FX Helps Drive BGC Revenues
Posted by Colin Lambert. Last updated: May 8, 2025
Inter-dealer brokerage firm BGC Group has reported strong first quarter results with FX revenues leading the way.
The firm says FX revenues were $110 million in Q1, up 31% on the same period in 2024 and up 17.5% on Q4 2024. Rates remains the biggest earner for the firm at just over $200 million in Q1, up 14.8%, followed by Energy Commodities and Shipping at $149.9 million (up 26.6%) and then FX. BGC says FX growth was notable across all products broked by the firm.
Total Fenics Markets revenues also rose, by 14.2% to $145.5 million, driven primarily by Rates and FX on the e-trading venues. FMX FX more than doubled its average daily volume (ADV) to a record $14.5 billion, driven, BGC says, by deepening support from FMX’s equity partners, as well as onboarding new participants onto the platform.
FMX UST, the Treasuries trading venue, generated record ADV exceeding $60 billion, a 33% increase, BGC is also now claiming a market share of approximately 33%, up from 30% last quarter and 28% in Q1 2024 a year ago. This includes daily volume exceeding $100 billion for the first time on 28 February 2025.
Lucera, Fenics’ network and trading infrastructure business, increased its revenue by more than 15% and grew its client pipeline. BGC says Lucera plans to launch new FX and Rates products throughout 2025, which are expected to drive new growth opportunities.
