BUZZ-BGC Group expects Q3 revenue at high-end of forecast, shares up

Reuters10-02

** Shares of brokerage firm BGC Group jump as much as 7.5%, last up 5.1% at $9.65

** Late on Monday, BGC said it expects Q3 revenue and pre-tax adjusted earnings to be "around the high-end" of its previously stated outlook ranges

** BGC in July forecast Q3 revenue to be between $505 mln and $555 mln and pre-tax adjusted earnings between $110 mln and $127 mln

** Piper Sandler, lone brokerage covering BGC, raises estimate for Q3 revenue to $543 mln and pre-tax adjusted earnings to $124.5 mln

** Last week, BGC launched its FMX Futures Exchange as billionaire Howard Lutnick looks to compete with CME Group

for a slice of market share in U.S. Treasuries

** Piper Sandler expects FMX volumes to pick up in the coming weeks as the incentive rebate program goes live and as more futures commission merchants are added to the platform

** As of last close, BGC shares up 27.1% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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