BGC Group Revenue Jumps Nearly 15% on Record FX and Treasury Trading

BGC Group posted strong results for the first quarter, reportedly boosted by strong demand for foreign exchange and energy trading platforms. Revenue was $664.2 million for the first three months of 2025, a 14.8% increase over the same period last year.

According to the company, the jump came as the company’s electronic and hybrid brokerage platforms registered a substantial level of trading, particularly in interest rates, environmental contracts, and FX markets.

FMX Breaks Trading Volume Records

“Our strong results were driven by robust, organic growth across both our Voice / Hybrid and Fenics businesses, which each achieved new all-time highs, said Sean Windeatt, the Co-Chief Executive Officer. “FMX had its best ever quarter, with record volumes and market share across both our FMX UST and FX platforms, driven by strong support from our FMX equity partners.”

FMX, BGC’s electronic platform, played a central role in the growth. FMX U.S. Treasuries recorded average daily volumes (ADV) above $60 billion, a 33% year-over-year increase, with a single-day spike past $100 billion in late February. Market share rose to 33%, up from 28% a year earlier.

FX trading volumes more than doubled to $14.5 billion ADV, fueled by stronger support from equity partners and new user onboarding. The platform also advanced preparations for its U.S. Treasury futures launch, now slated for May 2025.

Revenues in BGC’s Environmental and Commodity Solutions unit rose 26.6% to $149.9 million. This growth stemmed from rising demand for energy transition products, including oil and refined products. FX revenues also surged 31% to $110 million, while interest rate trading climbed 14.8% to a record $200.9 million.

Credit trading dipped slightly by 0.7%, held back by softer emerging markets and European activity. Equities Equities Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Read this Term revenue held flat at $62.9 million, with stronger activity in U.S. and European markets offset by weaker Asian derivatives trading.

Data and network services added 5.2%, mainly through Fenics Market Data and Lucera, though the late-2024 sale of Capitalab trimmed overall gains.

Acquisition of OTC Global Holdings

On April 1, just after the quarter closed, BGC completed its acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of OTC Global Holdings. The deal is expected to add more than $400 million in annual revenue and transform BGC into the world’s largest ECS broker.

“We expect the acquisition of OTC to be immediately accretive and generate meaningful shareholder value,” Windeatt added. Adjusted earnings before tax rose 18.4% to $160.2 million, with post-tax earnings up 16.1% to $143 million.

Adjusted EBITDA came in at $199.8 million, slightly below last year’s level due to a one-time gain in Q1 2024. Excluding that, EBITDA rose by over 16%. BGC’s board declared a $0.02 quarterly dividend per share, payable June 10 to shareholders of record as of May 27.