BGC Group, Inc. (NASDAQ:BGC) today reported its financial results for the third quarter ended September 30, 2024.
In the third quarter of 2024, Foreign Exchange revenues increased by 15.4% to $92.1 million, primarily driven by emerging markets products and higher G10 options volumes.
Equities revenues grew by 1.3% to $53.3 million, driven by U.S. and European equity derivatives volumes, partially offset by lower Asian equity derivative activity.
Across all segments, third quarter revenues amounted to $561.1 million, up 16.2% versus last year, reflecting strong growth across every asset class and region.
Revenues across the Americas, EMEA, and APAC grew by 19.0%, 16.5%, and 8.3%, respectively.
The company reported record third quarter Fenics revenues of $142.1 million, which grew by 13.3 percent, led by Fenics Growth Platforms, up 37.3 percent and Fenics Markets, up 9.2 percent compared to last year.
Pre-tax Adjusted Earnings grew by 24.4% to $126.7 million.
Adjusted EBITDA grew by 11.4% to $151.4 million for the third quarter.
Howard W. Lutnick, Chairman and CEO, commented:
“We delivered record third quarter revenues of $561 million, up 16 percent compared to last year. Our strong performance reflected growth across every asset class and region, which drove our pre-tax Adjusted Earnings up more than 24 percent.
We agreed to acquire OTC Global Holdings, the largest independent institutional energy and commodities broker, and closed our acquisition of Sage Energy Partners in October. We expect both transactions to be immediately accretive and together add more than $450 million in annual revenue.
FMX continues to outperform its peers, generating record volumes across our U.S. Treasury and FX platforms. FMX Futures Exchange, which launched September 23rd, provides clients with much-needed innovation, superior pricing, and dramatically improved capital efficiencies. We expect to connect an additional 5 to 10 of the largest FCMs over the next two quarters.”
