BGC — what changed in the latest 10-Q
A section-by-section comparison of BGC's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-10 vs the prior 10-Q · 2026-05-11
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +75 | −46 | ~76 | 82 |
| Market risk (Item 3) | Text added/removed | +6 | −3 | ~15 | 148 |
| Controls & procedures | Text added/removed | +6 | −3 | ~15 | 148 |
| Legal proceedings | Text added/removed | +6 | −3 | ~15 | 148 |
| Risk factors | Some risk factors updated | +6 | −3 | ~15 | 148 |
| Other information | Text added/removed | +6 | −3 | ~15 | 148 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-10
•FMX Futures Exchange delivered another quarter of significant growth, with ADV of approximately 54,000 contracts in the second quarter of 2026, up from over 3,000 contracts from a year ago. SOFR ADV rebounded strongly in June, following reduced Iran-driven volatility, achieving a monthly record of …
•PortfolioMatch ADV grew by 82% in the second quarter to $431 million. This strong growth was driven by new and deepening connectivity with clients, and strong adoption of the platform’s newest trading tools.
•Lucera, Fenics’ network business providing critical real-time trading infrastructure to the capital markets, grew revenues by 15% in the second quarter, led by continued momentum in its FX offering and the onboarding of several large new clients.
We did not complete any acquisitions during the six months ended June 30, 2026. There was one acquisition completed by the Company during the six months ended June 30, 2025.
We had no gains or losses from divestitures or sales of investments during the three and six months ended June 30, 2025.
Text removed vs the prior filing · source: 10-Q · 2026-05-11
•FMX Futures Exchange delivered another quarter of significant growth. SOFR ADV climbed to more than 39,000 contracts in the first quarter of 2026, up from 2,200 contracts from a year ago, while quarter-end open interest reached approximately 143,000 contracts, compared to 8,000 in the prior year pe…
•PortfolioMatch ADV grew by 42% in the first quarter, setting a new all-time quarterly high. Growth was driven by higher client activity across U.S. and EMEA corporate credit, reflecting new and deepening customer relationships and positive impact from the adoption of recently launched trading funct…
•Lucera, Fenics’ network business providing critical real-time trading infrastructure to the capital markets, grew revenues by 22.8% in the first quarter. Growth was led by continued momentum in its FX offering and increasing client adoption across Fixed Income solutions, including U.S. Treasuries a…
We did not complete any acquisitions during either the three months ended March 31, 2026 or 2025.
We built on last year’s $25 million cost reduction program, which is now expected to result in approximately $35 million of annualized cost savings. We will continue to identify and execute cost savings throughout 2026. These expected savings are subject to risks and uncertainties, and actual result…
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-08-10
CX Clearinghouse L.P.A CFTC-registered DCO and former subsidiary of the Company
FanaticsFanatics Holdings Inc., a Delaware Corporation, that operates a global sports platform
Fanatics MarketsThe prediction markets platform operated by Fanatics
Peer GroupBGC’s peer group for purposes of Item 201(e) of Regulation S-K, which consists of Compagnie Financière Tradition SA and TP ICAP plc
U.K. Tax MatterHMRC issue related to the tax treatment of the U.K. Partnership and its members, with respect to whether members are taxed as members or salaried employees
Text removed vs the prior filing · source: 10-Q · 2026-05-11
Credit FacilityA $150.0 million credit facility between BGC Group and an affiliate of Cantor entered into on April 21, 2017, which was terminated on March 19, 2018
Peer GroupBGC’s peer group for purposes of Item 201(e) of Regulation S-K, which consists of Compagnie Financière Tradition SA and TP ICAP plc
•the impact of artificial intelligence on the economy, our industry, our products and business, and the businesses of our clients and vendors;
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-08-10
CX Clearinghouse L.P.A CFTC-registered DCO and former subsidiary of the Company
FanaticsFanatics Holdings Inc., a Delaware Corporation, that operates a global sports platform
Fanatics MarketsThe prediction markets platform operated by Fanatics
Peer GroupBGC’s peer group for purposes of Item 201(e) of Regulation S-K, which consists of Compagnie Financière Tradition SA and TP ICAP plc
U.K. Tax MatterHMRC issue related to the tax treatment of the U.K. Partnership and its members, with respect to whether members are taxed as members or salaried employees
Text removed vs the prior filing · source: 10-Q · 2026-05-11
Credit FacilityA $150.0 million credit facility between BGC Group and an affiliate of Cantor entered into on April 21, 2017, which was terminated on March 19, 2018
Peer GroupBGC’s peer group for purposes of Item 201(e) of Regulation S-K, which consists of Compagnie Financière Tradition SA and TP ICAP plc
•the impact of artificial intelligence on the economy, our industry, our products and business, and the businesses of our clients and vendors;
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-08-10
CX Clearinghouse L.P.A CFTC-registered DCO and former subsidiary of the Company
FanaticsFanatics Holdings Inc., a Delaware Corporation, that operates a global sports platform
Fanatics MarketsThe prediction markets platform operated by Fanatics
Peer GroupBGC’s peer group for purposes of Item 201(e) of Regulation S-K, which consists of Compagnie Financière Tradition SA and TP ICAP plc
U.K. Tax MatterHMRC issue related to the tax treatment of the U.K. Partnership and its members, with respect to whether members are taxed as members or salaried employees
Text removed vs the prior filing · source: 10-Q · 2026-05-11
Credit FacilityA $150.0 million credit facility between BGC Group and an affiliate of Cantor entered into on April 21, 2017, which was terminated on March 19, 2018
Peer GroupBGC’s peer group for purposes of Item 201(e) of Regulation S-K, which consists of Compagnie Financière Tradition SA and TP ICAP plc
•the impact of artificial intelligence on the economy, our industry, our products and business, and the businesses of our clients and vendors;
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-08-10
CX Clearinghouse L.P.A CFTC-registered DCO and former subsidiary of the Company
FanaticsFanatics Holdings Inc., a Delaware Corporation, that operates a global sports platform
Fanatics MarketsThe prediction markets platform operated by Fanatics
Peer GroupBGC’s peer group for purposes of Item 201(e) of Regulation S-K, which consists of Compagnie Financière Tradition SA and TP ICAP plc
U.K. Tax MatterHMRC issue related to the tax treatment of the U.K. Partnership and its members, with respect to whether members are taxed as members or salaried employees
Text removed vs the prior filing · source: 10-Q · 2026-05-11
Credit FacilityA $150.0 million credit facility between BGC Group and an affiliate of Cantor entered into on April 21, 2017, which was terminated on March 19, 2018
Peer GroupBGC’s peer group for purposes of Item 201(e) of Regulation S-K, which consists of Compagnie Financière Tradition SA and TP ICAP plc
•the impact of artificial intelligence on the economy, our industry, our products and business, and the businesses of our clients and vendors;
Other information
Text added vs the prior filing · source: 10-Q · 2026-08-10
CX Clearinghouse L.P.A CFTC-registered DCO and former subsidiary of the Company
FanaticsFanatics Holdings Inc., a Delaware Corporation, that operates a global sports platform
Fanatics MarketsThe prediction markets platform operated by Fanatics
Peer GroupBGC’s peer group for purposes of Item 201(e) of Regulation S-K, which consists of Compagnie Financière Tradition SA and TP ICAP plc
U.K. Tax MatterHMRC issue related to the tax treatment of the U.K. Partnership and its members, with respect to whether members are taxed as members or salaried employees
Text removed vs the prior filing · source: 10-Q · 2026-05-11
Credit FacilityA $150.0 million credit facility between BGC Group and an affiliate of Cantor entered into on April 21, 2017, which was terminated on March 19, 2018
Peer GroupBGC’s peer group for purposes of Item 201(e) of Regulation S-K, which consists of Compagnie Financière Tradition SA and TP ICAP plc
•the impact of artificial intelligence on the economy, our industry, our products and business, and the businesses of our clients and vendors;
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice