BGC · 10-K filed 2 Mar 2026 · year to 31 Dec 2025

BGC Group

39 named things its latest annual report says its results depend on, each in the company's own words. 22 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Top ten customers

earns from · approximately 23.6% of our total revenuesnamed as a risk

For the year ended December 31, 2025, on a consolidated basis, our top ten customers, collectively, accounted for approximately 23.6% of our total revenues.Risk factors (Item 1A)

Also named by CBOE, CVLG, ENTG, FBIN, HUBB, LPX, MEDP, MU and 9 more

Partners and platforms

FMX Equity Partners

$171.7 million in exchange for a 25.75% ownership interest

On April 25, 2024, we announced that Bank of America, Barclays, Citi, Goldman Sachs, J.P. Morgan, Jump Trading Group, Morgan Stanley, Tower Research Capital, and Wells Fargo became minority equity owners of FMX and collectively invested $171.7 million in exchange for a 25.75% ownership interest at a post-money equity valuation of $666.7 million.Business (Item 1)

Bloomberg L.P.

earns from

The data is sourced from the Voice, Hybrid and Fully Electronic brokerage operations and made available to financial professionals, research analysts, compliance and surveillance departments, and other market participants via direct data feeds and BGC-hosted FTP environments, as well as via information platforms such as Bloomberg, LSEG Data & Analytics, ICE Data Services and other select specialist vendors.Business (Item 1)

Also named by FDS

Cantor Fitzgerald & Co. (CF&Co)

depends on

Certain categories of trades settle for clearing purposes with CF&Co, one of our affiliates.Risk factors (Item 1A)

Other companies

Cantor Fitzgerald, L.P.

depends on · approximately 72.2% of the total voting powernamed as a risk

We have also relied on arrangements with Cantor to clear certain of our transactions under the clearing agreement we entered into with Cantor in November 2008, which was amended in June 2024.Risk factors (Item 1A)

Fitch Ratings and S&P Global Ratings

BBB-named as a risk

Further, interest rates payable on our future or our and BGC Partners’ currently outstanding debt may increase in the event that our ratings decline; for example, under the terms of our and BGC Partners’ outstanding senior notes, a downgrade in our credit ratings by both Fitch Ratings Inc. and Standard & Poor’s would lead to an increase in the interest rates payable on those notes.Risk factors (Item 1A)

OTC Global

named as a risk

When OTC Global is included in our assessment, we may discover the need to design and implement additional effective internal controls which could result in additional integration efforts or take additional time.Risk factors (Item 1A)

Competitors

CME Group

competes withnamed as a risk

We also directly compete with the CME Group through our FMX Futures Exchange.Risk factors (Item 1A)

Also named by GPRE, MS, SNEX

Intercontinental Exchange (ICE)

competes withnamed as a risk

For example, ICE operates both regulated exchanges and OTC execution services, and in the latter, it competes directly with inter-dealer and wholesale financial brokers in energy, commodities, and credit products.Business (Item 1)

Also named by HSY, TW

MarketAxess

competes withnamed as a risk

In addition to exchanges, other electronic trading platforms which primarily operate in the institutional markets, including those run by MarketAxess and Tradeweb, now compete with us in the inter-dealer markets.Business (Item 1)

Also named by TW

TP ICAP

competes withnamed as a risk

We primarily compete with two major, diversified inter-dealer brokers and financial intermediaries: TP ICAP and Tradition.Risk factors (Item 1A)

Compagnie Financière Tradition

competes withnamed as a risk

We primarily compete with two major, diversified inter-dealer brokers and financial intermediaries: TP ICAP and Tradition.Risk factors (Item 1A)

Tradeweb

competes withnamed as a risk

Marex Group PLC

competes withnamed as a risk

We also increasingly compete with a number of ECS brokerage firms, such as Marex Group PLC, StoneX Group, and Clarksons PLC, as we continue to invest in the growth of this asset class.Risk factors (Item 1A)

StoneX Group

competes withnamed as a risk

Clarksons PLC

competes withnamed as a risk

LSEG Data & Analytics

competes withnamed as a risk

In addition, financial data and information firms such as LSEG Data & Analytics and Bloomberg L.P. operate trading platforms for both OTC and listed products and may attempt to compete with us for trade execution in the future.Risk factors (Item 1A)

Places

United Kingdom

concentrated in · approximately 36.0% of our total revenuesnamed as a risk

Because we derived approximately 36.0% and approximately 33.5% of our total revenues on a consolidated basis for the year ended December 31, 2025 from our operations in the U.K. and the U.S., respectively, our business is exposed particularly to adverse regulatory and competitive changes, economic downturns and changes in political conditions in or trade tensions between these countries.Risk factors (Item 1A)

Also named by AGX, AJG, AMP, BAC, BF/B, BRO, C, CACI and 59 more

United States

concentrated in · approximately 33.5% of our total revenuesnamed as a risk

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Emerging markets (Latin America, Eastern Europe, Asia)

operates innamed as a risk

This exposes us to a higher degree of sovereign or convertibility risk than in more developed countries.Risk factors (Item 1A)

Also named by ABT, AVY, BEN, C, EMR, FIS, MDLZ, SWK and 1 more

New Jersey and Connecticut data centers

operates in

The private network currently operates from six concurrent core data centers (three of which are in the U.K., and one each in Trumbull, Connecticut, Weehawken, New Jersey and Secaucus, New Jersey) and many hub cities throughout the world acting as distribution points for all private network customers.Business (Item 1)

Commodities and inputs

Euro

exposed to its price · approximately $0.7 millionnamed as a risk

If as of December 31, 2025, the U.S. dollar had strengthened against both the euro and the pound sterling by 10%, the currency movements would have had an aggregate negative impact on our net income of approximately $0.7 million.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

SOFR

exposed to its price · $240.0 million borrowings outstandingnamed as a risk

The Revolving Credit Agreement interest rate on borrowings is based on SOFR or a defined base rate plus additional margin.Market risk (Item 7A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BR, CCC and 82 more

British pound sterling

exposed to its price · approximately $0.7 millionnamed as a risk

The majority of our foreign currency exposure is related to the U.S. dollar versus the pound sterling and the euro.Market risk (Item 7A)

Also named by AMG, BKNG, CBRE, CTRE, FCFS, FDS, FIS, FSK and 31 more

Energy, commodities and shipping (ECS) markets

concentrated in · approximately 37.1% of our total brokerage revenuesnamed as a risk

For the year ended December 31, 2025, our ECS asset class was our largest product category and accounted for approximately 37.1% of our total brokerage revenues on a consolidated basis.Risk factors (Item 1A)

Interest rate (Rates) markets

concentrated in · approximately 28.4% of our total brokerage revenuesnamed as a risk

Our Rates asset class has historically been our largest product category but is now our second largest product category, which accounted for approximately 28.4% of our total brokerage revenues on a consolidated basis for the year ended December 31, 2025.Risk factors (Item 1A)

U.S. Treasury securities

earns fromnamed as a risk

Any further downgrades of the U.S. sovereign credit rating by one or more major credit rating agencies could have material adverse effects on financial markets and economic conditions in the U.S. and throughout the world.Risk factors (Item 1A)

Also named by BPOP, CME, GS, HBAN, ICE

Regulators

U.S. Securities and Exchange Commission (SEC)

subject tonamed as a risk

Four of our subsidiaries, BGCF, GFI Securities LLC, FMX Execution LLC, and Mint Brokers are registered with the SEC and subject to the Uniform Net Capital Requirements.Risk factors (Item 1A)

Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more

Commodity Futures Trading Commission (CFTC)

subject tonamed as a risk

The ongoing operation of FMX may require further regulatory approval and be subject to regulatory oversight, which could subject us to additional costs or obstacles.Risk factors (Item 1A)

Also named by AB, ADM, AGNC, AMG, BAC, BMNR, C, CBOE and 35 more

Financial Conduct Authority (FCA)

subject tonamed as a risk

BGC Brokers L.P., GFI Securities Limited, Oil Brokerage Limited and OTC Europe LLP, which are based in the U.K., are subject to solo capital and liquidity requirements established by the FCA’s Investment Firm Prudential Regime.Risk factors (Item 1A)

Also named by AFRM, AJG, AMG, AMP, BRO, CBOE, COF, CPAY and 17 more

FINRA

subject to

In the case of our U.S. broker-dealer subsidiaries, the principal self-regulatory organization is FINRA.Business (Item 1)

Also named by AJG, ARES, CBOE, CG, GLXY, JXN, KKR, LNC and 7 more

Laws and programs

Dodd-Frank Act

subject tonamed as a risk

If we fail to continue to qualify as a SEF under any of these conditions, we may be unable to maintain our position as a provider of execution and brokerage services in the markets for many of the OTC products for which we have traditionally acted as an intermediary.Risk factors (Item 1A)

Also named by AFL, AN, CNX, CPAY, EPD, EQT, FITB, GS and 14 more

MiFID II

subject tonamed as a risk

Certain of our existing EU derivatives and fixed income execution business now take place on OTFs, and we currently operate one OTF for each of the U.K.-regulated entities, one in France at Aurel BGC and one MTF under GFI Securities Limited.Risk factors (Item 1A)

Also named by BEN, CG, JEF, SF, SNEX, SPGI, TW

Basel III

named as a risk

The ongoing adoption of these rules could restrict the ability of our large bank and broker-dealer customers to operate proprietary trading businesses and to maintain current capital market exposures under the present structure of their balance sheets, and will cause these entities to need to raise additional capital in order to stay active in our marketplaces.Business (Item 1)

Also named by GS, MS, TW, WFC

GDPR

subject tonamed as a risk

In addition to the increased cost of compliance, our failure to successfully implement or comply with appropriate processes to adhere to the GDPR and other laws and regulations relating to personal data could result in substantial financial penalties for non-compliance, expose us to litigation risk and harm our reputation.Risk factors (Item 1A)

Also named by MCO, WOR, WRB

SEC U.S. Treasury central clearing mandate

subject tonamed as a risk

The full impact of this change, and what effect it will have, whether positive or negative, on our industry, our clients or us is unknown at this time.Business (Item 1)

Also named by CME

Senior Managers and Certification Regime (SMCR)

subject tonamed as a risk

SMCR has increased the cost of compliance and will potentially increase financial penalties for non-compliance.Risk factors (Item 1A)

SEC Regulation SE

subject to

On January 29, 2025 the SEC approved GFI Swaps Exchange LLC’s application and the firm’s registration became effective on February 27, 2025.Risk factors (Item 1A)

Technology

Cryptocurrencies

earns fromnamed as a risk

While we currently have limited offerings linked to cryptocurrencies in certain jurisdictions, we may expand the types of these offerings, the associated types of cryptocurrencies and the jurisdictions in which these offerings are offered.Risk factors (Item 1A)

Also named by SCHW