Brokers Continue to Benefit from Volatility

Interim financial reports from BGC Group and TP Icap indicate that brokers continue to benefit from increased volatility, although while both saw healthy Q3 increases in revenue on a year-on-year basis, they dropped from Q2 peaks.

BGC says that total consolidated broking revenue was $673.1 million in the third quarter, up 34.4% on the same period in 2024, while total revenues were $736.8 million, up 31.3% year-on-year, but down by 6% on Q2 2025 revenues.

FX broking revenues rose 15.9% year-on-year to $106.7 million, this is down 1.7% from Q2 2025, driven largely by increased activity in emerging markets and FX options. Fenics markets revenues rose by 12.5% to $134.1 million, (unchanged from Q2), driven by higher e-volumes across the Rates and FX franchise. Increased market data revenues also contributed to the gain.

BGC says FMX FX average daily volume increased by 44% year-on-year to a third quarter record of $13.1 billion, (down from $15.6 billion in Q2), while Fenics Growth Platforms, which includes FMX, and Lucera, saw revenues grow by 24.2% to $25.9 million excluding Capitalab, which was sold late in 2024. This is also down from $28.7 million in revenue for this unit in Q2.

In a trading update that gives less detail meanwhile, TP Icap says its business delivered Q3 revenues of GBP 560 million, up 3% year-on-year. Within this, Global Broking revenues were up 7% and Parameta Solutions revenue was up 4%.