Business Growth and Revenue - BGC's Fenics business has grown to represent 25% of total revenues in Q4 2023, driven by technology-driven trading platforms[1] - The company has invested in new trading platforms including Fenics UST, Fenics FX, and PortfolioMatch to enhance broker productivity and electronic trading[1] - Fenics Markets includes fully electronic brokerage revenues and has expected pre-tax margins of at least 25%[1] - BGC's revenue sources include commissions from brokerage services, matched principal transactions, and data services[1] Trading Platforms and Innovations - FMX received CFTC approval on January 22, 2024, to operate an exchange for U.S. Treasury and SOFR futures, with plans to launch in summer 2024[1] - The company aims to automate and electronify its brokerage business in response to macro trends in capital markets[1] - BGC's trading applications are accessible through a global high-speed data network, the Internet, or third-party networks[1] - The company operates electronic marketplaces across multiple financial markets through Fenics and multi-asset Hybrid platforms, with expectations for Fenics to become increasingly valuable as it continues to grow[341] - FMX, combining Fenics' U.S. Treasury business with a U.S. Rates futures platform, received CFTC approval on January 22, 2024, and is set to launch in summer 2024[341] Acquisitions and Partnerships - The company acquired Trident Brokerage Service LLC on February 28, 2023, enhancing its service offerings[341] - The company plans to discuss strategic partners and further details regarding FMX in the first quarter 2024 earnings call[1] Market Activity and Competition - The number of matched principal trades executed by BGC has continued to grow compared to prior years, indicating increased trading activity[1] - The company faces competition from various financial brokerage firms and technology companies in the market[3] - The company faces risks from competition in acquiring new business initiatives and potential integration challenges[329] Awards and Recognition - Fenics Market Data received multiple awards in 2023, including Americas Data and Analytics Vendor of the Year at the GlobalCapital Americas Derivatives Awards[347] Corporate Responsibility and Risks - The company emphasizes the importance of its brokers and salespeople as primary marketing resources, focusing on cross-selling and enhancing customer relationships[348] - The company has a commitment to expand in the global energy and commodities space, highlighted by its acquisition of Poten & Partners in November 2018[344] - The company is subject to credit and performance risks that could lead to significant losses affecting its financial condition[334] - The company may utilize artificial intelligence, which poses challenges that could result in competitive harm and regulatory action[362] - Ongoing scrutiny regarding corporate responsibility and ESG practices may lead to additional costs or risks for the company[336]

Financial Data and Key Metrics Changes - The company reported fourth quarter revenues of $516.8 million, an increase of 18.4% year-over-year, marking the highest ever fourth quarter revenue performance [14] - Adjusted earnings before tax improved by 27.3% to $110.8 million, with a margin expansion of 149 basis points to 21.4% [30] - Post-tax adjusted earnings increased by 29.2% to $101.3 million, or $0.21 per share, reflecting a 31.3% improvement [30] - Adjusted EBITDA was reported at $151.6 million, a 22.3% increase [30] - Liquidity as of December 31 was $701.4 million, up from $524.3 million at year-end 2022 [53] Business Line Data and Key Metrics Changes - Revenues from the Energy & Commodities business improved by 42.3%, driven by strong growth across the energy complex and environmental products [14] - Fenics revenues grew by 20.1% to $130.8 million, accounting for over 25% of total revenue [15] - Equities revenues declined by 3.8%, while data, network, and post-trade revenues improved by 17.9% [25] - Rates revenues increased by 26.1%, reflecting broad-based growth across interest rate products [47] - Credit revenues decreased by 3.6%, but are expected to grow in line with overall business in 2024 [47] Market Data and Key Metrics Changes - By geography, Americas revenues increased by 21.9%, EMEA revenues increased by 20.5%, and Asia Pacific revenues increased by 2.8% [29] - Fenics generated $521.7 million for the full year 2023, an improvement of 16.1%, marking its first time above $500 million [48] Company Strategy and Development Direction - The company plans to launch the FMX Futures Exchange in summer 2024, following CFTC approval [13] - Investments are being made in global interest rate derivative products and reentering the Japanese interest rate market [28] - The company aims to capitalize on interest rate and energy market volatility to drive higher fixed income issuance [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 10% revenue growth and mid-teens earnings growth in 2024, supported by favorable macro trading conditions [35][58] - The company anticipates that the global interest rate environment will remain attractive, with expectations for Japan to return to positive interest rates [58] - Management highlighted the importance of connecting with trading firms globally as a key milestone for FMX [61] Other Important Information - The company is considering selling separable technology divisions to enhance shareholder value through share buybacks [4][70] - The compensation and employee benefits under adjusted earnings increased by 21.8%, driven by higher revenues and new hires [29] Q&A Session Summary Question: Update on FMX and strategic partner announcements - Management indicated that they will provide detailed updates on strategic partnerships before the launch of FMX [33][57] Question: Revenue growth expectations for 2024 - Management confirmed expectations for 10% revenue growth and mid-teens earnings growth, citing a favorable market environment [35][58] Question: Competitive positioning of FMX - Management expressed confidence in FMX's competitive advantages, particularly in achieving margin offsets superior to competitors [37][62] Question: Capital return plans and potential asset sales - Management acknowledged the potential for selling non-core assets to fund share buybacks, emphasizing the importance of timing [70]

NEW YORK, Jan. 22, 2024 /PRNewswire/ -- BGC Group, Inc. (Nasdaq: BGC), today announced that its FMX Futures Exchange received Commodity Futures Trading Commission ("CFTC") approval to operate an exchange for U.S. Treasury and SOFR futures, the most widely traded futures contracts in the world, for trading on FMX1. Howard W. Lutnick, Chairman and CEO of BGC Group, a leading global brokerage and financial technology company, said, "With this CFTC approval, we will combine our leading Fenics UST cash Treasury ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________ FORM 10-Q _________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Numbers: 001-35591 _________________________________________________ BGC Group, ...

BGC Group, Inc. (NASDAQ:BGC) Q3 2023 Earnings Call Transcript October 30, 2023 8:30 AM ET Company Participants Jason Chryssicas - Head, Investor Relations Howard Lutnick - Chairman & Chief Executive Officer Sean Windeatt - Chief Operating Officer Jason Hauf - Chief Financial Officer Conference Call Participants Patrick Moley - Piper Sandler Operator Greetings. Welcome to the BGC Group Third Quarter 2023 Financial Results Conference Call. [Operator Instructions]. As a reminder, this conference is being recor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________ FORM 10-Q _________________________________________________ For the Quarterly Period Ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Title of each class Symbol(s) Name of each exchange on which registered ☒ ☐ Page GLOSSARY OF TERMS, ABBREVIATIONS AND ACRONYMS 4 eSpeed Various assets comprising the Fully Electronic portion of ...

BGC Group, Inc. (NASDAQ:BGC) Q2 2023 Earnings Conference Call August 2, 2023 10:00 AM ET Company Participants Jason Chryssicas - Head, Investor Relations Howard Lutnick - Chairman & Chief Executive Officer Sean Windeatt - Chief Operating Officer Jason Hauf - Chief Financial Officer Conference Call Participants Patrick Moley - Piper Sandler Operator Greetings and welcome to the BGC Group Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-a ...

Q2 2023 Performance Highlights - BGC Group's revenue increased by 13.2% to $493.1 million compared to $435.8 million in Q2 2022[8] - Adjusted Earnings before noncontrolling interest in subsidiaries and taxes increased by 17.1% to $105.5 million compared to $90.2 million in Q2 2022[8] - Post-tax Adjusted Earnings increased by 18.0% to $100.0 million compared to $84.7 million in Q2 2022[8] - Adjusted EBITDA increased by 18.5% to $135.1 million compared to $113.9 million in Q2 2022[8] - Post-tax Adjusted Earnings per share increased by 17.6% to $0.20 compared to $0.17 in Q2 2022[8] Revenue Growth and Composition - Fenics revenue increased by 14.2% to $125.1 million year-over-year[9] - The Americas experienced significant growth, with revenue up by 21.9%[9] - Total brokerage revenue increased by 11.5% to $443.6 million compared to $397.7 million in Q2 2022[9] - Data, Network & Post-trade revenue increased by 15.4% to $27.0 million compared to $23.4 million in Q2 2022[9] - Other revenue increased significantly by 53.4% to $22.5 million compared to $14.7 million in Q2 2022[9] - Energy & Commodities revenue increased significantly by 48.0% to $98.7 million compared to $66.7 million in Q2 2022[9] Corporate Conversion and Share Count - BGC Group completed its corporate conversion to a Full C-Corporation on July 1, 2023[7, 28] - The corporate conversion reduced the fully diluted weighted-average share count by approximately 21 million shares, or 4%, to 484 million shares[7, 34] FMX and Fenics UST - Fenics Growth Platforms record revenue of $18.1 million, up 46% year-over-year[7] - Fenics UST grew CLOB market share by >200 bps to 23% in Q2 2023[7]

OR Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Re ...

BGC Partners, Inc. (BGCP) Q1 2023 Earnings Conference Call May 3, 2023 10:00 AM ET Company Participants Jason Chryssicas - Head, Investor Relations Howard Lutnick - Chairman & Chief Executive Officer Sean Windeatt - Chief Operating Officer Jason Hauf - Chief Financial Officer Conference Call Participants Rich Repetto - Piper Sandler Operator Greetings and welcome to the BGC Partners' First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session wil ...