BGC Group, Inc.

Greetings, and welcome to the BGC Group First Quarter 2025 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. And as a reminder, this conference is being recorded. It is now my pleasure to introduce to you Jason Krasikis, Head of Investor Relations. Thank you, Jason. You may begin.

Thank you and hello everyone. This morning we issued BGC's first quarter 2025 financial results, which can be found at ir.bgcg.com. Any historical results provided on today's call compare only the first quarter of 2025 with the prior year period, unless otherwise specified. We will be referring to our results on a non-GAAP basis, which include the terms adjusted earnings and adjusted EBITDA. Please refer to today's investor materials on our website for additional details on our financial results and for complete and updated definitions of any non-GAAP terms, reconciliations of these items to the corresponding GAAP results, and how, when, and why management uses them. The outlook discussed today assumes no material acquisitions or dispositions. Our expectations are subject to change based on various macroeconomic, social, political, and or other factors. Information on this call contains forward-looking statements, including without limitation statements about our economic outlook and business. These 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 information on factors that could cause actual results to differ from forward-looking statements, and 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 within these SEC documents. And with that, I'm now happy to turn the call over to Sean Windyett, Co-Chief Executive Officer of BGC Group.

Thank you, Jason. Good morning and welcome to our first quarter 2025 conference call. With me today are my fellow Co-Chief Executive Officers, John Abouliraj and JP Oban, along with our Chief Financial Officer, Jason Hoff. We delivered record quarterly revenues of more than $664 million, a 15% increase versus last year's record first quarter. Our strong results were driven by robust organic growth across both our voice hybrid and Fenix businesses, which each achieved new all-time highs. FMX had its best ever quarter with record volumes and market share across both our FMX UST and FX platforms, driven by strong support from our FMX equity partners. On April 1st, we completed our transformative acquisition of OTC Global Holdings that is expected to add over $400 million in annualized revenue, nearly doubling the size of our existing ECS business. This positions us as the world's largest ECS broker and makes BGC a more comprehensive and diverse company. We expect the acquisition of OTC to be immediately accretive and generate meaningful shareholder value. We're happy to welcome the entire OTC team to BGC. Our respective strengths and complementary businesses enhance our combined value, and we're excited about the benefits of integrating OTC into BGC's global platform. In the second quarter, we've continued to build on our success with global market volatility leading to broad organic growth across our businesses. As a reminder, volatility benefits BGC by increasing secondary trading volumes as market participants seek to hedge their or risk their capitalized on price fluctuations. These activities are most efficiently executed in our wholesale markets known for their depth and liquidity. And with that, I'd like to turn the call over to John to go over the quarterly results of the business in more detail.