Thank you, and good morning. We issued BGC's third quarter 2023 financial results press release and the presentation summarizing these results this morning prior to the market opening. You can find these at ir.bgcg.com. Please now you can find additional details on our quarterly results in today's press release and investor presentation. Unless otherwise stated, any historical results provided on today's call compare only the third quarter of 2023 with the prior year period. Certain revenue figures are provided for the current period as indicated. We will be referring to our results on this call only on an adjusted earnings basis, unless otherwise stated. We may also refer to adjusted EBITDA. We may refer to our liquidity, which we define as cash and cash equivalents plus marketable securities that have not been financed, reverse repurchase agreements and financial instruments owned at fair value, less securities loaned and repurchase agreements. We define total capital as redeemable partnership interest, total stockholders' equity, and non-controlling interest in subsidiaries. Please see today's press release for the results under generally accepted accounting principles or GAAP. Please also see the relevant sections in the back of today's press release 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 such terms. Additional information with respect to our GAAP and non-GAAP results mentioned on today's call is available on our website at ir.bgcg.com and in our investor presentation. We refer to the company's technology-driven businesses as Fenics. Fenics offerings include Fenics Market and Fenics growth platforms. I also remind you that the information regarding our business on today's call that are not historical are forward-looking statements. These include statements about the company's business results, financial position, liquidity, and outlook. Any forward-looking statements involve risks and uncertainties. Except as required by law, BGC undertakes no obligation to update any forward-looking statements. Any outlook and targets discussed on this call assume no material acquisitions, buybacks, extraordinary transactions or meaningful changes to the company's stock price. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC's SEC filings, including, but not limited to, the risk factors and special notes on forward-looking information set forth in these filings and any updates to such risk factors and special known and forward-looking information contained in the subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

Thank you, Jason. Good morning, and welcome to our third quarter 2023 conference call. With me today are our Chief Operating Officer, Sean Windeatt; and our Chief Financial Officer, Jason Hauf. We had another outstanding quarter, generating revenue growth of 16%, reflecting increased volumes across each and every one of our asset classes. BGC is extraordinarily well positioned to benefit from the return of interest rates, which we expect to drive our trading volumes, revenues, and profitability higher for the foreseeable future. Fenics revenues improved 19%, outperforming both its electronic trading platform and exchange peers. This was led by another record quarter for Fenics growth platforms, which grew by over 45%. Fenics UST, our electronic U.S. treasury platform, reached a record 25% market share of volume traded on U.S. Treasury exchange marketplaces during the third quarter.

Thanks, and good day, everyone. Our revenue grew $66.1 million or 15.9% to $482.7 million in the third quarter of 2023, growing across every geography. Total brokerage revenues grew by 14.8%, driven by strong growth across all of our asset classes. Our fixed-income brokerage volumes were significantly higher during the period as interest rates and wider credit spreads continue to provide favorable macro trading conditions across rates, credit, and FX. Rates and credit revenues improved by 12.1% and 9.6%, respectively, while FX revenues were 8.6% higher. Energy and Commodities revenue grew by 35%, driven by strong double-digit growth across our energy complex and our environmental products. Excluding our Trident acquisition, organic energy and commodities growth would have been 23%, outperforming the overall market. Our equities business increased by 8.8%, reflecting higher volumes across equity derivatives and European cash equities. We generated strong double-digit growth across all earnings metrics during the quarter, driven by higher revenues across Fenics and Voice hybrid along with record front office productivity. Turning to Fenics, Fenics generated industry-leading revenue growth of 18.7% compared to last year. These higher-margin technology-driven businesses generated total revenues of $125.4 million in the third quarter and represented approximately 26% of BGC's total revenue. Fenics revenue growth was led by electronic rates and credit products as well as data, network, and post-trade businesses. Fenics growth platforms had another record quarter generating revenue of $18.4 million, a 45.4% improvement versus last year. Fenics Market had strong revenue growth of 15.1%. Fenics UST revenue increased by over 55% on 26% higher average daily volumes and our market share increased to over 25% for the third quarter, up from 23% in the second quarter of 2023 and 18% a year ago. Fenics UST is the second-largest and fastest-growing treasury marketplace globally. Portfolio Match grew its U.S. credit volumes over nine-fold compared to the year-ago period. Portfolio Match continues to win market share in electronic credit portfolio trading, a rapidly growing segment of the credit market. Fenics Go, the only fully electronic block size equity options exchange platform, saw year-on-year revenue growth of 65% driven by strong growth across Delta One products and EURO STOXX 50 index options. Data Network and post-trade revenues grew by 16.8% led by strong double-digit improvement across Lucera, our network and infrastructure business, and Capital App, our post-trade business. Fenics market data also recorded double-digit growth and had record third quarter sales, further adding to a subscription revenue pipeline. Our data and network businesses have long-term recurring revenue contracts. Turning to our outlook, I'm pleased to provide the following guidance for the fourth quarter of 2023. We expect to generate total revenue of between $450 million and $500 million as compared to $436.5 million in the fourth quarter of 2022. We anticipate pre-tax adjusted earnings to be in the range of $88 million to $108 million versus $87.1 million last year, which at the midpoint of our guidance would represent over 15% earnings growth for the full year 2023.

Thank you, Sean, and hello, everyone. BGC generated total revenue of $482.7 million, an increase of 15.9% compared to last year. By geography, Americas revenue increased by 19%. Europe, Middle East, and Africa revenues increased by 16.9% and Asia Pacific revenues increased by 5.9%. Turning to expenses, our compensation and employee benefits under adjusted earnings increased by 16.6%. Non-compensation expenses under adjusted earnings increased by 10.8%, primarily driven by higher interest expense of $6.3 million. As anticipated, interest income also increased by a similar amount offsetting this expense. Moving on to adjusted earnings, our pre-tax income was $101.9 million, a 23.1% improvement with a 125-basis point margin expansion to 21.1%, our 12th consecutive quarter of year-over-year margin expansion. Our post-tax adjusted earnings increased by 21.4% to $94.1 million or $0.19 per share, an 18.8% improvement. Our adjusted EBITDA was $135.9 million, a 27% improvement. Turning to share count, our fully diluted weighted average share count decreased by 15.4 million shares, a 3% sequentially to 490 million shares. This significant share reduction was primarily driven by our corporate conversion and the related unit redemptions as well as share repurchases during the quarter. As of September 30, our liquidity was $605 million compared with $524.3 million as of year-end 2022.

Thank you, Jason. It is obviously an exciting time to be part of BGC. Our top line and bottom line growth clearly demonstrate the extraordinarily positive position we have built in the global capital markets. We continue to make significant progress with FMX, and as we've said, we look forward to communicating additional updates and details during this quarter. With that, operator, we're happy to turn the call over for questions.

Good morning. Congrats on the strong quarter. So, I'll start with a question on the macro before getting into the quarter. But Howard, there have been a number of reports out there that are projecting a massive wave of sovereign debt issuance next year. Some are saying we could see upwards of 50% year-over-year growth in issuance in the U.S., 20% to 30% in the U.K. and Europe. So just wondering if you could maybe share your thoughts on what that means for BGC business, particularly rates revenues going forward?

So, the historical relationship between issuance and secondary market trading volume before the 2008 to 2022, zero interest rate period was a 60% correlation. So, for example, if you had a 50% increase in issuance next year, you'd have a 30% increase in secondary market trading. You just take 0.6 and multiply it by it. So, I think those relationships are healing, meaning they are coming back. Now you have so much issuance since 2008 when we began this process that I think these markets have just growth for the foreseeable future, for the long foreseeable future. But that kind of issuance growth, I think should bode very, very well for those markets having 30% growth rates. I mean that's what happens, I think you're going to see it roll through the markets and that will bode well for everyone in these marketplaces as a macro.

That's good color. So, I guess my next question is just on the guidance ranges for 4Q. I think at the midpoint, it implies revenue growth should slow down slightly from 16% this past quarter to 9% this quarter. So still obviously strong year-over-year growth against what appears to be a tougher comp in 4Q '22. But just as we think about the growth algorithm for the business going forward, I was hoping to get your thoughts on what you view as an appropriate kind of run rate for growth in both revenues and adjusted pretax earnings.

Well, overall, I don't think we see any slowdown. In fact, we would expect next year as we sit here today to be north of 10% top-line revenue growth. Last year, in the fourth quarter, began the broad-based growth and you could see that last year because our fourth quarter revenues were higher than our third quarter revenues, which, as you remember, we are seasonally the strongest the first quarter, then a little slow in the second quarter, a little slow in the third quarter, a little slower in the fourth quarter. And the third and fourth quarter are the summer and you have Christmas and Thanksgiving, those kinds of things. So, the fact is when you outgrow it in the fourth quarter, you're showing that something exogenous happened. And so, that was the beginning of our growth. So, I don't think we see the acceleration of our growth. I think our growth rate will remain steady. I'm sure it will bounce around a couple of points as the markets bounce around. But the fact is we're a plus 10% growing company going forward as far as we can see.

Okay. And then just also on growth. Market data growth has been strong. I think you're tracking towards 15% to 20% growth this year. Do you think that's kind of like a good run rate to use going forward for growth there? And then over the long term, I think if the market data has been around 5% to 6% of total revenue. So just wondering what you think that can get to, I guess, over the next few years in terms of as a percentage of revenue?

I believe that growth rate aligns with our expectations. Moreover, I think it could even exceed our current growth rates; it should serve as an accelerator for our growth. There are potentially hundreds of basis points of growth in comparison to our overall revenue. Therefore, I see a long trajectory ahead, and we have a pathway to doubling those revenues. I don't foresee it plateauing anytime soon. We still have considerable progress to make. Our data sets are improving in quality, scope, and depth, which will positively impact the overall volume and its percentage contribution to the company.

All right. Great. Regarding Fenics, we had another record quarter. I know you have some ancillary businesses within Fenics that you’ve mentioned could potentially be sold in the future. How do you view the opportunity to divest some of those electronic businesses and possibly use the proceeds for share buybacks? Additionally, could you provide an update on your plans for capital returns going forward?

I wouldn't say these are non-core businesses. They align closely with our business model in the capital markets. These businesses are completely separable; we have various products that, if someone wanted to acquire them, could be easily separated and sold. We're open to considering that. We're not certain why the company trades at its current multiples, but we acknowledge it. If there are assets within the company that could achieve the revenue and profit multiples similar to those of electronic trading platforms and exchanges, we would consider such a transaction. As you mentioned, selling at double-digit revenue multiples and buying back our shares at mid-single-digit earnings multiples seems like a prudent move for us, especially because we are the largest shareholders and support that approach. We understand the feedback from you and some of our shareholders, and we are receptive to the idea. However, any transactions will happen on their own timeline, and we can't make any promises. Our return policy has historically included dividends, and currently, we're focused on share buybacks. We believe in this strategy, especially as we explore acquisitions at attractive prices that complement our long-term outlook. We will continue to generate cash and buy back shares, and if a transaction arises, we would increase our share repurchase efforts.

Okay, so on FMX, I need to clarify whether you plan to announce the strategic partners and financial details before the year ends. Did I understand that correctly? Additionally, once the CFTC approval is received, could you discuss your expectations for market share growth and volumes? Also, what competitive advantages do you believe FMX will provide to its customers compared to your biggest competitor, CME?

Our current plans are one of two things. The company's desire and expectation is to announce our strategic partners this quarter. We are currently discussing with these partners the transaction details, but we are still in those discussions. Our objective is to at least reveal the names. Regarding the CFTC, we are working closely with them to get our exchange approved and we remain confident this will happen in due course, so it is not a stress point for us internally. As for market share, the futures market presents a significant opportunity for us across capital markets. We plan to open as many accounts as possible in our first year, connecting with all the FCMs and trading firms on our network. Our treasury platform has gained 7 points market share in the past year, demonstrating a broad user base, but the futures market is much broader. By attracting a larger number of users, we expect to see substantial growth in our treasury business. In the first year, we will focus on breadth; in the second year, we will concentrate on depth, ensuring we understand every customer and how to maximize their usage. In the third year, we anticipate significant competition. This represents an opportunity for our company that is vastly different from its current valuation. I believe that undervaluing our U.S. treasury platform is a misunderstanding of the immense value it offers, especially considering the infrastructure and connectivity we have with global capital market players and the futures opportunity. Companies like CME are valued between $70 billion and $80 billion, while we are around $3 billion, which is illogical. I believe this perspective will change over time as we continue to push forward, and we are very excited about our prospects for FMX.

All right. That's great, guys. I think that's it for me. Congrats on the strong quarter.

Thank you all for joining us today. We look forward to reporting a meeting with you next quarter and where we will have again, we look forward to a very positive call. Thank you. We'll see you then.

This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.