BGC Group is a wholesale financial and commodities broker that connects institutional clients—banks, broker-dealers, hedge funds, trading firms, and commodity producers—so they can buy and sell financial instruments and physical commodities. BGC does not take significant proprietary positions; it earns a commission on each trade it arranges. BGC operates across two broad areas: financial brokerage (government bonds, interest rate derivatives, credit, FX, and equities) and Energy, Commodities & Shipping (ECS), where BGC became the largest broker by revenue following the April 2025 acquisition of OTC Global. BGC serves clients through three execution modes—Voice, Hybrid, and Fully Electronic—and is actively converting Voice and Hybrid volumes to electronic, which carries higher margins. The electronic and technology businesses operate under the Fenics brand, including FMX UST (cash U.S. Treasuries, ~40% market share), FMX FX, the FMX Futures Exchange (targeting CME's dominance in SOFR and U.S. Treasury futures), PortfolioMatch (credit), Lucera (network connectivity), and Fenics Market Data. Revenue is driven by trade volumes, product mix, and recurring data and technology subscriptions. BGC's cost base is heavily weighted toward broker compensation, which is largely variable, creating natural operating leverage as volumes grow. The FMX Futures Exchange is co-owned by nine major bank partners who collectively invested ~$172M for a ~26% stake and fund early development costs, eliminating direct cash burn to BGC during the exchange's growth phase.