BGC Group reports doubled quarterly profit following record revenue

BGC Group, a New York-based interdealer broker, reported that its third-quarter net income more than doubled, rising to $68.7 million from $26.8 million in the previous year. The surge was driven by record revenues of $832.6 million and a $35 million one-off gain from the sale of Water Street Labs and CX Clearinghouse to Fanatics.

Currency trading saw significant growth, with foreign exchange brokerage revenue increasing 13.9% to $121.5 million. The company’s electronic currency venue, FMX FX, experienced a 43% jump in average daily volume, reaching $18.7 billion.