BGC Group
{{short description|American financial services company}}
{{Infobox company
| name = BGC Group, Inc.
| logo = File:BGC Logo on white.png
| former_name = BGC Partners
| type = Public
| traded_as = {{NASDAQ|BGC}}
Russell 1000 component
S&P 600 component
| industry = {{ubl|Banking|Financial services}}
| foundation = {{Start date and age|1945}}
| location = New York, New York, U.S. and London, UK
| area_served = Worldwide
| key_people = Howard Lutnick (chairman & CEO)
| products = {{ubl|Commercial real estate|Commodities|Credit derivatives|Equities|Equity derivatives|Fixed-income securities|Foreign exchange|Futures|Interest rate swaps|Structured products}}
| revenue = {{Increase}} US$ 2.613 billion (2016){{cite report|url=http://www.bgcpartners.com/wp-content/uploads/2017/02/4Q2016-Release-vFINAL-8PM-2.pdf|title=Archived copy|date=|access-date=2017-11-28|archive-date=2022-06-22|archive-url=https://web.archive.org/web/20220622101709/https://www.bgcpartners.com/wp-content/uploads/2017/02/4Q2016-Release-vFINAL-8PM-2.pdf|url-status=dead}}
| operating_income = {{Decrease}} US$ 188.3 million (2016)
| net_income = {{Decrease}} US$ 157.7 million (2016)
| assets = {{Decrease}} US$ 3.508 billion (2016)
| equity = {{Decrease}} US$ 1.157 billion (2016)
| num_employees_year = 2017
| homepage = {{Official URL}}
}}
BGC Group, Inc. (formerly BGC Partners) is an American global financial services company based in New York City and London. Originally formed as part of the larger Cantor Fitzgerald organization, BGC Partners became its own entity in 2004.
History
=1945–1990=
In 1945, Bernard Gerald Cantor founded a brokerage service for inter-dealer fixed-income markets. The resulting company was B.G. Cantor and Company, which later became Cantor Fitzgerald.Edward Helmore (July 13, 1996), [https://www.independent.co.uk/news/people/obituary-gerald-cantor-1328492.html Obituary: Gerald Cantor] {{Webarchive|url=https://web.archive.org/web/20170825230258/https://www.independent.co.uk/news/people/obituary-gerald-cantor-1328492.html |date=2017-08-25 }} The Independent.
In 1965 Cantor Fitzgerald established an Institutional Equities Sales and Trading Division, which offers large block trading to asset managers, pension funds, and portfolio managers. In 1983, Cantor Fitzgerald became the first firm to offer worldwide screen brokerage services in US Government securities.{{citation needed|date=September 2014}}
=1991–2001=
In 1991, Howard Lutnick was named president of Cantor Fitzgerald, after having worked at the firm for the previous eight years.[https://archive.today/20130628193323/http://archive.bloomberglink.com/gatherings_participants_bio.php?gathering=73&Id=2804 Bloomberg: Howard Lutnick Bio] Lutnick placed a new emphasis on technological innovation at the company, and in 1996 led the development of eSpeed, which went public in 1999.{{cite web|last=Craig|first=Susanne|title=The Survivor Who Saw the Future for Cantor Fitzgerald|url=https://dealbook.nytimes.com/2011/09/03/the-survivor-who-saw-the-future-for-cantor-fitzgerald/|work=DealBook|publisher=The New York Times}}
The September 11 attacks claimed 658 employees of Cantor Fitzgerald and eSpeed, whose headquarters were located from floors 101 to 105 of the North Tower (1 WTC) of the World Trade Center, just above the impact zone of American Airlines Flight 11. In response to the attacks, BGC Partners and Cantor Fitzgerald pledged to donate 25% of their profits to families of deceased employees.{{cite web|last=Kulkarni|first=Sangeeta|title=Cantor Fitzgerald to set up backoffice operations|url=http://articles.economictimes.indiatimes.com/2003-09-07/news/27557918_1_captive-operations-investment-banking-cantor-fitzgerald|work=The Economic Times|publisher=Bennett, Coleman & Co. Ltd|access-date=5 June 2013|archive-date=2013-11-05|archive-url=https://web.archive.org/web/20131105062207/http://articles.economictimes.indiatimes.com/2003-09-07/news/27557918_1_captive-operations-investment-banking-cantor-fitzgerald|url-status=dead}}
=2004–present=
BGC Partners was formed in 2004 when Cantor Fitzgerald spun out its voice brokerage business. The initials BGC stand for that company's founder, Bernard Gerald Cantor.
In April 2005, BGC Partners LP merged with Maxcor Financial Group Inc. to form BGC Partners.{{Cite web|url=https://www.sec.gov/Archives/edgar/data/931707/000095017205001053/ny585102_4.txt|title=AGREEMENT AND PLAN OF MERGER|last=|first=|date=|website=www.sec.gov|access-date=2018-12-06|archive-date=2017-07-08|archive-url=https://web.archive.org/web/20170708225113/https://www.sec.gov/Archives/edgar/data/931707/000095017205001053/ny585102_4.txt|url-status=live}}{{cite news|title=COMPANY NEWS; BGC TO BUY MAXCOR, A RIVAL BROKERAGE FIRM|url=https://www.nytimes.com/2005/04/05/business/company-news-bgc-to-buy-maxcor-a-rival-brokerage-firm.html|access-date=13 May 2013|newspaper=The New York Times|date=5 April 2005}}
In September 2005, BGC Partners held their first annual Charity Day event. The event featured Harry Carson, Boomer Esiason, and Mariano Rivera and raised money for the Cantor Fitzgerald Relief Fund among other charities.{{cite web|title=BGC Partners Hold First Annual Charity Day|url=http://www.businesswire.com/news/home/20050912005867/en/BGC-Partners-Hold-Annual-Charity-Day-Percentage|publisher=BusinessWire|access-date=13 May 2013}}
In 2007, BGC Partners opened an office in Seoul, South Korea{{Cite web|url=http://www.nasdaq.com/markets/ipos/filing.ashx?filingid=4681337|title=SKYLYNX COMMUNICATIONS INC (Form: 8-K, Received: 10/02/2006 16:15:49)|website=www.nasdaq.com|access-date=2018-12-06|archive-date=2018-12-06|archive-url=https://web.archive.org/web/20181206235100/https://www.nasdaq.com/markets/ipos/filing.ashx?filingid=4681337|url-status=live}} and became the first inter-dealer broker to open an office in Istanbul, Turkey.{{cite web|title=BGC Opens New Office In Istanbul, Turkey – Rapid Global Expansion With Addition In Continental Europe|url=http://www.mondovisione.com/media-and-resources/news/bgc-opens-new-office-in-istanbul-turkey-rapid-global-expansion-with-addition-in-/|work=MondoVisione|access-date=13 May 2013|archive-date=8 June 2013|archive-url=https://web.archive.org/web/20130608111513/http://www.mondovisione.com/media-and-resources/news/bgc-opens-new-office-in-istanbul-turkey-rapid-global-expansion-with-addition-in-|url-status=live}}
In 2008, BGC Partners merged with eSpeed and becomes BGC Partners Inc.{{cite journal|title=A Story of Rebuilding|journal=Leaders Magazine|date=Oct–Dec 2001|volume=34|issue=4|pages=45–46|url=http://www.leadersmag.com/issues/2011.4_oct/PDFs/LEADERS-Howard-Lutnick-Cantor-Fitzgerald-BGC-Partners.pdf|access-date=2013-05-13|archive-date=2012-05-22|archive-url=https://web.archive.org/web/20120522034438/http://leadersmag.com/issues/2011.4_Oct/PDFs/LEADERS-Howard-Lutnick-Cantor-Fitzgerald-BGC-Partners.pdf|url-status=live}}{{Cite web |url=http://www.banking.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=7842faef-6cc5-49f8-834e-e41557a0c954 |title=Archived copy |access-date=2013-05-07 |archive-date=2012-12-14 |archive-url=https://web.archive.org/web/20121214051345/http://banking.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=7842faef-6cc5-49f8-834e-e41557a0c954 |url-status=live }}
In November 2009, BGC Partners won Asia Risk Magazine's first ever award for Technology Development.{{cite web|title=BGC Partners Wins Asia Risk Award for Technology Development|url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aNWIG2Ruxm8A|work=Bloomberg|access-date=13 May 2013}}
In 2010, BGC Partners entered into a joint venture with state-owned China Credit Trust based in Beijing.{{Cite web |date=2010-07-11 |title=BGC Partners And China Credit Trust Co's Joint Venture Granted Business License In Beijing |url=https://www.bgcg.com/bgc-partners-and-china-credit-trust-cos-joint-venture-granted-business-license-in-beijing/ |url-status=live |archive-url=https://archive.today/20241121192919/https://www.bgcg.com/bgc-partners-and-china-credit-trust-cos-joint-venture-granted-business-license-in-beijing/ |archive-date=2024-11-21 |access-date=2024-11-21 |website=BGC Group, Inc. |language=en}}{{Cite news |last=Alper |first=Alexandra |date=November 21, 2024 |title=Lutnick's China ties draw fire after Trump taps him to lead US in trade war |url=https://www.reuters.com/world/us/lutnicks-china-ties-draw-fire-after-trump-taps-him-lead-us-trade-tariffs-2024-11-21/ |access-date=November 21, 2024 |work=Reuters}}
In May 2012 the Financial Services Authority, Britain's financial regulator, announced its decision to prohibit Anthony Verrier (a senior executive at BGC) from performing any function in relation to any regulated activity in the financial services industry.{{cite web|title=FSA decides to ban BGC senior executive Anthony Verrier|url=http://www.fsa.gov.uk/library/communication/pr/2012/056.shtml|publisher=Financial Services Authority|date=16 May 2012|access-date=14 July 2012|archive-date=24 June 2012|archive-url=https://web.archive.org/web/20120624031032/http://www.fsa.gov.uk/library/communication/pr/2012/056.shtml|url-status=live}} The FSA stated it believes that Verrier is not a fit and proper person due to concerns over his honesty, integrity and reputation. Its decision followed a civil court ruling that Verrier led an unlawful poaching conspiracy against rival interdealer broker Tullett Prebon and did not tell the truth about it in court.
Also in May 2012 a story was published by the New York Daily News under the headline 'Cantor Fitzgerald VP was boss from hell, secretary says in suit'{{cite news|last=Schapiro|first=Rich|title=Cantor Fitzgerald VP was boss from hell, secretary says in suit|url=http://www.nydailynews.com/new-york/cantor-fitzgerald-vp-boss-hell-secretary-suit-article-1.1072309|newspaper=New York Daily News|date=3 May 2012|access-date=13 May 2013|archive-date=7 May 2012|archive-url=https://web.archive.org/web/20120507034320/http://www.nydailynews.com/new-york/cantor-fitzgerald-vp-boss-hell-secretary-suit-article-1.1072309|url-status=live}} which reported on a lawsuit brought against the company by former employee Crystal Mitchell. Mitchell worked as an executive assistant to Michael Lampert at BGC USA, an affiliate of Cantor Fitzgerald, in March 2011. According to the suit filed by her lawyer David Harrison, her boss once threw a cup of tea at her because she hadn't removed the teabag. "The boiling hot liquid spilled on [Mitchell], burning her stomach and upper leg, and staining her clothes." the suit said, adding that "Almost daily, Lampert humiliated and degraded Mitchell, yelling at her as if she was inferior and calling her: 'stupid,' 'moron,' 'the dumbest person I ever met,' 'incompetent,' and 'idiot,' ". Elsewhere in the discrimination suit, she says she complained about the treatment to human resource managers — but her pleas for help were ignored.
In October 2012 the New York Post ran an article entitled 'Cantor, Moody's Dogfight' reporting on a 'feud' between the company and Moody's Investors Service.{{cite news|last=DeCambre|first=Mark|title=Cantor, Moody's dogfight|url=http://www.nypost.com/p/news/business/cantor_moody_dogfight_CfEKphFNpFxdtefLHIOIhJ|newspaper=New York Post|date=6 October 2012|access-date=5 December 2012|archive-date=21 June 2013|archive-url=https://web.archive.org/web/20130621074648/http://www.nypost.com/p/news/business/cantor_moody_dogfight_CfEKphFNpFxdtefLHIOIhJ|url-status=live}} The article stated that Cantor Fitzgerald and Moody's had been feuding for months over differing opinions of Cantor's profitability. In July 2012 Cantor terminated its relationship with Moody's. In October 2012 the ratings agency dropped BGC's status to Ba2.{{Cite web|url=https://www.investopedia.com/terms/b/ba2-bb.asp|title=Ba2/BB|author=Investopedia Staff|website=Investopedia|access-date=2018-12-06|archive-date=2018-12-06|archive-url=https://web.archive.org/web/20181206145656/https://www.investopedia.com/terms/b/ba2-bb.asp|url-status=live}} In December 2012 Bloomberg reported that S&P cut Cantor to BBB− and left the rating for BGC Partners Inc., the company's interdealer broker affiliate, unchanged at the lowest investment grade.{{cite news|last=Faux|first=Zeke|title=Cantor Fitzgerald Credit Rating Cut to Near Junk by S&P|url=https://www.bloomberg.com/news/2012-12-03/cantor-fitzgerald-credit-rating-cut-to-near-junk-by-s-p.html|newspaper=Bloomberg|date=4 December 2012|access-date=2017-03-05|archive-date=2014-03-14|archive-url=https://web.archive.org/web/20140314140843/http://www.bloomberg.com/news/2012-12-03/cantor-fitzgerald-credit-rating-cut-to-near-junk-by-s-p.html|url-status=live}}
Two articles appeared in January 2013 written by Bloomberg journalist Zeke Faux. The first, dated January 8 was titled 'Cantor May Face Another Ratings Cut as Fitch Cites Slump' and quoted Mohak Rao, a Fitch analyst.{{cite news|last=Faux|first=Zeke|title=Cantor May Face Another Ratings Cut as Fitch Cites Slump|url=https://www.bloomberg.com/news/2013-01-08/cantor-may-face-another-ratings-cut-as-fitch-cites-trading-slump.html|newspaper=Bloomberg|date=8 January 2013|access-date=2017-03-05|archive-date=2013-11-10|archive-url=https://web.archive.org/web/20131110154746/http://www.bloomberg.com/news/2013-01-08/cantor-may-face-another-ratings-cut-as-fitch-cites-trading-slump.html|url-status=live}} Rao wrote in a report "Cantor's institutional business and BGC's financial brokerage business will remain challenged in the medium term because of lower trading volume".
Two days later Zeke Faux published a second, much longer, article titled 'Cantor Growth Plan Sputters as 41% of Touted Hires Exit' citing that 41% of the 158 traders and bankers whose hirings Cantor announced in news releases since 2009 had left, according to industry records.{{cite news|last=Faux|first=Zeke|title=Cantor Growth Plan Sputters as 41% of Touted Hires Exit|url=https://www.bloomberg.com/news/2013-01-10/cantor-growth-plan-spuuters-as-41-of-touted-hires-exit.html|newspaper=Bloomberg|date=10 January 2013|access-date=2017-03-05|archive-date=2014-03-12|archive-url=https://web.archive.org/web/20140312111910/http://www.bloomberg.com/news/2013-01-10/cantor-growth-plan-spuuters-as-41-of-touted-hires-exit.html|url-status=live}}
On April 1, 2013, NASDAQ OMX Group agreed to acquire an electronic Treasurys marketplace from brokerage firm BGC Partners Inc. in a cash-and-stock deal valued at as much as $1.23 billion.{{cite web|title=Nasdaq to buy eSpeed for up to $1.23 billion|url=http://www.marketwatch.com/story/nasdaq-to-buy-espeed-for-up-to-123-billion-2013-04-02|work=Market Watch|publisher=The Wall Street Journal|access-date=13 May 2013|author1=Jacob Bunge|author2=Kristin Jones|date=2 April 2013|archive-date=9 May 2013|archive-url=https://web.archive.org/web/20130509153215/http://www.marketwatch.com/story/nasdaq-to-buy-espeed-for-up-to-123-billion-2013-04-02|url-status=live}} The sale caused BGC to see the biggest gain in stock prices since going public in December 1999.{{cite web|last=Faux|first=Zeke|title=BGC Partners Jumps as Lutnick Sells ESpeed Unit|url=https://www.bloomberg.com/news/2013-04-02/bgc-partners-jumps-as-lutnick-sells-espeed-unit.html|work=Bloomberg|access-date=13 May 2013|date=2 April 2013|archive-date=6 April 2013|archive-url=https://web.archive.org/web/20130406013749/http://www.bloomberg.com/news/2013-04-02/bgc-partners-jumps-as-lutnick-sells-espeed-unit.html|url-status=live}} The assets sold to Nasdaq in this deal represented $100 million in sales in 2012, less than 6% of BGC's overall total.{{cite web|last=Whiteman|first=Lou|title=Nasdaq buys eSpeed from BGC Partners|url=http://www.thedeal.com/content/private-equity/nasdaq-buys-espeed-from-bgc-partners.php|work=The Deal Pipeline|access-date=13 May 2013|date=2 April 2013|archive-url=https://web.archive.org/web/20130423023103/http://www.thedeal.com/content/private-equity/nasdaq-buys-espeed-from-bgc-partners.php|archive-date=23 April 2013|url-status=dead|df=dmy-all}}
On October 2, 2013 BGC's subsidiary BGC Derivative Markets, L.P. launched operations as a Swap Execution Facility (SEF), consistent with the derivatives trading regulations under the Dodd-Frank Act. This followed BGC receiving CFTC approval to operate a Swap Execution Facility in September 2013.{{cite web|title=BGC Partners launches swap execution facility|url=http://www.hedgeweek.com/2013/10/02/190783/bgc-partners-launches-swap-execution-facility|work=HedgeWeek|date=2 October 2013|publisher=GFM Ltd.|access-date=8 November 2013|archive-date=9 November 2013|archive-url=https://web.archive.org/web/20131109034057/http://www.hedgeweek.com/2013/10/02/190783/bgc-partners-launches-swap-execution-facility|url-status=live}}{{cite web|title=BGC launches SEF|url=http://www.automatedtrader.net/news/at/144892/bgc-launches-sef|work=Automated Trader|publisher=Automated Trader Ltd|access-date=8 November 2013}}
In February 2017, BGC bought London based Lloyd's insurance broker, Besso Ltd. In January 2019, Ed Broking Ltd, another London headquartered Lloyd's insurance broker was added to the Group.
On July 3, 2023, the company changed its ticker from BGCP to BGC.
Management and directors
- Howard Lutnick, chairman and chief executive officer{{cite web|title=MANAGEMENT TEAM|url=http://ir.bgcpartners.com/corporate-governance/management-and-directors/default.aspx|publisher=BGC Partners|access-date=21 May 2013|archive-url=https://web.archive.org/web/20130429045257/http://ir.bgcpartners.com/corporate-governance/management-and-directors/default.aspx|archive-date=29 April 2013|url-status=dead|df=dmy-all}}
- Sean Windeatt, chief operating officer and chief executive officer
- Stephen Merkel, executive vice president, general counsel
- Jason W. Hauf, chief financial officer
- Steven Sadoff, chief information officer
Offices
The company's global headquarters are in Midtown, New York City, while it also has an office in the Downtown Financial District. The company and its associated businesses also operate offices around the world:
= North America =
- Chicago – 222 West Adams, Suite 1900, 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, New York, NY 10022
- New York City – 1 Seaport Plaza / 199 Water Street, 19th Floor, New York, NY 10038
- Toronto (Freedom International Brokerage) – 181 University Avenue, Suite 1500, Toronto ON M5H 3M7
= South America =
- Rio de Janeiro (BGC Liquidez DTVM Ltda.) – Av. Almirante Barroso, 52 – 23rd Floor, Centro, Rio de Janeiro, RJ – 20031-000
- São Paulo (BGC Liquidez DTVM Ltda.) – Av. Brigadeiro Faria Lima, 3144 – 7th Floor, Jardim Paulistano, São Paulo, SP – 01451-000
= Europe =
- Copenhagen (BGC Brokers L.P.) – Bremerholm 1, 2nd floor, DK 1069 Copenhagen
- Hamburg (Junge & Co. Versicherungsmakler GmbH) – Hohe Bleichen 11, 20354 Hamburg {{Cite web|date=2018-10-29|title=Ed Broking Group To Be Acquired by BGC Partners|url=https://www.junge.de/news/ed-broking-group-to-be-acquired-by-bgc-partners|access-date=2021-02-08|website=Junge & Co. Versicherungsmakler GmbH|language=en-US|archive-date=2021-01-19|archive-url=https://web.archive.org/web/20210119222948/https://www.junge.de/news/ed-broking-group-to-be-acquired-by-bgc-partners|url-status=live}}
- Istanbul (BGC Partners Menkul Degerler A.S.) – Kanyon Ofis Blogu, Buyukdere cad.No:185, Kat:13 Levent/Istanbul
- London (BGC Brokers L.P.) – 5 Churchill Place, Canary Wharf, London E14 5RD
- London (ED Broking Group Limited) – 52 Leadenhall St, London EC3A 2EB{{Cite web|title=BGC Partners to Acquire Ed Broking Group Limited, a Leading Lloyd's of London Insurance Broker|url=http://ir.bgcpartners.com/news-releases/news-releases/News-Release-Details/2018/BGC-Partners-to-Acquire-Ed-Broking-Group-Limited-a-Leading-Lloyds-of-London-Insurance-Broker/default.aspx|access-date=2021-02-08|website=ir.bgcpartners.com|language=en-CA|archive-date=2019-04-03|archive-url=https://web.archive.org/web/20190403174652/http://ir.bgcpartners.com/news-releases/news-releases/News-Release-Details/2018/BGC-Partners-to-Acquire-Ed-Broking-Group-Limited-a-Leading-Lloyds-of-London-Insurance-Broker/default.aspx|url-status=live}}
- London (Besso Limited) – 8–11 Crescent, London, EC3N 2LY{{Cite web|title=BGC Partners To Acquire Besso Insurance Group|url=http://ir.bgcpartners.com/news-releases/news-releases/News-Release-Details/2017/BGC-Partners-Acquires-Besso-Insurance-Group/default.aspx|access-date=2021-02-08|website=ir.bgcpartners.com|language=en-CA|archive-date=2022-03-24|archive-url=https://web.archive.org/web/20220324020527/https://ir.bgcpartners.com/news-releases/news-releases/News-Release-Details/2017/BGC-Partners-Acquires-Besso-Insurance-Group/default.aspx|url-status=live}}
- Moscow (BGC Partners CIS, LLC.) – 4A floor, rooms 5–9, Sector A, Smolenskaya Square, 3, 121099, Moscow City, Russia
- Nyon (BGC Brokers L.P.) – Alfred Cortot 4, CH-1260 Nyon
- Paris (Aurel BGC) – 15–17 Rue Vivienne, 75002 Paris
= 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 spun out in 2007{{cite journal|last=Mehta|first=Nina|title=Aqua Looks to Make Mark in Crossing|journal=Traders Magazine|date=October 2009|url=http://www.tradersmagazine.com/issues/20_299/aqua-crossing-network-ats-micro-cap-stocks-104497-1.html|access-date=2013-05-13|archive-date=2013-06-08|archive-url=https://web.archive.org/web/20130608061810/http://www.tradersmagazine.com/issues/20_299/aqua-crossing-network-ats-micro-cap-stocks-104497-1.html|url-status=live}}{{Cite web|title=List of Subsidiaries of BGC Partners, Inc.|url=https://www.sec.gov/Archives/edgar/data/1094831/000119312510058581/dex211.htm|access-date=2021-02-08|website=www.sec.gov|archive-date=2015-02-23|archive-url=https://web.archive.org/web/20150223211610/http://www.sec.gov/Archives/edgar/data/1094831/000119312510058581/dex211.htm|url-status=live}}
- Aurel BGC, French investment subsidiary formed in 2008{{cite web|title=Company Overview of Aurel BGC SASU|url=http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=29900728|archive-url=https://archive.today/20130628201010/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=29900728|url-status=dead|archive-date=June 28, 2013|work=Bloomberg Businessweek|access-date=13 May 2013}}
- BGC Liquidez, Brazilian subsidiary acquired in 2009{{cite web|title=BGC Partners Finalizes Acquisition of Liquidez|url=https://www.reuters.com/article/2009/06/17/idUS189544+17-Jun-2009+BW20090617|archive-url=https://web.archive.org/web/20110212095833/http://www.reuters.com/article/2009/06/17/idUS189544+17-Jun-2009+BW20090617|url-status=dead|archive-date=12 February 2011|publisher=Reuters|access-date=13 May 2013|date=17 June 2009}}
- Freedom International Brokerage, Canadian affiliate{{cite web|title=BGC Partners Inc (BGCP.O)|url=https://www.reuters.com/finance/stocks/overview?symbol=BGCP.O|publisher=Reuters|access-date=2017-06-30|archive-date=2016-03-04|archive-url=https://web.archive.org/web/20160304075814/http://www.reuters.com/finance/stocks/overview?symbol=BGCP.O|url-status=live}}
- MINT Partners, global brokerage acquired in 2010{{cite news|last=Detrixhe|first=John|title=BGC Partners Adds More Than 100 Brokers With Purchase of Mint Businesses|url=https://www.bloomberg.com/news/2010-08-19/bgc-partners-adds-more-than-100-brokers-with-purchase-of-mint-businesses.html|access-date=13 May 2013|newspaper=Bloomberg|date=19 August 2010|archive-date=10 June 2013|archive-url=https://web.archive.org/web/20130610193201/http://www.bloomberg.com/news/2010-08-19/bgc-partners-adds-more-than-100-brokers-with-purchase-of-mint-businesses.html|url-status=live}}
- Newmark Knight Frank, global real estate services. In October 2011, BGC Partners acquired Newmark Knight Frank.{{cite news|last=Rusli|first=Evelyn M.|title=BGC Partners Buys Newmark|url=https://dealbook.nytimes.com/2011/04/28/bgc-partners-buys-newmark/|access-date=13 May 2013|newspaper=The New York Times|date=28 April 2011|archive-date=29 April 2013|archive-url=https://web.archive.org/web/20130429011955/http://dealbook.nytimes.com/2011/04/28/bgc-partners-buys-newmark/|url-status=live}} Six months later, in April 2012, BGC Partners also bought commercial real estate firm, Grubb & Ellis.{{cite news|last=Roose|first=Kevin|title=Grubb & Ellis Files for Bankruptcy and Agrees to Sell Assets to BGC|url=https://dealbook.nytimes.com/2012/02/21/grubb-ellis-files-for-bankruptcy-and-agrees-to-sell-assets-to-bgc/|access-date=13 May 2013|newspaper=The New York Times|date=21 February 2012|archive-date=29 May 2013|archive-url=https://web.archive.org/web/20130529015937/http://dealbook.nytimes.com/2012/02/21/grubb-ellis-files-for-bankruptcy-and-agrees-to-sell-assets-to-bgc/|url-status=live}}
- BGC Radix Energy, global energy traders, acquired in 2008.{{cite web|title=Company Overview of BGC Radix Energy L.P.|url=http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=41383317|archive-url=https://archive.today/20130628204424/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=41383317|url-status=dead|archive-date=June 28, 2013|work=Bloomberg Businessweek}}
- Smith Mack, a commercial real estate firm, acquired in January 2013.{{cite web|last=Armstrong|first=Mike|title=BGC Partners acquires Philadelphia's Smith Mack brokerage|url=http://www.philly.com/philly/blogs/phillyinc/BGC-Partners-acquires-Philadelphias-Smith-Mack-brokerage.html|work=Philadelphia Inquirer|publisher=Interstate General Media, LLC|access-date=13 May 2013|date=2 January 2013|archive-date=8 March 2013|archive-url=https://web.archive.org/web/20130308034208/http://www.philly.com/philly/blogs/phillyinc/BGC-Partners-acquires-Philadelphias-Smith-Mack-brokerage.html|url-status=live}}
- Frederick Ross Co., a real estate brokerage firm, acquired in January 2013.{{cite news|last=Davidson|first=Michael|title=BGC Partners acquires Frederick Ross Co.|url=http://www.bcbr.com/article/20130102/NEWS/130109996&source=RSS|access-date=13 May 2013|newspaper=Boulder County Business Report|date=2 January 2013|archive-url=https://web.archive.org/web/20130618084729/http://www.bcbr.com/article/20130102/NEWS/130109996%26source%3DRSS|archive-date=18 June 2013|url-status=dead}}
- Sterling International Brokers Limited, a currency broker, acquired in February 2013.{{cite news|last=Steinert-Threlkeld|first=Tom|title=FX: BGC Acquires London Currency Broker|url=http://www.tradersmagazine.com/news/fx-bgc-acquires-london-currency-broker-110934-1.html|access-date=13 May 2013|newspaper=Traders Magazine Online|date=25 February 2013|archive-date=15 June 2013|archive-url=https://web.archive.org/web/20130615141556/http://www.tradersmagazine.com/news/fx-bgc-acquires-london-currency-broker-110934-1.html|url-status=live}}
- RP Martin, UK broker, acquired in 2014.s
- GFI Group, a New York-based leading intermediary and provider of trading technologies and support services to the global OTC and listed markets, acquired in January 2016.{{Cite news|url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11425180/BGC-claims-victory-in-hard-fought-GFI-takeover-battle.html|title=BGC claims victory in hard-fought GFI takeover battle|last=Armstrong|first=Ashley|journal=Daily Telegraph|date=2015-02-20|access-date=2018-01-27|language=en-GB|issn=0307-1235|archive-date=2018-01-28|archive-url=https://web.archive.org/web/20180128080141/http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11425180/BGC-claims-victory-in-hard-fought-GFI-takeover-battle.html|url-status=live}} The group also included Kyte broking, Latium capital.
- Sunrise Brokers, an equity derivatives broker, acquired in December 2016.
- Ed Broking Group, a global reinsurance, wholesale and specialty insurance broker with their German marine insurance arm Junge & Co. Versicherungsmakler, acquired in 2019{{Cite web|date=2019-02-01|title=BGC Partners Completes Acquisition of Ed Broking Group Limited|url=https://www.bgcpartners.com/bgc-partners-completes-acquisition-ed-broking-group-limited/|access-date=2021-02-08|website=BGC Partners|archive-date=2021-02-14|archive-url=https://web.archive.org/web/20210214152935/https://www.bgcpartners.com/bgc-partners-completes-acquisition-ed-broking-group-limited/|url-status=live}}
Philanthropy
= Global Charity Day =
{{More citations needed section|date=May 2021}}
BGC Charity Day was founded in 2005 to raise money for the Cantor Fitzgerald Relief Fund and other nonprofits as a way to honor the victims of 9/11. Each year on or near September 11, BGC Charity Day brings in celebrities, athletes and politicians alike to man their phones and speak with clients, with all revenue from the day being donated to charities of choice. The Charity Day event has also spread beyond New York to all of BGC Partners' international offices.{{citation needed|date=September 2014}}
= Hurricane Sandy relief =
When Hurricane Sandy hit the New York and New Jersey coasts in October 2012, damages quickly totaled in the billions, with thousands of family homes completely destroyed along beach properties. A Hurricane Sandy Family Relief Program was established and funded largely by BGC Partners and Cantor Fitgerald's Charity Day efforts. $10 million in the form of $1,000 debit cards were handed out to families whose homes were damaged in the storm.{{cite web|title=Cantor Fitzgerald gives $10M to victims|url=http://www.crainsnewyork.com/article/20130325/NONPROFITS/130329920|work=Bloomberg News|date=25 March 2013|publisher=CRAIN COMMUNICATIONS INC|access-date=25 June 2013|archive-date=13 July 2013|archive-url=https://web.archive.org/web/20130713185342/http://www.crainsnewyork.com/article/20130325/NONPROFITS/130329920|url-status=live}} The eligible families were identified through nineteen schools located in areas hardest hit by the storm.{{cite web|title=Cantor Fitzgerald Relief Fund Donates $10 Million to Sandy Relief|url=http://foundationcenter.org/pnd/news/story.jhtml?id=405100007|work=Philanthropy News Digest|publisher=Foundation Center|access-date=25 June 2013|archive-date=17 January 2013|archive-url=https://web.archive.org/web/20130117123546/http://foundationcenter.org/pnd/news/story.jhtml?id=405100007|url-status=live}}
Cantor Fitzgerald Slacks On 9/11 Pledge, But Promises $10 Million To Sandy Relief{{Cite news|url=https://www.huffingtonpost.com/2013/01/15/cantor-fitzgerald-911-donation_n_2480753.html|title=Cantor Fitzgerald Slacks On 9/11 Pledge, But Promises $10 Million To Sandy Relief|last=Goldberg|first=Eleanor|date=2013-01-15|work=Huffington Post|access-date=2018-12-06|language=en-US|archive-date=2016-05-26|archive-url=https://web.archive.org/web/20160526062208/http://www.huffingtonpost.com/2013/01/15/cantor-fitzgerald-911-donation_n_2480753.html|url-status=live}}
= Oklahoma Tornado relief =
On May 20, 2013, a tornado struck Moore, Oklahoma, killing 24 people and injuring hundreds more. Two days later, Howard Lutnick appeared on the Piers Morgan Live TV show and pledged to donate $2 million to families affected by the tornado. The donation was given out in the form of $1,000 debit cards given out to area families.
Sponsorship
In 2012 the company became the title sponsor of the Masters snooker tournament.{{Cite news|url=http://www.worldsnooker.com/page/NewsArticles/0,,13165~2574503,00.html |title=BGC Partners Sponsor The Masters |publisher=World Snooker |date=January 12, 2012 |url-status=dead |archive-url=https://web.archive.org/web/20120115182956/http://www.worldsnooker.com/page/NewsArticles/0%2C%2C13165~2574503%2C00.html |archive-date=January 15, 2012 }}
Notes
{{notelist}}
References
{{Reflist|30em}}
External links
- {{Official website}}
- [https://cantorrelief.org/ Cantor Fitzgerald Relief Fund]
Category:American companies established in 2004
Category:Companies listed on the Nasdaq
Category:Financial services companies based in New York City