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BGC Group, Inc. (Nasdaq: BGC) is a leading global brokerage and financial technology company, catering to the financial markets, energy, and commodities sectors worldwide. Specializing in brokerage services, BGC offers an extensive array of financial products such as fixed income, equities, commodities, derivatives, and real estate. The company's robust service portfolio also includes software solutions for trading platforms, clearing, trade execution, and other back-office functions.
With a significant client base comprising banks, financial institutions, and corporate clients, BGC operates predominantly in the brokerage segment. Geographically, it generates revenue from regions including Asia, Europe/MEA, France, and the Americas, with the United Kingdom and the United States being its largest revenue contributors.
In recent developments, BGC Group has been proactive in expanding its market presence and technological capabilities. The company announced an updated outlook for the fourth quarter of 2023, expecting double-digit growth in revenue and pre-tax adjusted earnings. Additionally, BGC's ongoing projects include the FMX Futures Exchange, which received regulatory approval from the Commodity Futures Trading Commission (CFTC) to operate U.S. Treasury and SOFR futures contracts, promising to bring competition to the CME's interest rate complex.
BGC's commitment to innovation is further evidenced by its strategic partnerships with major financial institutions. FMX, a BGC initiative, has secured equity investments from Bank of America, Barclays, Citadel Securities, Citi, Goldman Sachs, J.P. Morgan, Jump Trading Group, Morgan Stanley, Tower Research Capital, and Wells Fargo, and is set to launch in September 2024. This collaboration is poised to enhance liquidity in the interest rate futures market and bolster BGC's market share.
Financially, BGC Group reported strong results for the fourth quarter and full year of 2023 and continues to share its success with shareholders through regular dividend declarations. The company's inclusion in the S&P SmallCap 600 index marks a significant milestone, reflecting its growth trajectory and commitment to shareholder value.
About BGC Group, Inc.
BGC Group, through its affiliates, offers a comprehensive range of services including trade execution, brokerage, clearing, trade compression, post-trade, information, and other back-office services. With brands such as Fenics®, FMX™, and BGC®, the company provides financial technology solutions, market data, and analytics across various financial instruments and markets.
For more information about BGC Group, Inc., please visit www.bgcg.com or follow them on Twitter and LinkedIn.
BGC Group (Nasdaq: BGC) has appointed Mike Whitaker as Global Chief Information Officer and Executive Committee member. In this newly created position, Whitaker will lead the company's technology strategy implementation and innovation initiatives. He brings over 40 years of financial services and technology expertise, previously serving at Citi for 15 years as Head of Operations & Technology. His prior experience includes CIO roles at Deutsche Bank and Barclays Capital, overseeing Global Fixed Income, Equities, eCommerce, and Algorithmic trading functions.
BGC Group has announced the sale of its Rates Compression business, Capitalab, to Capitolis for $46 million in gross proceeds, representing a revenue multiple of approximately 7.5 times. The transaction demonstrates BGC's commitment to unlocking shareholder value while focusing on growing its high-margin, technology-driven Fenics business, which generated over $550 million in revenue in the last 12 months. BGC will retain its post-trade foreign exchange risk reduction business, previously under the Capitalab brand, which will be renamed Fenics NDF Match.
BGC Group announced that Chairman and CEO Howard W. Lutnick has been nominated by President Donald J. Trump to serve as the 41st U.S. Secretary of Commerce. Upon Senate confirmation, Lutnick will step down from his positions at Cantor, BGC, and Newmark, and divest his interests in these companies without selling shares on the open market. He plans to recommend John Abularrage, Jean-Pierre Aubin, and Sean Windeatt as Co-CEOs of BGC. The company expects no changes to its existing corporate structure.
BGC Group (Nasdaq: BGC) announced its financial results for the third quarter ending September 30, 2024. The company declared a quarterly dividend of 2 cents. A conference call to discuss the results is scheduled for 10:00 AM ET. The complete financial results press release, earnings presentation, and supplemental financial tables are available on the company's investor relations website.
BGC Group (Nasdaq: BGC) has announced an agreement to acquire OTC Global Holdings, LP (OTC), the largest independent institutional energy and commodities brokerage firm. This acquisition will expand BGC's Energy, Commodities, and Shipping (ECS) business globally. OTC operates across North America, Europe, and Asia, offering brokerage services in crude and refined products, petrochemicals, natural gas, ship brokerage, and biofuels.
The acquisition, expected to be a substantially all-cash transaction, aims to create a comprehensive platform serving the global energy and commodities market. It is subject to customary closing conditions and regulatory approvals. Jefferies is acting as the exclusive financial advisor to OTC Global Holdings.
BGC Group (Nasdaq: BGC) has acquired Sage Energy Partners, an energy and environmental brokerage firm, to expand its Energy, Commodities, and Shipping (ECS) business. This acquisition will broaden BGC's coverage in the U.S. to include biofuels, environmental products, NGLs, and petrochemicals. The move is expected to be immediately accretive and positions BGC as the world's first 'one-stop-shop' for environmental brokerage.
Sage, headquartered in Houston, Texas, specializes in refined products, biofuels, ethanol, carbon emissions, renewables, NGLs, and petrochemicals brokerage services. The firm's clients include major banks, hedge funds, oil & natural gas producers, chemical companies, refineries, and utilities.
This strategic acquisition aligns with BGC's global growth efforts and strengthens its position in the rapidly evolving energy and environmental markets, particularly in the U.S., which is a key growth area for BGC's ECS business.
BGC Group (Nasdaq: BGC) has announced it will release its third quarter 2024 financial results on Thursday, October 31, 2024, at approximately 8:00 a.m. ET. The company will host a conference call to discuss the results at 10:00 a.m. ET on the same day.
Investors can access the financial results and join the webcast through the company's investor relations website at http://ir.bgcg.com. Alternatively, participants can join directly via https://www.webcast-eqs.com/bgc20241031. For those preferring to listen by phone, the U.S. dial-in number is 1-877-407-0312, and the international dial-in is 1-201-389-0899.
BGC will issue an advisory press release regarding the availability of its consolidated quarterly financial results at approximately 8:00 a.m. ET on the day of the announcement.
BGC Group has updated its outlook for Q3 2024, expecting to reach the high end of its previously stated ranges for revenue and pre-tax Adjusted Earnings. The company's financial results press release from July 30, 2024, can be found on its investor relations website. BGC uses non-GAAP financial measures, including 'Adjusted Earnings' and 'Adjusted EBITDA,' to reflect operating performance. These measures exclude non-cash items and other expenses not directly impacting cash flow or diluting stockholders. Adjusted Earnings calculations exclude various equity-based compensation charges, acquisition-related costs, and non-cash asset impairments. The company believes these adjusted metrics provide a clearer understanding of its financial performance. Management uses these measures to evaluate the company's operations and make business decisions. For more information, refer to the reconciliation of GAAP and non-GAAP results in the company's financial results press release.
BGC Group (Nasdaq: BGC) has extended its exchange offer for its 6.600% Senior Notes due 2029. The offer, originally set to expire on September 24, 2024, has been extended to September 27, 2024 at 5:00 p.m., New York City time. The exchange offer allows holders to swap up to $500 million of outstanding Old Notes for an equivalent amount of Exchange Notes registered under the Securities Act of 1933.
As of the previous deadline, $498,200,000, or 99.64%, of the outstanding Old Notes had been tendered. The exchange offer's terms are detailed in a prospectus dated August 26, 2024. Wilmington Trust, National Association is serving as the exchange agent for this transaction.
BGC Group (Nasdaq: BGC) and ten leading investment banks and market-making firms have launched the FMX Futures Exchange. The exchange is now trading SOFR futures, with plans to add U.S. treasury futures in Q1 2025. FMX aims to provide real competition in the U.S. SOFR futures market, offering innovation, superior pricing, and improved capital efficiency.
The exchange partners with LCH for clearing, enabling significant capital savings through cross-margin capabilities. LCH has $225 billion in interest rate swap collateral. FMX Holdings, includes a growing cash U.S. treasuries marketplace and spot Foreign Exchange platform. Equity partners include major financial institutions like Bank of America, Barclays, Citadel Securities, and Goldman Sachs.
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