Here are 1-3 brief analogies for BGC:

1. Like Tradeweb or MarketAxess for institutional trading, but also providing traditional voice brokerage for a wider range of financial products.
2. Similar to ICE or CME Group, but operating as a broker and technology provider for the inter-dealer wholesale financial markets.
3. Nasdaq or ICE for the behind-the-scenes trading of complex financial products between banks and institutions.

BGC (BGC Partners) provides a range of brokerage and financial technology services to institutional clients, categorized as follows:

• Fixed Income Brokerage: Facilitates the trading of government bonds, corporate bonds, mortgage-backed securities, and other debt instruments for institutional clients.
• Equity Brokerage: Provides execution services for stocks, equity options, and other equity-linked products across global markets.
• Foreign Exchange (FX) Brokerage: Offers broking services for spot foreign exchange and various FX derivatives to professional market participants.
• Commodities & Energy Brokerage: Facilitates the trading of crude oil, natural gas, power, precious metals, and other commodity products.
• Derivatives Brokerage: Specializes in brokering complex credit derivatives (like credit default swaps) and interest rate derivatives (like swaps and options).
• Financial Technology Solutions: Develops and provides electronic trading platforms, analytical tools, and other software for financial market participants under brands like FENICS.
• Market Data Services: Delivers real-time and historical pricing data, analytics, and market commentary across various asset classes to inform trading decisions.

BGC Group, Inc. (BGC) sells primarily to other companies and institutions within the global financial services sector, rather than directly to individuals. Its major customers are typically institutional clients that utilize BGC's wholesale brokerage, clearing, and financial technology platforms.

Based on their business descriptions and public filings, BGC's primary customer categories and representative public companies that would fall into those categories include:

• Global Banks and Investment Banks: These are the largest users of BGC's platforms for trading a wide range of financial instruments, including fixed income, foreign exchange, equities, and commodities. Major examples include:
  • JPMorgan Chase & Co. (JPM)
  • Bank of America Corporation (BAC)
  • Citigroup Inc. (C)
  • The Goldman Sachs Group, Inc. (GS)
  • Morgan Stanley (MS)
  • Barclays PLC (BCS)
  • UBS Group AG (UBS)
• Asset Managers, Hedge Funds, and Institutional Investors: These clients utilize BGC's marketplaces for executing trades, managing portfolios, and accessing market liquidity. Examples include:
  • BlackRock, Inc. (BLK)
  • T. Rowe Price Group, Inc. (TROW)
  • State Street Corporation (STT)
• Large Corporations and Government Agencies: Corporations may engage BGC for treasury management, hedging foreign exchange or interest rate exposures, and other financial services. Government agencies and central banks may also utilize their platforms for various market operations. Due to the diverse and often specific nature of their needs, naming specific public examples of "major customers" in this category is less direct than with financial institutions; however, this represents a significant segment of BGC's institutional client base.

It is important to note that BGC, like many wholesale brokerage firms, serves thousands of institutional clients globally and does not publicly disclose specific names of individual "major customers" due to client confidentiality and the nature of their transactional business.

• CME Group Inc. (CME)
• Intercontinental Exchange, Inc. (ICE)
• Nasdaq, Inc. (NDAQ)
• London Stock Exchange Group plc (LSEG)

John Abularrage Co-Chief Executive Officer

John Abularrage was appointed Co-Chief Executive Officer of BGC Group in February 2025. He joined BGC Group in 2021, bringing over 20 years of financial services experience. Previously, he served as Co-Global Head of Brokerage and Chief Executive Officer of the Americas for BGC Group. Prior to joining BGC, Mr. Abularrage was the Head of Global Broking and Chief Executive Officer of the Americas at TP ICAP, and before that, he served as the Chief Executive Officer of North America at Collins Stewart.

JP Aubin Co-Chief Executive Officer

JP Aubin was appointed Co-Chief Executive Officer of BGC Group in February 2025. He joined BGC in 2005 and played a significant role in the company's expansion in Europe, including the acquisitions of ETC Pollak in 2005 and Aurel in 2006. In 2008, he moved to BGC's New York office and became Global Head for Listed Products. Mr. Aubin began his broking career with Viel-Tradition Group in 1990.

Sean Windeatt Co-Chief Executive Officer and Chief Operating Officer

Sean Windeatt was appointed Co-Chief Executive Officer of BGC Group in February 2025 and also serves as Chief Operating Officer. He has been with the company for more than 27 years, having joined Cantor Fitzgerald in 1997 in the Finance Department. Following the events of September 11, 2001, he was instrumental in stabilizing and rebuilding Cantor Fitzgerald's brokerage operations. With BGC's establishment as an independent company in 2004, he became an integral part of its growth and development. He was appointed Chief Operating Officer in 2009 and CEO of BGC's UK business in 2012.

Jason W. Hauf Chief Financial Officer

Jason W. Hauf is the Chief Financial Officer of BGC Group, Inc., a position he has held since June 2022. He oversees the company's financial operations, including financial and regulatory reporting, financial planning & analysis, treasury management, risk, and investor relations. Mr. Hauf joined BGC with over 30 years of financial management and public accounting experience in international organizations. Prior to BGC, he served as Managing Director and CFO of Exos Technology and Financial Partners, where he helped establish an investment bank and technology company. He also served as Managing Director and CFO of Royal Bank of Scotland, Corporate and Institutional Banking Division, Americas, and was previously Vice President at AIG Financial Products Corp. He began his career at Coopers & Lybrand.

Stephen Merkel Chairman of the Board of Directors, Executive Vice President and General Counsel

Stephen Merkel has served as Executive Vice President and General Counsel of BGC Group since 2001 and as Chairman of the Board of Directors since February 2025. He previously held the role of Vice President and Assistant General Counsel at Goldman Sachs & Co. Prior to that, he worked at Paul, Weiss, Rifkind, Wharton & Garrison.

The key risks to BGC’s business include economic downturns and financial market volatility, regulatory changes, and intense competition within the financial services industry.

1. Economic Downturns and Financial Market Volatility: BGC's business is highly susceptible to economic downturns and fluctuations in financial market activity. During periods of recession or market instability, reduced trading volumes and decreased client engagement can negatively impact the company's financial performance.
2. Regulatory Changes: The financial services industry, in which BGC operates, is subject to extensive and frequent regulatory changes. These changes can lead to increased compliance costs, operational challenges, and potential disruptions to business operations as the company must adapt to new rules.
3. Intense Competition and Stagnation: BGC faces significant competition from other firms in the financial services and capital markets technology space. The company has been noted for not being a sector leader or a rapidly growing entity and has not consistently distinguished itself in terms of its offerings or technology, which poses a risk of stagnation and potential ongoing decline.

The accelerating shift towards fully electronic, automated, and internalized trading by major financial institutions presents a clear emerging threat. This trend diminishes the demand for traditional voice brokerage services, historically a significant component of BGC's business, and intensifies competition for its electronic platforms (Fenics, FMX) from both other sophisticated technology providers and clients building proprietary trading solutions. This continuous evolution in how trading is executed reduces opportunities for third-party intermediaries.

Additionally, BGC faces intensifying competition from well-capitalized established exchanges, which are continuously expanding their electronic offerings into various asset classes where BGC operates, and from new technology-driven fintech startups leveraging advanced analytics and AI to create highly efficient trading and data platforms. This puts sustained pressure on BGC's market share, pricing power, and the necessity to continuously innovate its technological offerings to maintain competitiveness.

Financial Services Segment

• Brokerage Services (Inter-Dealer Brokerage): BGC is a leading global inter-dealer broker facilitating transactions across various financial instruments, including fixed income, interest rate swaps, foreign exchange, equities, credit derivatives, commodities, futures, and structured products. The global Investment Banking & Brokerage industry, which encompasses these services, is estimated to be approximately $379.9 billion in 2024.
• Financial Technology Solutions (Fenics & FMX Futures Exchange): BGC's Fenics platform provides financial technology solutions, market data, and analytics. Its FMX Futures Exchange, launched in 2024, competes in the U.S. interest rate derivatives market, specifically for U.S. Treasury and SOFR futures. The global fintech market is projected to reach approximately $394.88 billion in 2025 and is expected to grow to $1.5 trillion in revenue by 2030. The broader U.S. interest rate derivatives market is valued at over $20 trillion, with the SOFR market alone being a $2.2 trillion market.

Real Estate Services Segment

• BGC provides commercial real estate services, including real estate appraisal. The global Real Estate Services market size was estimated at approximately $100.25 billion (USD 100254.6 million) in 2024. North America accounted for over 40% of this market, with the U.S. market size being approximately $31.64 billion (USD 31640.35 million) in 2024. Another source indicates the global real estate services market was valued at $105.0 million in 2023 and is projected to reach $189.6 million by 2032. However, other analyses of the broader global real estate market (including property values and related services) project a much larger size, for example, $4.13 trillion (USD 4,130.01 billion) in 2024, reaching $5.85 trillion by 2030. Given BGC's focus on services like appraisal and brokerage, the more specific "Real Estate Services market" figures are more appropriate for their addressable market for services.

1. Expansion of Electronic Trading Platforms (Fenics and FMX): BGC is experiencing significant growth in its electronic trading platforms, Fenics and FMX. The FMX platform, which includes U.S. Treasuries, FX, and Futures Exchange, achieved record volumes across all categories, with FMX UST (U.S. Treasuries) recording substantial growth in average daily volume and increasing its market share. Fenics generated $160 million in revenue in Q3 2025, demonstrating strong growth across multiple asset classes including Rates, Data, Network & Post-Trade, Foreign Exchange, and Credit. The company plans to continue focusing on expanding electronic trading platforms and enhancing its US Treasury Futures offerings in 2026.
2. Strategic Acquisitions and Integration (e.g., OTC Global Holdings): Acquisitions, such as that of OTC Global Holdings (OTC), are a significant driver of revenue growth. The OTC acquisition is expected to add over $400 million in annualized revenue and substantially expand BGC's Energy, Commodities, and Shipping (ECS) business. ECS revenues surged by 114% to $241.6 million in Q3 2025, fueled by OTC and robust organic growth across the broader energy complex. This acquisition has diversified BGC's macro drivers and client base, creating cross-selling opportunities.
3. Growth Across Diverse Asset Classes: BGC's revenue growth is broad-based across multiple asset classes. The company has seen gains in energy, rates, and foreign exchange. In Q2 2025, ECS showed the most significant increase in revenue at 122.2% year-over-year, with Rates contributing 26% and Foreign Exchange adding 14% of total revenue. This diversification positions BGC to perform well across various market conditions.
4. Geographical Expansion: BGC is expanding its presence in key regions, with plans for further expansion in EMEA and Asia-Pacific. In Q3 2025, EMEA revenues increased by 37.4%, Americas revenues by 28.1%, and Asia-Pacific revenues by 17.4%, demonstrating effective international strategy and widespread growth. International revenues account for 64% of total revenue, indicating a strong global footprint.
5. Enhanced Data, Network, and Post-Trade Services: BGC's Data, Network, and Post-Trade segment also contributes to revenue growth. This segment achieved record quarterly revenue of $35.5 million in Q2 2025, up 15% year-over-year. Excluding Capitalab, which was sold in Q4 2024, the segment's revenue grew by 20% year-over-year, driven by Fenix market data and Lucera.

Share Repurchases

• In November 2022, BGC Partners, Inc. increased its equity buyback authorization by an additional $337.84 million, bringing the total plan term authorization to $1,186.22 million and the remaining authorization to $400 million.
• Following the Corporate Conversion on July 1, 2023, BGC Group's Board and Audit Committee approved the repurchase of up to $400.0 million of Company Equity Securities.

Share Issuance

• As of December 31, 2022, BGC had issued an aggregate of 17.2 million shares of Class A common stock under a Form S-4 Registration Statement related to business combination transactions.
• In connection with the Corporate Conversion on July 1, 2023, BGC Group increased its authorized shares of Class A common stock to 1,500,000,000 and Class B common stock to 300,000,000.
• Upon the Corporate Conversion on July 1, 2023, BGC Group granted 38.6 million restricted stock awards, 25.3 million RSUs, and $74.0 million of RSU Tax Accounts, stemming from the conversion of non-exchangeable shares.

Inbound Investments

• In April 2024, ten leading global investment banks and market-making firms became minority equity owners in FMX, BGC's exchange business.

Outbound Investments

• BGC completed the acquisition of Trident, a commodity brokerage and research company, on February 28, 2023.
• The company completed the acquisition of ContiCap, an independent financial product intermediary specializing in emerging markets, on November 1, 2023.
• BGC completed the acquisition of Sage, an energy and environmental brokerage firm, on October 1, 2024, to expand its energy brokerage services in the U.S. and support global growth in its Energy, Commodities, and Shipping (ECS) segment. The acquisition of OTC Global was announced in October 2024 and completed on April 1, 2025, expected to add over $400 million in annualized revenue and establish BGC as the world's largest ECS broker.