BGC Group, Inc.

As a reminder, this concert is being recorded. It is now my pleasure to introduce your host, Jason Kwisikas, Head of Investor Relations. Thank you, sir. You may begin.

Thank you. And hello, everyone. This morning, we issued BGC's third quarter 2025 financial results, which can be found at ir.bgcg.com. Any historical results provided on today's call compare only the third quarter of 2025 with the prior year periods, 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 investment materials on our website for additional details on our financial results and for a complete and updated definition of any non-GAAP terms, reconciliations of these items to GAAP results, and how, when, and why management uses them, as well as relevant industry and economic statistics. 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 actual results to differ from expectations. Except as required by law, we undertake no obligation to update any forward-looking statements. or 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 the SEC documents. With that, I now have to turn the call over to John Boulerage, Co-Chief Executive Officer of BGC Group.

Thank you, Jason. Good morning, and welcome to our third quarter 2025 conference call. With me today are my fellow Co-Chief Executive Officers, Sean Wyndiot and JP Aubin, along with our Chief Financial Officer, Jason Haas. We delivered another outstanding quarter, with record third quarter revenues of $737 million, up 31 percent from $561 million a year ago, and revenues of $628 million, up 12 percent excluding OTC, was also a record. This was driven by growth across every asset class and geography. Our ability to deliver strong growth in a mixed macro environment demonstrates the strength and scale of our global platform. FMX continues to outperform, setting new records in SOFR futures and U.S. treasuries. SOFR futures saw both ADV and open interest increase more than threefold versus previous quarter. This momentum continued into October, where we set multiple new daily volume and open interest records. Our U.S. Treasury market share grew to an all-time high of 37%, significantly outpacing the market. Our $25 million cost reduction program will be completed by year end. This program will enhance our profitability and margins as we continue to focus on delivering long-term shareholder value. With that, I'd like to turn the call over to Sean to go over the quarterly results of the business in more detail.