New York-based global brokerage and financial technology company BGC Partners, Inc. announced that it has updated its outlook for the second quarter.
In a climate of lower industry volumes across rates and foreign exchange, BGC’s second quarter revenues of 2020 are also expected to be slightly below the expectations for the previous stated outlook.
However, its pre-tax Adjusted Earnings are anticipated to be slightly above the low-end of the range. BGC’s margins benefited from its improved payout ratio related to its Fenics platform.
The company’s non-GAAP financial measures differ from the most directly comparable measures calculated in accordance with Generally Accepted Accounting Principles in the US (GAAP).
Non-GAAP financial measures used by the BGC Partners include “Adjusted Earnings before noncontrolling interests and taxes”, which is used interchangeably with “pre-tax Adjusted Earnings”; “Post-tax Adjusted Earnings to fully diluted shareholders”, which is used interchangeably with “post-tax Adjusted Earnings”; “Adjusted EBITDA”; and “Liquidity”.
In April, BGC Partners announced the appointment of Paul Reidy as Head of Brokerage Technology. Before his new position at BGC Partners, Reidy served as Chief Operations Officer at Cboe Global Markets from 2017 to April 2020 where he was overseeing tech and operations for the company’s FX platform.
