BGC Group, Inc. (NASDAQ:BGC) Q2 2024 Earnings Conference Call July 30, 2024 10:00 AM ET
Company Participants
Jason Chryssicas - Head of IR
Howard Lutnick - Chairman of the Board & CEO
Sean Windeatt - COO & Co-Global Head of Brokerage
Jason Hauf - EVP & CFO
Conference Call Participants
Patrick Moley - Piper Sandler
Operator
Greetings. Welcome to BGC Group Incorporated Second Quarter 2024 Earnings Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.
I will now turn the conference over to Jason Chryssicas, Head of Investor Relations. Thank you. You may begin.
Jason Chryssicas
Thank you and good morning. We issued BGC's second quarter 2024 financial results press release and the presentation summarizing these results this morning prior to the market open. You can find these at ir.bgcg.com. Except as otherwise specified, any historical results provided on today's call compare only the second quarter of 2024 with the prior year period, and we will be referring to our results only on a non-GAAP basis which include the terms adjusted earnings and adjusted EBITDA.
Please refer to today's press release, investor presentation, supplemental tables and our website for additional details on our quarterly results and for complete updated definitions of any non-GAAP terms, reconciliations of these items to the corresponding GAAP results and how when and why management uses them, as well as relevant industry or economic statistics.
The [other] (ph) discussed today assumes no material acquisitions or meaningful changes in our stock price. Our expectations are subject to change and based on various macroeconomics, social political and other factors, none of our targets or goals beyond 2024, should be considered formal guidance.
Also I remind you that information on this call contains forward-looking statements, including, without limitation, statements concerning our economic outlook and business. Such statements are subject to risks and uncertainties which could cause our actual results to differ from expectations. Except as required by law, we undertake no obligation to update any forward-looking statements. For a complete discussion of the risks and other factors that may impact these forward-looking statements see our SEC filings, including, but not limited to, the risk factors and disclosures regarding forward-looking information in our most recent SEC filings, which are incorporated by reference.
Now before opening the call, I’d like to take -- I would like to address some recent inaccurate statements made by FMX by the CME. Mr. Duffy, the CEO of the CME, mistakenly spoke of FMX seeking to clear US treasuries in the UK. We are not. FMX UST identically like the CME’s BrokerTec clears US treasuries at the FICC in the United States. The LCH is our fully approved CFTC derivatives clear organization and holds $225 billion of interest rate swap margin, which is available for cross-margin efficiencies against futures.