The company's financial results reveal an increase of 16% in Q3 revenue.
In the third quarter, net profit experienced a boost, but it significantly shrank year-to-date.
BGC Group has
reported a significant surge in revenue, driven by strong performance across
all asset classes for the third quarter of 2023. The brokerage and financial
technology provider reported an upturn in most major indicators on a
quarterly basis, but for the first nine months of the year, it recorded a
substantial contraction in net profit compared to 2022.
BGC Group Reports Robust
Q3 2023 Financial Performance
BGC's
revenue for the third quarter rose 15.9% to $482.7 million. This growth was
not confined to a single region; the Americas and EMEA saw revenue escalations of
19.0% and 16.9%, respectively, while Asia Pacific revenues rose 5.9%. Rates
and Credit revenues improved 12.1% and 9.6%, respectively, while FX revenues
were 8.6% higher. Energy and Commodities revenues grew 35.0%.
The
company's pre-tax adjusted earnings grew 23.1% to $101.9 million, with
margins improving 125 basis points to 21.1%. This marks the twelfth
consecutive quarter of year-over-year (YoY) margin expansion. Post-tax adjusted
earnings rose 21.4% to $94.1 million, or $0.19 per share, an improvement of 18.8%. Adjusted EBITDA also saw a significant rise, improving 27.0% YoY
to $135.9 million.
“We had
another outstanding quarter, generating revenue growth of 16 percent,
reflecting increased volumes across all of our asset classes,” Howard W.
Lutnick, the Chairman and CEO of BGC Group, commented. “BGC is extraordinarily
well positioned to benefit from the return of interest rates, which we expect
to drive our trading volumes, revenue and profitability higher for the
foreseeable future.”
Source: BGC Group
Fenics,
BGC's electronic trading platform, also experienced robust growth. It saw an uptick of 19% in revenue, led by a record quarter for Fenics Growth Platforms,
which grew by over 45%. Fenics UST, the company's electronic US Treasury
platform, reached a record 25% market share of the volume traded on US Treasury
exchange marketplaces during the year.
HigherYear-to-DateCostsImpactedNetProfit
Upon
examining BGC's report, we notice that revenues grew for the first nine
months of 2023, and along with them, total expenses significantly increased as
well. As a result, the company's net profit from January to the end of
September stood at $17.5 million, compared to $55.26 million reported in the
same period the previous year. The reason could be, among other things, the second quarter, in which despite the boost in revenue, the company did not achieve profitability.
For the
fourth quarter of 2023, BGC anticipates revenues to be between $450 and $500
million and pre-tax adjusted earnings to range from $88 to $108 million.
Additionally, a quarterly cash dividend of $0.01 per share has been declared,
payable on 1 December 2023.
In July, the company revealed that it has successfully transitioned to a full C-Corporation. Following this change, the company has rebranded itself as BGC Group, Inc. and has modified its Nasdaq ticker symbol from BGCP'to BGC.
BGC Group has
reported a significant surge in revenue, driven by strong performance across
all asset classes for the third quarter of 2023. The brokerage and financial
technology provider reported an upturn in most major indicators on a
quarterly basis, but for the first nine months of the year, it recorded a
substantial contraction in net profit compared to 2022.
BGC Group Reports Robust
Q3 2023 Financial Performance
BGC's
revenue for the third quarter rose 15.9% to $482.7 million. This growth was
not confined to a single region; the Americas and EMEA saw revenue escalations of
19.0% and 16.9%, respectively, while Asia Pacific revenues rose 5.9%. Rates
and Credit revenues improved 12.1% and 9.6%, respectively, while FX revenues
were 8.6% higher. Energy and Commodities revenues grew 35.0%.
The
company's pre-tax adjusted earnings grew 23.1% to $101.9 million, with
margins improving 125 basis points to 21.1%. This marks the twelfth
consecutive quarter of year-over-year (YoY) margin expansion. Post-tax adjusted
earnings rose 21.4% to $94.1 million, or $0.19 per share, an improvement of 18.8%. Adjusted EBITDA also saw a significant rise, improving 27.0% YoY
to $135.9 million.
“We had
another outstanding quarter, generating revenue growth of 16 percent,
reflecting increased volumes across all of our asset classes,” Howard W.
Lutnick, the Chairman and CEO of BGC Group, commented. “BGC is extraordinarily
well positioned to benefit from the return of interest rates, which we expect
to drive our trading volumes, revenue and profitability higher for the
foreseeable future.”
Source: BGC Group
Fenics,
BGC's electronic trading platform, also experienced robust growth. It saw an uptick of 19% in revenue, led by a record quarter for Fenics Growth Platforms,
which grew by over 45%. Fenics UST, the company's electronic US Treasury
platform, reached a record 25% market share of the volume traded on US Treasury
exchange marketplaces during the year.
HigherYear-to-DateCostsImpactedNetProfit
Upon
examining BGC's report, we notice that revenues grew for the first nine
months of 2023, and along with them, total expenses significantly increased as
well. As a result, the company's net profit from January to the end of
September stood at $17.5 million, compared to $55.26 million reported in the
same period the previous year. The reason could be, among other things, the second quarter, in which despite the boost in revenue, the company did not achieve profitability.
For the
fourth quarter of 2023, BGC anticipates revenues to be between $450 and $500
million and pre-tax adjusted earnings to range from $88 to $108 million.
Additionally, a quarterly cash dividend of $0.01 per share has been declared,
payable on 1 December 2023.
In July, the company revealed that it has successfully transitioned to a full C-Corporation. Following this change, the company has rebranded itself as BGC Group, Inc. and has modified its Nasdaq ticker symbol from BGCP'to BGC.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
SIX Stretches Trading Day to Nearly 14 Hours for Derivatives
Marketing in 2026 Audiences, Costs, and Smarter AI
Marketing in 2026 Audiences, Costs, and Smarter AI
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Educators, IBs, And Other Regional Growth Drivers
Educators, IBs, And Other Regional Growth Drivers
When acquisition costs rise and AI generated reviews are exactly as useful as they sound, performing and fair partners can make or break brokers.
This session looks at how these players are shaping access, trust and user engagement, and what the most effective partnership models look like in 2025.
Key Themes:
- Building trader communities through education and local expertise
- Aligning broker incentives with long-term regional strategies
- Regional regulation and the realities of compliant acquisition
- What’s next for performance-driven partnerships in online trading
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Zander Van Der Merwe, Key Individual & Head of Sales at TD Markets
-Brunno Huertas, Regional Manager – Latin America at Tickmill
-Paul Chalmers, CEO at UK Trading Academy
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #BrokerGrowth #FintechPartnerships #RegionalMarkets
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
When acquisition costs rise and AI generated reviews are exactly as useful as they sound, performing and fair partners can make or break brokers.
This session looks at how these players are shaping access, trust and user engagement, and what the most effective partnership models look like in 2025.
Key Themes:
- Building trader communities through education and local expertise
- Aligning broker incentives with long-term regional strategies
- Regional regulation and the realities of compliant acquisition
- What’s next for performance-driven partnerships in online trading
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Zander Van Der Merwe, Key Individual & Head of Sales at TD Markets
-Brunno Huertas, Regional Manager – Latin America at Tickmill
-Paul Chalmers, CEO at UK Trading Academy
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #BrokerGrowth #FintechPartnerships #RegionalMarkets
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
The Leap to Everything App: Are Brokers There Yet?
The Leap to Everything App: Are Brokers There Yet?
As the arms race to bundle investing, personal finance, and wallets under super apps grows fiercer, brokers are caught between a rock and a hard place.
This session explores unexpected ways for industry players to collaborate as consumer habits evolve, competitors eye the traffic, and regulation becomes more nuanced.
Speakers:
-Laura McCracken,CEO | Advisory Board Member at Blackheath Advisors | The Payments Association
-Slobodan Manojlović,Vice President | Lead Software Engineer at JP Morgan Chase & Co.
-Jordan Sinclair, President at Robinhood UK
-Simon Pelletier, Head of Product at Yuh
Gerald Perez, CEO at Interactive Brokers UK
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As the arms race to bundle investing, personal finance, and wallets under super apps grows fiercer, brokers are caught between a rock and a hard place.
This session explores unexpected ways for industry players to collaborate as consumer habits evolve, competitors eye the traffic, and regulation becomes more nuanced.
Speakers:
-Laura McCracken,CEO | Advisory Board Member at Blackheath Advisors | The Payments Association
-Slobodan Manojlović,Vice President | Lead Software Engineer at JP Morgan Chase & Co.
-Jordan Sinclair, President at Robinhood UK
-Simon Pelletier, Head of Product at Yuh
Gerald Perez, CEO at Interactive Brokers UK
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Mind The Gap: Can Retail Investors Save the UK Stock Market?
Mind The Gap: Can Retail Investors Save the UK Stock Market?
As the dire state of listing and investment in the UK goes from a financial services problem to a national challenge, the retail investing industry is taken to task.
Join a host of executives and experts for a candid conversation about the future of millions of Brits, as seen from a financial services standpoint:
-Are they happy with the Leeds Reform, in principle and in practice?
-Is it the government’s job to affect the ‘saver’ mentality? Is it doing well?
-What can brokers and fintechs do to spur UK investment?
-How can the FCA balance greater flexibility with consumer protection?
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Nicola Higgs, Partner at Latham & Watkins
-Dan Lane, Investment Content Lead at Robinhood UK
-Jack Crone, PR & Public Affairs Lead at IG
-David Belle, Founder at Fink Money
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #RetailInvesting #UKFinance
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As the dire state of listing and investment in the UK goes from a financial services problem to a national challenge, the retail investing industry is taken to task.
Join a host of executives and experts for a candid conversation about the future of millions of Brits, as seen from a financial services standpoint:
-Are they happy with the Leeds Reform, in principle and in practice?
-Is it the government’s job to affect the ‘saver’ mentality? Is it doing well?
-What can brokers and fintechs do to spur UK investment?
-How can the FCA balance greater flexibility with consumer protection?
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Nicola Higgs, Partner at Latham & Watkins
-Dan Lane, Investment Content Lead at Robinhood UK
-Jack Crone, PR & Public Affairs Lead at IG
-David Belle, Founder at Fink Money
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #RetailInvesting #UKFinance
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
