BGC Group
| Company type | Public |
|---|---|
| Industry | Financial services |
| Founded | 2004 |
| Founder | Bernard Gerald Cantor (as B.G. Cantor and Company) |
Area served | Worldwide |
Key people | Howard Lutnick (Chairman and CEO), Sean Windeatt (COO and CEO), Stephen Merkel (Executive VP and General Counsel), Jason W. Hauf (CFO), Steven Sadoff (CIO) |
| Products | Brokerage services, electronic trading platforms, real estate services, energy trading, insurance brokerage |
| Parent | Cantor Fitzgerald (predecessor entity) |
| Website | www |
BGC Group, Inc. (previously known as BGC Partners) is a multinational financial services firm based in both New York City and London. Originating as a spin-off from the larger Cantor Fitzgerald entity in 2004, BGC Group maintains operations across numerous global markets.
1945–1990
The company traces its roots back to 1945 when Bernard Gerald Cantor founded B.G. Cantor and Company, a brokerage specializing in inter-dealer fixed-income trading, which later transformed into Cantor Fitzgerald. In 1965, Cantor Fitzgerald introduced its Institutional Equities Sales and Trading Division to serve asset managers, pension funds, and portfolio managers engaged in large block transactions. By 1983, it had become the first to provide global screen brokerage services for U.S. Government securities.
1991–2001
After eight years at Cantor Fitzgerald, Howard Lutnick was appointed president in 1991. He prioritized advancing technology within the firm and spearheaded the creation of eSpeed, an electronic trading platform that went public in 1999.
The September 11 attacks resulted in the loss of 658 employees from Cantor Fitzgerald and eSpeed, whose offices were located on floors 101 through 105 of the North Tower at 1 World Trade Center. In response, Cantor Fitzgerald and BGC Partners committed to donating 25% of their earnings to support the families of those who perished.
2004–present
BGC Partners was formed in 2004 following the separation of Cantor Fitzgerald’s voice brokerage division; the acronym BGC honors founder Bernard Gerald Cantor. In April 2005, BGC expanded its brokerage services through a merger with Maxcor Financial Group Inc.
The company inaugurated its annual Charity Day in September 2005, raising funds for the Cantor Fitzgerald Relief Fund alongside other charitable organizations. BGC broadened its international footprint by opening offices in Seoul in 2007 and Istanbul, marking its entry as Turkey’s first inter-dealer broker.
In 2008, BGC merged with eSpeed, consolidating electronic trading operations under BGC Partners Inc. The firm received Asia Risk Magazine’s Technology Development award in 2009 for its innovations.
Strengthening its presence in China, BGC entered a joint venture with state-owned China Credit Trust based in Beijing in 2010.
In May 2012, the UK Financial Services Authority prohibited senior executive Anthony Verrier due to misconduct allegations linked to an illegal poaching scheme targeting competitor Tullett Prebon. That year also involved legal disputes including a discrimination claim brought by a former employee citing workplace harassment.
By October 2012, Cantor Fitzgerald severed ties with Moody’s Investors Service amid disagreements over profitability evaluations; Moody’s subsequently downgraded BGC’s credit rating to Ba2. Later that year, Standard & Poor’s reduced Cantor’s credit rating to BBB− but maintained an investment grade rating for BGC Partners.
Early reports from Bloomberg in 2013 highlighted difficulties faced by Cantor and BGC, including possible further credit downgrades driven by declining trading volumes and substantial turnover among recently hired traders and bankers since 2009.
On April 1, 2013, NASDAQ OMX Group acquired eSpeed, BGC’s electronic Treasury trading platform, for up to $1.23 billion. The transaction accounted for approximately $100 million in revenue for BGC during 2012—under 6% of total sales—and led to a notable increase in BGC’s stock price.
Following CFTC approval in October 2013, BGC launched a Swap Execution Facility subsidiary to comply with derivatives regulations under the Dodd-Frank Act.
BGC extended its reach into Lloyd's insurance brokerage by acquiring London-based firms Besso Ltd in February 2017 and Ed Broking Ltd in January 2019.
On July 3, 2023, the company updated its stock ticker symbol from BGCP to BGC.
Management and directors
- Howard Lutnick, chairman and chief executive officer
- Sean Windeatt, chief operating officer and chief executive officer
- Stephen Merkel, executive vice president and general counsel
- Jason W. Hauf, chief financial officer
- Steven Sadoff, chief information officer
Offices
The company's main headquarters are situated in Midtown, New York City. Additional locations include offices in the Downtown Financial District as well as multiple international sites that support its worldwide operations:
North America
- Chicago – 222 West Adams, Suite 1900
- Mexico City (Remate Lince S.A.P.I. de C.V.) – Vasco de Quiroga 2121 Santa Fe CDMX
- New York City – 499 Park Avenue; 1 Seaport Plaza / 199 Water Street, 19th Floor
- Toronto (Freedom International Brokerage) – 181 University Avenue, Suite 1500
South America
- Rio de Janeiro (BGC Liquidez DTVM Ltda.) – Av. Almirante Barroso, 52, 23rd Floor
- São Paulo (BGC Liquidez DTVM Ltda.) – Av. Brigadeiro Faria Lima, 3144, 7th Floor
Europe
- Copenhagen (BGC Brokers L.P.) – Bremerholm 1, 2nd floor
- Hamburg (Junge & Co. Versicherungsmakler GmbH) – Hohe Bleichen 11
- Istanbul (BGC Partners Menkul Degerler A.S.) – Kanyon Ofis Blogu, Buyukdere cad.No:185, Kat:13 Levent
- London (BGC Brokers L.P.) – 5 Churchill Place, Canary Wharf; also Ed Broking Group Limited at 52 Leadenhall St; Besso Limited at 8–11 Crescent
- Moscow (BGC Partners CIS, LLC.) – Smolenskaya Square 3, Sector A
- Nyon (BGC Brokers L.P.) – Alfred Cortot 4
- Paris (Aurel BGC) – 15–17 Rue Vivienne
These locations facilitate the delivery of the company's wide range of products and services across major financial centers, strengthening its market position and competitive edge within the global brokerage sector.
Asia
- Beijing (BGC Capital Markets Limited) – Unit Room 506, 5/F South Block Tower C, No.2 Kexueyuan South Road, Haidian District, Beijing 100190
- Dubai (BGC Brokers L.P. Dubai; MINT Partners Dubai) – Al Fattan Currency House, Tower 2, Level 12, DIFC, PO Box 482030, Dubai
- Hong Kong (BGC Securities) – Suite 6402-08, 64/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong
- Seoul (BGC Capital Markets and Foreign Exchange Broker Limited) – 10/F Seoul Finance Center, 84 Taepyungro 1-ka, Chung-ku, Seoul, South Korea 100-768
- Singapore (BGC Partners Limited; BGC Radix Energy L.P.; BGC Securities Limited) – 1 Temasek Avenue #22-01, Millenia Tower, Singapore 039192
- Tokyo (BGC Capital Markets, LLC; BGC Shoken Kaisha Limited) – Akasaka Biz Tower 38F, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6338
Australia
- Sydney (BGC Partners Pty Limited) – Level 24, 363 George Street, Sydney NSW 2000
Africa
- Johannesburg – Selborne House, Fourways Golf Park, Roos Street, Fourways, 2191
Associated businesses
- Aqua Equities – joint venture with Cantor established in 2007
- Aurel BGC – French investment arm created in 2008
- BGC Liquidez – Brazilian subsidiary acquired in 2009
- Freedom International Brokerage – Canadian affiliate company
- MINT Partners – global brokerage acquired in 2010
- Newmark Knight Frank – international real estate services firm purchased in October 2011; followed by acquisition of Grubb & Ellis in April 2012
- BGC Radix Energy – global energy trading enterprise acquired in 2008
- Smith Mack and Frederick Ross Co. – commercial real estate firms acquired in January 2013
- Sterling International Brokers Limited – London-based currency broker acquired in February 2013
- RP Martin – UK brokerage acquired in 2014
- GFI Group – New York-based intermediary and trading technology company acquired in January 2016; acquisition included Kyte Broking and Latium Capital
- Sunrise Brokers – equity derivatives broker purchased in December 2016
- Ed Broking Group – worldwide reinsurance and specialty insurance broker including German marine insurance entity Junge & Co., acquired in 2019
Global Charity Day
Since its inception in 2005, BGC Charity Day has been dedicated to raising funds for the Cantor Fitzgerald Relief Fund along with various other nonprofit organizations, commemorating the victims of September 11. This annual event, held close to the anniversary of 9/11, brings together celebrities, athletes, and political figures who engage with clients while donating all proceeds to chosen charitable causes. Over time, the event has grown to include participation from BGC Partners' offices worldwide.
| Year | Amount Raised (millions) | US Charities Supported | Distinguished Guests |
|---|---|---|---|
| 2005 | $3.9 | Cantor Foundation, CLIC Sargent, The Shane Warne Foundation | Boomer Esiason, Harry Carson, Mariano Rivera |
| 2006 | $5 | Safe at Home Foundation, Daniel Pitino Foundation, Marine Corporation Foundation for Children | Phil Simms, Rick Pitino, Petra Němcová, Joe Torre |
| 2007 | $6 | Books for Kids Project FIND, Blythedale Children's Hospital, Wounded Warrior Project | Eli Manning, Whoopi Goldberg, Yogi Berra |
| 2008 | $8 | Baby Buggy, Boomer Esiason Foundation, National Down Syndrome Society | Tiki Barber, Dr. Ruth Westheimer, Michael Bloomberg, Donald Trump |
| 2009 | $10 | Bone Marrow Foundation, Childhelp, Garden of Dreams | Lady Gaga, Mika Brzezinski, Joe Scarborough |
| 2010 | $10 | Baby Buggy, Boomer Esiason Foundation, Wounded Warrior Project | Hilary Duff, Edie Falco, Gabrielle Union, Mark Ruffalo |
| 2011 | $12 | Alliance for Lupus Research, Make-a-Wish Foundation, Wounded Warrior Project | Ronnie Wood, Prince Harry, Bill Clinton, Carmelo Anthony |
| 2012 | $12 | Boomer Esiason Foundation, Solving Kids' Cancer, Wounded Warrior Project | Susan Sarandon, Curtis "50 Cent" Jackson, Eli Manning |
| 2013 | $12 | Boomer Esiason Foundation, Harlem RBI, Solving Kids' Cancer | Prince Harry and William, Zachary Quinto, Sean "Diddy" Combs, Julianne Moore |
| 2014 | $12 | Harlem RBI, Carmelo Anthony Foundation, Marie Curie Cancer Care | Allan Houston, Curtis "50 Cent" Jackson, Jenny McCarthy |
| 2015 | $12 | Wounded Warrior Project, Breast Cancer Care, NSPCC | AnnaLynne McCord, Margot Robbie, Steve Buscemi |
| 2016 | $12 | Building Homes for Heroes, Maggie's Cancer Caring Centre | Robert De Niro, Edie Falco, Peyton Manning |
| 2020 | $10 | Various charities | Matthew McConaughey, Kevin Durant, Alec Baldwin |
| 2021 | $12 | Various charities | Bill Clinton, Tony Blair, Steve Buscemi |
Hurricane Sandy relief
In the aftermath of Hurricane Sandy in October 2012, Cantor Fitzgerald and BGC Partners initiated the Hurricane Sandy Family Relief Program. This effort provided $10 million in aid by distributing $1,000 debit cards to families affected by the storm. The program identified recipients through nineteen schools located in the most severely impacted regions—highlighting the firms’ commitment to community assistance and corporate social responsibility during times of disaster.
Oklahoma Tornado relief
Following the destructive tornado that struck Moore, Oklahoma in May 2013, CEO Howard Lutnick committed $2 million in support. The funds were allocated as $1,000 debit cards given directly to families experiencing hardship due to the disaster. This prompt response underscored leadership dedication and reinforced the company’s active participation in emergency relief initiatives.
Sponsorship
In 2012, the firm increased its brand exposure by securing the title sponsorship of the Masters snooker championship, integrating sports marketing into its corporate strategy to strengthen its presence in the market.