Here are 1-3 brief analogies for BGC:

• Like **Bloomberg L.P.** for institutional trading.
• Like **Nasdaq** for institutional multi-asset brokerage.

• Brokerage Services: Facilitates the buying and selling of a wide range of financial instruments including fixed income, equities, energy, commodities, shipping, insurance, futures, and options.
• Financial Technology Solutions: Provides electronic and hybrid brokerage platforms, connectivity solutions, and other technological tools for trade execution and processing.
• Post-Trade Services: Offers essential services such as clearing, trade compression, and other back-office support to streamline and finalize transactions.
• Market Data and Information Services: Supplies critical financial market data and related information to support client decision-making.

BGC Group, Inc. (BGC) primarily serves other companies and institutions. Its major customers fall into the following categories:

• Banks
• Broker-dealers
• Investment banks
• Trading firms
• Hedge funds
• Governments
• Corporations
• Investment firms

John Abularrage, Co-Chief Executive Officer

Mr. Abularrage joined BGC Group in 2021, bringing over 20 years of financial services experience. Prior to his current role, he held various senior positions at TP ICAP, including Head of Global Broking and Chief Executive Officer of the Americas. Before that, he served as the Chief Executive Officer of North America at Collins Stewart, where he was also the Head of Equities.

JP Aubin, Co-Chief Executive Officer

Mr. Aubin joined BGC in 2005 and has served as Co-Global Head of Brokerage and Chief Executive Officer of EMEA for BGC Group. He was instrumental in developing BGC's voice and electronic broking services in listed products, including equity derivatives, commodities, cash equity, futures and options on futures, and structured products. He also helped drive the company's rapid expansion in Europe, which included the acquisitions of ETC Pollak in 2005 and Aurel in 2006. He was also Global Head for Listed Products and President of Aurel BGC.

Sean Windeatt, Co-Chief Executive Officer and Chief Operating Officer

Mr. Windeatt has been with the company for over 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 the firm'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 served as Interim Chief Financial Officer from December 2018 until December 31, 2019. Since 2012, he has also held the role of Chief Executive Officer of BGC's UK business, and in 2023, he was appointed Co-Global Head of Brokerage.

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

Mr. Merkel was named Chairman of the Board of Directors of BGC Group, Inc. in February 2025, and also retains his roles as Executive Vice President and General Counsel. He has been with BGC since its founding and also serves as Executive Vice Chairman, Executive Managing Director, and General Counsel for the Cantor Fitzgerald, L.P. group of companies, which includes BGC Group, Inc., Cantor Fitzgerald & Co., and Newmark Group, Inc. Before joining Cantor Fitzgerald in 1993, he was Vice President and Assistant General Counsel at Goldman Sachs & Co., dedicated to the J. Aron Division, and prior to that, an associate with Paul, Weiss, Rifkind, Wharton & Garrison. He also served as a law clerk for the Honorable Irving R. Kaufman of the U.S. Court of Appeals for the Second Circuit.

Jason W. Hauf, Chief Financial Officer

Mr. Hauf was appointed Chief Financial Officer of BGC Group, Inc. in June 2022, where he oversees the company's financial operations, including financial and regulatory reporting, financial planning & analysis, treasury management, risk, and investor relations. He 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 held the position of 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.

Here are the key risks to BGC Group, Inc.'s business:

1. Competition and Sustaining FMX Growth: BGC Group's strategy heavily relies on the success and continued expansion of its FMX platform, particularly in the US treasury bond market, where it has gained significant market share. However, the company faces intense competition from established players like CME Group, and sustaining this growth requires ongoing financial incentives and technological investments. If trading volumes stabilize or decline, these investments could negatively impact profitability, especially as the current valuation reflects high investor expectations for FMX's continued success.
2. Regulatory and Compliance Risks: As a global financial brokerage and technology company, BGC Group operates in a highly regulated environment across multiple jurisdictions. Changes in financial laws and regulations, particularly those related to mandatory central clearing, can lead to increased compliance costs and operational complexities, potentially affecting the company's profitability.
3. Technological and Cybersecurity Risks: BGC Group's operations are heavily dependent on its technology infrastructure and electronic platforms. Defects, disruptions, or failures in these systems, along with the constant threat of cybersecurity breaches, malicious attacks, or data theft, pose significant risks. Such incidents could severely damage the company's reputation, result in substantial financial losses, and lead to regulatory penalties.

The emergence of advanced AI-driven platforms and fully autonomous trading systems that enable financial institutions to execute complex transactions and manage post-trade services directly, thereby disintermediating traditional brokerage functions and reducing reliance on hybrid or electronic intermediary services like those offered by BGC.

Here are the addressable market sizes for BGC Group, Inc.'s main products and services:

• Fixed Income Brokerage: The global bond market, a key component of fixed income, was valued at approximately $141.34 trillion in 2024 and is projected to reach $166.81 trillion by 2030, growing at a CAGR of 2.8%. Another estimate valued the global fixed income market at $153.39 trillion in 2025, expected to reach $198.58 trillion by 2030. The total debt outstanding in the global bond market exceeded US$156 trillion as of August 2025. The United States represents the largest share, valued at over $51 trillion in 2024.
• Equities Brokerage: The global stock market was valued at USD 124 trillion based on a five-year historical analysis. More recently, the global stock market had a total value of $127 trillion as of August 2025, with nearly half ($62.2 trillion) concentrated in America. The global stockbroking market size was valued at USD 49.65 billion in 2024 and is expected to grow to USD 124.96 billion by 2033, with a CAGR of 10.80%.
• Energy and Commodities Brokerage: The global commodity trading services market was valued at US$ 5.009 billion in 2025 and is anticipated to reach US$ 6.787 billion by 2032, with a CAGR of 4.5%. Another report indicates the global commodity services market size was estimated at USD 3.56 billion in 2024 and is projected to surpass approximately USD 8.16 billion by 2034, with a CAGR of 8.65%. The commodity trading industry's gross margin surpassed $100 billion in 2022.
• Shipping Brokerage: The global shipbroking market size was valued at USD 2.91 billion in 2025 and is projected to grow to USD 4.08 billion by 2034, exhibiting a CAGR of 3.90%. Another estimate for the global shipbroking market size is USD 9.1 billion in 2025, expected to reach USD 14.3 billion by 2032, with a CAGR of 6.2%. The global freight brokerage market, a related service, was estimated at USD 54.87 billion in 2024 and is predicted to increase to approximately USD 98.73 billion by 2034, growing at a CAGR of 6.05%.
• Insurance Brokerage: The global insurance brokerage market was valued at $259.7 billion in 2022 and is projected to reach $628.3 billion by 2032, with a CAGR of 9.3%. Other sources estimate the market at USD 287.40 billion in 2023, projected to reach USD 524.80 billion by 2030, growing at a CAGR of 9.2%. The global insurance brokers and agents market is expected to rise from US$467.3 billion in 2024 to US$496.3 billion in 2025.
• Futures and Options Brokerage (Derivatives): The total volume of trading in global listed derivatives (futures and options) reached 137.3 billion contracts in 2023. The global derivatives market size was recorded at $32.57 billion in 2025 and is projected to reach $66.16 billion by 2033, with a CAGR of 9.263%.
• Financial Brokerage Services (General): The global financial brokerage market was valued at USD 4 billion based on a five-year historical analysis. It is projected to grow from $294.474 billion in 2021 to $1.396 trillion by 2033, at a CAGR of 13.848%. The global brokerage services market, in general, is projected to expand from $39.16 billion in 2025 to $69.23 billion by 2033, with a CAGR of 7.381%.
• Electronic Brokerage (E-brokerage): The global e-brokerages market size was valued at USD 15.76 billion in 2025 and is projected to grow to USD 35.86 billion by 2034, exhibiting a CAGR of 9.57%. Another estimate places the e-brokerage market size at USD 14.1 billion in 2024, projected to grow to USD 34.6 billion by 2034, at a CAGR of 9.4%.
• Financial Technology (FinTech) Solutions: The global FinTech market size was valued at USD 395.38 billion in 2025 and is projected to account for a CAGR of 16.3% between 2026 and 2034. Another source projects the FinTech market size to grow to USD 882.30 billion by 2030, exhibiting a CAGR of 17% (2023-2030). The global fintech market reached USD 320.81 billion in 2025 and is forecasted to climb to USD 652.80 billion by 2030, reflecting a 15.27% CAGR.

Share Repurchases

• BGC Group's Board re-approved a $400.0 million share repurchase authorization on November 5, 2025, following a similar re-approval on October 30, 2024.
• As of September 30, 2025, $136.5 million remained from the existing share repurchase authorization.
• In May 2025, BGC agreed to repurchase 16,452,850 shares of its Class A common stock from its former Chairman and CEO, Howard W. Lutnick, for approximately $151.5 million, in line with U.S. government ethics obligations.

Share Issuance

• As of September 30, 2025, BGC Group had not sold any shares of its Class A common stock under a July 2023 Sales Agreement that authorized the sale of up to $300.0 million in shares.
• As of March 31, 2025, the company had 431,386,582 shares of Class A common stock issued and 378,134,216 shares outstanding.

Inbound Investments

• FMX Equity Partners contributed $172 million for a 25.75% ownership stake in BGC Group's FMX transaction, with potential for an additional 10.3% ownership tied to volume targets.

Outbound Investments

• BGC completed the acquisition of OTC Global Holdings, LP, an energy and commodities brokerage firm, for $325 million in an all-cash transaction on April 1, 2025. This acquisition is expected to be immediately accretive.
• In October 2025, BGC acquired Macro Hive Limited, a provider of global macro market analytics and strategy, to expand its agency business with AI-driven technology.
• BGC announced the sale of its kACE financial business for up to $119 million in Q4 2025, which includes an $80 million initial payment and up to $39 million in contingent consideration based on performance metrics, as part of its portfolio optimization strategy.

Capital Expenditures

• BGC Group invested $5.3 million in capital expenditures during Q4 2025.
• Annual capital expenditures were approximately $72 million in 2025 and $54 million in 2024.
• The primary focus of capital expenditures in 2025 included strategic initiatives such as the OTC acquisition and ongoing investments in electronic trading capabilities, particularly the FMX platform.