olivLaw · US equity research
BGC Group, Inc. BGC
Security & Commodity Brokers, Dealers, Exchanges & Services · SIC 6200 · Vertical: Security & Commodity Brokers, Dealers, Exchanges & Services (SIC 6200)
BGC Group is a global marketplace, data and financial technology company, specialised in brokerage across energy, commodities and shipping, as well as bonds, currencies and derivatives. The company is expanding its electronic platforms Fenics and FMX, which have taken a growing share of its business, and this matters for investors and clients tracking the market shift to electronic trading. In the second quarter of 2026, revenues reached a record 845.5 million USD, and Fenics revenues grew 14.3%.
At the close of 04 Nov 2026, BGC Group, Inc. (BGC) stock was 11.27 USD (+1.08% on the day), with P/E 27.5 on diluted EPS of 0.41 USD over the last 12 months, dividend yield 0.71%, beta 0.87, 52-week range 8.31–12.65 USD. Latest reported quarter (Q2 2026): revenue of 845.5 m USD (+7.8% YoY), net income of 72.5 m USD (+26.0% YoY), diluted EPS 0.15 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 43.3
- weak (30–45)
- Bollinger (20, 2)
- 11.09 – 11.93
- in the lower half of the band · %B 0.21 · band width 7.3%
- SMA 50 / 200
- 11.80 / 10.88
- mixed trend
- MACD (12, 26, 9)
- -0.12 / -0.08
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.6% | −1.1% | −6.5 pp | — |
| 3 months | +2.8% | −0.5% | +3.3 pp | — |
| 6 months | +3.5% | +4.4% | −0.9 pp | — |
| Year to date | +26.2% | +12.3% | +13.9 pp | — |
| 1 year | +22.4% | +13.5% | +8.8 pp | +9.5% |
| 3 years | +84.5% | +76.4% | +8.0 pp | +40.1% |
| 5 years | +119.3% | +63.7% | +55.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 561.1 m | 572.3 m | 664.2 m | 784.0 m | 736.8 m | 756.4 m | 955.5 m | 845.5 m |
| Depreciation & amortisation | 19.9 m ≈ | 20.7 m | 21.9 m | 25.9 m ≈ | 27.4 m ≈ | 28.1 m | 25.8 m | 25.6 m ≈ |
| Pre-tax income | 19.7 m | 27.2 m | 80.0 m | 75.3 m | 33.5 m | 25.0 m | 115.4 m | 98.9 m |
| Income tax | 6.0 m | 3.9 m | 26.5 m | 19.1 m | 7.4 m | 14.2 m | 32.0 m | 30.1 m |
| Net income | 14.7 m | 21.4 m | 55.2 m | 57.5 m | 27.9 m | 14.4 m | 84.1 m | 72.5 m |
| Diluted EPS | 0.03 | 0.04 ≈ | 0.11 | 0.11 | 0.06 | 0.03 ≈ | 0.17 | 0.15 |
| Operating cash flow | 88.3 m ≈ | 251.9 m | 839.0 k | 71.2 m ≈ | 141.9 m ≈ | 180.4 m | 20.2 m | 161.6 m ≈ |
| Capex | 9.6 m ≈ | 6.3 m | 5.3 m | 6.3 m ≈ | 4.7 m ≈ | 5.3 m | 4.8 m | 4.9 m ≈ |
| Dividends paid | 9.8 m ≈ | 9.7 m | 9.9 m | 9.7 m ≈ | 9.8 m ≈ | 9.7 m | 9.7 m | 9.7 m ≈ |
| Share repurchases | 64.1 m ≈ | 50.0 m | 23.1 m | 148.5 m ≈ | 41.9 m ≈ | 68.0 m | 2.3 m | 112.4 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 44 percentile of its own 34-quarter history (min 11.2, median 29.2, max 126.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.9 bn | 2.1 bn | 2.1 bn | 2.0 bn | 1.8 bn | 2.0 bn | 2.3 bn | 2.9 bn |
| Revenue YoY | +10.7% | +8.6% | −2.3% | −2.0% | −10.9% | +12.8% | +11.7% | +30.0% |
| Net income | 202.2 m | 43.9 m | 50.9 m | 153.5 m | 58.9 m | 38.8 m | 123.2 m | 155.0 m |
| Net income YoY | +292.8% | −78.3% | +16.0% | +201.4% | −61.6% | −34.1% | +217.8% | +25.8% |
| Diluted EPS | 0.62 | 0.12 | 0.12 | 0.32 | 0.13 | 0.07 | 0.25 | 0.31 |
| Diluted EPS YoY | +264.7% | −80.6% | 0.0% | +166.7% | −59.4% | −46.2% | +257.1% | +24.0% |
| net % | 10.4% | 2.1% | 2.5% | 7.6% | 3.3% | 1.9% | 5.4% | 5.3% |
| Free cash flow | unavailable | 194.4 m | 271.8 m | 407.1 m | 213.8 m | 390.3 m | 285.7 m | 372.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 851.5 m USD
- Financial debt
- 1.8 bn USD
- Net debt
- 944.2 m USD
- Equity
- 1.1 bn USD
- Total assets
- 4.4 bn USD
- Debt / equity
- 1.57x
- Current ratio
- unavailable
- ROE
- 13.9%
- ROA
- 3.9%
- FCF margin
- 12.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.1 bn | 2.0 bn | 1.8 bn | 2.0 bn | 2.3 bn | 2.9 bn | SEC (XBRL)· 02 Mar 2026verified |
| Depreciation & amortisation | 85.4 m | 81.9 m | 75.1 m | 80.4 m | 81.4 m | 103.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Interest expense | 76.6 m | 69.3 m | 57.9 m | 77.2 m | — | — | SEC (XBRL)· 29 Feb 2024verified |
| Pre-tax income | 72.2 m | 176.5 m | 97.5 m | 57.7 m | 173.1 m | 213.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Income tax | 21.3 m | 23.0 m | 38.6 m | 18.9 m | 49.9 m | 67.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Net income | 50.9 m | 153.5 m | 58.9 m | 38.8 m | 123.2 m | 155.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | 0.12 | 0.32 | 0.13 | 0.07 | 0.25 | 0.31 | SEC (XBRL)· 02 Mar 2026verified |
| Weighted average diluted shares | 546.8 m | 540.0 m | 499.4 m | 490.0 m | 479.1 m | 481.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Dividend per share | 0.17 | 0.04 | 0.04 | 0.04 | 0.07 | 0.08 | SEC (XBRL)· 02 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 596.3 m | 553.6 m | 485.0 m | 655.6 m | 711.6 m | 851.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Property, plant & equipment, net | 214.8 m | — | — | — | — | — | SEC (XBRL)· 01 Mar 2021verified |
| Goodwill | 556.2 m | 486.9 m | 486.6 m | 506.3 m | 540.3 m | 648.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Intangibles (excl. goodwill) | 287.2 m | 207.7 m | 192.8 m | 211.3 m | 240.9 m | 428.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Total assets | 4.0 bn | 3.3 bn | 3.1 bn | 3.2 bn | 3.6 bn | 4.4 bn | SEC (XBRL)· 02 Mar 2026verified |
| Short-term debt | 3.8 m | 3.6 m | 1.9 m | — | 0 | 20.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Long-term debt | 1.3 bn | 1.1 bn | 1.0 bn | 1.2 bn | 1.3 bn | 1.8 bn | SEC (XBRL)· 02 Mar 2026verified |
| Total liabilities | 3.1 bn | 2.7 bn | 2.3 bn | 2.3 bn | 2.5 bn | 3.3 bn | SEC (XBRL)· 02 Mar 2026verified |
| Equity | 811.3 m | 663.3 m | 733.2 m | 898.2 m | 1.1 bn | 1.1 bn | SEC (XBRL)· 02 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 302.6 m | 417.2 m | 224.4 m | 405.2 m | 315.4 m | 394.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Capex | 30.8 m | 10.1 m | 10.6 m | 14.9 m | 29.6 m | 21.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Free cash flow | 271.8 m ≈ | 407.1 m ≈ | 213.8 m ≈ | 390.3 m ≈ | 285.7 m ≈ | 372.9 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Investing cash flow | -77.9 m | 121.1 m | -53.3 m | -90.7 m | -97.0 m | -282.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Financing cash flow | -13.1 m | -819.5 m | -233.2 m | -146.9 m | -149.0 m | 21.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Dividends paid | 60.4 m | 15.1 m | 14.9 m | 17.4 m | 34.2 m | 39.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Share repurchases | 6.0 k | 365.4 m | 103.9 m | 114.6 m | 262.2 m | 281.5 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 7.33 – 10.34 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E7.33 – 10.34 (Mid 9.79)9 companies used · median multiple 23.9x · quartiles 17.9x – 25.2xCBOE, CME, GSIW, ICE, LPLA, MRX, NDAQ, SNEX, TW
- Dividend discount (DDM)outside the aggregate1.05 – 1.41 (Mid 1.21)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.0% | 50 (vs peers) | 14% |
| FCF conversion · Quality | 243.6% | 100 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | 17.9% | 100 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | 33.6% | 100 (on a fixed band) | 19% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 27.5x | 22 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 8.0% | 100 (on a fixed band) | 10% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality75/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial22/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BGC Group, Inc. (BGC). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.9 bn USD in 2025; YoY growth 30.0%; net margin 6.0%; ROE 19.5%.
The estimated value range is 7.33–10.34 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 9.79 USD, the price of 11.27 USD leaves a potential of -13.1% (value / price − 1) and a margin of safety of -15.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 243.6%
- Revenue CAGR 3Y: 17.9%
- EPS CAGR 3Y: 33.6%
- Payout ratio (FCF): 8.0%
What contradicts it
- P/E (TTM): 27.5x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Security & Commodity Brokers, Dealers, Exchanges & Services (SIC 6200) · same industry (4-digit SIC) · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ICEIntercontinental Exchange, Inc. | 97.8 bn | 23.9 | 14.2% | 29.6% | +7.5% | +11% / +54% |
| NDAQNasdaq, Inc. | 60.9 bn | 30.0 | 17.4% | 22.8% | +11.6% | +21% / +96% |
| CBOECboe Global Markets, Inc. | 36.0 bn | 24.5 | 27.4% | 28.0% | +15.1% | +34% / +89% |
| LPLALPL Financial Holdings Inc. | 24.3 bn | 17.9 | 25.7% | 6.8% | +37.2% | −13% / +40% |
| SNEXStoneX Group Inc. | 6.9 bn | 13.0 | 21.9% | 0.3% | +32.5% | +41% / +214% |
| MRXMarex Group Ltd | 5.1 bn | 18.2 | 28.7% | 14.5% | +26.9% | +102% / unavailable |
| TOPTop Financial Group Limited | 401.2 m | — | -1.0% | -23.3% | +41.9% | +95% / −51% |
| EBONEbang International Holdings Inc. | 199.5 m | — | -5.6% | -215.6% | +11.4% | −48% / −73% |
| GSIWGarden Stage Limited | 164.1 m | 7.6 | -89.5% | -190.1% | +33.2% | −65% / unavailable |
| WTFWaton Financial Limited | 95.5 m | — | -87.9% | -136.7% | +48.8% | −40% / unavailable |
| STEXStreamex Corp. | 42.0 m | — | -705.4% | — | +122.2% | −92% / −86% |
| SOSSOS Limited | 23.4 m | — | -22.7% | -63.1% | −33.3% | −84% / −100% |
| CMECme Group Inc. | — | 25.2 | 16.1% | 63.3% | +6.4% | +10% / +41% |
| PLUTPlutus Financial Group Limited | — | — | -55.3% | -377.3% | +6.9% | −63% / unavailable |
| TWTradeweb Markets Inc. | 0 | 29.8 | 14.1% | 39.8% | +18.9% | +17% / +31% |
| BGCBGC Group, Inc. | — | 27.5 | 19.5% | 6.0% | +30.0% | +22% / +84% |
1- and 3-year price returns: for BGC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
BGC Group is a global marketplace, data and financial technology company, specialised in brokerage across energy, commodities and shipping, as well as bonds, currencies and derivatives. The company is expanding its electronic platforms Fenics and FMX, which have taken a growing share of its business, and this matters for investors and clients tracking the market shift to electronic trading. In the second quarter of 2026, revenues reached a record 845.5 million USD, and Fenics revenues grew 14.3%.
SWOT
Strengths
- The company holds a strong position in energy and commodities brokerage, reinforced by recent acquisitions and by Fenics, a proprietary technology platform with margins higher than traditional brokerage.
- The FMX platform has won significant market share in US Treasuries and futures, and a global office network and front-office staff support access to institutional clients.
- Revenues rose across several asset classes in the second quarter of 2026, showing a diversified revenue base and the ability to grow in different market conditions.
Weaknesses
- Voice and hybrid brokerage remain an important part of the business, with lower margins than electronic platforms, which limits the profitability gain from technology conversion.
- Revenues depend on trading volumes, which can fall quickly in periods of low volatility, directly affecting results.
- The company has had reliance on key executives and on relationships with affiliated entities, and leadership changes have added uncertainty about strategic continuity.
Opportunities
- The prediction market ecosystem, for which the company has partnered with Fanatics, could open new data revenue streams and products if it develops as expected.
- Extending FMX to all US Treasury futures tenors and growing futures volumes could add market share against established competitors.
- Growing demand for electronic execution and market data could raise Fenics revenues, particularly if new clients move to electronic platforms.
Threats
- A fall in trading volumes due to geopolitical tensions or monetary policy shifts could reduce revenues across all brokerage divisions.
- Strong competition from established exchanges and platforms may limit the growth of FMX market share and of other new products.
- Regulatory changes, including capital and clearing requirements, could raise compliance costs and limit certain activities.
Risks
- Dependence on trading volumeshigh
Revenues fall materially when trading volumes in financial markets decline, which could affect the company's profitability.
- Exposure to geopolitical events and monetary policyhigh
Conflicts, sanctions and central bank decisions can change trading volumes and values, with positive or negative effects on results.
- Acquisition and integration riskmedium
Integrating recently acquired businesses such as OTC Global and AMCOM could bring unexpected costs or delay the expected benefits.
- Regulatory and tax riskmedium
The company's activities are subject to extensive regulation, and examinations, fines or tax changes could create additional costs and restrictions.
- Reliance on front-office personnelmedium
The company depends on brokers and managers to generate revenue, and losing key people or struggling to hire talent could affect operations.
Investment thesis
What would need to be true (bull case)
- Revenue growth in the second quarter of 2026 and in Fenics shows that the electronification and diversification strategy is delivering results.
- The FMX platform is gaining market share in US Treasuries and futures, and if the full tenor launch translates into higher volumes, the company could strengthen its position against large competitors.
- Acquisitions in energy and commodities have made the company a leader in energy and shipping brokerage, a position that could support growth when markets are active.
What would break the thesis
- Revenues depend on trading volumes, and a period of low volatility or geopolitical tension could reduce quarterly results.
- Third-quarter 2026 guidance sets a range of revenues within which actual results may vary, and performance below expectations could weigh on investor confidence.
- Competition from established exchanges and platforms could limit FMX's market share gains, and integrating recent acquisitions could add costs.
What to watch
- Third-quarter 2026 results against revenue and pre-tax Adjusted Earnings guidanceQ3 2026
- FMX Futures Exchange volumes and FMX UST market share after the listing of all Treasury tenorsQ3 2026
- Development of Fenics Growth Platforms revenues, especially PortfolioMatch and LuceraQ3 2026
- Progress of the Fanatics partnership for the prediction market ecosystem and its impact on data revenues2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
BGC Group, Inc. is a global marketplace, data and financial technology company operating in ECS (energy, commodities and shipping) and financial markets. It offers brokerage and trade execution for listed and OTC products, as well as market data, network, connectivity and post-trade services. The company has offices in all major regions and 2,467 brokers, salespeople and front-office managers as of 30 June 2026 2.
The business is split between voice and hybrid brokerage, which still account for most revenues, and the higher-margin, technology-driven Fenics division. Fenics represented 22.4% of total revenues in fiscal 2025 1. The company was reorganised in 2023 through a corporate conversion that simplified its structure and made BGC Group the public parent listed on Nasdaq under the ticker BGC 1.
Recent acquisitions strengthened the energy and commodities franchise, notably OTC Global in April 2025, which made BGC the largest energy, commodities and shipping broker by revenue as of 31 December 2025, and AMCOM in December 2025, which added agricultural commodity trading 1. The FMX platform, created with major investment banks, combines a US interest rate futures exchange with cash Treasuries and spot FX platforms 1.
Segments
Fenics
Fenics is the technology division with higher margins, covering fully electronic brokerage, market data, network and post-trade services. Fenics revenues reached 186.2 million USD in the second quarter of 2026, up 14.3% 2. The division is split into Fenics Markets and Fenics Growth Platforms, which include FMX UST, FMX FX, FMX Futures Exchange, Lucera and PortfolioMatch 2.
ECS (energy, commodities, shipping)
ECS covers brokerage in oil and refined products, energy, natural gas, environmental and energy transition products, metals, agricultural products and freight. In the second quarter of 2026, ECS revenues were 275.5 million USD, up 5.3%, supported by shipping, environmental and commodities, though partly offset by lower oil and refined product volumes due to disruptions from the Strait of Hormuz closure 3.
Market context
BGC operates in global brokerage markets where clients are large banks, trading firms, hedge funds, governments, corporations and commodity producers and consumers. The company focuses on niches where electronification is growing, such as electronic trading of bonds and currencies, and on futures markets for interest rates and commodities.
According to the quarterly report, OTC brokerage is moving increasingly towards electronic execution, and regulation across banking, capital markets and OTC derivatives is accelerating this shift 2. Revenues still depend on trading volumes, which can fall in periods of low volatility or geopolitical tension 1.
Trends
- Shift to electronic tradingtailwind
Clients are moving more transactions onto electronic platforms, and Fenics benefits from margins higher than voice brokerage. The company says it expects this trend to continue 2.
- Growth of FMX platformstailwind
The FMX platform is gaining market share in US Treasuries and futures, and the listing of all US Treasury futures tenors planned for August 2026 could support volumes and open interest 2.
- Geopolitical and interest rate volatilitymixed
Regional conflicts, central bank decisions and tariff uncertainty can move trading volumes in either direction. Higher interest rates have had a positive effect on revenues, but lower rates could slow FX trading 1.
- Demand for market data and connectivitytailwind
Demand for market data, connectivity and post-trade services is growing, and Lucera and Fenics Market Data contributed to revenue growth in this category 3. The sale of kACE on 31 December 2025 reduced reported data revenues 3.
Competitive position
The company competes in brokerage, trading technology and market data with other brokerage houses and exchanges. The filing explicitly names CME as the leading position holder in interest rate futures, cash US Treasuries and spot FX that the FMX platform is challenging 2.
Competition is intense, and the company's strategy relies on executing more transactions, increasing market share and launching competitive or innovative new products 1. The sources do not give the company's relative position in each segment, so this picture remains partial.
- CME GroupCME
Direct competitor in interest rate futures and in cash Treasury and spot FX markets, where the FMX platform is seeking market share.
- Other energy and commodities brokers
Competitors in energy, commodities and shipping brokerage, where the company has grown through recent acquisitions.
- Electronic trading venues and platforms
Competitors in electronic trading of bonds, currencies and derivatives, where Fenics aims to grow.
- Market data providers
Competitors in market data and analytics, where Fenics Market Data competes with specialist vendors.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report03 Nov 2026Departure or appointment of officers · Financial statements and exhibits
- Proxy statement08 Oct 2026
- Current report28 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report10 Aug 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report25 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report15 May 2026Material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
- Quarterly report11 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Current report26 Mar 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / BGC Group, Inc. · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / BGC Group, Inc. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / BGC Group, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.