BGC
Group, Inc., a global brokerage and financial technology company, has announced
that its FMX Futures Exchange has received approval from the Commodity Futures
Trading Commission (CFTC) to operate an exchange for US Treasury and SOFR
(Secured Overnight Financing Rate) futures. These futures contracts are among
the most widely traded in the world.
FMX’s
clearing agreement with LCH SwapClear, one of the largest holders of interest
rate collateral globally, uniquely positions FMX to compete in the US interest
rate market.
Howard W. Lutnick, Chairman and CEO of BGC Group, Source: LinkedIn
Robert
Allen, President of FMX Futures Exchange, emphasized: “FMX’s global
connectivity and vast distribution, combined with LCH’s highly efficient
cross-margin benefits will challenge CME’s most valuable vertical, its U.S.
interest rate complex. FMX is the first and only exchange to launch with all
the tools necessary to compete and grow in the world’s most important
market.”
Howard
W. Lutnick, Chairman and CEO of BGC Group, stated: “With
this CFTC approval, we will combine our leading Fenics UST cash Treasury
platform with our FMX Futures Exchange to deliver competition across the CME’s
U.S. interest rate complex. For the first time, the most valuable futures
market in the world will have real competition.”
Highlighting
the success of Fenics UST in the US Treasury market, Lutnick noted:
“Similar to U.S. interest rate futures, the wholesale U.S. Treasury market
had historically been dominated by the CME until we launched Fenics UST. Since
our launch, Fenics UST has grown rapidly, reaching 25 percent market share
during the third quarter of 2023, up from 18 percent only a year ago. We will
execute the same playbook with our FMX Futures Exchange.”
FMX Futures exchange *finally* approved
Huge news for $BGC Group pic.twitter.com/b153NiX80l
— Nat Stewart (@natstewart5) January 22, 2024
BGC
Group’s Q3 2023 Revenue Soars Across Americas, EMEA, and Asia Pacific
In
Q3 2023, BGC
Group reported a substantial 15.9% increase in revenue to $482.7 million,
with notable growth across the Americas 19.0%, EMEA 16.9%, and Asia Pacific 5.9%,
as highlighted by Finance Magnates.
Rates and Credit revenues improved by 12.1% and 9.6%, while FX revenues rose by
8.6%, and Energy and Commodities revenues grew by 35.0%.
Pre-tax
adjusted earnings saw a robust 23.1% increase to $101.9 million, with a 125
basis points improvement in margins to 21.1%. Post-tax adjusted earnings rose
by 21.4% to $94.1 million ($0.19 per share), and adjusted EBITDA surged 27.0%
Y-o-Y to $135.9 million, marking the twelfth consecutive quarter of Y-o-Y margin
expansion.
BGC
Group, Inc., a global brokerage and financial technology company, has announced
that its FMX Futures Exchange has received approval from the Commodity Futures
Trading Commission (CFTC) to operate an exchange for US Treasury and SOFR
(Secured Overnight Financing Rate) futures. These futures contracts are among
the most widely traded in the world.
FMX’s
clearing agreement with LCH SwapClear, one of the largest holders of interest
rate collateral globally, uniquely positions FMX to compete in the US interest
rate market.
Howard W. Lutnick, Chairman and CEO of BGC Group, Source: LinkedIn
Robert
Allen, President of FMX Futures Exchange, emphasized: “FMX’s global
connectivity and vast distribution, combined with LCH’s highly efficient
cross-margin benefits will challenge CME’s most valuable vertical, its U.S.
interest rate complex. FMX is the first and only exchange to launch with all
the tools necessary to compete and grow in the world’s most important
market.”
Howard
W. Lutnick, Chairman and CEO of BGC Group, stated: “With
this CFTC approval, we will combine our leading Fenics UST cash Treasury
platform with our FMX Futures Exchange to deliver competition across the CME’s
U.S. interest rate complex. For the first time, the most valuable futures
market in the world will have real competition.”
Highlighting
the success of Fenics UST in the US Treasury market, Lutnick noted:
“Similar to U.S. interest rate futures, the wholesale U.S. Treasury market
had historically been dominated by the CME until we launched Fenics UST. Since
our launch, Fenics UST has grown rapidly, reaching 25 percent market share
during the third quarter of 2023, up from 18 percent only a year ago. We will
execute the same playbook with our FMX Futures Exchange.”
FMX Futures exchange *finally* approved
Huge news for $BGC Group pic.twitter.com/b153NiX80l
— Nat Stewart (@natstewart5) January 22, 2024
BGC
Group’s Q3 2023 Revenue Soars Across Americas, EMEA, and Asia Pacific
In
Q3 2023, BGC
Group reported a substantial 15.9% increase in revenue to $482.7 million,
with notable growth across the Americas 19.0%, EMEA 16.9%, and Asia Pacific 5.9%,
as highlighted by Finance Magnates.
Rates and Credit revenues improved by 12.1% and 9.6%, while FX revenues rose by
8.6%, and Energy and Commodities revenues grew by 35.0%.
Pre-tax
adjusted earnings saw a robust 23.1% increase to $101.9 million, with a 125
basis points improvement in margins to 21.1%. Post-tax adjusted earnings rose
by 21.4% to $94.1 million ($0.19 per share), and adjusted EBITDA surged 27.0%
Y-o-Y to $135.9 million, marking the twelfth consecutive quarter of Y-o-Y margin
expansion.
