BGC Group
A global financial-services and financial-technology company serving institutional markets through brokerage, trading platforms, market data, and related services.
Last updated October 16, 2026
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Overview
BGC Group is a publicly traded global financial-services and financial-technology company headquartered in New York City, with a major operating presence in London and offices across the Americas, Europe, Asia-Pacific, the Middle East, and Africa. Its business developed from Cantor Fitzgerald's inter-dealer brokerage activities and focuses primarily on institutional and wholesale markets rather than consumer financial products. The company provides brokerage and execution services, electronic trading technology, market data, and related support across a range of asset classes, including fixed income, interest rates, foreign exchange, credit, equities, derivatives, commodities, and energy. The BGC name derives from Bernard Gerald Cantor, who founded the brokerage firm that became Cantor Fitzgerald in 1945. Cantor Fitzgerald expanded from inter-dealer fixed-income brokerage into institutional equities and technology-enabled trading. In the 1990s, the group developed eSpeed, an electronic marketplace for U.S. Treasury securities, reflecting a strategic shift toward screen-based trading and automated market infrastructure. The September 11, 2001 attacks destroyed Cantor Fitzgerald's World Trade Center offices and killed hundreds of employees of Cantor Fitzgerald and eSpeed. The group subsequently established and expanded charitable commitments supporting the families of those killed. BGC Partners was created in 2004 when Cantor Fitzgerald separated its voice-brokerage operations. In 2005, BGC Partners combined with Maxcor Financial Group, broadening its brokerage platform and international reach. In 2008, BGC Partners merged with eSpeed, bringing the electronic trading business back into the listed operating company. This combination formed the basis for a hybrid business model combining voice brokerage, electronic execution, and financial technology. The group later expanded through acquisitions and partnerships in insurance brokerage, energy, real estate, equities, foreign exchange, derivatives, and other wholesale-market niches. Its technology portfolio has included Fenics, a suite of electronic trading and analytics products, and the legacy eSpeed platform. BGC has also operated regulated trading venues, including BGC Derivative Markets, which began operating as a Swap Execution Facility in 2013 after approval under the U.S. derivatives regulatory framework. The company has invested in electronic and hybrid brokerage models intended to help institutional clients discover liquidity, execute transactions, manage risk, and obtain market information in markets that can be less standardized or less transparent than listed equities. BGC's expansion has included the acquisition of Newmark and Grubb & Ellis-related commercial real-estate operations, the purchase of GFI Group, and the addition of specialist insurance and reinsurance brokers such as Besso and Ed Broking. Some businesses have subsequently been reorganized, sold, or operated separately from the core brokerage and technology activities. In 2023, the company changed its Nasdaq ticker from BGCP to BGC and adopted the BGC Group name, aligning its public identity with the broader group and its technology-oriented strategy. The company continues to position itself as an institutional intermediary and market-infrastructure provider. Its customers generally include banks, asset managers, hedge funds, corporations, insurers, government-related institutions, and other professional market participants. In addition to commercial operations, BGC maintains a visible philanthropic program through BGC Charity Day, an annual event associated with September 11 remembrance and fundraising for nonprofit organizations.
History
BGC Group traces its roots to the brokerage business founded by Bernard Gerald Cantor in 1945. The firm, initially known as B.G. Cantor and Company, became Cantor Fitzgerald and developed a specialization in inter-dealer fixed-income markets. Cantor later expanded into institutional equities, serving asset managers, pension funds, and portfolio managers in large-block transactions. In 1983, it introduced worldwide screen brokerage for U.S. government securities, establishing an early connection between traditional inter-dealer brokerage and electronic market infrastructure. Howard Lutnick became president of Cantor Fitzgerald in 1991 and emphasized technology as a way to broaden and modernize the firm's market-making and brokerage activities. In 1996, he led the development of eSpeed, an electronic marketplace associated with U.S. Treasury trading. eSpeed became publicly traded in 1999. The September 11, 2001 attacks devastated the Cantor Fitzgerald organization: its World Trade Center offices occupied floors immediately above the aircraft impact zone, and 658 Cantor Fitzgerald and eSpeed employees were killed. The companies subsequently pledged a portion of profits to families of the deceased and developed a continuing philanthropic relationship with the Cantor Fitzgerald Relief Fund. BGC Partners was established in 2004 when Cantor Fitzgerald spun out its voice-brokerage business. The initials represented Bernard Gerald Cantor. In April 2005, BGC Partners LP merged with Maxcor Financial Group, expanding its brokerage operations. The company began its annual Charity Day in September 2005, inviting public figures to participate in client calls and directing proceeds to charitable organizations. International expansion continued during the decade: BGC opened an office in Seoul in 2007 and became the first inter-dealer broker to establish an office in Istanbul. It also developed or acquired specialist operations in energy, foreign exchange, Brazilian brokerage, French investment services, and other markets. In 2008, BGC Partners merged with eSpeed, reuniting the voice-brokerage and electronic-trading businesses in one listed company. The combined model allowed BGC to offer both human intermediation and electronic execution. The company received recognition for technology development in Asia in 2009 and entered a Beijing joint venture with China Credit Trust in 2010. Its broader expansion included real estate, insurance, and capital-markets businesses. BGC acquired Newmark Knight Frank in 2011 and later added Grubb & Ellis-related commercial real-estate operations. It acquired or added firms such as Besso, RP Martin, GFI Group, Sunrise Brokers, and Ed Broking as it broadened its specialist brokerage footprint. The early 2010s also brought regulatory and legal scrutiny. In 2012, the United Kingdom Financial Services Authority prohibited senior BGC executive Anthony Verrier from carrying out regulated functions after concerns connected with a court case involving alleged unlawful recruitment of employees from rival broker Tullett Prebon. A separate employment lawsuit reported in the same period alleged abusive treatment by a supervisor at a BGC-related business. The company and its affiliated businesses also attracted press coverage concerning credit ratings, profitability, hiring levels, and disagreements with Moody's. BGC continued to build regulated electronic-market capabilities. BGC Derivative Markets received approval to operate a Swap Execution Facility in 2013 and launched the venue later that year in response to U.S. derivatives reforms. In the same year, NASDAQ OMX agreed to acquire BGC's electronic Treasury marketplace. BGC subsequently expanded its insurance and reinsurance presence, acquiring Besso in 2017 and adding Ed Broking in 2019. In 2023, BGC Partners changed its ticker from BGCP to BGC and adopted the BGC Group name. The modern group combines institutional brokerage, electronic trading, financial technology, market data, and selected specialist financial-services businesses, while continuing its international Charity Day program.
- 2023
Ticker and corporate-name transition
[1]The listed company changed its Nasdaq ticker from BGCP to BGC and adopted the BGC Group name.
- 2019
Ed Broking joins the group
[1]BGC added Ed Broking, a London-based wholesale and specialty insurance broker.
- 2017
Besso acquisition
[1]BGC acquired London-based Lloyd's insurance broker Besso.
- 2016
GFI Group acquisition
[1]BGC acquired GFI Group and its intermediary and trading-technology businesses.
- 2013
Derivative-market venue launches
[1]BGC Derivative Markets began operating as a Swap Execution Facility after receiving regulatory approval.
- 2011
Newmark Knight Frank acquisition
[1]BGC Partners acquired Newmark Knight Frank, expanding into commercial real-estate services.
- 2008
eSpeed merges with BGC Partners
[1]The merger combined electronic trading technology with BGC's brokerage operations.
- 2005
Maxcor merger and first Charity Day
[1]BGC Partners merged with Maxcor Financial Group and held its first annual Charity Day.
- 2004
BGC Partners is formed
[1]Cantor Fitzgerald separated its voice-brokerage operations into BGC Partners.
- 1996
eSpeed development begins
[1]Cantor Fitzgerald developed eSpeed as an electronic marketplace and technology platform for fixed-income trading.
Products and positioning
A technology-enabled institutional brokerage and wholesale-market infrastructure provider combining voice brokerage, electronic execution, market data, and specialist financial-services businesses.
Financial technology and electronic trading
Fenics
Fenics is BGC's financial-technology and electronic-trading franchise. It supports institutional market participants with electronic execution, pricing, analytics, workflow, and related tools across selected wholesale asset classes. Fenics represents the group's effort to complement voice brokerage with scalable digital market infrastructure.
Electronic fixed-income trading · 1996
eSpeed
eSpeed was developed within the Cantor Fitzgerald organization as an electronic marketplace for fixed-income instruments, particularly U.S. Treasury securities. It became publicly traded in 1999 and merged with BGC Partners in 2008, helping establish the group's combined electronic and voice-brokerage model.
Institutional brokerage · 2004
BGC brokerage services
BGC provides inter-dealer and institutional brokerage across rates, credit, foreign exchange, equities, derivatives, commodities, and energy. Brokers assist professional clients with price discovery, liquidity access, negotiation, and execution in markets that may involve complex or customized instruments.
Swap Execution Facility · 2013
BGC Derivative Markets
BGC Derivative Markets is a regulated derivatives-trading venue established to support execution of swaps and related instruments under the U.S. post-financial-crisis regulatory framework. It began operations as a Swap Execution Facility in 2013 after receiving approval from the Commodity Futures Trading Commission.
Insurance brokerage · 2017
Insurance and reinsurance brokerage
Through businesses including Besso and Ed Broking, the group expanded into Lloyd's, wholesale, specialty, and reinsurance brokerage. These operations serve insurers, reinsurers, corporate clients, and other professional counterparties in specialized risk markets.
Real-estate brokerage and advisory · 2011
Commercial real-estate services
BGC's historical portfolio included Newmark Knight Frank and Grubb & Ellis-related commercial real-estate operations. These businesses extended the group beyond capital markets into commercial property brokerage, leasing, investment sales, and advisory services.
Controversies
2019
BGC Partners fined $25 million over forex-options fraud
Regulators imposed a $25 million fine in connection with fraudulent forex-options practices by brokers at BGC Partners and GFI. BGC and GFI neither admitted nor denied the CFTC's findings; the source says fraudulent practices were accepted as part of the settlement with New York.
2012
Anthony Verrier regulatory prohibition
The United Kingdom Financial Services Authority prohibited BGC executive Anthony Verrier from performing regulated financial-services functions. The regulator cited concerns about his fitness and propriety after a civil case concerning alleged unlawful recruitment of employees from rival broker Tullett Prebon.
2012
Employment-treatment lawsuit involving a BGC-related business
A former executive assistant sued a supervisor and related company, alleging repeated verbal humiliation, physical mistreatment, and inadequate response to internal complaints. The allegations were reported in contemporary press coverage and should not be treated as established findings without reference to the case's final disposition.
2012
Credit-rating and profitability dispute
Press reports described tension between Cantor Fitzgerald, BGC-related businesses, and Moody's over profitability assessments and credit ratings. Moody's downgraded BGC's status to Ba2 in 2012, while subsequent coverage discussed additional rating pressure and challenging trading volumes.
Marketing campaigns
- 2013Oklahoma tornado relief
United States
Following the May 2013 tornado in Moore, Oklahoma, Howard Lutnick announced charitable assistance for affected families.
Outcome. Assistance was distributed through prepaid cards to families affected by the disaster.
- 2012Hurricane Sandy Family Relief Program
United States
BGC Partners and Cantor Fitzgerald supported a relief program for families whose homes were damaged by Hurricane Sandy in New York and New Jersey.
Outcome. The program distributed prepaid assistance cards to eligible families identified through schools in heavily affected communities.
- 2012Masters snooker sponsorship
United Kingdom · International
BGC became title sponsor of the Masters snooker tournament.
Outcome. The sponsorship associated the BGC name with a prominent professional snooker event.
- 2005BGC Charity Day
Global
An annual event held around September 11 in which celebrities, athletes, public officials, and other guests participate in client calls with BGC personnel. Proceeds associated with the day's activity are directed to the Cantor Fitzgerald Relief Fund and other charities.
Outcome. The program became an international fundraising and remembrance initiative across BGC offices.
Brand decisions
2023
Adopt the BGC Group identityStrategyBackground
The company sought to align its public identity and ticker with its broader technology, brokerage, and financial-services portfolio.
Action taken
BGC Partners changed its corporate name to BGC Group and changed its Nasdaq ticker from BGCP to BGC.
Aftermath
The BGC Group name became the principal public-facing identity of the listed company.
2016
Acquire GFI GroupM&ABackground
BGC pursued scale and additional capabilities in intermediation, trading technology, and support services for OTC and listed markets.
Action taken
BGC acquired GFI Group.
Aftermath
The acquisition expanded BGC's global brokerage and technology portfolio.
2013
Launch BGC Derivative Markets as a Swap Execution FacilityProduct launchBackground
U.S. derivatives reforms created a regulatory framework for Swap Execution Facilities and encouraged more structured swap execution.
Action taken
BGC obtained approval and launched BGC Derivative Markets as a Swap Execution Facility.
Aftermath
The group added a regulated electronic venue to its brokerage and technology offering.
2008
Merge with eSpeedM&ABackground
BGC sought to combine traditional inter-dealer brokerage with electronic fixed-income market infrastructure.
Action taken
BGC Partners merged with eSpeed.
Aftermath
The combined company operated a hybrid voice-and-electronic brokerage model.
2004
Separate voice brokerage from Cantor FitzgeraldStrategyBackground
Cantor Fitzgerald sought to establish a distinct vehicle for its voice-brokerage operations while retaining links to the wider organization.
Action taken
The voice-brokerage business was spun out as BGC Partners.
Aftermath
The transaction created the corporate platform that later combined with eSpeed and expanded into technology and specialist financial services.
Recent events
Reported
BGC prices $300 million senior notes offering[4]
BGC Partners announced the pricing of an offering of $300 million in 4.375% senior notes. The company said it intended to use the net proceeds to repurchase, redeem and/or repay its $300 million of 5.125% senior notes due 2021.
Reported
BGC Partners reports third-quarter 2019 results[5]
BGC Partners reported financial results for the quarter ended September 30, 2019.
- Unconfirmed
Reported
BGC Partners fined $25 million over forex-options fraud[3]
Regulators imposed a $25 million fine in connection with fraudulent forex-options practices by brokers at BGC Partners and GFI. BGC and GFI neither admitted nor denied the CFTC's findings; the source says fraudulent practices were accepted as part of the settlement with New York.
Sources6 sources
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