BGC Group, Inc.

It is now my pleasure to introduce your host, Jason Crisikis, Head of Investor Relations. Thank you. You may be.

Thank you and hello, everyone. This morning, we issued BGC's second quarter 2025 financial results, which can be found at ir.bgcg.com. Any historical results provided on today's call compare only the second quarter of 2025 with the prior year period, unless otherwise specified. All references on today's call to historic and record results are to BGC standalone financial results excluding Newmark prior to the spinoff in November 2018. 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. And 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 Windyette, Co-Chief Executive Officer of BGC Group.

Thank you, Jason. Good morning, and welcome to our second quarter 2025 conference call. With me today are my fellow Co-Chief Executive Officers, John Abudiraj and JP O'Ban, along with our Chief Financial Officer, Jason Hoff. We delivered historic results, generating record revenues of $784 million, a 42% increase versus last year. Excluding OTC, revenues grew by 21%, surpassing last quarter's record revenues. We continue to gain market share in the ECS and financial markets, with strong growth across all asset classes and geographies. BGC is now the world's largest ECS broker. FMX had its best ever quarter, with record volumes and market share across both FMX UST and FX platforms. Total Fenix revenues grew by 19%, with Fenix growth platforms increasing by 30%, driven by strong double-digit growth from FMX, Portfolio Match, and Lucera. Following our most recent acquisition, we launched a cost reduction program, which we expect will be completed by year end and deliver at least $25 million in annualized savings through expense synergies. These savings will enhance our profitability, drive margins higher, and we expect them to deliver long-term shareholder value. These savings will close the gap between OTC's current low teens margin and BGC's current margin. With that, I'd like to turn the call over to John to go over the quarterly results of the business in more detail.