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2024 ANNUAL REPORT

2024 WAS ANOTHER RECORD-SETTING YEAR FOR BGC, WITH STRONG DOUBLE-DIGIT GROWTH IN REVENUE AND PROFIT. WE EXECUTED NUMEROUS INITIATIVES THAT LAID THE FOUNDATION FOR LONG-TERM SUCCESS AND SHAREHOLDER VALUE CREATION.
2024 TO OUR FELLOW STOCKHOLDERS For more than 20 years, BGC has led the wholesale brokerage industry with a relentless focus on innovation and client service. As we enter a new era of leadership, our mission remains clear: put clients first by delivering world-class service and continue driving technological advancement to meet the evolving needs of the global capital markets. In February 2025, Howard W. Lutnick was confirmed by the United States Senate as the 41st Secretary of Commerce and stepped down as Chairman of the Board and from his executive positions at the Company. Howard was a visionary leader who transformed the wholesale capital markets for more than 40 years, consistently positioning BGC ahead of industry trends. We are grateful for his decades of leadership and his pivotal role in shaping BGC into the global leader it is today. Our executive leadership team includes John Abularrage, JP Aubin, and Sean Windeatt serving as Co-Chief Executive Officers, along with Stephen Merkel as Executive Vice President and General Counsel, and Jason Hauf as Chief Financial Officer. While this executive leadership team is new in structure, together we bring over 80 years of experience at BGC and a shared commitment to our firm s values. 2024: ANOTHER RECORD YEAR IN REVIEW In 2024, BGC achieved record revenues of $2.3 billion, a 12 percent increase from 2023. Our pretax Adjusted Earnings rose by 17 percent to a record $517 million1, highlighting the strength of our business model and its operational efficiencies. We continue to demonstrate consistent, strong growth which has been driven by our largest asset classes Rates, Energy, Commodities, and Shipping ( ECS ), and Foreign Exchange: Our Rates and Foreign Exchange businesses generated 2024 revenue growth of 12 percent and 14 percent, respectively, reflecting strong market share gains and improving trading conditions. ECS revenues grew by 25 percent driven by increased global energy demand and geopolitical tensions. Fenics our higher margin, technology driven businesses delivered record revenues of $571 million in 2024, highlighted by our Fenics Growth Platforms, which grew by more than 26 percent. Fenics Growth Platforms represent our newer, standalone fully electronic trading platforms that are transforming the wholesale capital markets. In addition to producing record financial results in 2024, we also executed key strategic initiatives and achieved major milestones that delivered significant value for our shareholders:
JANUARY 2024 Received CFTC approval to operate our FMX Futures Exchange for U.S. Treasury and SOFR futures. MARCH 2024 BGC was added to the S&P SmallCap 600 Index. APRIL 2024 FMX received a $172 million investment from ten of the world s leading investment banks and market making firms at a post-money valuation of $667 million. SEPTEMBER 2024 Successfully launched FMX Futures Exchange, listing SOFR futures contracts for trading. OCTOBER 2024 BGC completed its acquisition of Sage Energy Partners and announced an agreement to acquire OTC Global Holdings, collectively adding more than $450 million of pro-forma revenue and creating the world s largest ECS broker. DECEMBER 2024 BGC sold its Capitalab rates compression business for $46 million at a 7.5-times revenue multiple. FMX: EXECUTING THE LARGEST VALUE OPPORTUNITY IN BGC S HISTORY FMX represents the greatest value-creation opportunity in our Company s history, which we expect will deliver significant shareholder value over time. In April 2024, Bank of America, Barclays, Citadel Securities, Citi, Goldman Sachs, J.P. Morgan, Jump Trading Group, Morgan Stanley, Tower Research Capital, and Wells Fargo collectively contributed $172 million of primary capital to become equity investors in FMX. These partners represent 10 of the largest global investment banks and market making firms supporting the growth of all of our FMX businesses. FMX competes directly with CME which has a current market capitalization of nearly $100 billion approximately 20-times larger than BGC s market capitalization today.2 Since acquiring the Chicago Board of Trade in 2007, CME has maintained nearly 100 percent market share in U.S. Treasury and SOFR futures products. With the world s most widely traded futures products now trading on our platform, FMX will not only fundamentally transform the U.S. interest rate futures market, but also enhance BGC s economic profile and our Company s core value proposition. FMX is challenging CME across three distinct product areas: 1. U.S. Treasuries FMX UST has been the fastest growing U.S. Treasury platform since its inception. We re-entered this market in 2018, following the sale of our former U.S. Treasury platform, eSpeed in 2013. We seized an opportunity to bring our expertise back to a market that had shifted from a duopoly to a CME-controlled monopoly. We approached this opportunity with a deep understanding of the U.S. Treasury market that allowed us to bring innovation to an established electronic marketplace. We developed our platform to price the tightest tick sizes in the market. We empowered our clients with the choice of how to trade, and with whom to trade. And these features were embedded into a trading platform that is among the fastest in the world. This approach BGC Group Annual Report 2024 3
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BGC Shareholder/Stockholder Letter Transcript:

2024
ANNUAL REPORT


    2024 WAS ANOTHER
RECORD-SETTING YEAR
FOR BGC, WITH STRONG
DOUBLE-DIGIT GROWTH
IN REVENUE AND PROFIT.
WE EXECUTED NUMEROUS
INITIATIVES THAT LAID
THE FOUNDATION FOR
LONG-TERM SUCCESS AND
SHAREHOLDER VALUE
CREATION.   

2024
TO OUR FELLOW
STOCKHOLDERS
For more than 20 years, BGC has led the wholesale brokerage industry with a relentless
focus on innovation and client service. As we enter a new era of leadership, our mission
remains clear: put clients first by delivering world-class service and continue driving
technological advancement to meet the evolving needs of the global capital markets.
In February 2025, Howard W. Lutnick was confirmed by the United States Senate as the
41st Secretary of Commerce and stepped down as Chairman of the Board and from his
executive positions at the Company. Howard was a visionary leader who transformed the
wholesale capital markets for more than 40 years, consistently positioning BGC ahead of
industry trends. We are grateful for his decades of leadership and his pivotal role in
shaping BGC into the global leader it is today.
Our executive leadership team includes John Abularrage, JP Aubin, and Sean Windeatt
serving as Co-Chief Executive Officers, along with Stephen Merkel as Executive Vice
President and General Counsel, and Jason Hauf as Chief Financial Officer. While this
executive leadership team is new in structure, together we bring over 80 years of
experience at BGC and a shared commitment to our firm   s values.
2024: ANOTHER RECORD YEAR IN REVIEW
In 2024, BGC achieved record revenues of $2.3 billion, a 12 percent increase from 2023. Our pretax Adjusted Earnings rose by 17 percent to a record $517 million1, highlighting the strength of our
business model and its operational efficiencies. We continue to demonstrate consistent, strong
growth which has been driven by our largest asset classes     Rates, Energy, Commodities, and
Shipping (   ECS   ), and Foreign Exchange:
Our Rates and Foreign Exchange businesses generated 2024 revenue growth of 12 percent and 14
percent, respectively, reflecting strong market share gains and improving trading conditions. ECS
revenues grew by 25 percent driven by increased global energy demand and geopolitical tensions.
Fenics     our higher margin, technology driven businesses     delivered record revenues of $571
million in 2024, highlighted by our Fenics Growth Platforms, which grew by more than 26 percent.
Fenics Growth Platforms represent our newer, standalone fully electronic trading platforms that are
transforming the wholesale capital markets.
In addition to producing record financial results in 2024, we also executed key strategic initiatives and
achieved major milestones that delivered significant value for our shareholders:

JANUARY 2024     Received CFTC approval to operate
our FMX Futures Exchange for U.S. Treasury and SOFR
futures.
MARCH 2024     BGC was added to the S&P SmallCap
600 Index.
APRIL 2024     FMX received a $172 million investment
from ten of the world   s leading investment banks and
market making firms at a post-money valuation of $667
million.
SEPTEMBER 2024     Successfully launched FMX Futures
Exchange, listing SOFR futures contracts for trading.
OCTOBER 2024     BGC completed its acquisition of Sage
Energy Partners and announced an agreement to acquire
OTC Global Holdings, collectively adding more than $450
million of pro-forma revenue and creating the world   s
largest ECS broker.
DECEMBER 2024     BGC sold its Capitalab rates
compression business for $46 million at a 7.5-times
revenue multiple.
FMX: EXECUTING THE LARGEST VALUE
OPPORTUNITY IN BGC   S HISTORY
FMX represents the greatest value-creation opportunity
in our Company   s history, which we expect will deliver
significant shareholder value over time.
In April 2024, Bank of America, Barclays, Citadel
Securities, Citi, Goldman Sachs, J.P. Morgan, Jump Trading
Group, Morgan Stanley, Tower Research Capital, and
Wells Fargo collectively contributed $172 million of
primary capital to become equity investors in FMX.
These partners represent 10 of the largest global
investment banks and market making firms supporting
the growth of all of our FMX businesses.
FMX competes directly with CME which has a current
market capitalization of nearly $100 billion    
approximately 20-times larger than BGC   s market
capitalization today.2 Since acquiring the Chicago Board
of Trade in 2007, CME has maintained nearly 100
percent market share in U.S. Treasury and SOFR futures
products. With the world   s most widely traded futures
products now trading on our platform, FMX will not only
fundamentally transform the U.S. interest rate futures
market, but also enhance BGC   s economic profile and
our Company   s core value proposition.
FMX is challenging CME across three distinct product
areas:
1. U.S. Treasuries
FMX UST has been the fastest growing U.S. Treasury
platform since its inception. We re-entered this market
in 2018, following the sale of our former U.S. Treasury
platform, eSpeed in 2013. We seized an opportunity to
bring our expertise back to a market that had shifted
from a duopoly to a CME-controlled monopoly. We
approached this opportunity with a deep understanding
of the U.S. Treasury market that allowed us to bring
innovation to an established electronic marketplace. We
developed our platform to price the tightest tick sizes in
the market. We empowered our clients with the choice
of how to trade, and with whom to trade. And these
features were embedded into a trading platform that is
among the fastest in the world. This approach
BGC Group Annual Report 2024
3



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