation and allocations of net income to limited partnership units increased by $8.1 million, or 10.8%, to $83.4 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 primarily due to an increase in issuance of common stock and increase in amortization expense of RSUs granted to employees.
Current report
Other income (loss) increased by $2.5 million to $2.4 million for the three months ended March 31, 2026 as compared to a loss of $0.1 million for the three months ended March 31, 2025, which was primarily driven by a $2.7 million unrealized gain during the three months ended March 31, 2026 related to a fair value adjustment on an investment carried under the measurement alternative.
Current report
On May 5, 2026, we repaid $25.0 million of the $240.0 million of borrowings outstanding under the Revolving Credit Agreement.
Current report
Exchange Offer
Current report
Market-Making Registration Statements
Current report
Discussion of the three months ended March 31, 2026
Current report
Discussion of the three months ended March 31, 2025
Current report
The $248.3 million increase in our Liquidity position from $897.8 million as of December 31, 2024 to $1,146.1 million as of March 31, 2025 was primarily related to the draw down of $350.0 million under the Revolving Credit Agreement. The remaining movement in Cash and cash equivalents balance was primarily due to share repurchases of $23.1 million, capitalized expenditures of $15.5 million, dividends to stockholders of $9.9 million, tax payments and ordinary movements in working capital. Financial instruments owned at fair value decreased from $186.2 million as of December 31, 2024 to $179.7 million as of March 31, 2025 due to the sale of treasury bills during the three months ended March 31, 2025.
Current report
The Company is involved, from time to time, in legal actions associated with or incidental to its business. As of the date of this Quarterly Report, the Company believes that the resolution of currently pending matters will not individually or in the aggregate have a material adverse effect on the Company’s consolidated financial position or results of operations.
Current report
BGC’s current capital allocation priorities areto use our liquidity to return capital to stockholders and to continue investing in the growth of our business. While we paid quarterly dividends of $0.02 per share in 2025 and in the first quarter of 2026, we plan to prioritize share repurchases over dividends. We have repurchased 0.2 million shares of BGC Class A common stock during the three months ended March 31, 2026. As cash uses are generally the greatest in the first quarter, we typically repurchase fewer shares during this period and we expect share repurchases to increase throughout the remainder of the year.
Current report
2025 Mr. Howard Lutnick Divestiture Events
Current report
In connection with Mr. Howard Lutnick’s confirmation as the U.S. Secretary of Commerce, he agreed to divest his interests in Cantor, CFGM, and the Company, among other entities, to comply with U.S. government ethics rules. For a detailed discussion about the divestiture of Mr. Howard Lutnick’s holdings in the Company, see Part I, Item 1, “Business—Our Organizational Structure” in our Annual Report on Form 10-K for the year ended December 31, 2025, and Note 13—“Related Party Transactions” to our unaudited Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Current report
Lutnick Family Voting and Transfer Agreement
Current report
On May 16, 2025, Mr. Brandon Lutnick, Mr. Kyle Lutnick, Ms. Casey J. Lutnick, and Mr. Ryan G. Lutnick, each in their capacity as trustees of certain trusts (including the Purchaser Trusts), and certain other entities entered into the Lutnick Family Voting Agreement relating to the Lutnick Family Voting Agreement Securities. On October 6, 2025, the governance, voting and transfer provisions of the Lutnick Family Voting Agreement became effective.
Current report
Pursuant to the trust documentation of the Purchaser Trusts, each of Mr. Brandon Lutnick, Mr. Kyle Lutnick, Ms. Casey Lutnick, and Mr. Ryan Lutnick is an investment trustee of such trusts, and Mr. Brandon Lutnick is the Controlling Investment Trustee, which means that if there is any disagreement among the investment trustees, the decision of Mr. Brandon Lutnick will control if he is then acting as an investment trustee. Any such decisions, however, shall be subject to the terms of the Lutnick Family Voting Agreement.
Current report
The Lutnick Family Voting Agreement provides that, with respect to the election or removal of directors of the Company, (i) if there is a Controlling Investment Trustee, each of the parties shall vote (or cause the voting of) the Lutnick Family Voting Agreement Securities over which it has the direct or indirect power to vote on such director election, as directed by the Controlling Investment Trustee (which is currently Mr. Brandon Lutnick) after consultation with each of the Family Branch representatives; and (ii) if there is not a Controlling Investment Trustee, the parties shall vote (or cause the voting of) the Lutnick Family Voting Agreement Securities over which it has the direct or indirect power to vote on such director election, as directed by a Majority of the Family Branches.
Current report
The Lutnick Family Voting Agreement further provides that, with respect to the following matters for which a vote of securities of the Company is sought, each of the parties to the Lutnick Family Voting Agreement shall vote the Lutnick Family Voting Agreement Securities over which it has the direct or indirect power to vote as directed by a Majority of the Family Branches:
Current report
•Any merger or consolidation transaction or sale, lease, or exchange of all, or substantially all, of the assets of the Company, or any transaction or series of related transactions pursuant to which shares of the Company are transferred such that more than 50% of the voting power of the equity securities of the Company are transferred;
Current report
•Entry by the Company or any of its subsidiaries into any transaction or series of related transactions with a member of any Family Branch (other than with respect to election or removal of directors of the Company);
Current report
•The authorization or issuance of any equity securities by the Company (other than pursuant to an incentive compensation plan); and
Current report
•The amendment, restatement, modification or supplement of any organizational document of the Company or its subsidiaries in a manner that would reasonably be expected to impair, interfere with or delay the exercise of the rights set forth with respect to these bulleted items.
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Removed paragraphs (128)
Previous report
On July 1, 2023, pursuant to the Corporate Conversion Agreement, BGC Partners completed the Corporate Conversion from an Umbrella Partnership C-Corporation to a Full C-Corporation in order to reorganize and simplify its organizational structure. As a result of the Corporate Conversion, BGC Group became the public holding company for, and successor to, BGC Partners, and its Class A common stock began trading on Nasdaq, in place of BGC Partners’ Class A common stock, under the ticker symbol “BGC.” Upon completion of the Corporate Conversion, the former stockholders of BGC Partners and the former limited partners of BGC Holdings now participate in the economics of the BGC businesses through BGC Group.
Previous report
The Corporate Conversion was made pursuant to the Corporate Conversion Agreement which was approved by the Board of Directors of BGC Partners, at the recommendation of the Joint Committee, composed of the Audit Committee and Compensation Committee sitting jointly. The Joint Committee was advised by independent financial and legal advisors selected by the Joint Committee. Houlihan Lokey, Inc., as financial advisor, provided a fairness opinion to the Joint Committee.
Previous report
The Corporate Conversion was effected pursuant to the terms of the Corporate Conversion Agreement dated as of November 15, 2022 by and among BGC Group, BGC Partners, BGC Holdings, BGC GP, LLC, a Delaware limited liability company and general partner of BGC Holdings, BGC Partners II, Inc., a Delaware corporation and wholly owned subsidiary of BGC Group (“Merger Sub 1”), BGC Partners II, LLC, a Delaware limited liability company and wholly owned subsidiary of BGC Group (“Merger Sub 2”), BGC Holdings Merger Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of BGC Holdings (“Holdings Merger Sub”), and, solely for the purposes of certain provisions therein, Cantor.
Previous report
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,
Previous report
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 report
In the Holdings Reorganization Merger, each unit of BGC Holdings outstanding as of immediately prior to the Holdings Reorganization Merger was converted into a substantially equivalent equity interest in Holdings Merger Sub.
Previous report
In the Corporate Merger, each share of Class A common stock, par value $0.01 per share, of BGC Partners and each share of Class B common stock, par value $0.01 per share, of BGC Partners outstanding was converted into one share of Class A common stock, par value $0.01 per share, of BGC Group and one share of Class B common stock, par value $0.01 per share, of BGC Group, respectively.
Previous report
As a result of the Corporate Conversion, on July 1, 2023:
Previous report
•BGC Group assumed all BGC Partners RSUs, RSU Tax Accounts or restricted stock awards outstanding as of June 30, 2023; and
Previous report
•non-exchangeable limited partnership units of BGC Holdings were converted into equity awards denominated in cash, restricted stock and/or RSUs of BGC Group, each as further set forth in the Corporate Conversion Agreement.
Previous report
In connection with the Corporate Conversion on July 1, 2023, the BGC Holdings limited partnership agreement was terminated. There were no limited partnership units of BGC Holdings remaining after the Corporate Conversion was completed.
Previous report
Recent Board of Directors and Executive Officers Changes
Previous report
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 Mr. Brandon G. 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 report
•FMX UST generated record third quarter ADV of $59.4 billion, more than 12% higher compared to the prior year period, outpacing all electronic U.S. Treasury platforms. This strong growth drove central limit order book market share to a record 37% for the third quarter, up from 35% last quarter and 29% a year ago.
Previous report
•FMX FX ADV increased by 44% to $13.1 billion, a third quarter record, driven by continued support from FMX’s Equity Partners, as well as the addition of new products and participants.
Previous report
•FMX Futures Exchange continued to scale its SOFR futures ADV and open interest to record levels during the third quarter. SOFR ADV and open interest each increased sequentially by more than 3-fold. FMX, along with the FMX Equity Partners, continues to prioritize growing SOFR ADV and open interest. We expect to see similar adoption in our U.S. Treasury futures offering in 2026.
Previous report
•PortfolioMatch ADV more than doubled, reflecting strong growth in the U.S. and EMEA credit markets. PortfolioMatch continues to gain market share in this fast-growing segment of the credit market and has rapidly expanded its non-U.S. volumes and client base. Momentum is being driven by greater adoption of algorithmic trading and larger average trade sizes. Average trade size on PortfolioMatch reached all-time highs, with the size of trades of U.S. investment grade bonds up nearly 50% year over year.
Previous report
•Lucera, Fenics’ network business providing critical real-time trading infrastructure to the capital markets, once again registered double-digit revenue growth. Lucera is rapidly growing its client pipeline for its newer Rates products and continues its global expansion into EMEA and Asia.
Previous report
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 report
We had no divestitures or sale of investments during both the three and nine months ended September 30, 2025 and 2024.
Previous report
In the fourth quarter of 2024, we sold Capitalab, which was part of our post-trade business, to Capitolis.
Previous report
Our $25.0 million cost reduction program will be completed by year-end 2025. This program is expected to enhance our profitability and margins, positioning us as we continue to focus on delivering long-term shareholder value.
Previous report
Due largely to the impacts of the global financial crisis of 2008-2009, our businesses had faced more challenging market conditions from 2009 until the second half of 2016. Accommodative monetary policies were enacted by several major central banks, including the Federal Reserve, Bank of England, Bank of Japan and the ECB, in response to the global financial crises. These policies resulted in historically low levels of volatility and interest rates across many of the financial markets in which we operate. The global credit markets also faced structural issues, such as increased bank capital requirements under Basel III. Consequently, these factors contributed to lower trading volumes in our Rates and Credit asset classes across most geographies in which we operated.
Previous report
From mid-2016 until the first quarter of 2020, the overall financial services industry benefited from sustained economic growth, lower unemployment rates in most major economies, higher consumer spending, the modification or repeal of certain U.S. regulations, and higher overall corporate profitability. The trend towards digitization and electronification within the industry contributed to higher overall volumes and transaction count in Fully Electronic execution. From the second quarter of 2020 onward, concerns about the future trade relationship between the U.K. and the EU after Brexit, a slowdown in global growth driven by the outbreak of COVID-19, and an increase in trade protectionism were tempered by monetary and fiscal stimulus. During 2021, as the global economy recovered from the COVID-19 pandemic, higher inflation across the U.S. and other G8 countries led many central banks to begin and/or announce tapering and unwinding of asset purchases under quantitative easing programs, as well as implement multiple interest rate hikes.
Previous report
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 report
LIQUIDITY
Previous report
•FX increased $14.6 million, or 15.9%;
Previous report
•Credit increased $1.1 million, or 1.6%; and
Previous report
There was an increase of $1.7 million, or 5.2%, 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 $3.7 million, or 11.9%. There was a decrease of $2.9 million, or 17.1% in Interest and dividend income, primarily due to a combination of reduced balances earning interest, lower rates, and lower dividend amounts received from our equity securities, which are included in “Other assets” in our unaudited Condensed Consolidated Statements of Financial Condition. There was an increase of $5.1 million, or 89.4%, in Other revenues, primarily driven by the operations of OTC Global and increased consulting income.
Previous report
For the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024:
Previous report
Income from operations before income taxes was $188.8 million compared to $146.0 million for the same period in the prior year.
Previous report
Total revenues increased $494.6 million compared to the prior year period, or 29.3%, to $2,185.1 million. Excluding OTC Global, revenues grew by $267.4 million, or 15.8%. Brokerage revenues increased by $481.6 million, or 31.6% due to overall growth across all asset classes:
Previous report
•ECS increased $304.1 million, or 87.1%, driven by the operations of OTC Global. Excluding OTC Global, ECS grew by $87.4 million, or 25.0%;
Previous report
•Rates increased $81.4 million, or 15.8%;
Previous report
•FX increased $60.1 million, or 22.7%;
Previous report
•Credit increased $6.3 million, or 2.8%; and
Previous report
•Equities increased $29.7 million, or 17.7%.
Previous report
In addition, there was an increase of $7.9 million, or 8.4%, 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 $12.2 million, or 14%. Additionally, there was an increase of $8.0 million, or 50.5%, in Other revenues, principally due to the operations of OTC Global and increased consulting income. Interest and dividend income decreased $2.9 million, or 6.7%, driven by lower dividend amounts received.
Previous report
Total other income (losses), net decreased $44.3 million, or 85.6%, to $7.5 million, which was largely driven by a $36.6 million unrealized gain recorded in the nine months ended September 30, 2024 related to fair value adjustments on investments carried under the measurement alternative.
Previous report
Our ECS revenues increased by $128.7 million, or 114.0%, to $241.6 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, which was primarily driven by OTC Global and strong organic growth across the broader energy complex. Excluding OTC Global, ECS revenues grew by 21.8% for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024.
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Reworded paragraphs (117)
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 and nine months ended September 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.
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 months ended March 31, 2026 and 2025. 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 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.
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 interest rate and credit derivatives, foreign exchange, equities and futures and options. Our business also provides market data products, network and connectivity solutions, and post-trade services.
Previous wording
Our integrated platform is designed to provide flexibility to customers with regard to price discovery, trade execution and transaction processing, as well as accessing liquidity through our platforms, for transactions executed either OTC or through an exchange. Through our electronic brands, we offer multiple trade execution, market infrastructure and connectivity services, as well as post-trade services.
Current wording
Our integrated platform is designed to provide flexibility to customers with regard to price discovery, trade execution and transaction processing, as well as accessing liquidity through our platforms, for transactions executed either OTC or through an exchange. Through our electronic brands, we offer multiple trade execution, market data and information services, market infrastructure and connectivity services, as well as post-trade services.
Previous wording
Our clients include many of the world’s largest banks, broker-dealers, trading firms, hedge funds, governments, corporations, investment firms, commodity trading firms and end users, such as producers and consumers. BGC is a global operation with offices across all major geographies, including New York and London, as well as in Beijing, Bogota, Brisbane, Cape Town, Chicago, Copenhagen, Dubai, Dublin, Frankfurt, Geneva, Hong Kong, Houston, Johannesburg, Madrid, Manila, Melbourne, Mexico City, Miami, Milan, Monaco, Nyon, Palm Beach, Paris, Perth, Rio de Janeiro, Santiago, São Paulo, Seoul, Shanghai, Singapore, Sydney, Tel Aviv, Tokyo, Toronto, Wellington and Zurich.
Current wording
Our clients include many of the world’s largest banks, broker-dealers, trading firms, hedge funds, governments, corporations, investment firms, commodity trading firms and end users, such as producers and consumers. BGC is a global company with offices across all major geographies, including New York and London, as well as in Beijing, Bogota, Brisbane, Cape Town, Chicago, Copenhagen, Dubai, Dublin, Frankfurt, Geneva, Hong Kong, Houston, Johannesburg, Madrid, Manila, Melbourne, Mexico City, Miami, Milan, Monaco, Nyon, Palm Beach, Paris, Perth, Rio de Janeiro, Santiago, São Paulo, Seoul, Shanghai, Singapore, Sydney, Tel Aviv, Tokyo, Toronto, Wellington and Zurich.
Previous wording
As of September 30, 2025, we had 2,513 brokers, salespeople, managers, and other front-office personnel across our businesses.
Current wording
As of March 31, 2026, we had 2,487 brokers, salespeople, managers, and other front-office personnel across our businesses.
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 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 FMX UST, the world’s fastest growing cash U.S. Treasuries marketplace, FMX Futures Exchange, a U.S. interest rate future exchange, and FMX FX, a spot foreign exchange platform. 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. 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.
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 launched the trading of U.S. Treasury futures contracts, initially with 2-year and 5-year contracts.
Previous wording
Revenues in our Fenics businesses increased 12.7%, to $160.0 million, and 15.6% to $495.6 million, for the three and nine months ended September 30, 2025, respectively, as compared to the prior year periods.
Current wording
Revenues in our Fenics businesses increased 19.8%, to $206.9 million, for the three months ended March 31, 2026, as compared to the prior year period.
Previous wording
Within our Fenics businesses, Fenics Markets revenue grew to $134.1 million, in the third quarter of 2025, primarily driven by higher electronic trading volumes across Rates and FX products and increased Fenics Market Data revenues.
Current wording
Within our Fenics businesses, Fenics Markets revenue grew to $176.7 million, in the first quarter of 2026, driven by higher electronic trading volumes across Rates, Credit, and Foreign Exchange and increased Fenics Market Data revenues. Excluding kACE, Fenics Markets grew by 24.1% in the first quarter of 2026 as compared to the prior year period.
Previous wording
Fenics Growth Platforms revenue grew to $25.9 million, in the third quarter of 2025, primarily driven by FMX, PortfolioMatch, and Lucera, partially offset by the sale of our Capitalab business in the fourth quarter of 2024. 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.
Current wording
Fenics Growth Platforms revenue grew to $30.2 million in the first quarter of 2026, primarily driven by FMX, PortfolioMatch, and Lucera.
Previous wording
We continue to invest in our Fenics Growth Platforms, and notable highlights for the third 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 first quarter of 2026 compared to the prior year period include:
Previous wording
Data, network and post-trade revenues increased by 5.2% to $34.3 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-related revenues from the prior year period, revenues grew by 11.9%.
Current wording
Data, network and post-trade revenues increased by 6.1% compared to the first quarter of 2025 to $34.5 million. This growth was primarily driven by Lucera and Fenics Market Data, partially offset by lower revenues due to the sale of BGC’s kACE business in the fourth quarter of 2025. Excluding kACE, Data, network and post-trade revenues grew by 23.2%.
Previous wording
Fenics brokerage revenues increased by 14.9% to $125.7 million in the third quarter of 2025 over the prior year period.
Current wording
Fenics brokerage revenues increased by 23.1% to $172.5 million in the first quarter of 2026 over the prior year period driven by higher electronic trading volumes across Rates, Credit, and Foreign Exchange.
Previous wording
On October 6, 2025, the Company announced the acquisition of Macro Hive, a provider of global macro market analytics and strategy. The acquisition of Macro Hive expands BGC’s growing agency business that services institutional clients by integrating Macro Hive’s artificial intelligence-driven technology across our Rates and FX markets within our global broking and execution platform.
Current wording
On October 1, 2025, we completed the acquisition of Macro Hive, a provider of global macro market analytics and strategy. The acquisition of Macro Hive expands BGC’s growing agency business that services institutional clients by integrating Macro Hive’s artificial intelligence-driven technology across our Rates and FX markets within our global broking and execution platform.
Previous wording
On April 1, 2025, we completed the acquisition of OTC Global. See Note 4—“Acquisitions” to our unaudited Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information related to this transaction. 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 September 30, 2025 are $227.2 million and $24.2 million, respectively. This positions us as the world’s largest ECS broker by revenue, making BGC a more comprehensive and diversified company. Furthermore, the OTC Global acquisition was accretive to our third quarter earnings per share on a year-over-year basis.
Current wording
On April 1, 2025, we completed the acquisition of OTC Global. 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, positioning us as the world’s largest ECS broker by revenue and making BGC a more comprehensive and diversified company. The amount of revenue from OTC Global included in our unaudited Condensed Consolidated Statements of Operations during thethree months ended March 31, 2026 is$138.4 million.
Previous wording
Gains (Losses) on Equity Method Investments
Current wording
On December 31, 2025, we sold kACE, a leading provider of real-time pricing and advanced analytics platforms for complex FX derivatives, to smartTrade. smartTrade acquired kACE for up to $119.0 million, subject to limited post-closing adjustments. This includes initial consideration of $80.0 million, with up to an additional $39.0 million in contingent cash consideration. The $39.0 million in contingent cash consideration was excluded from the initial gain on the divestiture and will be recognized in income when it is realized and earned. As a result of this sale, we recognized a $66.7 million gain, which is included in “Gains (losses) on divestitures and sales of investments” in our audited Consolidated Statements of Operations during the year ended December 31, 2025.
Previous wording
Amerex, Aurel, Aurel BGC, Caventor, CBID, Conticap, CreditMatch, BGC, BGC Group, BGC Partners, BGC Trader, ELX, EOXLive, Euro Brokers, Fenics, Fenics.com, Fenics Markets Xchange, Fenics Digital, Fenics Direct, Fenics MID, Fenics MD, Fenics Market Data, Fenics GO, Fenics PortfolioMatch, FMX, FMX Futures, FMX Markets Xchange, FMX UST, FMX FX, FMX Repo, FMX NDF, GFI, GFI Ginga, kACE 2, Lake Securities, Latium Capital, LumeFX, LumeMarkets, Lucera, Macro Hive, Martin Brokers, Maxcor, Matchbox, Mint, MIS Brokers, Open Energy, OTC Global Holdings, Perimeter Markets Inc., Poten & Partners, RP Martin, Tower Bridge, Sage, Sunrise Brokers, and VolumeMatch are among the trademarks/service marks and/or registered trademarks/service marks of BGC Group and/or its affiliates in the U.S. and/or other jurisdictions.
Current wording
AMCOM, Amerex, American Commodities, Aurel, Aurel BGC, Caventor, CBID, Conticap, CreditMatch, BGC, BGC Group, BGC Partners, BGC Trader, ELX, EOXLive, Euro Brokers, Fenics, Fenics.com, Fenics Markets Xchange, Fenics Digital, Fenics Direct, Fenics MID, Fenics MD, Fenics Market Data, Fenics PortfolioMatch, FMX, FMX Futures, FMX Markets Xchange, FMX UST, FMX FX, FMX Repo, FMX NDF, GFI, GFI Ginga, Lake Securities, Latium Capital, LumeFX, LumeMarkets, Lucera, Macro Hive, Martin Brokers, Maxcor, Matchbox, Mint, MIS Brokers, Open Energy, OTC Global Holdings, Perimeter Markets Inc., Poten & Partners, RP Martin, Tower Bridge, Sage, Sunrise Brokers, and VolumeMatch are among the trademarks/service marks and/or registered trademarks/service marks of BGC Group and/or its affiliates in the U.S. and/or other jurisdictions. The foregoing is not intended to be a complete list of all trademarks or service marks owned or used by the Company or its affiliates.
Previous 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 months ended September 30, 2025, and 2024, we did not record any additional reserves associated with Russia’s Invasion of Ukraine. During the nine months ended September 30, 2025 and 2024, we released a reserve of $4.4 million and recorded reserves of $4.0 million, respectively, in connection with potential losses associated with Russia’s Invasion of Ukraine.
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. During both the three months ended March 31, 2026 and 2025, the Company did not record any additional reserves associated with potential losses associated with Russia’s Invasion of Ukraine.
Previous wording
Management performed Pillar 2 calculations for the necessary jurisdictions for the third quarter of 2025 and determined that the minimum global effective tax did not have a material impact on our third quarter 2025 tax rate.
Current wording
Management performed Pillar 2 calculations for the necessary jurisdictions for the first quarter of 2026 and determined that the minimum global effective tax did not have a material impact on our first quarter 2026 tax rate.
Previous wording
On July 4, 2025, President Trump signed the OBBBA into law, which, among other things, introduced 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 operations and domestic tax attributes, including but not limited to, assessing the applicability and potential impact 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, and the revised Internal Revenue Code Section 163(j) interest expense limitation and the reinstated expensing treatment under Internal Revenue Code Section 174A for domestic research and experimentation expenditures.
Current wording
On July 4, 2025, President Trump signed the OBBBA into law, which, among other things, introduced 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.
Previous wording
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 wording
The OBBBA did not have a material impact on our unaudited Condensed Consolidated Statements of Financial Condition as of, or results of operations or cash flows for the three months ended March 31, 2026. Management will continue to assess the potential impact the OBBBA may have on our future financial condition, results of operations or liquidity.
Previous wording
The financial services industry has grown historically due to several factors. One factor was the increasing use of derivatives to manage risk or to take advantage of the anticipated direction of a market by allowing users to protect gains and/or guard against losses in the price of underlying assets without having to buy or sell the underlying assets. Derivatives are often used to mitigate the risks associated with interest rates, equity ownership, changes in the value of FX, credit defaults by corporate and sovereign debtors, and changes in the prices of commodity products. Over this same timeframe, demand from financial institutions, large corporations, and other end-users of financial products have increased volumes in the wholesale derivatives market, thereby increasing the business opportunity for financial intermediaries.
Current wording
Historically, the financial services industry has grown structurally due to several factors. One factor was the increasing use of derivatives to manage risk or to take advantage of the anticipated direction of a market by allowing users to protect gains and/or guard against losses in the price of underlying assets without having to buy or sell the underlying assets. Derivatives are often used to manage the risks associated with interest rates, equity ownership, changes in the value of FX, credit defaults by corporate and sovereign debtors, and changes in the prices of commodity products.
Previous wording
Another key factor in the historical growth of the financial services industry has been the increase in the number of new financial products. As market participants and their customers strive to mitigate risk, new types of equity and fixed income securities, futures, options and other financial instruments have been developed. Most of these new securities and derivatives were not immediately ready for more liquid and standardized electronic markets, and generally increased the need for trading and required broker-assisted execution.
Current wording
Another key factor has been the increase in the number of new financial products. As market participants and their customers strive to manage risk, new types of equity and fixed income securities, futures, options and other financial instruments have been developed. Most of these new securities and derivatives were not immediately ready for more liquid and standardized electronic markets, and generally increased the need for trading and required broker-assisted execution.
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, 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.
Current wording
Additionally, the financial service industry and our business performance is influenced by other factors, including general economic conditions, the geopolitical environment, current or expected inflation, interest rate fluctuations, the threat, imposition and impact of volatile or 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.
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 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 the issuance of financial instruments and trading volume growth.
Previous wording
Over the past decade, there has been significant consolidation among the interdealer-brokers and wholesale brokers with which we compete. We continue to compete with TP ICAP and Tradition across various Voice/Hybrid brokerage marketplaces as well as via Fenics. We also continue to compete with the electronic markets and market data businesses of the CME, primarily through our FMX businesses where we compete in U.S. Treasuries, U.S. interest rate futures, and foreign exchange products. Additionally, we have significantly grown our presence in the energy, commodities and shipping markets, and are competing more with ECS brokers such as Marex, StoneX and Clarksons.
Current wording
Over the past decade, there has been significant consolidation among the interdealer-brokers and wholesale brokers with which we compete. We compete with TP ICAP and Tradition across various Voice/Hybrid brokerage marketplaces as well as across multiple electronic marketplaces via Fenics, which additionally competes with Tradeweb and MarketAxess. We also compete with the electronic markets and market data businesses of the CME, primarily through our FMX businesses where we compete in U.S. Treasuries, U.S. interest rate futures, and foreign exchange products. Additionally, we have become the largest participant in the energy, commodities and shipping markets, and are competing with ECS brokers such as Marex Group PLC, StoneX Group and Clarksons PLC.
Previous wording
Volume is driven by a number of factors, including the level of issuance for financial instruments, price volatility of financial instruments, government and central bank policies, macro-economic conditions, creation and adoption of new products, regulatory environment, and the introduction and adoption of new trading technologies. Historically, increased price volatility has often increased the demand for hedging instruments, including many of the cash and derivative products that we broker.
Current wording
Volume is driven by a number of factors, including the level of issuance for financial instruments, price volatility of financial instruments, government and central bank policies, macro-economic conditions, geopolitical developments, creation and adoption of new products, regulatory environment, and the introduction and adoption of new trading technologies. Historically, increased price volatility has often increased market volumes across many of the cash and derivative products that we broker.
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 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 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 backdrop is expected to support both BGC’s Fenics and Voice/Hybrid businesses for the foreseeable future, assuming the current macro trading environment remains in place.
Previous wording
During the three months ended September 30, 2025, industry volumes were higher across Credit and Equities compared to the prior year period. Secondary market trading volumes were mixed across Rates and generally lower across ECS and FX. BGC’s brokerage revenues were up by 34.4% year-over-year in the quarter, reflecting growth across all asset classes and geographies.
Current wording
During the three months ended March 31, 2026, industry volumes were generally higher across ECS, Rates, FX, Credit, and Equities compared to the prior year period. BGC’s brokerage revenues were up by 46.7% year-over-year in the quarter, reflecting growth across all asset classes and geographies.
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 desks often have volume discounts built into their price structure, which results in our revenues being less volatile than the overall industry volumes.
Current wording
Our 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
ECS volumes were lower during the third quarter of 2025 compared to the prior year period. CME and ICE energy futures and options volumes were down 11% and 2%, respectively, compared to the prior year period. In comparison, BGC’s ECS revenues increased 114.0%, compared to the prior year period, to $241.6 million, driven by OTC Global and strong organic growth across the broader energy complex. Excluding OTC Global, ECS revenues grew by 21.8% compared to the prior year period.
Current wording
ECS volumes were higher during the first quarter of 2026 compared to the prior year period. CME and ICE energy futures and options volumes were up 37% and 32%, respectively, compared to the prior year period. In comparison, BGC’s ECS revenues increased 120.1%, compared to the prior year period, to $330.0 million, driven by OTC Global and strong organic growth across the broader energy complex and shipping businesses. Excluding OTC Global, ECS revenues grew by 31.1% compared to the prior year period.
Previous wording
Rates volumes were mixed during the third 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 down 2% compared to the prior year period. Over the same time period, listed products on CME were down 10%, and OTC interest rate derivative volumes traded on SEF were up 8% compared to the third quarter of 2024, according to Clarus. In comparison, our overall Rates revenues were up 12.1%, as compared to a year earlier, to $195.3 million.
Current wording
Rates volumes were higher during the first quarter of 2026 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 16% compared to the prior year period. Over the same time period, listed products on CME were up 24%, and OTC interest rate derivative volumes traded on SEF were up 32% compared to the first quarter of 2025, according to Clarus. In comparison, our overall Rates revenues were up 27.5% as compared to a year earlier, to $256.2 million.
Previous wording
Global foreign exchange volumes were generally lower during the third quarter of 2025 compared to the prior year period. Volumes for CME FX futures and options and CME EBS spot FX were down 23%, and 16% respectively, and Cboe FX was flat. In comparison, our overall FX revenues increased by 15.9%, compared to the prior year period, to $106.7 million.
Current wording
Global foreign exchange volumes were higher during the first quarter of 2026 compared to the prior year period. Volumes for CME EBS spot FX and Cboe FX were up 8% and 34%, respectively. Volumes for FX Options were up 1% compared to the prior year period, according to Clarus. In comparison, our overall FX revenues increased by 19.1%, compared to the prior year period, to $131.0 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 third quarter of 2025 compared to the prior year period. FINRA TRACE average daily volume for U.S. Investment Grade was up 4% and U.S. High Yield was up 14% according to Bloomberg. In comparison, our overall Credit revenues increased by 1.6%, compared to the prior year period, to $69.1 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 first quarter of 2026 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 9% according to Bloomberg, compared to the prior year period. In comparison, our overall Credit revenues increased by 8.2%, compared to the prior year period, to $94.1 million.
Previous wording
Global equity volumes were generally higher during the third 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 53% as compared to a year earlier. Over the same timeframe, the average daily volume of U.S. options was up 25%, according to the OCC, however, Eurex average daily volumes of equity and equity index derivatives were down 24%. Our Equities business primarily consists of equity derivatives and our overall revenues from Equities increased by 13.2%, compared to the prior year period, to $60.4 million.
Current wording
Global equity volumes were generally higher during the first quarter of 2026 compared to the prior year period. According to the Securities Industry and Financial Markets Association, the average daily volume of U.S. cash equities was up 27% as compared to a year earlier. Over the same timeframe, the average daily volume of U.S. options was up 18%, according to the OCC, however, Eurex average daily volumes of equity and equity index derivatives were down 2%. Our Equities business primarily consists of equity derivatives and our overall revenues from Equities increased by 34.3%, compared to the prior year period, to $84.5 million.
Previous wording
We have invested significantly through acquisitions and the hiring of new brokers, salespeople, managers, technology professionals and other front-office personnel. The business climate for these acquisitions has been competitive, and it is expected that these conditions will persist for the foreseeable future. We have been able to attract businesses and brokers, salespeople, managers, technology professionals and other front-office personnel to our platform as we believe they recognize that we have the scale, technology, experience and expertise to succeed.
Current wording
We have invested significantly through acquisitions and the hiring of new brokers, salespeople, managers, and other front-office personnel. The business climate for these acquisitions has been competitive, and it is expected that these conditions will persist for the foreseeable future. We have been able to attract businesses and brokers, salespeople, managers, and other front-office personnel to our platform as we believe they recognize that we have the scale, technology, experience and expertise to succeed.
Previous wording
As of September 30, 2025, our front-office headcount was 2,513 brokers, salespeople, managers, and other front-office personnel, up 18.5% from 2,121 a year ago, primarily due to the acquisition of OTC Global. Compared to the prior year, average revenue per front-office employee for the three months ended September 30, 2025, increased by 12.4%, to $0.3 million.
Current wording
As of March 31, 2026, our front-office headcount was 2,487 brokers, salespeople, managers, and other front-office personnel, up 14.9% from 2,165 a year ago, primarily due to the acquisition of OTC Global. Compared to the prior year, average revenue per front-office employee for the three months ended March 31, 2026, increased by 25.6%, to $0.4 million.
Previous wording
Income from operations before income taxes was $33.5 million compared to $19.7 million in the prior year period.
Current wording
Income from operations before income taxes was $115.4 million compared to $80.0 million in the prior year period.
Previous wording
Total revenues increased $175.7 million compared to the prior year period, or 31.3%, to $736.8 million. Excluding OTC Global, revenues grew by $66.8 million, or 11.9%. Brokerage revenues increased by $172.5 million, or 34.4% due to overall growth across all asset classes:
Current wording
Total revenues increased $291.2 million compared to the prior year period, or 43.8%, to $955.5 million. Excluding OTC Global, revenues grew by $152.9 million, or 23.0%.
Previous wording
•ECS increased $128.7 million, or 114.0%, driven by the operations of OTC Global. Excluding OTC Global, ECS grew by $24.7 million, or 21.8%;
Current wording
•ECS increased $180.0 million, or 120.1%, driven by the operations of OTC Global. Excluding OTC Global, ECS grew by $46.7 million, or 31.1%;
Showing the first 40 of 117 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Over this same timeframe, demand from financial institutions, large corporations, and other end-users of financial products have increased volumes in the wholesale derivatives market, thereby increasing the business opportunity for financial intermediaries.
Current report — wording carried from elsewhere
We believe the return of this strong positive correlation in the current macro trading environment, which has meaningful interest rates and the issuance of financial instruments that is multiples above 2008 levels, positions BGC to benefit from and drive its trading volumes, revenue and profitability higher for the foreseeable future, assuming the current macro trading environment remains in place.
Rearranged previous paragraphs (12)
Previous report — wording carried elsewhere
See “Liquidity and Capital Resources” herein for information related to our Liquidity and capital resources.
Previous report — wording carried elsewhere
Fees from related parties decreased by $0.1 million, or 0.4%, to $14.1 million for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, which was primarily driven by a decrease in revenues in connection with services provided to Cantor, such as accounting, occupancy, and legal.
Previous report — wording carried elsewhere
Fees to related parties increased by $4.6 million, or 19.7%, to $28.1 million for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. Fees to related parties are primarily allocations paid to Cantor for administrative and support services, such as accounting, occupancy and legal.
Previous report — wording carried elsewhere
Provision (benefit) for income taxes increased by $7.0 million, or 15.2%, to $53.0 million for the nine months ended September 30, 2025 as compared to the nine months ended September 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.
Previous report — wording carried elsewhere
Net Income (Loss) Attributable to Noncontrolling Interest in Subsidiaries
Previous report — wording carried elsewhere
On March 12, 2024, we borrowed $275.0 million from Cantor under the BGC Credit Agreement and used the proceeds from such borrowing to repay the principal and interest related to all of the $240.0 million of borrowings outstanding under the Revolving Credit Agreement. On April 1, 2024, we repaid in full the principal and interest related to the $275.0 million of borrowings outstanding under the BGC Credit Agreement. As of both September 30, 2025 and December 31, 2024, there were no borrowings by us outstanding under the BGC Credit Agreement. We did not record any interest expense related to the BGC Credit Agreement for the three and nine months ended September 30, 2025. We did not record any interest expense related to the BGC Credit Agreement during the three months ended September 30, 2024. We recorded $1.1 million of interest expense related to the BGC Credit Agreement for the nine months ended September 30, 2024.
Previous report — wording carried elsewhere
As a result of the Corporate Conversion, 64.0 million Cantor units, including 5.7 million purchased on June 30, 2023, were converted into shares of BGC 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 Class B common stock issued to Cantor will exchange into BGC Class A common stock in the event that BGC does not issue at least $75,000,000 in shares of BGC Class A or B common stock in connection with certain acquisition transactions prior to July 1, 2030, the seventh anniversary of the Corporate Conversion.
Previous report — wording carried elsewhere
As of November 7, 2025, we have issued approximately $17.3 million of BGC Class A common stock in connection with acquisitions since the Corporate Conversion.
Previous report — wording carried elsewhere
3 Public Stockholders includes unrestricted shares of our Class A common stock owned by current employees due to an inability to track such shares once they leave the Company’s transfer agent, as well as the September 30, 2025 holdings of our former Chief Executive Officer, Mr. Howard W. Lutnick, as he has stepped down from his positions with the Company.
Previous report — wording carried elsewhere
Structure of BGC Group, Inc. as of October 6, 2025
Previous report — wording carried elsewhere
2 BGC Partners is a wholly owned subsidiary of BGC Group and consolidated with other wholly and non wholly-owned subsidiaries.
Previous report — wording carried elsewhere
4 For the purposes of this diagram, Cantor includes Cantor Fitzgerald, L.P. and CFGM. As of October 6, 2025, Cantor Fitzgerald, L.P. owned 21.5% of the economics and 70.1% of the voting power in BGC Group, and CFGM owned 0.7% of the economics and 2.0% of the voting power in BGC Group.