<SEC-DOCUMENT>0001193125-21-073213.txt : 20210308
<SEC-HEADER>0001193125-21-073213.hdr.sgml : 20210308
<ACCEPTANCE-DATETIME>20210308161544
ACCESSION NUMBER:		0001193125-21-073213
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20210308
DATE AS OF CHANGE:		20210308

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BGC Partners, Inc.
		CENTRAL INDEX KEY:			0001094831
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES [6200]
		IRS NUMBER:				134063515
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-253987
		FILM NUMBER:		21722148

	BUSINESS ADDRESS:	
		STREET 1:		499 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-610-2200

	MAIL ADDRESS:	
		STREET 1:		499 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ESPEED INC
		DATE OF NAME CHANGE:	19990913
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>d29376ds3.htm
<DESCRIPTION>S-3
<TEXT>
<HTML><HEAD>
<TITLE>S-3</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>As filed with the Securities and Exchange Commission on March&nbsp;8, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
</B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">S-3</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>UNDER </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>THE
SECURITIES ACT OF 1933 </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>BGC PARTNERS, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in Its Charter) </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">13-4063515</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Incorporation or Organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>499 Park Avenue </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New York, New York 10022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">(212)&nbsp;610-2200</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant&#146;s Principal Executive Offices) </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Stephen M. Merkel </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Executive Vice President and General Counsel </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BGC Partners, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>499
Park Avenue </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New York, New York 10022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">(212)&nbsp;610-2200</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">(212)&nbsp;829-4708</FONT> fax </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service) </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Copies to: </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Christopher T. Jensen </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>George G. Yearsich </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Morgan, Lewis&nbsp;&amp; Bockius LLP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>101 Park Avenue </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New
York, New York 10178 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">(212)&nbsp;309-6000</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">(212)&nbsp;309-6001</FONT> fax </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Approximate date of commencement of proposed sale to the public:</B> From time to time after the effective date of this registration
statement, as determined by market conditions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the only securities being registered on this Form are being offered pursuant to dividend
or interest reinvestment plans, please check the following box.&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any of the securities being registered on this Form
are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, please check the following
box.&nbsp;&nbsp;&#9746; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the
Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&#9744; </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the
Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective
upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box.&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If this Form
is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following
box.&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, <FONT
STYLE="white-space:nowrap">non-accelerated</FONT> filer, a smaller reporting company or an emerging growth company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer,&#148; &#147;smaller reporting company&#148; and
&#147;emerging growth company&#148; in <FONT STYLE="white-space:nowrap">Rule&nbsp;12b-2</FONT> under the Securities Exchange Act of 1934: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="23%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="23%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Large&nbsp;accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9746;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Non-accelerated&nbsp;filer</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Smaller&nbsp;reporting&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Emerging&nbsp;growth&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CALCULATION OF
REGISTRATION FEE </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="64%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of Each Class&nbsp;of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Securities&nbsp;to be Registered</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Proposed</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Maximum</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Aggregate</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Offering&nbsp;Price</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Amount of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Registration&nbsp;Fee(1)(2)(3)</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;A Common Stock, par value $0.01 per share
(&#147;Class&nbsp;A Common Stock&#148;)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$300,000,000(2)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$22,993.09</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Calculated pursuant to Rule 457(o) under the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;), by multiplying the proposed maximum aggregate offering price of securities to be registered by 0.0001091. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pursuant to Rule 415(a)(6) under the Securities Act, the securities registered pursuant to this Registration
Statement include unsold securities previously registered by the Registrant on the Registrant&#146;s Registration Statement (Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-223550)</FONT> filed with the Securities and Exchange Commission
(the &#147;SEC&#148;) on March&nbsp;9, 2018 (the &#147;Prior Registration Statement&#148;). The Prior Registration Statement registered the offer and sale of $300,000,000 of shares of Class&nbsp;A Common Stock, of which $89,247,583 of shares of
Class&nbsp;A Common Stock remain unsold as of the date of filing of this Registration Statement (the &#147;Unsold Securities&#148;), which the Registrant has determined to include in this Registration Statement. The Registrant paid a filing fee of
$11,111 (calculated at the filing fee rate in effect at the time of the filing of the Prior Registration Statement) relating to the Unsold Securities under the Prior Registration Statement, and no additional filing fee is due with respect to the
Unsold Securities in connection with the filing of this Registration Statement. The Registrant is also registering new securities on this Registration Statement with an aggregate initial offering price of $210,752,417 (the &#147;New
Securities&#148;). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To the extent that, after the filing date hereof and prior to the effectiveness of this Registration Statement,
the Registrant sells any Unsold Securities pursuant to the Prior Registration Statement, the Registrant will identify in a <FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment to this Registration Statement the updated amount of Unsold
Securities from the Prior Registration Statement to be included in this Registration Statement pursuant to Rule 415(a)(6), and the additional amount of New Securities to be registered on this Registration Statement equal to the amount of the Unsold
Securities that were sold during the period (the &#147;Additional New Securities&#148;), and will pay the filing fee (at the then-applicable filing fee rate) on the Additional New Securities. Pursuant to Rule 415(a)(6) under the Securities Act, the
offering of the Unsold Securities under the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this Registration Statement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall
file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section&nbsp;8(a) of the Securities Act of 1933, as amended, or until this Registration Statement shall become
effective on such date as the Commission, acting pursuant to said Section&nbsp;8(a), may determine. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><FONT COLOR="#ff4338"><B>The information in this prospectus is not complete and may be changed. This prospectus
may not be used to sell these securities until the Registration Statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities
in any state or other jurisdiction where the offer or sale is not permitted. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT COLOR="#ff4338"><B>Subject to Completion, dated March&nbsp;8, 2021 </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PRELIMINARY PROSPECTUS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>BGC PARTNERS,
INC. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g29376g77j36.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Up to $300,000,000 of Shares </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>of </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Class&nbsp;A Common
Stock </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have entered into a Controlled Equity Offering<SUP STYLE="font-size:85%; vertical-align:top">SM</SUP> sales agreement, dated
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021, with Cantor Fitzgerald&nbsp;&amp; Co., which we refer to as the &#147;2021 sales agreement,&#148; relating to the shares of our Class&nbsp;A
common stock, par value $0.01 per share, which we refer to as our &#147;Class&nbsp;A common stock,&#148; offered pursuant to this prospectus. Under the terms and conditions of the 2021 sales agreement, we may offer and sell up to $300,000,000 of
shares of Class&nbsp;A common stock under our Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> filed on the date hereof, which we refer to as the &#147;Registration Statement,&#148; of which this prospectus forms a part,
from time to time through Cantor Fitzgerald&nbsp;&amp; Co., which we refer to as &#147;CF&amp;Co,&#148; as our sales agent under the 2021 sales agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Sales of shares of our Class&nbsp;A common stock, if any, under the 2021 sales agreement under this prospectus may be made by any method
permitted by law deemed to be an &#147;at the market offering&#148; as defined in Rule&nbsp;415(a)(4) under the Securities Act of 1933, as amended, which we refer to as the &#147;Securities Act,&#148; including, sales made directly on or through the
Nasdaq Stock Market, any other existing trading market for the Class&nbsp;A common stock, and/or any other method permitted by Rule 415(a)(4) at market prices prevailing at the time of sale or at prices related to such prevailing market prices. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">CF&amp;Co will be entitled to commissions equal to 2.0% of the gross proceeds of any of the shares of our Class&nbsp;A common stock included
herein that are sold by it as our sales agent under the 2021 sales agreement. In connection with the sale of shares of Class&nbsp;A common stock on our behalf under such sales agreement, CF&amp;Co will be deemed to be an &#147;underwriter&#148;
within the meaning of the Securities Act, and the commissions payable by us to CF&amp;Co will be deemed to be underwriting compensation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Class&nbsp;A common stock is traded on the Nasdaq Stock Market under the symbol &#147;BGCP.&#148; On March&nbsp;5, 2021, the last reported
sales price of the Class&nbsp;A common stock was $4.35 per share. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman"><B>An investment
in shares of our Class&nbsp;A common stock involves risks. See the &#147;<A HREF="#rom29376_4">Risk&nbsp;Factors</A>&#148; section of our latest Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> filed with the Securities and
Exchange Commission, which we refer to as the &#147;SEC,&#148; and any updates to those risk factors or new risk factors contained in our subsequent Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> and Current Reports on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> filed with the SEC, all of which we incorporate by reference herein. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g29376g40s45.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The date of this prospectus
is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021. </B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="95%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom29376_1">About This Prospectus</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">ii</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom29376_2">Forward-Looking Cautionary Statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">iii</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom29376_3">Summary</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom29376_4">Risk Factors</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom29376_5">Use of Proceeds</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom29376_6">Capital Deployment Priorities, Dividend Policy, and Repurchase and Redemption
 Program</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom29376_7">Material U.S. Federal Tax Considerations for <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Holders of Class&nbsp;A Common Stock</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom29376_8">Plan of Distribution</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom29376_9">Legal Matters</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom29376_10">Experts</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom29376_11">Where You Can Find More Information</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom29376_12">Documents Incorporated by Reference</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>You should rely only on the information provided in this prospectus and any applicable prospectus
supplement, as well as the information incorporated by reference into this prospectus and any applicable prospectus supplement. We have not authorized anyone to provide you with different information. We are not making an offer of these securities
in any jurisdiction where the offer is not permitted. You should not assume that the information in this prospectus, any prospectus supplement or any documents incorporated by reference is accurate as of any date other than the date of the
applicable document. Since the respective dates of this prospectus, any prospectus supplement and the documents incorporated by reference into this prospectus or any prospectus supplement, our businesses, financial condition, results of operations
and prospects might have changed. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom29376_1"></A>ABOUT THIS PROSPECTUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus is part of a registration statement that we filed with the SEC using a shelf registration process. Under the shelf
registration process, we may offer and sell shares of our Class&nbsp;A common stock as described in this prospectus in one or more offerings. Prospectus supplements may add, update, substitute or change the information contained in this prospectus.
You should carefully read both this prospectus and any applicable prospectus supplement, together with the additional information described below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus, any applicable prospectus supplement and the documents incorporated by reference herein or therein include important
information about us, our Class&nbsp;A common stock, this offering, and other information you should know before investing. You should read this prospectus and any applicable prospectus supplement together with the additional information described
under the headings &#147;Where You Can Find More Information&#148; and &#147;Documents Incorporated by Reference&#148; before investing in shares of Class&nbsp;A common stock. Terms used in this prospectus, unless otherwise defined herein, have the
meanings set forth in the &#147;Glossary of Terms, Abbreviations and Acronyms&#148; section of our latest Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> filed with the SEC, which we refer to as the &#147;Glossary,&#148; and any
updates to the Glossary or any new Glossary contained in our subsequent Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> and Current Reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC, all of which
we incorporate by reference herein. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom29376_2"></A>FORWARD-LOOKING CAUTIONARY STATEMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus and the documents incorporated by reference into this prospectus contain forward-looking statements. Such statements are based
upon current expectations that involve risks and uncertainties. Any statements contained herein or in documents incorporated by reference that are not statements of historical fact may be deemed to be forward-looking statements. For example, words
such as &#147;may,&#148; &#147;will,&#148; &#147;should,&#148; &#147;estimates,&#148; &#147;predicts,&#148; &#147;possible,&#148; &#147;potential,&#148; &#147;continue,&#148; &#147;strategy,&#148; &#147;believes,&#148; &#147;anticipates,&#148;
&#147;plans,&#148; &#147;expects,&#148; &#147;intends,&#148; and similar expressions are intended to identify forward-looking statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our actual results and the outcome and timing of certain events may differ significantly from the expectations discussed in the
forward-looking statements. Factors that might cause or contribute to such a discrepancy include, but are not limited to, the factors set forth below: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the impact of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, including possible successive waves,
or variants of the virus on our operations, including the continued ability of our executives, employees, customers, clients, third-party service providers, exchanges and other facilities to perform their functions at normal levels and the
availability of the requisite technology to execute trades in certain Fully Electronic offerings while working remotely; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">macroeconomic and other challenges and uncertainties resulting from the
<FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, such as the extent and duration of the impact on public health, including the distribution of an effective vaccine, public acceptance of the vaccine, and governmental and public reactions
thereto, the U.S. and global economies, financial and insurance markets and consumer and corporate clients and customers, including economic activity, employment levels and market liquidity, as well as the various actions taken in response to the
challenges and uncertainties by governments, central banks and others, including us; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">market conditions, including trading volume and volatility in the demand for the products and services we
provide, resulting from the effects of <FONT STYLE="white-space:nowrap">COVID-19</FONT> or otherwise, possible disruptions in trading, developments in the insurance industry, potential deterioration of equity and debt capital markets, impact of
significant changes in interest rates and our ability to access the capital markets as needed or on reasonable terms and conditions; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">pricing, commissions and fees, and market position with respect to any of our products and services and those of
our competitors; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the effect of industry concentration and reorganization, reduction of customers, and consolidation;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">liquidity, regulatory, cash and clearing capital requirements and the impact of credit market events, including
the impact of <FONT STYLE="white-space:nowrap">COVID-19</FONT> and actions taken by governments and businesses in response thereto on the credit markets and interest rates; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our relationships and transactions with Cantor and its affiliates, including CF&amp;Co, and CCRE, our structure,
including BGC Holdings, which is owned by us, Cantor, our employee partners and other partners, and the BGC OpCos, which are owned jointly by us and BGC Holdings, any possible changes to our structure, any related transactions, conflicts of interest
or litigation, any impact of Cantor&#146;s results on our credit ratings and associated outlooks, any loans to or from us or Cantor, BGC Holdings, or the BGC OpCos, including the balances and interest rates thereof from time to time and any
convertible or equity features of any such loans, CF&amp;Co&#146;s acting as our sales agent or underwriter under this CEO program or other offerings, Cantor&#146;s holdings of the Company&#146;s Debt Securities, CF&amp;Co&#146;s acting as a market
maker in the Company&#146;s Debt Securities, CF&amp;Co&#146;s acting as our financial advisor in connection with potential acquisitions, dispositions, or other transactions and our participation in various investments, stock loans or cash management
vehicles placed by or recommended by CF&amp;Co; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the impact on our stock price of the reduction of our dividend and potential future changes in our dividend
policy, as well as reductions in BGC Holdings distributions to partners and the related impact </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
of such reductions as well as layoffs, salary cuts, and expected lower commissions or bonuses on the repayment of partner loans </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the integration of acquired businesses with our other businesses; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the rebranding of our current businesses or risks related to any potential dispositions of all or any portion of
our existing or acquired businesses; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">market volatility as a result of the effects of <FONT STYLE="white-space:nowrap">COVID-19,</FONT> which may not
be sustainable or predictable in future periods; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">economic or geopolitical conditions or uncertainties, the actions of governments or central banks, including the
impact of <FONT STYLE="white-space:nowrap">COVID-19</FONT> on the global markets, and related government stimulus packages, government <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;shelter-in-place&#148;</FONT></FONT>
mandates and other restrictions on business and commercial activity and timing of reopening of world economies, uncertainty regarding the nature, timing and consequences of Brexit following the withdrawal process, including potential reduction in
investment in the U.K., and the pursuit of trade, border control or other related policies by the U.S. and/or other countries (including U.S.- China trade relations), political and labor unrest in France, Hong Kong, China, and other jurisdictions,
conflict in the Middle East, the impact of U.S. government shutdowns, elections, political unrest or stalemates in response to governmental mandates and other restrictions related to <FONT STYLE="white-space:nowrap">COVID-19</FONT> in the U.S. or
abroad, risks of illness of the U.S. President and other governmental officials, and the impact of terrorist acts, acts of war or other violence or political unrest, as well as natural disasters or weather-related or similar events, including
hurricanes as well as power failures, communication and transportation disruptions, and other interruptions of utilities or other essential services and the impacts of pandemics and other international health emergencies, including <FONT
STYLE="white-space:nowrap">COVID-19;</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the effect on our businesses, our clients, the markets in which we operate, our possible restructuring, and the
economy in general of changes in the U.S. and foreign tax and other laws, including changes in tax rates, repatriation rules, and deductibility of interest, potential policy and regulatory changes in Mexico and other countries, sequestrations,
uncertainties regarding the debt ceiling and the federal budget, and other potential political policies; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the effect on our businesses of changes in interest rates, changes in benchmarks, including the phase out of
LIBOR, the level of worldwide governmental debt issuances, austerity programs, government stimulus packages, including those related to <FONT STYLE="white-space:nowrap">COVID-19,</FONT> increases or decreases in deficits and the impact of increased
government tax rates, and other changes to monetary policy, and potential political impasses or regulatory requirements, including increased capital requirements for banks and other institutions or changes in legislation, regulations and priorities;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">extensive regulation of our businesses and customers, changes in regulations relating to financial services
companies and other industries, and risks relating to compliance matters, including regulatory examinations, inspections, investigations and enforcement actions, and any resulting costs, increased financial and capital requirements, enhanced
oversight, remediation, fines, penalties, sanctions, and changes to or restrictions or limitations on specific activities, including potential delays in accessing markets, including due to our regulatory status and actions, operations, compensatory
arrangements, and growth opportunities, including acquisitions, hiring, and new businesses, products, or services; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">factors related to specific transactions or series of transactions, including credit, performance, and principal
risk, trade failures, counterparty failures, and the impact of fraud and unauthorized trading; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the effect on our businesses of any extraordinary transactions, including the possible restructuring of our
partnership into a corporate structure, including potential dilution and other impacts; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">costs and expenses of developing, maintaining, and protecting our intellectual property, as well as employment,
regulatory, and other litigation and proceedings, and their related costs, including judgments, indemnities, fines, or settlements paid and the impact thereof on our financial results and cash flows in any given period; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iv </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">certain financial risks, including the possibility of future losses, reduced cash flows from operations,
increased leverage, reduced availability under the Revolving Credit Agreement resulting from recent borrowings, and the need for short- or long-term borrowings, including from Cantor, our ability to refinance our indebtedness, including in the
credit markets weakened by the impact of <FONT STYLE="white-space:nowrap">COVID-19,</FONT> and changes to interest rates and liquidity or our access to other sources of cash relating to acquisitions, dispositions, or other matters, potential
liquidity and other risks relating to our ability to maintain continued access to credit and availability of financing necessary to support our ongoing business needs, on terms acceptable to us, if at all, and risks associated with the resulting
leverage, including potentially causing a reduction in our credit ratings and the associated outlooks and increased borrowing costs as well as interest rate and foreign currency exchange rate fluctuations; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">risks associated with the temporary or longer-term investment of our available cash, including in the BGC OpCos,
defaults or impairments on our investments, joint venture interests, stock loans or cash management vehicles and collectability of loan balances owed to us by partners, employees, the BGC OpCos or others; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our ability to enter new markets or develop new products, trading desks, marketplaces, or services for existing
or new clients, including efforts to convert certain existing products to a Fully Electronic trade execution, and to induce such clients to use these products, trading desks, marketplaces, or services and to secure and maintain market share,
including changes to the likelihood or timing of such efforts due to <FONT STYLE="white-space:nowrap">COVID-19</FONT> or other measures; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the impact of any restructuring or similar transactions on our ability to enter into marketing and strategic
alliances and business combinations or other transactions in the financial services and other industries, including acquisitions, tender offers, dispositions, reorganizations, partnering opportunities and joint ventures, the failure to realize the
anticipated benefits of any such transactions, relationships or growth and the future impact of any such transactions, relationships or growth on our other businesses and our financial results for current or future periods, the integration of any
completed acquisitions and the use of proceeds of any completed dispositions, and the value of and any hedging entered into in connection with consideration received or to be received in connection with such dispositions and any transfers thereof;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our estimates or determinations of potential value with respect to various assets or portions of our businesses,
such as Fenics and our insurance brokerage business, including with respect to the accuracy of the assumptions or the valuation models or multiples used; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our ability to hire and retain personnel, including brokers, salespeople, managers, and other professionals, and
recent departures of senior personnel; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our ability to expand the use of technology for Hybrid and Fully Electronic trade execution in our product and
service offerings; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our ability to effectively manage any growth that may be achieved, while ensuring compliance with all applicable
financial reporting, internal control, legal compliance, and regulatory requirements; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our ability to remediate our material weakness in our internal controls and our ability to identify and remediate
any other material weaknesses or significant deficiencies in our internal controls which could affect our ability to properly maintain books and records, prepare financial statements and reports in a timely manner, control our policies, practices
and procedures, operations and assets, assess and manage our operational, regulatory and financial risks, and integrate our acquired businesses and brokers, salespeople, managers and other professionals; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the impact of unexpected market moves and similar events; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">information technology risks, including capacity constraints, failures, or disruptions in our systems or those of
the clients, counterparties, exchanges, clearing facilities, or other parties with which we interact, including increased demands on such systems and on the telecommunications infrastructure
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">v </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
from remote working during the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, cyber-security risks and incidents, compliance with regulations requiring data minimization and
protection and preservation of records of access and transfers of data, privacy risk and exposure to potential liability and regulatory focus; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the effectiveness of our governance, risk management, and oversight procedures and impact of any potential
transactions or relationships with related parties; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the impact of our ESG or &#147;sustainability&#148; ratings on the decisions by clients, investors, ratings
agencies, potential clients and other parties with respect to our businesses, investments in us or the market for and trading price of BGC Class&nbsp;A common stock, Company Debt Securities, or other matters; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the fact that the prices at which shares of our Class&nbsp;A common stock are or may be sold in one or more of
our CEO Program or in other offerings, acquisitions, or other transactions may vary significantly, and purchasers of shares in such offerings or other transactions, as well as existing stockholders, may suffer significant dilution if the price they
paid for their shares is higher than the price paid by other purchasers in such offerings or transactions; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the impact of our recent significant reductions to our dividends and distributions and the timing and amounts of
any future dividends or distributions, including our ability to meet expectations with respect to payments of dividends and distributions and repurchases of shares of our Class&nbsp;A common stock and purchases or redemptions of limited partnership
interests in BGC Holdings, or other equity interests in us or any of our other subsidiaries, including the BGC OpCos, including from Cantor, our executive officers, other employees, partners, and others, and the net proceeds to be realized by us
from offerings of shares of BGC Class&nbsp;A common stock and Company Debt Securities; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the effect on the markets for and trading prices of our Class&nbsp;A common stock and Company Debt Securities due
to <FONT STYLE="white-space:nowrap">COVID-19</FONT> and other market factors as well as on various offerings and other transactions, including our CEO Program and other offerings of our Class&nbsp;A common stock and convertible or exchangeable debt
or other securities, our repurchases of shares of our Class&nbsp;A common stock and purchases or redemptions of BGC Holdings limited partnership interests or other equity interests in us or in our subsidiaries, any exchanges by Cantor of shares of
our Class&nbsp;A common stock for shares of our Class&nbsp;B common stock, any exchanges or redemptions of limited partnership units and issuances of shares of our Class&nbsp;A common stock in connection therewith, including in corporate or
partnership restructurings, our payment of dividends on our Class&nbsp;A common stock and distributions on limited partnership interests in BGC Holdings and the BGC OpCos, convertible arbitrage, hedging, and other transactions engaged in by us or
holders of our outstanding shares, Company Debt Securities, share sales and stock pledge, stock loans, and other financing transactions by holders of our shares (including by Cantor or others), including of shares acquired pursuant to our employee
benefit plans, unit exchanges and redemptions, corporate or partnership restructurings, acquisitions, conversions of shares of our Class&nbsp;B common stock and our other convertible securities into shares of our Class&nbsp;A common stock, stock
pledge, stock loan, or other financing transactions, and distributions of our Class&nbsp;A common stock by Cantor to its partners, including the April 2008 and February 2012 distribution rights shares. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing risks and uncertainties, and those incorporated by reference herein, may cause actual results to differ materially from the
forward-looking statements. The information included or incorporated by reference is given as of the respective dates of this prospectus or the documents incorporated by reference into this prospectus, and future events or circumstances could differ
significantly from such information. We do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">vi </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom29376_3"></A>SUMMARY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>This summary highlights selected information from this prospectus, but may not contain all information that may be important to you. The
following summary is qualified in its entirety by the more detailed information included in or incorporated by reference into this prospectus. For a more complete understanding of the terms of our Class&nbsp;A common stock, and before making your
investment decision, you should carefully read this entire prospectus and the documents referred to in &#147;Where You Can Find More Information&#148; and &#147;Documents Incorporated by Reference.&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>When we use the words &#147;BGC Partners,&#148; &#147;BGC,&#148; &#147;we,&#148; &#147;us,&#148; &#147;our&#148; or the
&#147;Company,&#148; we are referring to BGC Partners, Inc. and its consolidated subsidiaries. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Company </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are a leading global brokerage and financial technology company servicing the global financial markets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Through brands including BGC<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>,
GFI<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, Sunrise Brokers<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, Besso<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, Ed<SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP> Broking, Poten&nbsp;&amp; Partners<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, RP Martin<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>,<B> </B>CORANT<SUP
STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, and CORANT GLOBAL<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, among others, our businesses specialize in the brokerage of a broad range of products, including fixed income such
as government bonds, corporate bonds, and other debt instruments, as well as related interest rate derivatives and credit derivatives. We also broker products across FX, equity derivatives and cash equities, energy and commodities, shipping,
insurance, and futures and options. Our businesses also provide a wide variety of services, including trade execution, brokerage services, clearing, compression and other post-trade services, information, and other back-office services to a broad
assortment of financial and <FONT STYLE="white-space:nowrap">non-financial</FONT> institutions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our integrated platform is designed to
provide flexibility to customers with regard to price discovery, execution and processing of transactions, and enables them to use Voice, Hybrid, or in many markets, Fully Electronic brokerage services in connection with transactions executed either
OTC or through an exchange. Through our Fenics<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> group of electronic brands, we offer a number of market infrastructure and connectivity services, Fully Electronic marketplaces, and the Fully
Electronic brokerage of certain products that also may trade via Voice and Hybrid execution. The full suite of Fenics<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> offerings include Fully Electronic brokerage, market data and related
information services, trade compression and other post-trade services, analytics related to financial instruments and markets, and other financial technology solutions. Fenics<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> brands operate
under the names Fenics<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, BGC Trader<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, CreditMatch<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, Fenics Market Data<SUP
STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, BGC Market Data<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, kACE<SUP STYLE="font-size:85%; vertical-align:top">2</SUP><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>,
EMBonds<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, Capitalab<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, Swaptioniser<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, CBID<SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP> and Lucera<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BGC, BGC
Partners, BGC Trader, GFI, GFI Ginga, CreditMatch, Fenics, Fenics.com, Sunrise Brokers, Corant, Corant Global, Besso, Ed Broking, Poten&nbsp;&amp; Partners, RP Martin, kACE<SUP STYLE="font-size:85%; vertical-align:top">2</SUP>, EMBonds, Capitalab,
Swaptioniser, CBID, Aqua and Lucera are trademarks/service marks, and/or registered trademarks/service marks of BGC Partners, Inc. and/or its affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our customers include many of the world&#146;s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments,
corporations, and investment firms. We have dozens of offices globally in major markets including New York and London, as well as in Bahrain, Beijing, Bermuda, Bogot&aacute;, Brisbane, Buenos Aires, Chicago, Copenhagen, Dubai, Dublin, Frankfurt,
Geneva, Hong Kong, Houston, Istanbul, Johannesburg, Madrid, Melbourne, Mexico City, Moscow, Nyon, Paris, Rio de Janeiro, Santiago, S&atilde;o Paulo, Seoul, Shanghai, Singapore, Sydney, Tel Aviv, Tokyo and Toronto. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Our Organizational Structure </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are a
holding company with no direct operations, and our business is operated through two operating partnerships, BGC Partners, L.P (&#147;BGC U.S. OpCo&#148;), which holds our U.S. businesses, and BGC Global
</P>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Holdings, L.P (&#147;BGC Global OpCo&#148;), which holds our <FONT STYLE="white-space:nowrap">non-U.S.</FONT> businesses. The limited partnership interests of the two operating partnerships are
held by us and BGC Holdings, L.P (&#147;BGC Holdings&#148;), and the limited partnership interests of BGC Holdings are currently held by limited partnership unit holders, founding partners, and Cantor Fitzgerald, L.P. (&#147;Cantor&#148;). We hold
the BGC Holdings general partnership interest and the BGC Holdings special voting limited partnership interest, which entitle us to remove and appoint the general partner of BGC Holdings, and serve as the general partner of BGC Holdings, which
entitles us to control BGC Holdings. BGC Holdings, in turn, holds the BGC U.S. OpCo general partnership interest and the BGC U.S. OpCo special voting limited partnership interest, which entitle the holder thereof to remove and appoint the general
partner of BGC U.S. OpCo, and the BGC Global OpCo general partnership interest and the BGC Global OpCo special voting limited partnership interest, which entitle the holder thereof to remove and appoint the general partner of BGC Global OpCo, and
serves as the general partner of BGC U.S. OpCo and BGC Global OpCo, all of which entitle BGC Holdings (and thereby us) to control each of BGC U.S. OpCo and BGC Global OpCo. BGC Holdings holds its BGC Global OpCo general partnership interest through
a company incorporated in the Cayman Islands, BGC Global Holdings GP Limited. We continue to explore the possible conversion into a simpler corporate structure. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Executive Offices </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our executive offices
are located at 499 Park Avenue, New York, New York 10022, while our international headquarters is located at 5 Churchill Place, Canary Wharf, London E14 5HU, United Kingdom. Our telephone number is
<FONT STYLE="white-space:nowrap">(212)&nbsp;610-2200.</FONT> Our website is located at<I></I><I>&nbsp;www.bgcpartners.com</I>, and our <FONT STYLE="white-space:nowrap">e-mail</FONT> address is info@bgcpartners.com. The information contained on, or
that may be accessed through, our website is not part of, and is not incorporated into, this prospectus. </P>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The Offering </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Shares of our Class&nbsp;A common stock offered by us </B></P></TD>
<TD>Up to $300,000,000 of shares of our Class&nbsp;A common stock from time to time through CF&amp;Co. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Plan of Distribution </B></P></TD>
<TD>&#147;At the market offering&#148; that may be made from time to time through our sales agent, CF&amp;Co. See &#147;Plan of Distribution&#148; on page&nbsp;16. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Use of Proceeds </B></P></TD>
<TD>We intend to use the net proceeds from the sale of the shares of our Class&nbsp;A common stock that we offer by this prospectus for general corporate purposes, including, but not limited to, expanding our businesses and operations through
additional broker or other hires, strategic alliances and acquisitions, repaying outstanding indebtedness, financing our existing businesses and operations, and repurchasing shares of Class&nbsp;A common stock or redeeming or purchasing limited
partnership interests of BGC Holdings or other equity interests in us or in our subsidiaries, including from Cantor, our executive officers, other employees, partners and others. Certain of such partners will be expected to use the proceeds from
such sales to repay outstanding loans to, or credit enhanced by, Cantor before receipt of any proceeds. We may use the net proceeds of this offering directly for such purposes, or contribute a portion of the net proceeds to our subsidiaries,
including to BGC U.S. and/or BGC Global, which entities may in turn use the proceeds for such purposes. See &#147;Use of Proceeds&#148; on page&nbsp;5. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Risk Factors </B></P></TD>
<TD>Investing in our Class&nbsp;A common stock involves a high degree of risk. Please read the information contained in and incorporated by reference under the heading &#147;Risk Factors&#148; on page 4 of this prospectus, and under similar headings
in the other documents that are incorporated by reference into this prospectus. We incorporate by reference into this prospectus the &#147;Risk Factor Summary&#148; section of our latest Annual Report on Form
<FONT STYLE="white-space:nowrap">10-K</FONT> filed with the SEC, which we refer to as the &#147;Risk Factor Summary,&#148; and any updates to the Risk Factor Summary contained in our subsequent Quarterly Reports on Form <FONT
STYLE="white-space:nowrap">10-Q</FONT> and Current Reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC, all of which we incorporate by reference herein. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Nasdaq stock market symbol </B></P></TD>
<TD>BGCP </TD></TR></TABLE>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom29376_4"></A>RISK FACTORS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>An investment in shares of our Class&nbsp;A common stock involves risks and uncertainties. You should consider carefully the &#147;Risk
Factors&#148; section of our latest Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> filed with the SEC, and any updates to those risk factors or new risk factors contained in our subsequent Quarterly Reports on Form <FONT
STYLE="white-space:nowrap">10-Q</FONT> and Current Reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC, all of which we incorporate by reference herein, as well as the other information included in this prospectus before
making an investment decision. Any of the risk factors could significantly and negatively affect our businesses, financial condition, results of operations, cash flows, and prospects and the trading price of Class&nbsp;A common stock. You could lose
all or part of your investment. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom29376_5"></A>USE OF PROCEEDS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We intend to use the net proceeds from the sale of the shares of our Class&nbsp;A common stock that we offer by this prospectus for general
corporate purposes, including, but not limited to, expanding our businesses and operations through additional broker or other hires, strategic alliances and acquisitions, repaying outstanding indebtedness, financing our existing businesses and
operations, and repurchasing shares of Class&nbsp;A common stock or purchasing or redeeming limited partnership interests of BGC Holdings or other equity interests in us and in our subsidiaries, including from Cantor, our executive officers, other
employees, partners and others. Certain of such partners may be expected to use the proceeds from such sales to repay outstanding loans to, or credit enhanced by, Cantor before receipt of any net proceeds. We may use the net proceeds of this
offering directly for such purposes, or contribute a portion of the net proceeds to our subsidiaries, including to BGC U.S. and/or BGC Global in consideration for BGC U.S. and/or BGC Global limited partnership interests, which entities may in turn
use the proceeds for such purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may raise additional funds from time to time through equity or debt financings, including
borrowings under a credit facility, for such purposes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom29376_6"></A>CAPITAL DEPLOYMENT PRIORITIES, DIVIDEND POLICY AND REPURCHASE AND
REDEMPTION PROGRAM </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our 2021 capital allocation priorities are to return capital to stockholders and to continue investing in our high
growth Fenics businesses. We plan to prioritize share and unit repurchases over dividends and distributions. We plan to reassess our current dividend and distribution with an aim to nominally increase it toward the end of the year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Traditionally, our dividend policy provides that we expect to pay a quarterly cash dividend to our common<B> </B>stockholders based on our <FONT
STYLE="white-space:nowrap">post-tax</FONT> Adjusted Earnings per fully diluted share. Please see below for a detailed definition of <FONT STYLE="white-space:nowrap">post-tax</FONT> Adjusted<B> </B>Earnings per fully diluted share. Beginning in the
first quarter of 2020, and for all of the quarterly periods in 2020, the Board reduced the quarterly dividend to $0.01 per share out of an abundance of caution in order to strengthen the Company&#146;s balance sheet as the global capital markets
faced difficult<B> </B>and unprecedented macroeconomic conditions related to the global pandemic. Additionally, during 2020, BGC Holdings reduced its<B> </B>distributions to or on behalf of its partners. We plan to continue dividends and
distributions at or near current levels through the balance of 2021 and prioritize our other capital allocation priorities. BGC believes that these steps will allow the Company to maintain its financial strength. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any dividends, if and when declared by our Board, will be paid on a quarterly basis. The dividend to our common stockholders<B> </B>is
expected to be calculated based on <FONT STYLE="white-space:nowrap">post-tax</FONT> Adjusted Earnings allocated to us and generated over the fiscal quarter ending prior to the<B> </B>record date for the dividend. No assurance can be made, however,
that a dividend will be paid each quarter. The declaration, payment, timing, and amount of any future dividends payable by us will be at the sole discretion of our Board. With respect to any distributions which are declared, amounts paid to or on
behalf of partners will at least cover their related tax payments.<B> </B>Whether any given <FONT STYLE="white-space:nowrap">post-tax</FONT> amount is equivalent to the amount received by a stockholder also on an after tax basis depends upon<B>
</B>stockholders&#146; and partners&#146; domiciles and tax status. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are a holding company, with no direct operations, and therefore we
are able to pay dividends only from our available cash on hand and funds<B> </B>received from distributions from BGC U.S. OpCo and BGC Global OpCo. Our ability to pay dividends may also be limited by regulatory<B> </B>considerations as well as by
covenants contained in financing or other agreements. In addition, under Delaware law, dividends may be<B> </B>payable only out of surplus, which is our net assets minus our capital (as defined under Delaware law), or, if we have no surplus, out of
our<B> </B>net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year. Accordingly, any unanticipated accounting,<B> </B>tax, regulatory or other charges against net income may adversely affect our ability to
declare and pay dividends. While we intend to declare<B> </B>and pay dividends quarterly, there can be no assurance that our Board will declare dividends at all or on a regular basis or that the amount of<B> </B>our dividends will not change. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Stock and Unit Repurchase and Redemption Program </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Board of Directors and our Audit Committee have authorized repurchases of our Class&nbsp;A common stock and redemptions of<B> </B>BGC
Holdings limited partnership interests or other equity interests in our subsidiaries, including from Cantor, our executive officers, other<B> </B>employees, partners and others, including Cantor employees and partners. Most recently, on
August&nbsp;1, 2018, our Board of Directors and<B> </B>Audit Committee again renewed and increased the authorized repurchases of stock or units, including from Cantor employees and partners to<B> </B>$300&nbsp;million. As of December&nbsp;31, 2020,
we had approximately $249.9&nbsp;million remaining under this authorization and may continue to<B> </B>actively make repurchases or purchases, or cease to make such repurchases or purchases, from time to time. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Certain Definitions </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We <FONT
STYLE="white-space:nowrap">use&nbsp;non-GAAP</FONT> financial measures that differ from the most directly comparable measures calculated and presented in accordance with GAAP. <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> financial measures used
by the Company include </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
&#147;Adjusted Earnings before noncontrolling interests and taxes&#148;, which is used interchangeably with <FONT STYLE="white-space:nowrap">&#147;pre-tax</FONT> Adjusted Earnings&#148;; <FONT
STYLE="white-space:nowrap">&#147;Post-tax</FONT> Adjusted Earnings to fully diluted shareholders&#148;, which is used interchangeably with <FONT STYLE="white-space:nowrap">&#147;post-tax</FONT> Adjusted Earnings&#148;; &#147;Adjusted EBITDA&#148;;
and &#147;Liquidity&#148;. The definitions of these terms are below. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Adjusted Earnings Defined </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BGC uses <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures, including &#147;Adjusted Earnings before noncontrolling interests
and taxes&#148; and <FONT STYLE="white-space:nowrap">&#147;Post-tax</FONT> Adjusted Earnings to fully diluted shareholders&#148;, which are supplemental measures of operating results used by management to evaluate the financial performance of the
Company and its consolidated subsidiaries. BGC believes that Adjusted Earnings best reflect the operating earnings generated by the Company on a consolidated basis and are the earnings which management considers when managing its business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As compared with &#147;Income (loss) from operations before income taxes&#148; and &#147;Net income (loss) for fully diluted shares&#148;,
both prepared in accordance with GAAP, Adjusted Earnings calculations primarily exclude certain <FONT STYLE="white-space:nowrap">non-cash</FONT> items and other expenses that generally do not involve the receipt or outlay of cash by the Company
and/or which do not dilute existing stockholders. In addition, Adjusted Earnings calculations exclude certain gains and charges that management believes do not best reflect the ordinary results of BGC. Adjusted Earnings is calculated by taking the
most comparable GAAP measures and adjusting for certain items with respect to compensation expenses, <FONT STYLE="white-space:nowrap">non-compensation</FONT> expenses, and other income, as discussed below. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Calculations of Compensation Adjustments for Adjusted Earnings and Adjusted EBITDA </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Treatment of Equity-Based Compensation Line Item for Adjusted Earnings and Adjusted EBITDA </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s Adjusted Earnings and Adjusted EBITDA measures exclude all GAAP charges included in the line item &#147;Equity-based
compensation and allocations of net income to limited partnership units and FPUs&#148; (or &#147;equity-based compensation&#148; for purposes of defining the Company&#146;s <FONT STYLE="white-space:nowrap">non-GAAP</FONT> results) as recorded on the
Company&#146;s GAAP Consolidated Statements of Operations and GAAP Consolidated Statements of Cash Flows. These GAAP equity-based compensation charges reflect the following items: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Charges with respect to grants of exchangeability, which reflect the right of holders of limited partnership
units with no capital accounts, such as LPUs and PSUs, to exchange these units into shares of common stock, or into partnership units with capital accounts, such as HDUs, as well as cash paid with respect to taxes withheld or expected to be owed by
the unit holder upon such exchange. The withholding taxes related to the exchange of certain <FONT STYLE="white-space:nowrap">non-exchangeable</FONT> units without a capital account into either common shares or units with a capital account may be
funded by the redemption of preferred units such as PPSUs. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Charges with respect to preferred units. Any preferred units would not be included in the Company&#146;s fully
diluted share count because they cannot be made exchangeable into shares of common stock and are entitled only to a fixed distribution. Preferred units are granted in connection with the grant of certain limited partnership units that may be granted
exchangeability or redeemed in connection with the grant of shares of common stock at ratios designed to cover any withholding taxes expected to be paid. This is an alternative to the common practice among public companies of issuing the gross
amount of shares to employees, subject to cashless withholding of shares, to pay applicable withholding taxes. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">GAAP equity-based compensation charges with respect to the grant of an offsetting amount of common stock or
partnership units with capital accounts in connection with the redemption of <FONT STYLE="white-space:nowrap">non-exchangeable</FONT> units, including PSUs and limited partnership units. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Charges related to amortization of RSUs and limited partnership units. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Charges related to grants of equity awards, including common stock or partnership units with capital accounts.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Allocations of net income to limited partnership units and FPUs. Such allocations represent the <FONT
STYLE="white-space:nowrap">pro-rata</FONT> portion of <FONT STYLE="white-space:nowrap">post-tax</FONT> GAAP earnings available to such unit holders. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amounts of certain quarterly equity-based compensation charges are based upon the Company&#146;s estimate of such expected charges during
the annual period, as described further below under &#147;Methodology for Calculating Adjusted Earnings Taxes.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Virtually all of
BGC&#146;s key executives and producers have equity or partnership stakes in the Company and its subsidiaries and generally receive deferred equity or limited partnership units as part of their compensation. A significant percentage of BGC&#146;s
fully diluted shares are owned by its executives, partners and employees. The Company issues limited partnership units as well as other forms of equity-based compensation, including grants of exchangeability into shares of common stock, to provide
liquidity to its employees, to align the interests of its employees and management with those of common stockholders, to help motivate and retain key employees, and to encourage a collaborative culture that drives cross-selling and revenue growth.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All share equivalents that are part of the Company&#146;s equity-based compensation program, including REUs, PSUs, LPUs, HDUs, and other
units that may be made exchangeable into common stock, as well as RSUs (which are recorded using the treasury stock method), are included in the fully diluted share count when issued or at the beginning of the subsequent quarter after the date of
grant. Generally, limited partnership units other than preferred units are expected to be paid a <FONT STYLE="white-space:nowrap">pro-rata</FONT> distribution based on BGC&#146;s calculation of Adjusted Earnings per fully diluted share. However, out
of an abundance of caution and in order to strengthen the Company&#146;s balance sheet due the uncertain macroeconomic conditions with respect to the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, BGC Holdings, L.P. has reduced its
distributions of income from the operations of BGC&#146;s businesses to its partners. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Compensation charges are also adjusted for certain
other cash and <FONT STYLE="white-space:nowrap">non-cash</FONT> items, including those related to the amortization of GFI employee forgivable loans granted prior to the closing of the January&nbsp;11, 2016
<FONT STYLE="white-space:nowrap">back-end</FONT> merger with GFI. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certain Other Compensation-Related Adjustments for Adjusted Earnings </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BGC also excludes various other GAAP items that management views as not reflective of the Company&#146;s underlying performance in a given
period from its calculation of Adjusted Earnings. These may include compensation-related items with respect to cost-saving initiatives, such as severance charges incurred in connection with headcount reductions as part of broad restructuring and/or
cost savings plans. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Calculation of <FONT STYLE="white-space:nowrap">Non-Compensation</FONT> Adjustments for Adjusted Earnings </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Adjusted Earnings calculations may also exclude items such as: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">Non-cash</FONT> GAAP charges related to the amortization of intangibles with
respect to acquisitions; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Acquisition related costs; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Certain rent charges; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">Non-cash</FONT> GAAP asset impairment charges; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Various other GAAP items that management views as not reflective of the Company&#146;s underlying performance in
a given period, including <FONT STYLE="white-space:nowrap">non-compensation-related</FONT> charges incurred as part of broad restructuring and/or cost savings plans. Such GAAP items may include charges for exiting leases and/or other long-term
contracts as part of cost-saving initiatives, as well as <FONT STYLE="white-space:nowrap">non-cash</FONT> impairment charges related to assets, goodwill and/or intangibles created from acquisitions. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Calculation of Adjustments for Other (income) losses for Adjusted Earnings </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Adjusted Earnings calculations also exclude certain other <FONT STYLE="white-space:nowrap">non-cash,</FONT>
<FONT STYLE="white-space:nowrap">non-dilutive,</FONT> and/or <FONT STYLE="white-space:nowrap">non-economic</FONT> items, which may, in some periods, include: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Gains or losses on divestitures; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Fair value adjustment of investments; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Certain other GAAP items, including gains or losses related to BGC&#146;s investments accounted for under the
equity method; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Any unusual, <FONT STYLE="white-space:nowrap">one-time,</FONT>
<FONT STYLE="white-space:nowrap">non-ordinary,</FONT> or <FONT STYLE="white-space:nowrap">non-recurring</FONT> gains or losses. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Methodology for Calculating Adjusted Earnings Taxes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although Adjusted Earnings are calculated on a <FONT STYLE="white-space:nowrap">pre-tax</FONT> basis, BGC also reports <FONT
STYLE="white-space:nowrap">post-tax</FONT> Adjusted Earnings to fully diluted shareholders. The Company defines <FONT STYLE="white-space:nowrap">post-tax</FONT> Adjusted Earnings to fully diluted shareholders as
<FONT STYLE="white-space:nowrap">pre-tax</FONT> Adjusted Earnings reduced by the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> tax provision described below and net income (loss) attributable to noncontrolling interest for Adjusted Earnings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company calculates its tax provision for <FONT STYLE="white-space:nowrap">post-tax</FONT> Adjusted Earnings using an annual estimate
similar to how it accounts for its income tax provision under GAAP. To calculate the quarterly tax provision under GAAP, BGC estimates its full fiscal year GAAP income (loss) from operations before income taxes and noncontrolling interests in
subsidiaries and the expected inclusions and deductions for income tax purposes, including expected equity-based compensation during the annual period. The resulting annualized tax rate is applied to BGC&#146;s quarterly GAAP income (loss) from
operations before income taxes and noncontrolling interests in subsidiaries. At the end of the annual period, the Company updates its estimate to reflect the actual tax amounts owed for the period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To determine the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> tax provision, BGC first adjusts
<FONT STYLE="white-space:nowrap">pre-tax</FONT> Adjusted Earnings by recognizing any, and only, amounts for which a tax deduction applies under applicable law. The amounts include charges with respect to equity-based compensation; certain charges
related to employee loan forgiveness; certain net operating loss carryforwards when taken for statutory purposes; and certain charges related to tax goodwill amortization. These adjustments may also reflect timing and measurement differences,
including treatment of employee loans; changes in the value of units between the dates of grants of exchangeability and the date of actual unit exchange; variations in the value of certain deferred tax assets; and liabilities and the different
timing of permitted deductions for tax under GAAP and statutory tax requirements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After application of these adjustments, the result is
the Company&#146;s taxable income for its <FONT STYLE="white-space:nowrap">pre-tax</FONT> Adjusted Earnings, to which BGC then applies the statutory tax rates to determine its <FONT STYLE="white-space:nowrap">non-GAAP</FONT> tax provision. BGC views
the effective tax rate on <FONT STYLE="white-space:nowrap">pre-tax</FONT> Adjusted Earnings as equal to the amount of its <FONT STYLE="white-space:nowrap">non-GAAP</FONT> tax provision divided by the amount of
<FONT STYLE="white-space:nowrap">pre-tax</FONT> Adjusted Earnings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Generally, the most significant factor affecting this <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> tax provision is the amount of charges relating to equity-based compensation. Because the charges relating to equity-based compensation are deductible in accordance with applicable tax laws, increases in
such charges have the effect of lowering the Company&#146;s <FONT STYLE="white-space:nowrap">non-GAAP</FONT> effective tax rate and thereby increasing its <FONT STYLE="white-space:nowrap">post-tax</FONT> Adjusted Earnings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BGC incurs income tax expenses based on the location, legal structure and jurisdictional taxing authorities of each of its subsidiaries.
Certain of the Company&#146;s entities are taxed as U.S. partnerships and are subject to the Unincorporated Business Tax (&#147;UBT&#148;) in New York City. Any U.S. federal and state income tax liability or benefit related to the partnership income
or loss, with the exception of UBT, rests with the unit holders rather than with the partnership entity. The Company&#146;s condensed consolidated financial statements include U.S. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
federal, state and local income taxes on the Company&#146;s allocable share of the U.S. results of operations. Outside of the U.S., BGC is expected to operate principally through subsidiary
corporations subject to local income taxes. For these reasons, taxes for Adjusted Earnings are expected to be presented to show the tax provision the consolidated Company would expect to pay if 100&nbsp;percent of earnings were taxed at global
corporate rates. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Calculations of <FONT STYLE="white-space:nowrap">Pre-</FONT> and <FONT STYLE="white-space:nowrap">Post-Tax</FONT> Adjusted Earnings
per Share </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BGC&#146;s <FONT STYLE="white-space:nowrap">pre-</FONT> and <FONT STYLE="white-space:nowrap">post-tax</FONT> Adjusted
Earnings per share calculations assume either that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The fully diluted share count includes the shares related to any dilutive instruments, but excludes the
associated expense, net of tax, when the impact would be dilutive; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The fully diluted share count excludes the shares related to these instruments, but includes the associated
expense, net of tax. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The share count for Adjusted Earnings excludes certain shares and share equivalents expected to be
issued in future periods but not yet eligible to receive dividends and/or distributions. Each quarter, the dividend payable to BGC&#146;s stockholders, if any, is expected to be determined by the Company&#146;s Board of Directors with reference to a
number of factors, including <FONT STYLE="white-space:nowrap">post-tax</FONT> Adjusted Earnings per share. BGC may also pay a <FONT STYLE="white-space:nowrap">pro-rata</FONT> distribution of net income to limited partnership units, as well as to
Cantor for its noncontrolling interest. The amount of this net income, and therefore of these payments per unit, would be determined using the above definition of Adjusted Earnings per share on a <FONT STYLE="white-space:nowrap">pre-tax</FONT>
basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The declaration, payment, timing and amount of any future dividends payable by the Company will be at the discretion of its Board
of Directors using the fully diluted share count. For more information on any share count adjustments, see the table titled &#147;Fully Diluted Weighted-Average Share Count under GAAP and for Adjusted Earnings&#148; in the Company&#146;s most recent
financial results press release. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Management Rationale for Using Adjusted Earnings </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BGC&#146;s calculation of Adjusted Earnings excludes the items discussed above because they are either
<FONT STYLE="white-space:nowrap">non-cash</FONT> in nature, because the anticipated benefits from the expenditures are not expected to be fully realized until future periods, or because the Company views results excluding these items as a better
reflection of the underlying performance of BGC&#146;s ongoing operations. Management uses Adjusted Earnings in part to help it evaluate, among other things, the overall performance of the Company&#146;s business, to make decisions with respect to
the Company&#146;s operations, and to determine the amount of dividends payable to common stockholders and distributions payable to holders of limited partnership units. Dividends payable to common stockholders and distributions payable to holders
of limited partnership units are included within &#147;Dividends to stockholders&#148; and &#147;Earnings distributions to limited partnership interests and noncontrolling interests,&#148; respectively, in our unaudited, condensed, consolidated
statements of cash flows. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The term &#147;Adjusted Earnings&#148; should not be considered in isolation or as an alternative to GAAP net
income (loss). The Company views Adjusted Earnings as a metric that is not indicative of liquidity, or the cash available to fund its operations, but rather as a performance measure. <FONT STYLE="white-space:nowrap">Pre-</FONT> and <FONT
STYLE="white-space:nowrap">post-tax</FONT> Adjusted Earnings, as well as related measures, are not intended to replace the Company&#146;s presentation of its GAAP financial results. However, management believes that these measures help provide
investors with a clearer understanding of BGC&#146;s financial performance and offer useful information to both management and investors regarding certain financial and business trends related to the Company&#146;s financial condition and results of
operations. Management believes that the GAAP and Adjusted Earnings measures of financial performance should be considered together. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For
more information regarding Adjusted Earnings, see the section in the Company&#146;s most recent financial results press release titled &#147;Reconciliation of GAAP Income (Loss) from Operations before Income Taxes to Adjusted Earnings and GAAP Fully
Diluted EPS to <FONT STYLE="white-space:nowrap">Post-Tax</FONT> Adjusted EPS&#148;, including the related footnotes, for details about how BGC&#146;s <FONT STYLE="white-space:nowrap">non-GAAP</FONT> results are reconciled to those under GAAP. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Adjusted EBITDA Defined </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BGC also provides an additional <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial performance measure, &#147;Adjusted EBITDA&#148;,
which it defines as GAAP &#147;Net income (loss) available to common stockholders&#148;, adjusted to add back the following items: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Provision (benefit) for income taxes; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Net income (loss) attributable to noncontrolling interest in subsidiaries; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Interest expense; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Fixed asset depreciation and intangible asset amortization; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Equity-based compensation and allocations of net income to limited partnership units and FPUs;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Impairment of long-lived assets; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">(Gains) losses on equity method investments; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Certain other <FONT STYLE="white-space:nowrap">non-cash</FONT> GAAP items, such as
<FONT STYLE="white-space:nowrap">non-cash</FONT> charges of amortized rents incurred by the Company for its new <FONT STYLE="white-space:nowrap">UK-based</FONT> headquarters. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s management believes that its Adjusted EBITDA measure is useful in evaluating BGC&#146;s operating performance, because the
calculation of this measure generally eliminates the effects of financing and income taxes and the accounting effects of capital spending and acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions.
Such items may vary for different companies for reasons unrelated to overall operating performance. As a result, the Company&#146;s management uses this measure to evaluate operating performance and for other discretionary purposes. BGC believes
that Adjusted EBITDA is useful to investors to assist them in getting a more complete picture of the Company&#146;s financial results and operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Since BGC&#146;s Adjusted EBITDA is not a recognized measurement under GAAP, investors should use this measure in addition to GAAP measures of
net income when analyzing BGC&#146;s operating performance. Because not all companies use identical EBITDA calculations, the Company&#146;s presentation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Furthermore, Adjusted EBITDA is not intended to be a measure of free cash flow or GAAP cash flow from operations because the Company&#146;s Adjusted EBITDA does not consider certain cash requirements, such as tax and debt service payments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For more information regarding Adjusted EBITDA, see the section in the Company&#146;s most recent financial results press release titled
&#147;Reconciliation of GAAP Net Income (Loss) Available to Common Stockholders to Adjusted EBITDA&#148;, including the footnotes to the same, for details about how BGC&#146;s <FONT STYLE="white-space:nowrap">non-GAAP</FONT> results are reconciled
to those under GAAP. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Timing of Outlook for Certain GAAP and <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Items </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BGC anticipates providing forward-looking guidance for GAAP revenues and for certain <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures
from time to time. However, the Company does not anticipate providing an outlook for other GAAP results. This is because certain GAAP items, which are excluded from Adjusted Earnings and/or Adjusted EBITDA, are difficult to forecast with precision
before the end of each period. The Company therefore believes that it is not possible for it to have the required information necessary to forecast GAAP results or to quantitatively reconcile GAAP forecasts to
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> forecasts with sufficient precision without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The relevant items
that are difficult to predict on a quarterly and/or annual basis with precision and may materially impact the Company&#146;s GAAP results include, but are not limited, to the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Certain equity-based compensation charges that may be determined at the discretion of management throughout and
up to the <FONT STYLE="white-space:nowrap">period-end;</FONT> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Unusual, <FONT STYLE="white-space:nowrap">one-time,</FONT> <FONT STYLE="white-space:nowrap">non-ordinary,</FONT>
or <FONT STYLE="white-space:nowrap">non-recurring</FONT> items; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The impact of gains or losses on certain marketable securities, as well as any gains or losses related to
associated <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-</FONT></FONT> market movements and/or hedging. These items are calculated using <FONT STYLE="white-space:nowrap">period-end</FONT> closing prices;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">Non-cash</FONT> asset impairment charges, which are calculated and analyzed
based on the <FONT STYLE="white-space:nowrap">period-end</FONT> values of the underlying assets. These amounts may not be known until after <FONT STYLE="white-space:nowrap">period-end;</FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Acquisitions, dispositions and/or resolutions of litigation, which are fluid and unpredictable in nature.
</P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Liquidity Defined </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BGC may also use a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure called &#147;liquidity&#148;. The Company considers liquidity to be
comprised of the sum of cash and cash equivalents, reverse repurchase agreements (if any), securities owned, and marketable securities, less securities lent out in securities loaned transactions and repurchase agreements (if any). The Company
considers liquidity to be an important metric for determining the amount of cash that is available or that could be readily available to the Company on short notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For more information regarding Liquidity, see the section in the Company&#146;s most recent financial results press release titled
&#147;Liquidity Analysis&#148;, including any footnotes to the same, for details about how BGC&#146;s <FONT STYLE="white-space:nowrap">non-GAAP</FONT> results are reconciled to those under GAAP. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom29376_7"></A>MATERIAL U.S. FEDERAL TAX CONSIDERATIONS FOR <FONT
STYLE="white-space:nowrap">NON-U.S.</FONT> HOLDERS OF CLASS A COMMON STOCK </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a general discussion of material U.S.
federal income tax considerations with respect to the acquisition, ownership and disposition of shares of our Class&nbsp;A common stock applicable to <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders who acquire such shares in this offering
and hold such shares as a capital asset (generally, property held for investment). For purposes of this discussion, a <FONT STYLE="white-space:nowrap">&#147;non-U.S.</FONT> holder&#148; means a beneficial owner of shares of Class&nbsp;A common stock
(other than an entity or arrangement that is treated as a partnership for U.S. federal income tax purposes) that is not, for U.S. federal income tax purposes, any of the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a citizen or resident of the United States; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a corporation created or organized in the United States or under the laws of the United States, any state thereof
or the District of Columbia; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an estate, the income of which is includible in gross income for U.S. federal income tax purposes regardless of
its source; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a trust if (a)&nbsp;a court within the United States is able to exercise primary supervision over the
administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust or (b)&nbsp;such trust has made a valid election to be treated as a U.S. person for U.S. federal income tax purposes.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This discussion is based upon current provisions of the Internal Revenue Code of 1986, as amended, which we refer to as
the &#147;Code,&#148; Treasury regulations promulgated thereunder, judicial opinions, published positions of the Internal Revenue Service, and other applicable authorities, all of which are subject to change (possibly with retroactive effect). This
discussion does not address all aspects of U.S. federal income taxation that may be important to a particular <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder in light of that <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s
individual circumstances, nor does it address the Medicare tax on net investment income, the alternative minimum tax, or any aspects of U.S. federal estate and gift, state, local, or <FONT STYLE="white-space:nowrap">non-U.S.</FONT> taxes. This
discussion may not apply, in whole or in part, to particular <FONT STYLE="white-space:nowrap">non-U.S.&nbsp;holders</FONT> in light of their individual circumstances or to holders subject to special treatment under the U.S. federal income tax laws
(such as insurance companies, <FONT STYLE="white-space:nowrap">tax-exempt</FONT> organizations, financial institutions, brokers or dealers in securities, &#147;controlled foreign corporations,&#148; &#147;passive foreign investment companies,&#148; <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holders that hold shares of our Class&nbsp;A common stock as part of a straddle, hedge, conversion transaction or other integrated investment, and certain U.S. expatriates). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a partnership (or other entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds shares of our
Class&nbsp;A common stock, the tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. Partners of a partnership holding shares of Class&nbsp;A common stock are encouraged to consult their
own tax advisors as to the particular U.S. federal income tax consequences applicable to them. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>THIS SUMMARY IS FOR GENERAL INFORMATION
ONLY AND IS NOT INTENDED TO CONSTITUTE A COMPLETE DESCRIPTION OF ALL TAX CONSEQUENCES FOR <FONT STYLE="white-space:nowrap">NON-U.S.</FONT> HOLDERS RELATING TO THE ACQUISITION, OWNERSHIP AND DISPOSITION OF SHARES OF OUR CLASS A COMMON STOCK.
PROSPECTIVE HOLDERS OF SHARES OF CLASS A COMMON STOCK ARE ENCOURAGED TO CONSULT WITH THEIR OWN TAX ADVISORS REGARDING THE TAX CONSEQUENCES TO THEM (INCLUDING THE APPLICATION AND EFFECT OF ANY STATE, LOCAL AND FOREIGN INCOME AND OTHER TAX LAWS) OF
THE ACQUISITION, OWNERSHIP AND DISPOSITION OF SUCH SHARES. </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dividends </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In general, any distribution we make to a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder with respect to its shares of our
Class&nbsp;A common stock that constitutes a dividend for U.S. federal income tax purposes will be subject to U.S. withholding tax at a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
rate of 30% of the gross amount, unless the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder is eligible for a reduced rate of withholding tax under an applicable tax treaty and the <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder provides proper certification of its eligibility for such reduced rate. A distribution will constitute a&nbsp;dividend for U.S. federal income tax purposes to the extent of our current or accumulated
earnings and profits as determined for U.S. federal income tax purposes. To the extent that a distribution exceeds our current or accumulated earnings and profits, the excess will constitute a return of capital that is applied against, and will
reduce, the holder&#146;s basis in its shares, but not below zero, and then will be treated as gain from the sale or exchange of such shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Dividends we pay to a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder that are effectively connected with its conduct of a trade or
business within the United States (and, if a tax treaty applies, are attributable to a U.S. permanent establishment of such <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder) will not be subject to U.S. withholding tax, as described above, if
the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder complies with applicable certification and disclosure requirements. Instead, such dividends generally will be subject to U.S. federal income tax on a net income basis in the same manner as
if the non-U.S. holder were a resident of the United States. Dividends received by a foreign corporation that are effectively connected with its conduct of trade or business within the United States may be subject to an additional branch profits tax
at a rate of 30% (or such lower rate as may be specified by an applicable tax treaty). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Gain on Sale or Other Disposition of Shares of Our Class&nbsp;A
Common Stock </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In general, a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder will not be subject to U.S. federal income tax on
any gain realized upon the sale or other disposition of the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s shares of our Class&nbsp;A common stock unless: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the gain is effectively connected with a trade or business carried on by the
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder within the United States (and, if required by an applicable tax treaty, is attributable to a U.S. permanent establishment of such <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder);
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder is an individual and is present in the United States
for 183 days or more in the taxable year of disposition and certain other conditions are met; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">we are or have been a U.S. real property holding corporation, which we refer to as an &#147;USRPHC,&#148; for
U.S. federal income tax purposes at any time within the shorter of the five-year period preceding such disposition or such <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s holding period of the shares. We believe we are not, and do not
anticipate becoming, a USRPHC for U.S. federal income tax purposes. If we were or were to become a USRPHC at any time during the applicable period, however, any gain recognized on a sale or other disposition of shares by a <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder that did not own (directly, indirectly or constructively) more than 5% of the Class&nbsp;A common stock during the applicable period would not be subject to U.S. federal income tax, provided that
Class&nbsp;A common stock is &#147;regularly traded on an established securities market&#148; (within the meaning of Section&nbsp;897(c)(3) of the Code). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Gain that is effectively connected with the conduct of a trade or business in the United States (or so treated) generally will be subject to
U.S. federal income tax, net of certain deductions, at regular U.S. federal income tax rates. If the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder is a foreign corporation, the branch profits tax described above also may apply to such
effectively connected gain. An individual <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder who is subject to U.S. federal income tax because the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder was present in the United States for 183
days or more during the year of sale or other disposition of shares of our Class&nbsp;A common stock will be subject to a flat 30% tax on the gain derived from such sale or other disposition, which may be offset by United States source capital
losses. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Information Reporting, Backup Withholding, and Other Reporting Requirements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We must report annually to the Internal Revenue Service and to each <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder of shares of our
Class&nbsp;A common stock the amount of dividends paid to, and the tax withheld with respect to, each <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder. These reporting requirements apply regardless of whether withholding was reduced or
eliminated by an applicable tax treaty. Copies of this information reporting may also be made available under the provisions of a specific tax treaty or agreement with the tax authorities in the country in which the
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder resides or is established. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder will generally be subject to
backup withholding with respect to dividends paid on its shares of our Class&nbsp;A common stock to such holder unless such holder certifies under penalties of perjury that, among other things, it is a
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder (and the payor does not have actual knowledge or reason to know that such holder is a U.S. person as defined under the Code). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Information reporting and backup withholding generally are not required with respect to the amount of any proceeds from the sale or other
disposition of shares of our Class&nbsp;A common stock by a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder outside the United States through a foreign office of a foreign broker that does not have certain specified connections to the United
States. However, if a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder sells or otherwise disposes of its shares through a U.S. broker or the U.S. offices of a foreign broker, the broker will generally be required to report the amount of
proceeds paid to the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder to the Internal Revenue Service and also backup withhold on that amount unless such <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder provides appropriate
certification to the broker of its status as a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> person or otherwise establishes an exemption (and the payor does not have actual knowledge or reason to know that such holder is a U.S. person as defined
under the Code). Information reporting will also apply if a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder sells or otherwise dispose of its shares of Class&nbsp;A common stock through a foreign broker deriving more than a specified
percentage of its income from U.S. sources or having certain other connections to the United States, unless such broker has documentary evidence in its records that such <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder is a <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> person and certain other conditions are met, or such <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder otherwise establishes an exemption (and the payor does not have actual knowledge or reason to
know that such holder is a U.S. person as defined under the Code). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Backup withholding is not an additional tax. Any amounts withheld
under the backup withholding rules from a payment to a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder can be credited against the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s U.S. federal income tax liability, if any, or
refunded, provided that the required information is furnished to the Internal Revenue Service in a timely manner. <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> holders are encouraged to consult their tax advisors regarding the application of the
information reporting and backup withholding rules to them. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Foreign Account Tax Compliance Act </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Foreign Account Tax Compliance Act, or &#147;FATCA,&#148; and guidance issued and intergovernmental agreements entered into thereunder, may
impose withholding taxes on certain types of payments made to &#147;foreign financial institutions&#148; (as specially defined under FATCA) and certain other <FONT STYLE="white-space:nowrap">non-U.S.</FONT> entities if certification, information
reporting and other specified requirements are not met. FATCA generally imposes a 30% withholding tax on &#147;withholdable payments&#148; if they are paid to a foreign financial institution or to a foreign
<FONT STYLE="white-space:nowrap">non-financial</FONT> entity, unless (i)&nbsp;the foreign financial institution undertakes certain diligence and reporting obligations and other specified requirements are satisfied or (ii)&nbsp;the foreign <FONT
STYLE="white-space:nowrap">non-financial</FONT> entity either certifies it does not have any substantial U.S. owners or furnishes identifying information regarding each substantial U.S. owner and other specified requirements are satisfied.
&#147;Withholdable payments&#148; generally means (i)&nbsp;any payment of interest, dividends, rents and certain other types of generally passive income if such payment is from sources within the United States and (ii)&nbsp;any gross proceeds from
the sale or other disposition of any property of a type that can produce interest or dividends from sources within the United States (including, for example, stock and debt of U.S. corporations). <FONT STYLE="white-space:nowrap">Non-U.S.</FONT>
holders may be required to enter into an agreement with the U.S. Treasury relating to certain reporting, withholding and other obligations under FATCA, or may be required to comply with reporting and other compliance obligations under an
intergovernmental agreement between their country of organization and the U.S. Treasury. If a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder does not provide us with the information necessary to comply with FATCA, it is possible that
distributions to such <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder that are attributable to withholdable payments, such as dividends, will be subject to the 30% withholding tax. Recently proposed Treasury Regulations, which taxpayers
generally may rely on until final Treasury Regulations are issued, currently eliminate FATCA withholding that otherwise could apply to payments of gross proceeds from a sale or other disposition of our Class&nbsp;A common stock. Prospective
investors should consult their own tax advisors regarding the potential application of the FATCA rules. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom29376_8"></A>PLAN OF DISTRIBUTION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have entered into the 2021 sales agreement with CF&amp;Co, under the terms and conditions of which we may issue and sell from time to time
up to $300,000,000 of shares of our Class&nbsp;A common stock through CF&amp;Co as our sales agent. This prospectus relates to the offer and sale of such shares of Class&nbsp;A common stock under such sales agreement under the Registration Statement
of which this prospectus forms a part. We have filed the 2021 sales agreement with the SEC as an exhibit to the Registration Statement, of which this prospectus forms a part. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon instructions from us, CF&amp;Co, as our sales agent, will use commercially reasonable efforts, consistent with its normal trading
practices, to sell shares of our Class&nbsp;A common stock under the 2021 sales agreement pursuant to this prospectus. Sales of shares of Class&nbsp;A common stock, if any, pursuant to this prospectus may be made by any method permitted by law
deemed to be an &#147;at the market offering&#148; as defined in Rule 415(a)(4) under the Securities Act, including, sales made directly on or through the Nasdaq Global Select Market, any other existing trading market for the Class&nbsp;A common
stock, and/or any other method permitted by Rule 415(a)(4) at market prices prevailing at the time of sale or at prices related to such prevailing market prices. As our sales agent, CF&amp;Co will not engage in any transactions that stabilize the
Class&nbsp;A common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">CF&amp;Co will offer and sell the shares of our Class&nbsp;A common stock under the 2021 sales agreement on
any trading day as determined by us and CF&amp;Co. We may designate the maximum amount and minimum price of the shares of Class&nbsp;A common stock to be sold through CF&amp;Co on a daily basis or otherwise determine such amounts together with
CF&amp;Co. Pursuant to the terms and conditions of such sales agreement, CF&amp;Co will use its commercially reasonable efforts to sell on our behalf all of the designated shares of Class&nbsp;A common stock. We may instruct CF&amp;Co not to sell
shares if the sales cannot be effected at or above the minimum price designated by us in any such instruction, or we may instruct CF&amp;Co to sell shares so as to seek to realize a designated minimum price per share for all shares sold over a
designated period or so as to seek to raise a designated minimum dollar amount of gross proceeds from sales of all such shares over a designated period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will pay CF&amp;Co commissions for its services in acting as our sales agent in the offer and sale of our Class&nbsp;A common stock under
the 2021 sales agreement. Under such sales agreement, CF&amp;Co will be entitled to commissions equal to 2.0% of the gross proceeds of any shares of Class&nbsp;A common stock sold pursuant to such sales agreement. We estimate that the total expenses
for the offering, excluding commissions payable to CF&amp;Co under the terms of such sales agreement, will be approximately $120,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Settlement for sales of shares of our Class&nbsp;A common stock under the 2021 sales agreement will occur on the second trading day following
the date on which any sales are made, or such earlier day as required by SEC rule or industry practice for <FONT STYLE="white-space:nowrap">regular-way</FONT> trading, in return for payment of the net proceeds to us. There are no arrangements to
place any of the proceeds of this offering in an escrow, trust or similar account. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the offer and sale of shares of our
Class&nbsp;A common stock on our behalf under the 2021 sales agreement, CF&amp;Co will be deemed to be an &#147;underwriter&#148; within the meaning of the Securities Act, and the commissions payable by us to CF&amp;Co will be deemed to be
underwriting compensation. Under such sales agreement, we have agreed to provide indemnification and contribution to CF&amp;Co against certain civil liabilities, including liabilities under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The offer and sale of shares of our Class&nbsp;A common stock under the 2021 sales agreement will terminate upon the (1)&nbsp;expiration of
the Registration Statement of which this prospectus forms a part, subject to any extension of the effectiveness of such Registration Statement pursuant to Rules 415(a)(5) and (6)&nbsp;under the Securities Act, or (2)&nbsp;other termination of such
sales agreement pursuant to its terms. The sales agreement may be terminated by us or CF&amp;Co pursuant to its terms by giving notice to the other party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">CF&amp;Co will not confirm sales to any accounts over which it or its affiliates exercise discretionary authority without the prior approval
of the customer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">CF&amp;Co, our broker-dealer affiliate, is a member of the Financial Industry Regulatory,
Inc., which we refer to as &#147;FINRA.&#148; Accordingly, offerings of the shares of Class&nbsp;A common stock included in this prospectus in which CF&amp;Co participates will conform to the requirements set forth in Rule 5121 of the Conduct Rules
of FINRA. CF&amp;Co and its affiliates, including Cantor, have provided investment banking services to us and our affiliates in the past and/or may do so in the future. They receive customary fees and commissions for these services. In addition,
they may also receive brokerage services and market data and analytics products from us and our affiliates. For further information about our relationship with Cantor and its affiliates, including CF&amp;Co, see our latest Annual Report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> filed with the SEC, and any updates thereto contained in our subsequent Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> and Current Reports on Form
<FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC, all of which are incorporated by reference herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus in
electronic format may be made available on a website maintained by CF&amp;Co, and CF&amp;Co may distribute this prospectus electronically. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom29376_9"></A>LEGAL MATTERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The validity of the shares of our Class&nbsp;A common stock offered pursuant to this prospectus will be passed upon for us by&nbsp;Stephen M.
Merkel, our Executive Vice President and General Counsel. Mr.&nbsp;Merkel&#146;s address is c/o BGC Partners, Inc., 499 Park Avenue, New York, New York 10022. As of March&nbsp;3, 2021, Mr.&nbsp;Merkel owned (i)&nbsp;no shares of our Class&nbsp;A
common stock held directly by Mr.&nbsp;Merkel, (ii) 35,666 shares of our Class&nbsp;A common stock held in Mr.&nbsp;Merkel&#146;s 401(k) account (as of February&nbsp;28, 2021), (iii)&nbsp;6,258 shares of our Class&nbsp;A common stock held in trusts
for the benefit of Mr.&nbsp;Merkel&#146;s immediate family, of which his spouse is the sole trustee of each trust and Mr.&nbsp;Merkel has the power to remove and replace such trustee;&nbsp;(iv) 273,612
<FONT STYLE="white-space:nowrap">non-exchangeable</FONT> BGC Holdings units; and (v)&nbsp;no exchangeable BGC Holdings units. Mr.&nbsp;Merkel has in the past and may in the future sell shares of Class&nbsp;A common stock and limited partnership
units to us. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain legal matters concerning this offering will be passed upon for us by Morgan, Lewis&nbsp;&amp; Bockius LLP, New York,
New&nbsp;York, which has represented CF&amp;Co and Cantor in other matters and may be expected to continue to do so in the future. CF&amp;Co is being represented in connection with this offering by Cooley LLP, New York, New York. Cooley LLP has
represented CF&amp;Co and Cantor in other matters and may be expected to continue to do so in the future. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom29376_10"></A>EXPERTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The consolidated financial statements of BGC Partners, Inc. appearing in BGC Partners, Inc.&#146;s Annual Report <FONT
STYLE="white-space:nowrap">(Form&nbsp;10-K)&nbsp;for</FONT> the year ended December&nbsp;31, 2020 (including the schedule appearing therein), and the effectiveness of BGC Partners, Inc.&#146;s internal control over financial reporting as of
December&nbsp;31, 2020, have been audited by Ernst&nbsp;&amp; Young LLP, independent registered public accounting firm, as set forth in their reports thereon, included therein, and incorporated herein by reference. Such consolidated financial
statements are incorporated herein by reference in reliance upon such reports given on the authority of such firm as experts in accounting and auditing.</P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom29376_11"></A>WHERE YOU CAN FIND MORE INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We file annual, quarterly and current reports, proxy statements and other information with the SEC. These filings are also available to the
public from the SEC&#146;s website at<I>&nbsp;www.sec.gov</I>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our website address is<I>&nbsp;www.bgcpartners.com</I>. Through our
website, we make available, free of charge, the following documents as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC: our Annual Reports on
<FONT STYLE="white-space:nowrap">Form&nbsp;10-K;&nbsp;our</FONT> proxy statements for our annual and special stockholder meetings; our Quarterly Reports on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q;&nbsp;our</FONT> Current Reports on <FONT
STYLE="white-space:nowrap">Form&nbsp;8-K;&nbsp;Forms</FONT> 3, 4 and 5 and Schedules 13D with respect to our securities filed on behalf of Cantor and CF Group Management, Inc., the general partner of Cantor, our directors and our executive officers;
and amendments to those documents. Our website also contains additional information with respect to our industry and businesses. The information contained on, or that may be accessed through, our website is not part of, and is not incorporated in,
this prospectus. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom29376_12"></A>DOCUMENTS INCORPORATED BY REFERENCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The SEC allows us to &#147;incorporate by reference&#148; into this prospectus the documents that we file with the SEC, which means that we
can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus. We incorporate by reference into this prospectus the following documents: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1094831/000156459021009638/bgcp-10k_20201231.htm">Form
 <FONT STYLE="white-space:nowrap">10-K</FONT></A> for the fiscal year ended December&nbsp;31, 2020 filed on March&nbsp;1, 2021; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our Definitive Proxy Statement on Schedule 14A for our 2021 Annual Meeting of Stockholders filed on
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our Current Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1094831/000156459021007848/bgcp-8k_20210224.htm">Form
 <FONT STYLE="white-space:nowrap">8-K</FONT></A> filed on February&nbsp;24, 2021 (other than as indicated therein); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The description of our Class&nbsp;
A common stock contained in our Registration Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000088981299003453/0000889812-99-003453.txt">Form <FONT STYLE="white-space:nowrap">8-A</FONT></A> for our Class&nbsp;A common stock
filed on November&nbsp;18, 1999, as amended by Amendment No.&nbsp;
1 to our Registration Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000112528201000866/0001125282-01-000866-0001.txt">Form <FONT STYLE="white-space:nowrap">8-A/A</FONT></A> filed on March&nbsp;
7, 2001, as updated by <A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000156459021009638/bgcp-ex41_114.htm">Exhibit 4.1</A> to our Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2020,
filed on March&nbsp;1, 2021, including any amendments or reports filed for the purpose of updating such description; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">all documents filed by us with the SEC pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act
(Commission File Number <FONT STYLE="white-space:nowrap">0-28191)</FONT> after (i)&nbsp;the date of this Registration Statement and prior to the effectiveness of this Registration Statement, and (ii)&nbsp;the date of this prospectus and before the
completion of the offering of the shares of our Class&nbsp;A common stock included in this prospectus. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any statement
contained in this prospectus or any prospectus supplement, or in a document incorporated or deemed to be incorporated by reference herein or therein, shall be deemed to be modified or superseded to the extent that a statement contained herein, or in
any subsequent prospectus supplement or in any subsequently filed document that also is incorporated or deemed to be incorporated by reference herein or therein, modifies or supersedes such statement. Any statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this prospectus or any prospectus supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You may obtain
copies of these documents, at no cost to you, from our website (<I>www.bgcpartners.com</I>), or by writing or telephoning us at the following address: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Investor Relations </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BGC Partners,
Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">499 Park Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">New
York, New York 10022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(212) <FONT STYLE="white-space:nowrap">610-2426</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:2.00pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>BGC PARTNERS, INC. </B></P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g29376g73p87.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Up to $300,000,000 of Shares </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>of </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Class&nbsp;A Common
Stock </B></P> <P STYLE="font-size:60pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PROSPECTUS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g29376g40s45.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:60pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021 </B></P>
<P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:4.5pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Information Not Required in Prospectus </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;14.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Other Expenses of Issuance and Distribution. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth the costs and expenses, other than any underwriting discounts and/or commissions, payable in connection with the
offering of the shares of Class&nbsp;A common stock being registered, all of which will be paid by BGC Partners, Inc., which we refer to as &#147;the Registrant.&#148; All amounts are estimates except the Securities and Exchange Commission, which we
refer to as the &#147;SEC,&#148; registration fee. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="83%"></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SEC registration fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22,993</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Printing and engraving expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Legal fees and expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">65,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounting fees and expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transfer agent and registrar fees and expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">120,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;15.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Indemnification of Directors and Officers. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;145 of the Delaware General Corporation Law , which we refer to as the &#147;DGCL,&#148; provides that a corporation may indemnify
directors and officers as well as other employees and individuals against expenses (including attorneys&#146; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with any threatened,
pending or completed actions, suits or proceedings in which such person is made a party by reason of such person being or having been a director, officer, employee or agent of the Registrant. The DGCL provides that Section&nbsp;145 is not exclusive
of other rights to which those seeking indemnification may be entitled under any bylaws, agreement, vote of stockholders or disinterested directors or otherwise. The Registrant&#146;s Restated Certificate of Incorporation and Amended and Restated
Bylaws provide for indemnification by the Registrant of its directors and officers to the fullest extent permitted by the DGCL. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;102(b)(7) of the DGCL permits a corporation to provide in its certificate of incorporation that a director of the corporation
shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (1)&nbsp;for any breach of the director&#146;s duty of loyalty to the corporation or its
stockholders, (2)&nbsp;for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (3)&nbsp;for unlawful payments of dividends or unlawful stock repurchases, redemptions or other distributions or
(4)&nbsp;for any transaction from which the director derived an improper personal benefit. The Registrant&#146;s Restated Certificate of Incorporation provides for such limitation of liability to the fullest extent permitted by the DGCL. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Registrant maintains standard policies of insurance under which coverage is provided (1)&nbsp;to its directors and officers against loss
arising from claims made by reason of breach of duty or other wrongful act, while acting in their capacity as directors and officers of the Registrant, and (2)&nbsp;to the Registrant with respect to payments which may be made by the Registrant to
such officers and directors pursuant to any indemnification provision contained in the Registrant&#146;s Restated Certificate of Incorporation and Amended and Restated Bylaws or otherwise as a matter of law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any underwriting agreement or agency agreement that may be entered into connection with sales under this Registration Statement will likely
provide for indemnification of directors and certain officers of the Registrant by the underwriters or agents against certain liabilities, including liabilities under the Securities Act of 1933, as amended, which we refer to as the &#147;Securities
Act.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;16. Exhibits. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Exhibit
Index set forth below is incorporated by reference in response this Item 16. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following exhibits are included or incorporated by reference in this Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (certain
documents have been previously filed with the SEC pursuant to the Exchange Act (Commission File Number <FONT STYLE="white-space:nowrap">0-28191)):</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit Title</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;1.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Controlled Equity Offering<SUP STYLE="font-size:85%; vertical-align:top">SM</SUP> Sales Agreement between BGC Partners, Inc. and Cantor Fitzgerald&nbsp;&amp; Co., dated
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021*</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;2.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312508025543/ddefm14a.htm">Agreement and Plan of Merger, dated as of May<U></U> 29, 2007, by and among eSpeed, Inc., BGC Partners, Inc., Cantor Fitzgerald, L.P., BGC Partners,
 L.P., BGC Global Holdings, L.P. and BGC Holdings, L.P. (incorporated by reference to the Registrant&#146;s Definitive Proxy Statement on Schedule&nbsp;14A filed with the SEC on February<U></U>&nbsp;11, 2008) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;2.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312508025543/ddefm14a.htm">Amendment No.<U></U>&nbsp;1, dated as of November<U></U>&nbsp;5, 2007, to the Agreement and Plan of Merger, dated as of May<U></U>&nbsp;
29, 2007, by and among eSpeed, Inc., BGC Partners, Inc., Cantor Fitzgerald, L.P., BGC Partners, L.P., BGC Global Holdings, L.P. and BGC Holdings, L.P. (incorporated by reference to the Registrant&#146;s Definitive Proxy Statement on Schedule 14A filed with
 the SEC on February<U></U>&nbsp;11, 2008) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;2.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312508025543/ddefm14a.htm">Amendment No.<U></U>&nbsp;2, dated as of February<U></U>&nbsp;1, 2008, to the Agreement and Plan of Merger, dated as of May<U></U>&nbsp;
29, 2007, by and among eSpeed, Inc., BGC Partners, Inc., Cantor Fitzgerald, L.P., BGC Partners, L.P., BGC Global Holdings, L.P. and BGC Holdings, L.P. (incorporated by reference to the Registrant&#146;s Definitive Proxy Statement on Schedule 14A filed with
 the SEC on February<U></U>&nbsp;11, 2008) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;2.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312508076419/dex24.htm">Separation Agreement, dated as of March<U></U>&nbsp;
31, 2008, by and among Cantor Fitzgerald, L.P., BGC Partners, LLC, BGC Partners, L.P., BGC Global Holdings, L.P. and BGC Holdings, L.P. (incorporated by reference to Exhibit 2.4 to the Registrant&#146;s Current Report on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on April<U></U>&nbsp;7, 2008) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;2.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312513324796/d557162dex21.htm">Purchase Agreement, dated as of April<U></U>&nbsp;
1, 2013, by and among BGC Partners, Inc., BGC Partners, L.P., The NASDAQ OMX Group, Inc., and for certain limited purposes, Cantor Fitzgerald, L.P. (incorporated by reference to Exhibit<U></U>&nbsp;
2.1 to the Registrant&#146;s Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> filed with the SEC on August<U></U>&nbsp;8, 2013) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;2.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312515062642/d881063dex21.htm">Tender Offer Agreement executed by BGC Partners, Inc., BGC Partners, L.P. and GFI Group Inc., dated February<U></U>&nbsp;
19, 2015 (incorporated by reference to Exhibit 2.1 to the Registrant&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on February<U></U>&nbsp;25, 2015) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;2.7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312515380877/d65842dex101.htm">Stock Purchase Agreement by and among GFINet, Inc., GFI TP Holdings Pte Ltd, Intercontinental Exchange, Inc., and, solely for the purposes set
 forth therein, GFI Group Inc. and BGC Partners, Inc. (incorporated by reference to Exhibit 10.1 to the Registrant&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on November<U></U>&nbsp;18, 2015)
</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;2.8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312515412791/d109454dex21.htm">Agreement and Plan of Merger, dated December<U></U>&nbsp;
22, 2015, by and among BGC Partners, Inc., JPI Merger Sub 1, Inc., JPI Merger Sub 2, LLC, Jersey Partners Inc., New JP Inc., Michael Gooch and Colin Heffron (incorporated by reference to Exhibit 2.1 to the Registrant&#146;s Current Report on <FONT
STYLE="white-space:nowrap">Form&nbsp;8-K</FONT> filed with the SEC on December<U></U>&nbsp;23, 2015) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;2.9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312517232460/d423378dex21.htm">Transaction Agreement, dated as of July<U></U>&nbsp;
17, 2017, by and among BGC Partners, Inc. BGC Partners, L.P., Cantor Fitzgerald, L.P., Cantor Commercial Real Estate Company, L.P., Cantor Sponsor, L.P., CF Real Estate Finance Holdings, L.P. and CF Real Estate Finance Holdings GP, LLC (incorporated by
 reference to Exhibit 2.1 to the Registrant&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on July<U></U>&nbsp;21, 2017) </A></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="90%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit Title</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;2.10</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312518334553/d658901dex21.htm">Amended and Restated Separation and Distribution Agreement, dated as of November<U></U> 23, 2018, by and among Cantor Fitzgerald, L.P., BGC Partners,
Inc., BGC Holdings, L.P., BGC Partners, L.P., BGC Global Holdings, L.P., Newmark Group, Inc., Newmark Holdings, L.P. and Newmark Partners, L.P. (incorporated by reference to Exhibit 2.1 to the Registrant&#146;s Current Report on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> filed on November<U></U>&nbsp;27, 2018) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;3.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312516675363/d219378dex31.htm">Restated Certificate of Incorporation of BGC Partners, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant&#146;s Quarterly Report
 on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> filed with the SEC on August<U></U>&nbsp;8, 2016) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;3.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312508076419/dex32.htm">Amended and Restated Bylaws of BGC Partners, Inc. (incorporated by reference to Exhibit 3.2 to the Registrant&#146;s Current Report on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on April<U></U>&nbsp;7, 2008) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000156459021009638/bgcp-ex41_114.htm">Description of Registrant&#146;s Securities Registered under Section&nbsp;
12 of the Securities Exchange Act of 1934, as amended (incorporated by reference to Exhibit 4.1 to the Registrant&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> filed with the SEC on March&nbsp;1, 2021) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312508084138/dex41.htm">Specimen Class&nbsp;A Common Stock Certificate (incorporated by reference to Exhibit 4.1 to the Registrant&#146;s Registration Statement on Form <FONT
STYLE="white-space:nowrap">S-1</FONT> filed with the SEC on April&nbsp;18, 2008) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312512284236/d372942dex41.htm">Indenture, dated as of June&nbsp;
26, 2012, between BGC Partners, Inc. and U.S. Bank National Association, as Trustee, (incorporated by reference to Exhibit 4.1 to the Registrant&#146;s Current Report on <FONT STYLE="white-space:nowrap">Form&nbsp;
8-K</FONT> filed with the SEC on June&nbsp;27, 2012) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312516607880/d178246dex42.htm">Third Supplemental Indenture, dated as of May&nbsp;
27, 2016, by and between BGC Partners, Inc. and U.S. Bank National Association, as Trustee, relating to the 5.125% Senior Notes due 2021 (incorporated by reference to Exhibit 4.2 to the <FONT STYLE="white-space:nowrap">Registrant&#146;s&nbsp;
Form&nbsp;8-K&nbsp;filed</FONT> with the SEC on May&nbsp;31, 2016) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312516607880/d178246dex42.htm">Form of 5.125% Senior Notes due 2021 (incorporated by reference to Exhibit 4.2 to the Registrant&#146;s Current Report on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on May&nbsp;31, 2016) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000156459018017349/bgcp-ex42_8.htm">Fourth Supplemental Indenture, dated as of July&nbsp;
24, 2018, by and between BGC Partners, Inc. and U.S. Bank National Association, as Trustee, relating to the 5.375% Senior Notes due 2023 (incorporated by reference to Exhibit 4.2 to the <FONT STYLE="white-space:nowrap">Registrant&#146;s&nbsp;
Form&nbsp;8-K&nbsp;filed</FONT> with the SEC on July&nbsp;25, 2018) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000156459018017349/bgcp-ex42_8.htm">Form of 5.375% Senior Notes due 2023 (incorporated by reference to Exhibit 4.2 to the Registrant&#146;s Current Report on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on July&nbsp;25, 2018) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312519258938/d779157dex41.htm">Indenture, dated as of September&nbsp;
27, 2019, between BGC Partners, Inc. and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant&#146;s <FONT STYLE="white-space:nowrap">Form&nbsp;8-K&nbsp;
filed</FONT> with the SEC on September&nbsp;30, 2019) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312519258938/d779157dex42.htm">First Supplemental Indenture, dated as of September&nbsp;
27, 2019, between BGC Partners, Inc. and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Registrant&#146;s <FONT STYLE="white-space:nowrap">Form&nbsp;8-K&nbsp;
filed</FONT> with the SEC on September&nbsp;30, 2019) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.10</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312519258938/d779157dex42.htm">Form of BGC Partners, Inc. 3.750% Senior Notes due 2024 (incorporated by reference to Exhibit 4.3 to the Registrant&#146;s <FONT
STYLE="white-space:nowrap">Form&nbsp;8-K&nbsp;filed</FONT> with the SEC on September&nbsp;30, 2019) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.11</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312520192324/d940605dex42.htm">Second Supplemental Indenture, dated as of July&nbsp;
10, 2020, between BGC Partners, Inc. and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Registrant&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on July&nbsp;14,
 2020) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.12</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1094831/000119312520192324/d940605dex42.htm">Form of BGC Partners, Inc. 4.375% Senior Notes due 2025 (incorporated by reference to Exhibit 4.3 to the Registrant&#146;s Current Report on Form
 <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on July&nbsp;14, 2020) </A></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="90%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit Title</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d29376dex51.htm">Opinion of Stephen M. Merkel </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d29376dex231.htm">Consent of Ernst&nbsp;&amp; Young LLP </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d29376dex51.htm">Consent of Stephen M. Merkel (included in Exhibit 5.1) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>24.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#sig">Powers of Attorney (included on the signature page of the Registration Statement) </A></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be filed by amendment.</P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;17.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Undertakings. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The undersigned Registrant hereby undertakes: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) to include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) to reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
offered and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission (the &#147;Commission&#148;) pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than 20&nbsp;percent change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective Registration Statement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or
any material change to such information in the Registration Statement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>provided,</I><I></I><I>&nbsp;however,</I> that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Paragraphs (i), (ii)&nbsp;and (iii)&nbsp;do not apply if the information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Securities and Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), that are
incorporated by reference in the Registration Statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a
new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial<I> bona fide</I> offering thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) That, for the purpose of determining liability under the Securities Act to any purchaser: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Each prospectus filed by a Registrant pursuant to Rule&nbsp;424(b)(3) shall be deemed to be part of the Registration Statement as of the
date the filed prospectus was deemed part of and included in the Registration Statement; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Each prospectus required to be filed
pursuant to Rule&nbsp;424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule&nbsp;430B relating to an offering made pursuant to Rule&nbsp;415(a)(1)(i), (vii)&nbsp;or (x)&nbsp;for the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
purpose of providing the information required by Section&nbsp;10(a) of the Securities Act shall be deemed to be part of and included in the Registration Statement as of the earlier of the date
such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule&nbsp;430B, for liability purposes of the issuer and any person that is
at that date an underwriter, such date shall be deemed to be a new effective date of the Registration Statement relating to the securities in the Registration Statement to which that prospectus relates, and the offering of such securities at that
time shall be deemed to be the initial<I> bona fide</I> offering thereof.<I> Provided</I>,<I> however</I>, that no statement made in a registration statement or prospectus that is part of the Registration Statement or made in a document incorporated
or deemed incorporated by reference into the Registration Statement or prospectus that is part of the Registration Statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that
was made in the Registration Statement or prospectus that was part of the Registration Statement or made in any such document immediately prior to such effective date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) That, for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of
the securities, the undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this Registration Statement, regardless of the underwriting method used to sell the securities to the purchaser,
if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;Any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to
Rule&nbsp;424; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or
used or referred to by the undersigned Registrant; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;The portion of any other free writing prospectus relating to the offering
containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;Any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) That, for purposes of determining any liability under the Securities Act, each filing of the Registrant&#146;s annual report pursuant to
Section&nbsp;13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s annual report pursuant to Section&nbsp;15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement
shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial<I> bona fide</I> offering thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of
any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, BGC Partners, Inc. certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form <FONT STYLE="white-space:nowrap">S-3</FONT> and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in New York, New York on
March&nbsp;8, 2021. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BGC PARTNERS, INC.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Howard W. Lutnick</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Howard W. Lutnick</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Chairman and Chief Executive Officer</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sig"></A>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the undersigned, whose signature appears below, hereby constitutes and appoints Howard W. Lutnick and Stephen M. Merkel, and each of
them, his or her true and lawful <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead,
in any and all capacities, to sign any or all amendments to this Registration Statement, whether <FONT STYLE="white-space:nowrap">pre-effective</FONT> or post-effective, and to file the same with all exhibits thereto and other documents in
connection therewith, with the Securities and Exchange Commission, granting unto said <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and agents full power and authority to do and perform each and
every act and thing necessary or appropriate to be done with respect to this Registration Statement or any amendments hereto in the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and
confirming all that said <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and agents, or any of them, or his or their substitute or substitutes, may lawfully do or cause to be done by virtue thereof.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons on
behalf of the registrant, BGC Partners, Inc., in the capacities and on the date indicated. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Capacity in Which Signed</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Howard W. Lutnick</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Howard W. Lutnick</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chairman of the Board and Chief Executive Officer (Principal Executive Officer)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">March&nbsp;8,&nbsp;2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Steven Bisgay</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Steven Bisgay</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer (Principal Financial and Accounting Officer)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">March&nbsp;8,&nbsp;2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Linda A. Bell</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Linda A. Bell</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">March&nbsp;8,&nbsp;2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Stephen T. Curwood</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Stephen T. Curwood</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">March&nbsp;8,&nbsp;2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ William J. Moran</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">William J. Moran</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">March&nbsp;8,&nbsp;2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ David Richards</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">David Richards</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">March&nbsp;8,&nbsp;2021</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-6 </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>d29376dex51.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LETTERHEAD OF BGC PARTNERS, INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">March&nbsp;8, 2021 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BGC Partners, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">499 Park Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY 10022 </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="96%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Re:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">BGC Partners, Inc.; Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> filed on March&nbsp;8, 2021</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I am the
Executive Vice President and General Counsel of BGC Partners, Inc. (the &#147;<U>Company</U>&#148;). In connection with the Controlled Equity Offering<SUP STYLE="font-size:85%; vertical-align:top">SM</SUP> sales agreement (the &#147;<U>Sales
Agreement</U>&#148;) to be entered into between the Company and Cantor Fitzgerald&nbsp;&amp; Co., pursuant to which the Company may offer and sell up to $300,000,000 of shares (the &#147;<U>Shares</U>&#148;) of the Company&#146;s Class&nbsp;A common
stock, par value $0.01 per share (the &#147;<U>Class</U><U></U><U>&nbsp;A Common Stock</U>&#148;), under the Company&#146;s above-referenced Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (the &#147;Registration
Statement&#148;) from time to time through Cantor Fitzgerald&nbsp;&amp; Co., as the Company&#146;s sales agent under the Sales Agreement, as described in the prospectus contained in the Registration Statement (the &#147;<U>Prospectus</U>&#148;)
filed with the Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;), you have requested my opinion with respect to the matters set forth below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the purposes of this opinion letter, I, or attorneys working under my direction (collectively, &#147;we&#148;), have examined the Registration Statement,
the Prospectus, the Sales Agreement and the originals, or duplicates or certified or conformed copies, of such corporate records, agreements, documents and other instruments, including the Restated Certificate of Incorporation and the Amended and
Restated Bylaws of the Company, and have made such other investigations as we have deemed relevant and necessary in connection with the opinions set forth below. As to questions of fact material to this opinion letter, we have relied, upon oral and
written representations and certificates of officers of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In making such examination and rendering the opinions set forth below, we have
assumed without verification the genuineness of all signatures, the authenticity of all documents submitted to us as originals, that all documents submitted to us as copies are true and correct copies of the originals, the authenticity of the
originals of such documents submitted to us as copies, and the legal capacity of all individuals executing any of the foregoing documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have
assumed that the Shares will be sold in all events for cash consideration per Share equal to or greater than the par value of the Class&nbsp;A Common Stock. We have also assumed that the Shares will be duly authenticated by the transfer agent and
registrar for the Class&nbsp;A Common Stock. We have further assumed that any certificates evidencing the Shares to be issued will be manually signed by one of the authorized officers of the transfer agent and registrar for the Class&nbsp;A Common
Stock, registered by such transfer agent and registrar and conform to the specimen Class&nbsp;A Common Stock certificate examined by us evidencing the Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based upon the foregoing, and subject to the qualifications, assumptions and limitations stated herein, I am of the opinion that, when the Shares have been
issued, delivered and paid for in the manner contemplated by and upon the terms and conditions set forth in the Registration Statement, the Prospectus and the Sales Agreement, the Shares will be validly issued, fully paid and <FONT
STYLE="white-space:nowrap">non-assessable.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I am a member of the bar of the State of New York, and I do not express any opinion herein concerning
any law other than the laws of the State of New York and the Delaware General Corporation Law (including the statutory provisions, all applicable provisions of the Delaware Constitution and reported judicial decisions interpreting the foregoing).
</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement and the
use of my name under the caption &#147;Legal Matters&#148; in the Prospectus. In giving such consent, I do not thereby admit that I am in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act, and the rules and
regulations of the SEC promulgated thereunder. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Stephen M. Merkel</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stephen M. Merkel</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice President
and</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">General Counsel</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>d29376dex231.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-23.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 23.1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Consent of Independent Registered Public Accounting Firm </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We consent to the reference to our firm under the caption &#147;Experts&#148; in the Registration Statement (Form <FONT STYLE="white-space:nowrap">S-3)</FONT>
and related Prospectus of BGC Partners, Inc. for the registration of $300,000,000 of shares of its Class&nbsp;A common stock and to the incorporation by reference therein of our reports dated March&nbsp;1, 2021 with respect to the consolidated
financial statements and schedule of BGC Partners, Inc. and the effectiveness of internal control over financial reporting of BGC Partners, Inc. included in its Annual Report (Form <FONT STYLE="white-space:nowrap">10-K)</FONT> for the year ended
December&nbsp;31, 2020, filed with the Securities and Exchange Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Ernst&nbsp;&amp; Young LLP </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;8, 2021 </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g29376g40s45.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g29376g40s45.jpg
M_]C_X  02D9)1@ ! 0(!>0%Y  #_[1=44&AO=&]S:&]P(#,N,  X0DE-! 0
M    %SB^640X0DE-! 0      %<< @   @  ' )0  AR<C,W-SDU,AP"!0 ^
M36EC<F]S;V9T(%=O<F0@+2!,14=!3"U?,38R,C0U+78R+4)'0U]3+3-?,C R
M,5\M7U!/4U]!35\R+F1O8W@ .$))300E       0NZ*%I8$ZMB8]:N<K95F'
M^CA"24T$.@      Y0   !     !       +<')I;G1/=71P=70    %
M %!S=%-B;V]L 0    !);G1E96YU;0    !);G1E     $-L<FT    /<')I
M;G13:7AT965N0FET8F]O;      +<')I;G1E<DYA;65415A4     0
M#W!R:6YT4')O;V93971U<$]B:F,    , %  <@!O &\ 9@ @ %, 90!T '4
M<       "G!R;V]F4V5T=7     !     $)L=&YE;G5M    #&)U:6QT:6Y0
M<F]O9@    EP<F]O9D--64L .$))300[      (M    $     $      !)P
M<FEN=$]U='!U=$]P=&EO;G,    7     $-P=&YB;V]L      !#;&)R8F]O
M;       4F=S36)O;VP      $-R;D-B;V]L      !#;G1#8F]O;
M3&)L<V)O;VP      $YG='9B;V]L      !%;6Q$8F]O;       26YT<F)O
M;VP      $)C:V=/8FIC     0       %)'0D,    #     %)D("!D;W5B
M0&_@            1W)N(&1O=6) ;^            !";" @9&]U8D!OX
M         $)R9%15;G1&(U)L=                $)L9"!5;G1&(U)L=
M             %)S;'15;G1&(U!X;$!RP           "G9E8W1O<D1A=&%B
M;V]L 0    !09U!S96YU;0    !09U!S     %!G4$,     3&5F=%5N=$8C
M4FQT                5&]P(%5N=$8C4FQT                4V-L(%5N
M=$8C4')C0%D            08W)O<%=H96Y0<FEN=&EN9V)O;VP     #F-R
M;W!296-T0F]T=&]M;&]N9P         ,8W)O<%)E8W1,969T;&]N9P
M   -8W)O<%)E8W12:6=H=&QO;F<         "V-R;W!296-T5&]P;&]N9P
M    .$))30/M       0 [_^-0 "  $#O_XU  (  3A"24T$)@      #@
M           _@   .$))300-       $    6CA"24T$&0      !    !XX
M0DE- _,       D           $ .$))32<0       *  $          3A"
M24T#]0      2  O9F8  0!L9F8 !@       0 O9F8  0"AF9H !@
M 0 R     0!:    !@       0 U     0 M    !@       3A"24T#^
M    <   _____________________________P/H     /______________
M______________\#Z     #_____________________________ ^@
M_____________________________P/H   X0DE-! @      !     !   "
M0    D      .$))300>       $     #A"24T$&@     #0P    8
M         ,,   /1    !P!3 %0 7P P #, ,0!!     0
M           !              /1    PP                     !
M                     !     !        ;G5L;     (    &8F]U;F1S
M3V)J8P    $       !28W0Q    !     !4;W @;&]N9P          3&5F
M=&QO;F<          $)T;VUL;VYG    PP    !29VAT;&]N9P   ]$    &
M<VQI8V5S5FQ,<P    %/8FIC     0      !7-L:6-E    $@    =S;&EC
M94E$;&]N9P         '9W)O=7!)1&QO;F<         !F]R:6=I;F5N=6T
M   ,15-L:6-E3W)I9VEN    #6%U=&]'96YE<F%T960     5'EP965N=6T
M   *15-L:6-E5'EP90    !);6<@    !F)O=6YD<T]B:F,    !
M4F-T,0    0     5&]P(&QO;F<          $QE9G1L;VYG          !"
M=&]M;&]N9P   ,,     4F=H=&QO;F<   /1     W5R;%1%6%0    !
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M3001       ! 0 X0DE-!!0       0    $.$))300,      RQ     0
M *     @   !X   /     R5 !@  ?_8_^T #$%D;V)E7T--  +_[@ .061O
M8F4 9(     !_]L A  ," @("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,
M# P,#!$,# P,# P,# P,# P,# P,# P,# P,# P,# P, 0T+"PT.#1 .#A 4
M#@X.%!0.#@X.%!$,# P,#!$1# P,# P,$0P,# P,# P,# P,# P,# P,# P,
M# P,# P,# S_P  1"  @ * # 2(  A$! Q$!_]T !  *_\0!/P   04! 0$!
M 0$          P ! @0%!@<("0H+ 0 !!0$! 0$! 0         !  (#! 4&
M!P@)"@L0  $$ 0,"! (%!P8(!0,,,P$  A$#!"$2,05!46$3(G&!,@84D:&Q
M0B,D%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$
MP]-UX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G
M]Q$  @(! @0$ P0%!@<'!@4U 0 "$0,A,1($05%A<2(3!3*!D12AL4(CP5+1
M\#,D8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C
M\T:4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H # ,!
M  (1 Q$ /P#T#ZQ?6+"Z!@_:<C]);82W'QVF'6/C_H5,_P -;_@_^,].NSR_
MJ7US^L?4;=SLQ^,TGV48I-0$_F[JSZ]O]NQ3^N_4[.H_63*DGTL-QQ:6^'IG
M],?[>1ZG_@:ZS_%IT2BOISNLVL#LG)>]E#S!V5,/I.V?N.MM;9ZG\CTU>C"&
M'$,DH\4CW\>C5E*67(81/#&.]/#4?6#ZP8MH-74<ICZS.Q]KW@'GWT9!LK_S
MZUZ3]2?K50
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
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MD<D+L%B:632R*=H.^M@JC?C./.C_ $5\9/ZI;(_>ETQWS!<F_P!OYB^^8_\
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MJ3]=R;HA*@[\DS./YL\4/Q%YG_%CEVQ-"X7(W^JAC@-=232HWF6=;!U5A#R
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M)<@KW%/(D%(8I'.>1[G*J]7*.**&-(H8TBBC4)'%&BQQQHHTJ(B@*BJ  JJ
M !H<55W>1WDE=I)'8O))(Q=W=CMG=VVS,QV69B23LGOPW3V8.R1B-WB&*<MN
M8^)"R(F2 C9!J#2.11T)1 HR.'(JLXV+4F'XMY-LQK)N/8G-]=2*I,"QOHDZ
M3-! K%I\5/%FS#:L\L\K6F@\@M#E,O VIC,.TE.A*I_)+$=I8LKJ4S*T==T6
M-GD8'PV\,J\]>#F'F.N)A,%FQN+F7\EY6]I;NQD:D\S0>"NVX_+(DF5RZI&V
M/=Y!ANO,=):9%=8WA.*4<-K2V%S8UF.T%1 B!\-:27.-#KH$2-'%]U'$$$(1
M_1&L;]%OBAM7IQ%7AGN6IG)$<223SRN[=R%17D=F8]SHDL>_<\'V6:K2@\R>
M6"I6A4 O*\<$,:*- =3%(T50.P[  =NW$&<G[L?;AQ"Q?5W/,+3+YHWF&1E'
MD!LJ (D<K@&$:9BT*YA!*PK7-]HLAI'(GK8US/O=7"MX;<]VD\R+E;*A= @S
M0K6)##:D+9>%V!'J0I /8G?;BK3^(/)=9S'+S'C2P)!\F5K*@J=$%JR2J#OT
M!()'<;&CQ[+77<DX%[7F1:W!.6>CK:TFN<V+4SL[J,<MSN:9D?TBJ<F+3V+W
M$,0; -2-ZI'K8X"$:YKEQ;_(?.6,1I+G+68CC0;>1*<D\2C3-LR5Q+&  K$D
MMH '9'&12YVY2R#+'4YAQ<DCG21/:2"5B&"Z$5CRG))(Z0%VV_=!XFE&EQ)T
M8,R'*CRX<D0SQY44XSQI "M1XC!.%[Q%$5CD<,@WN8]JHK55%1>JFRLI*.K*
MRDAE=2K*0=$,K $$'U! (XM"LK*&5@RL RLI!4J1L$$=B".X(.B. W<^NR7Q
M2YH1+G+\9IX>A]ZR6RY@=C8'518]/DEJ4;E&NP\.CI'K<@&<_I)*N*Y:?*'/
M_G"W$P3%AE*7)OBSS'RJT-6Q*V:PR]*&A<E9IJ\0([4+;=3P$*/=BD\VMV $
M2$]8&_-?AC@>8UFLUHTQ.6<L_ME6,"&Q*1ZW:JE4EZCW::,Q6-]S*XVC(W\Q
M^#?(;@OL<FN][X@^M9-?*+B&;T[C6."9Y5QGM:ZRQ>^4 $,X;2!6=43P0;RI
M>80[.MBJ4*E;CE?FW"<WT!?PUD2=(46:D@5+=*1@2(K,/4Q!.CT2(9() "8Y
M6T0%?YBY9R_*]TTLM7,18L:]A"7JVXU('F5IM ..XZHV"31[ DB38W'06N=A
M&&,P<#S,H2L8011XO=D&49&H]A!O9!5KV/:J.8]JJUS514545%ZWC7*BD@VZ
MNP2"/:8 00=$$&0$$?$$<:<5K# $03Z/IN&7N/K&D.P?@>.CM\?OL?*(-]26
M](8[%($-O6S:TIAHOI4@AS0A>1B.16JYB*U%3QY\]>L<T4P+0RQ2A3TL8Y$D
M"G6]$HS '7?CSDBDB(62-T)&P'1D)'IL!PI(^T C8(WOCJ.O3CIQMG0^WLIT
M%N;6.Y\+L)-;DFM<UQ_+:\\9Y6*=M38@D3:V0T)XSY$"W@-DU=E#60)DV!,D
MQ"$:,SE379?&5\UB\AB;:+)7R%2>K(& .O-C9%D7J!421.5DC8@]$B*P].,[
M&Y&QB<A3R=5S'/1LQ68V!(V87#E&UW*2*&CD7>GC9D.P3Q:"?QA,7_S?<_\
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M,B=BX/ +/QJ6A_4EM_V_POW/]%W_ -G>?]+(O^2/_P!UX%_S[1?HRW_./_\
M*XE=PF[_  ;FIR0P+CYCG$*RQ'\*TO+&_P VE[JBW5=A>,8U1S[VYR.RKVZO
MJ6GC1PPF1!#+:5XSSIL.-\TQYV(ZN<V>#(Y4P-W-S\SQV?9?)2&HN)>%[=B>
M:.&*".3Y1E*LQ<N2(GTB.Q70)XWO+7BRW,F:IXB'EYJ_M)E::R<IYRUH((GF
MEG=/D^$%55.D R)MW1=@L-K&=WOFV7F_S&S3+J&R67J/6ZFUEIX(E>V+*QBC
MG2%LLK:-SO2^1FE\2?=LD.&(Z4KZ.N.BK6L7I@/#/E,<H\K5*DT?1DKY&1RI
M/TA9F1?+K[T"%J0=$/2=@3>>ZG4G 0\0.9CS1S':MQ/U8^GNCC .P-:)V+SZ
M_I6IB\W5Z^28$;O'P+GH@?Q]7%)X?C[5_(/MV\*>%VJ]3VO+?CU"V);Q"["V
MT5FP*+WS;#R\<>790)!1F5IEQ>L%4X>$C7*PH,?&=$1QG^4X\1,)SQS7S7DL
ME%RSG'H1,*.+!H3@"C5++&Z@@E19E:6VP^#SL/0 !JN0LSR=RSRU0H2\P8A+
MLH-W(_RN,DW;(4NA8>OL\2Q50?0K""/4\+N=_C:.C=U<UL<V;H;9F$[2QR_T
M9AD3(+S!KJ)>0(F44>29I5EKY\F(YS!6#*(5$90N<KTB&BO\(U[>C=X,X[,8
MGE*?'YG'V\=/!F+CP0W(FA=JTT%.3S$1P"8S.TPV.W6&]"#L0>*U[%9/FE+^
M)NUK\,^*IK--5=9$%B*:W&T;LOYZPK VCWZ77OK0 /\ HL\#3A]_X;K:+LR[
M?5CA4N0KSZ=W-GF,QP.(XB@H\BB4>?PR-8K400RVN3W[&C:KT5P"$]7DBL8G
M'CMCA5YU2VB@)E<13L,=:ZIH&FHN"3](B*O#L]AH@:[;+5^#%\V>4IJK$[QN
M4MPJ.YU#82&ZI'KH&6Q. /4E2>$FN4^QR[@Y+;^VD0RR&Y]N'8N51B*V6QOR
M%QE=K,KAC%.(66 (8!(P@1Y!'$CA8P"^/;]*-AR_0^2\%AL=K1HXNA58'IWU
MPUHTD)* *69PS,P #L2VN_"SYJZ<CF,K?)W[9D;ED'WOHS6))$T&)8 (R@*2
M2HTOPXT+UMQ_&OK^'_CQK/VZ^WZOM_9P^!S([=[-Q=EC2.NL?I2&VWQGT7K_
M &EA HM2*':V%Q4X+%G;'Q5\ 7N&^9RFKF7)'PQ/4\[+*ZDD2'/>PC7I_P K
M\[_)GBOE[\TH7%\P9B]CK9:3JCCAENLM"R'/2H6O(D0ZB.E*TDRJ -$-)S%R
M=\H>&6*J11%LC@\53OU@L8$CR)55[U?IT6+3QM*W3ZO9CB9O>&^$/U14545/
M"I]%1?RHO^1>G X5O]N_M^O[>.?4Y&JQ'.1CG-<YOE?2KFHY&N5OY%<U'O1J
MJGE$>Y$\(Y?,_P#UZ?9Q/X_C_$\<=3B<-S_"S:T]=ERWW%(%]8\'6>M*<R/D
MM\?-GR3*,C$X?MI#+Y^1Q9S'H5\F/X>U1C%*1Q5K_"'O],?+.+!UUR9&_*NE
M/\VL%:!MANM?YRR-%>AO7990 P'@72W-S#D6'T(Z-*)MG_6-//.I&ND_S58@
M[VO?MI]\. ]+'PQ' F>^#LAFM>V7R1D,*H[#-*O%M;UB>T8K"DS3,J&MM1$4
M!0N"CL:2]>,Q'J%#L"PPC#(X)"3X1T#?\0, NMI4DLWY.X!'LE.>2(C?K_*?
M)! []))!&M@?^*%T4N2,T=GJM)7I(-$@FU:ACD!T1H>1YI[[!( (()!K?>GG
MX3?C:.C\ D;7W1J/5T1'+)V/LW!,$ C#!CO]W+<HJZ%GID2&$C@<BST5ICC>
M(2^'D8YC5:N!E;JXW%Y+(O\ 0H4+EUO=+>[5KR3GW006[)]$$$^@()!XR\?3
M;(7Z-!-==ZY5IKL](ZK,\< VVB%[O](@@>I! XMC8,0$"%#@Q6-%&AQ8\2.-
MC6M8,$<3 A8UK&M8UK1L:U&L:UK43PU$1$3KYOLS.S.QVS,68G9VQ)).SW.R
M3W/KZ\/VBA%5%&E4!0.W8+V'IV^'P _4.*V#O/64RT[G7+<TPYCOC9W25H7&
M>1[APZO \3@1 ,4CG*T((\<8PL:J#8-K4&UK/#4?#PMC2+D#ED(  U*60Z&M
MO)=M.Y(^LLQ)/QWL[))*7>(SM)SOS$S,6(NH@).]+'4KQJHW\%50 /AKMVT
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M<SFR+"_Q($A(Q0E(,;$4XW#"Y 9XO<OG+YKP]=5/38SRX>PP[$16YJTZ:;3
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MR$ED]L^Q4#/;P:S]M:^1Y&S2M#EN6995@CE/Y1J/G%)(NY]X4YV4(P]UJUB
M1CH3CIXK82J;%#G'$%9,7S%'&TTD8 1;IB$B2D #I-N!2SJWO+8KSE],^N"F
M_"_8C,K>)^^\T.-PXN5[Y;307/8]OOLQ+!<;+(,-7+Z2"21DCP(\;?"& 8;G
MN<-6C'OX05I).8\)47776PIE?1!T;-VP%!UZ-TP D'N5Z3Z:XO7@;7=,%F;+
M A9\NL2$_G"O2KEB/L#3D;'Q##X<,T= +@W<#D[FW;XP[N&\?I.N9\V'C&S,
M2E'R;4.>R8[S#QW)UCK'DU=P@&/F&Q3)HS1P+Z-&]90D%77((\J73QHQ;SR!
MSK;Y(S2WD1K&.M*M?*TE(!GKAMK+#U$*+59MO"S%0P,D+.J2L13.>.4*W.&(
M-1F6"_5+3XVV5)$4Y7312](+-6L* DRKL@B.559XD!KM.2'%K>_$O8EEK'?6
MO+S!<CA&*D*1-CN/CV2P1N1!W&)Y''0E1D=2=KFN;+K)1_EWJZ).'$G!D11.
M]@N8,/S+1CR.&O0W:[@=00],T#G_ %5F!ORM>4=_<E520.I"R,K,G^8P>5P%
MQZ.6IRT["D](<;BF4?ZRO,/R=B(]B'B9@-]+A7#*L?>MSQJN,ZG$X[2EH[K)
M+6!0X[46E_>6LD4*KIJ6OEVMK93#N1@8D"N@A/,F23/5&"!'"0I'*C6,55\=
M=)98X8WFFD2*&)2\DLKK''&@[EG=R%10.Y9B /B>.\<<DTB111O++(P5(XU9
MY'8G05$4%F8GL  23Z#AICM@=AVZ#+KN3?<$IHF%:\Q&*_+Z71N1R(PK"V#4
MB9:)?;>:YQ(M!B4"*$\N5A\HH[>>H?;R4=57"D5MFO/B!XQ1%7Y?Y(E:YD++
M"K+EZZLT<)E)B\G%ZTUBU(S!$M*#%'LFN9)2DL1RY(\*I2R9KFZ,5*-=383%
MS,JR3*@$@ER/PKUD56:2LS"636IQ%'U)(%#N8<Q9G-OEGGVUH1# UO2/'K_3
M%&X2104FK\5/*CT*B@M1&0Y%_(-/RBQCM1?EYMT6$QRQHD9@ROR'RNG*7+=+
M&,%:])N[E9@>IILC9"M.3)WZQ" E9&WITA5SMF)(TYSYB?F;/W,B-K30BIC(
MB"HAQ]<LL "$ (927L.-=I)F4>ZJ\0"1//T3\O5R]>*K_'ZOK)^H#XGAX#MS
M=B?B7D'$/4V:\L=36F7;IV)4?A_=I(S+-\87&:7)_1-Q3%DJ\=OZB*R17X[]
MG2[5TN.^<R[L+.,0WR\>,$*F<\^,',D',^2I\MY**KBJ$OL,734I6?:)JXZ+
M-CS+$$S%7G\Q8^A@AB2-P-LQ+-<G>%> GY>Q]O/TIY\E=C]KD MW*P@AGT]:
M#RX)HEZE@Z'E+*7$TDBDZ4 3B_D%^UU^KO,_:IM?_P"Y]5'YX_$+_;B?\LQ?
M[GQ9_FGY'_V7/_S/)?O7 )^_'VT.*W#/1FE=F<;=<%P.3?;6G8/EY39?F62N
MLH]CB5K>TK&!R:XN(\5(I<=L7/+&=&,]3L8YIV?4)@\'>?>8^:LMEZ&>O+<6
M#&I<J@5*E?RREJ*"8[K0PLW4)X]!NH#1UHGN+/%3DG \LXW%7<-4DK-/?DJ6
M"]JS9ZPU:2:( 6)I G3Y,FV0 G8#;&M*Z],#P$>-RZGW)=ZGHMVTE.)2"W3J
M&;J.W<I/0R-53\YP7,9,ES/2JE<OX&)#&UKAJUTSW'.>)A EUF1Q<.1FQ4TO
MTL5DTR</;UECIW:J#?J #;Z_]SX'1&?2R$M*+)11ZUD<>V/D)_-BDM5++GL-
MDDU0!L]M[[@=)TUUL^,#@C/:.P%=D=R/B'C_ +3C#K]M5F;':U43TAUS7V6?
MN(YSD5J-8N-M547ZO7P-GWWMZI'B3<]@Y$YGGWKKQDM0=M[-]TH@>H]?:/M[
M ]M;(N'(%7VSG+EV'1.LC%9.CK0I*]TD_8!7/[=>AUQ9G(GA/'2#<.QP"SO]
M<,_XS'#2QVABM0R;M'C.>PV-4D %'V-GKTL88MET G-:I"#%5QH67B"B/>\^
M*)&CM0DYZ$+W@QS3\@<U)CK$I3'<P*E&7J/Y..\&)Q\Q&^Q,C/5+:T%L]3'2
M#0K\6N7/EGEM\A7C#7L&6N(0-N]%@!?A'8DA42.T .Y-;I7Z9#5]?3I<*7QG
M4XG%G=VM=:.U'V]>)>%EC+$ELT]CN46$=S'C(.SS[YC/+)I6/^\TJ3<D.A/R
M(KT<K41JHG2!>(E\9/G?F:V&ZE^59ZR-L$&.ETTH]$=M=%<:^(&@22-\.UR%
M1..Y.Y>K,.E_DZ*Q(/B)+I:XX._B&G(/V@\3ZZIG%NX2.^*$V.VYY-<>=6B*
MCQX%IJVRV0Q$8J!G[%RZ5 >-SVO<3W%@X#7&4;QL1HS">Q7H5?2V7X/M'RN7
M\WD"-&[EHZX]>Z4*J.I[]B.N[(-CXJ0?0<+'XX7!+GL11!!]CQ;SD#\U[UIU
M8$[]>BG$0->AWL[[+$='[@)\,H_#%ZZ??<P]Q[)*%7P]>:)EU 2HY[4#=9WF
M.-BA^40;AO1]1CM^WPX@WM56N8CVH3T@GQ_O>3RMBZ .FO9E)2/Z4-*K8+_$
M'0EG@/H1V()';9E\$J?G<RY"X5)6EB'0'OI9;=F!4[Z[DQ03C6Q]??7#R_2B
M\-'P!COK=MJ^YHZ7HMMZ<IW6V_=%1+4M?C\5K?G]BZ\G+\]>8A!;Z4?)R*JG
M!9>XG&4K4E$+>U 1EG74-PC%X0<]P<JY6?&927R\-F&C#3.2(Z-]-)#9D]0M
M>6,F&RP&UU!*S!(7V*/%3DR;F3&Q9'&QF3+XI9.F!/IW:3^_)70;'5/'(!+7
M4GWMS1*"\J:0'F0Y==+E0)\63!G0I!HDR%, 2-+B2HY'"/&DQC-88$@!6.&8
M)6-((C7,>U'-5$<U65U5T971@&1T8,K*PVK*RDJP(((()!'H>%/965BK JRD
MJRD$,K D%64Z*L"""K $$:(!X_FZYXXXSJ<3C.IQ.)O<(>W]R'YZ;&C87IS&
M#!QJ%,C,SG:5Y'DQL#P.N*]ONR+6T1B-GVS@JI*W&:M9-W9O1'#C"A#ESHM4
MYLYSP?)U!K>5L*9W1C3QT1#7+KC8"Q1[]R/J'2]B3IACW[S,VHVLW+/*>8YJ
MNK5QL!\I646;T@(J4U/?JF?\Y^G;) G5-+KW5Z SI8C\)N%^H^!^AJ72^K(J
MG9%1]SFV:V,:('(,]RTX6I99+>FCL:C6HQC(=37H0H*6FC1*X!3*$LF0D'-O
M-62YPS$V5R+=)8>34JQLQAI559C'7A![G18O)(0&EE9G( (56_Y9Y:Q_*F*C
MQU(;(/FV[;JJS6[) ZYI2/0=NF./96*,! 3W9JU'E'L9^W^2F_=I.*IF[ W%
ML;+8[U5W^)7F6VT^"Q/4KE1HH1@#8WSX:UB-:B-1$1],!1&+P6&QP&O8<70J
ML/[\%6*-S^UU8_MX2S,W#D<OE;Y._;<E>M _W9[,DB?$]@A4#Z@ /0#C1'6V
MXUO%AG\/GK0> ]M+6=XZ,T$[:N;;*V)-<@6C(9JY1)PJM(1Z.53^NHPR \9%
M1BH)[!^GP-'O2CQKR!N\_7X=[3&U,?1C&]@;K+<D&O@1+<<'ZR-_'AN?"&E[
M+R53F*]+9"W>N/L:)*SM30^IWN*I&=]AWT.P'!M>A-P3^*P#N<Y?+SGN$<Q;
M^:K5*/?^Q<=$K556K"PN]DX;7>E5(7Z?9]#&\>'^G_PM&WP-OT"Y!JK3Y*Y7
MA7T.$H6#Z#WK<*VGWKX]<S;^L]_CPCW.EEK?-O,<S>HS-^$:W]&I8>JGKW^A
M"H^S6OAP4_M;[1@\RN&');M/['DBG9-.PS*-L\2YEG(8WY+-,?<[*9&&PCF\
M)&:'*A!R>((;D<6JN<\80C -$-P\\0\>_*W-7+_B314I72W7QG,Z1J29*<VJ
MZVW [-NLQKNQ^C)#28#J/5Q>.2+R\Q\M9OD"V0\[UK&2Y<9SV2Y 39:HK'14
M&P!84;V8Y;@+%=*#Q?#OUBU7;AQR*>*^'8LW!MX=O'-'6/)#91,A! *&4-[6
M$^8 &)' _P!U/6-!M"J-]KTH'?&Y^OGN=@P9/DG%F-@05:-HG<,I!(Z2S,1H
M]]]7Q'!6\'4Z.3(AKI;Y3R/6"-,'$B*0P]00% T>X&@?JX.=T(N"GQG4XG&N
M-H:?U7NS&).%;?UWAFS,3EJCS8]F^.5.2U?O(US62@Q;:+*9&F"1[O8FQD#*
M Y?4$PW>%ZSL=E,EB+*W,7>MX^THT)Z=B6O)T[V5+1LI9"?I(VU;\X'C"OXW
M'Y2NU7)4JMZNQV8;<$<\8;T#*LBL%<?FNNF7U!!X%%L3L!]M#/K UC#U)E&O
M#G<YY Z]V+D]7 1SE:O\S67<C(JZ*Q/"HT42* +4>Y$'X0?H(]'QHY^I1K&V
M2K7E7L#>H5I9-?;)"L$C'[79NY).V.^*!;\(^2;4AD2C:I,2213O3JG?U CG
M,Z*/704 #9T ./&8_P##J=MFEL S9V+[:R@(GH]:R_VI9L@%\(Y/27\'ZZ@G
M*U55'*C9K/+F-15]'K:[*F\<>?94*)8QE<G?Y2'&Q%QZ?1$[31@]O4H?3T[\
M8\7@YR9&X:2+)6 #OHER$@0CZB85B?7ZG'V<$TT%PGXH<71I_ +H77.N;#V5
MCER*IH8\O+Y0'-1KPS,RM_M'*982(GEX#V[P*JJJ#3RO5!S7-G,G,7;,YF_>
MCZNH5Y)V2JK;WU)4B\NLC#X,L08?7Q=L1ROR]@='$XBE2DZ>DSQQ![3*0 5:
MU+UV&!UW#2D;V==SQO[,L.Q?86+9!A&:TD#)<1RJIG4.28]:A2167=+9@?%L
M:NQC*J-DP9T8A(\J._R,X"/$1KF/<U=-5M6*-F"Y4F>O:K2I-7GB/3)#-&P:
M.2-O571@&5AW5@"-$#C;VJU>[7FJ6HDGK68GAGAD'5'+%(I5XW7\Y'4E6![$
M$@]N(6_R6O;J_4SX_+_3KVF_N>K5\X?/'Z59L_KO2D_XD\5G\0^3/T:Q'W2/
M_+CZ![77;NCF$</#7C^,P"#,)Z:\I55A!/1['(C@.:OI<U%\.:J+X\*BIUP?
M$+G@@@\TYO1&CJ],#_B&!'[#Q!R'R:"".6L1L'8_D<1]/L(T?V\3P&-@AL$-
MK6#&QHQL:B-:QC&HUK6M1$1K6M1$1$1$1$1$3QU3O7UXMH  T!H#L /0#ZN/
MWU.)QJ+<V@]+<B,:A8;O/6.&[5Q6NN(^0P*#-J2)>5D*\BQ)L&/;1HTMCVAG
M!A6,^*R0/TO0$N0+SZ"N1=EBLSE<'8>WA\A;QMF2)H'GIS/#(\+,CF-F4CJ0
MO&C])V.I0?4<:[)XC%YF!:N5H5LA7259DAM1++&LRJZ+(JL" X21UZAWZ6(]
M#Q&7^2U[=/ZF7'[]GM-_<]6#YP^>/TIS7WV7_/C1_B'R;^C6(^YQ_P"7'"]K
M3MTK_P!S/C^G]&O:9/\ ^/4^</GD>G-6:'_UTO\ GQ/Q"Y,/_NUB/ND8_P"@
MXX_DL^W3^IIH#]GU-_<]<_.)SU^E>;^_2_Y\<?B%R9^C6)^ZIQL/5G SAII#
M-:S8^H^-6H=>9W2BGAJ<LQ;#JNKO*X5G"/6V#(<X D,!)D"3(AG4:M<2,<PE
M7T$<BX.1YRYJR]22AD\_E+U*8H9:UFW)+#(8G62,NC'3=$B*Z[]&4'U'&90Y
M2Y9Q=J.]CL)CJ=N(.(K$%=$EC$B-'($<=UZXV9&UZJ2#Q+;JM<6+C^6;"B64
M.776$8$V!/C'AS8<D3#QI<22-P9$:0 C7#, X7O$81&N80;W,>U6N5%[([1N
MKHS(Z,KHZDJRLI!5E8:(92 00001L<=7575D=5='4JZ, RLK AE93L%6!(((
MT0='B"*]K3MU*JJO#30'E555_P"3ZF3ZK]5^B!1$_H3Z=7'YQ.>OTKS?WZ;_
M #XJ?X@\F?HUB?NJ<<?R6?;I_4TT!^SZF_N>H?$3GD^O-6;^_2_Y\3\0N3/T
M:Q/W5.)T5%36T-56T=-"C5E13P(=755L,3 0Z^NKXXXD&%$ -$8&-%C!$  F
M(C1B&UC41$3JGRR232232NTDLKO)+(YV\DDC%G=C\69B68_$DGBUQQQPQQQ1
M(L<42)'&BC2I&BA411\%50 !\ -<=CUTX[\18VUP@XA[YS VP-S<=-3[-S4]
M?!J39/F6(UMW</K:QCV5\%9LL3RI%B-(1 !1R,9[CU1/+E5;'C.;N9\-5%'%
M9W)X^HLCRBM4M20Q"231=^A"!U-H;/J=<5_(\J\N9>R;F3PN/O6BB1F>S726
M4QQ[Z$ZF&^E=G0^&^-9_R77;L_4RX^?LZH_]WZS_ )P^>?TKSGW^?_U<8/X@
M\E_HSA_N<7^7&^=)<6^.O&U<C70FF->ZD7+_ +*_"A<$QR!0+>I1_:'V0EFL
M(8UE)7?:MDL1"JY K-DJQ$4KO.FRW,.=SWD?+66O93V7S37]ML//Y)FZ/-,?
M63T&011AR-=01=[Z1K;XO 87">?\D8RGCO:?+%CV2%8O.$/7Y0DZ1[WE^;)T
M;^CUMKU/&^NM-QM^,ZG$X%#S;[-W#?F]9SLURK&;+6.W)[5?+VEJXL"EN;N2
MT31!-E]-+@3L?RI[&C$Q\Z9 !?/ -D9EV(+&-:1N4_%'FGE*..I7GBR.,C[)
MCLB))8H5))85)DD2>L#LGH1VAZCU&$G>Z#S/X<<N<SN]F:&3'Y%]EKU#HC>5
M] !K,+*T-@@  NRK,0 OG  #@#.P/A;-T0ICUU;RFU?D=>IE]#<_P[*\+F"C
M^TUR*]^.ESX!S(;U#\(R.QPD:;U->Y8[3)2_"%Q#H/E'E[(UY .YI6JUQ"V_
M0"?V$JNM'N6(/;N.Y%%OP,RR,?8,YCK";&O;*]FFX70V3Y NJS;V- *- '>S
MH>-QWX7GE+,G";DW(S0%/5+[B'F4438N16 U1BJ/VJVPQ;%XQD>3TM>K[8'M
ML57M0CD0:Y,WX0?+:H37P>;EDV-),:%="-]]R)9LL.W<:B.]:[;V,>+P/Y@9
M^F;+X:)-=WB-VPX]=:C>K64[(T29!T@DZ8]N"6<</AI.*FMI]=?[]V-G/(*T
MA&'(=CL8 M::_DN8_P!Q SZRHFW&5V FJC6+Z,QKP2&H]30U81 CH6=\>N8[
MZ/#A:%/"1N"HL,QR%Y1]:22I%5C)^VI(1VT_8DW7#>"F"INLN7O6\NZD-Y"
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AU/=FC1I&5[5DAIY0'=^@R, 2J=* _14=^-I]:[C8<?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g29376g73p87.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g29376g73p87.jpg
M_]C_X  02D9)1@ ! 0(!>0%Y  #_[1-X4&AO=&]S:&]P(#,N,  X0DE-! 0
M    $UR^258X0DE-! 0      %<< @   @  ' )0  AR<C,W-SDU,AP"!0 ^
M36EC<F]S;V9T(%=O<F0@+2!,14=!3"U?,38R,C0U+78R+4)'0U]3+3-?,C R
M,5\M7U!/4U]!35\R+F1O8W@ .$))300E       0NZ*%I8$ZMB8]:N<K95F'
M^CA"24T$.@      Y0   !     !       +<')I;G1/=71P=70    %
M %!S=%-B;V]L 0    !);G1E96YU;0    !);G1E     $-L<FT    /<')I
M;G13:7AT965N0FET8F]O;      +<')I;G1E<DYA;65415A4     0
M#W!R:6YT4')O;V93971U<$]B:F,    , %  <@!O &\ 9@ @ %, 90!T '4
M<       "G!R;V]F4V5T=7     !     $)L=&YE;G5M    #&)U:6QT:6Y0
M<F]O9@    EP<F]O9D--64L .$))300[      (M    $     $      !)P
M<FEN=$]U='!U=$]P=&EO;G,    7     $-P=&YB;V]L      !#;&)R8F]O
M;       4F=S36)O;VP      $-R;D-B;V]L      !#;G1#8F]O;
M3&)L<V)O;VP      $YG='9B;V]L      !%;6Q$8F]O;       26YT<F)O
M;VP      $)C:V=/8FIC     0       %)'0D,    #     %)D("!D;W5B
M0&_@            1W)N(&1O=6) ;^            !";" @9&]U8D!OX
M         $)R9%15;G1&(U)L=                $)L9"!5;G1&(U)L=
M             %)S;'15;G1&(U!X;$!8            "G9E8W1O<D1A=&%B
M;V]L 0    !09U!S96YU;0    !09U!S     %!G4$,     3&5F=%5N=$8C
M4FQT                5&]P(%5N=$8C4FQT                4V-L(%5N
M=$8C4')C0%D            08W)O<%=H96Y0<FEN=&EN9V)O;VP     #F-R
M;W!296-T0F]T=&]M;&]N9P         ,8W)O<%)E8W1,969T;&]N9P
M   -8W)O<%)E8W12:6=H=&QO;F<         "V-R;W!296-T5&]P;&]N9P
M    .$))30/M       0 [_^-0 "  $#O_XU  (  3A"24T$)@      #@
M           _@   .$))300-       $    6CA"24T$&0      !    !XX
M0DE- _,       D           $ .$))32<0       *  $          3A"
M24T#]0      2  O9F8  0!L9F8 !@       0 O9F8  0"AF9H !@
M 0 R     0!:    !@       0 U     0 M    !@       3A"24T#^
M    <   _____________________________P/H     /______________
M______________\#Z     #_____________________________ ^@
M_____________________________P/H   X0DE-! @      !     !   "
M0    D      .$))300>       $     #A"24T$&@     #00    8
M         %<   "A    !@!3 %0 7P P #, ,0    $
M         0              H0   %<                      0
M                   0     0       &YU;&P    "    !F)O=6YD<T]B
M:F,    !        4F-T,0    0     5&]P(&QO;F<          $QE9G1L
M;VYG          !"=&]M;&]N9P   %<     4F=H=&QO;F<   "A    !G-L
M:6-E<U9L3',    !3V)J8P    $       5S;&EC90   !(    '<VQI8V5)
M1&QO;F<         !V=R;W5P241L;VYG          9O<FEG:6YE;G5M
M#$53;&EC94]R:6=I;@    UA=71O1V5N97)A=&5D     %1Y<&5E;G5M
M"D53;&EC951Y<&4     26UG(     9B;W5N9'-/8FIC     0       %)C
M=#$    $     %1O<"!L;VYG          !,969T;&]N9P          0G1O
M;6QO;F<   !7     %)G:'1L;VYG    H0    -U<FQ415A4     0
M &YU;&Q415A4     0       $US9V5415A4     0      !F%L=%1A9U1%
M6%0    !       .8V5L;%1E>'1)<TA434QB;V]L 0    AC96QL5&5X=%1%
M6%0    !       ):&]R>D%L:6=N96YU;0    ]%4VQI8V5(;W)Z06QI9VX
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M          ,
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
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M5&*1DI.AP24S4G*R_\0 ' $! 0$!  ,! 0            $" P4&" <$_\0
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MCD%GRFS1K44TD1JI[7DN/2$*MYM4L]4(Y[<[NL(E:".>*=U9(!VK*,<)+L1
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M*_#<]2F^2Q1W;']-,5H)JA8ZNJJ\ZI;JD"S;Q-4RVVU7222H,7?WKZ5)(8G
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M^*[3TM#=]'*BE24":M@RFGI*1Q_=F^3>CBKU!\L4AG@D\;!QN1PUV9_$./1
M?GT+'(=/XJETB^%=YB[A<+?4:N<Q&!8K8:J6%[K1852WJZW<)W@21P2U96A<
MF/O"F61T!V+(X\<.N?6Z3#L[\XOMH/')2M>1+I\Z&]/[2VFTVT;MKR552T,^
L79M=5$F4YA61_6);E6KNT5-'-N\= C20]NP9_ V*I=W!$<$1P1'!$<$7_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g29376g77j36.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g29376g77j36.jpg
M_]C_X  02D9)1@ ! 0(!>0%Y  #_[1$L4&AO=&]S:&]P(#,N,  X0DE-! 0
M    $1"^0V@X0DE-! 0      %<< @   @  ' )0  AR<C,W-SDU,AP"!0 ^
M36EC<F]S;V9T(%=O<F0@+2!,14=!3"U?,38R,C0U+78R+4)'0U]3+3-?,C R
M,5\M7U!/4U]!35\R+F1O8W@ .$))300E       0NZ*%I8$ZMB8]:N<K95F'
M^CA"24T$.@      Y0   !     !       +<')I;G1/=71P=70    %
M %!S=%-B;V]L 0    !);G1E96YU;0    !);G1E     $-L<FT    /<')I
M;G13:7AT965N0FET8F]O;      +<')I;G1E<DYA;65415A4     0
M#W!R:6YT4')O;V93971U<$]B:F,    , %  <@!O &\ 9@ @ %, 90!T '4
M<       "G!R;V]F4V5T=7     !     $)L=&YE;G5M    #&)U:6QT:6Y0
M<F]O9@    EP<F]O9D--64L .$))300[      (M    $     $      !)P
M<FEN=$]U='!U=$]P=&EO;G,    7     $-P=&YB;V]L      !#;&)R8F]O
M;       4F=S36)O;VP      $-R;D-B;V]L      !#;G1#8F]O;
M3&)L<V)O;VP      $YG='9B;V]L      !%;6Q$8F]O;       26YT<F)O
M;VP      $)C:V=/8FIC     0       %)'0D,    #     %)D("!D;W5B
M0&_@            1W)N(&1O=6) ;^            !";" @9&]U8D!OX
M         $)R9%15;G1&(U)L=                $)L9"!5;G1&(U)L=
M             %)S;'15;G1&(U!X;$!7CC4         "G9E8W1O<D1A=&%B
M;V]L 0    !09U!S96YU;0    !09U!S     %!G4$,     3&5F=%5N=$8C
M4FQT                5&]P(%5N=$8C4FQT                4V-L(%5N
M=$8C4')C0%D            08W)O<%=H96Y0<FEN=&EN9V)O;VP     #F-R
M;W!296-T0F]T=&]M;&]N9P         ,8W)O<%)E8W1,969T;&]N9P
M   -8W)O<%)E8W12:6=H=&QO;F<         "V-R;W!296-T5&]P;&]N9P
M    .$))30/M       0 [_^-0 "  $#O_XU  (  3A"24T$)@      #@
M           _@   .$))300-       $    6CA"24T$&0      !    !XX
M0DE- _,       D           $ .$))32<0       *  $          3A"
M24T#]0      2  O9F8  0!L9F8 !@       0 O9F8  0"AF9H !@
M 0 R     0!:    !@       0 U     0 M    !@       3A"24T#^
M    <   _____________________________P/H     /______________
M______________\#Z     #_____________________________ ^@
M_____________________________P/H   X0DE-! @      !     !   "
M0    D      .$))300>       $     #A"24T$&@     #00    8
M         #T   !K    !@!3 %0 7P P #  -@    $
M         0              :P   #T                      0
M                   0     0       &YU;&P    "    !F)O=6YD<T]B
M:F,    !        4F-T,0    0     5&]P(&QO;F<          $QE9G1L
M;VYG          !"=&]M;&]N9P   #T     4F=H=&QO;F<   !K    !G-L
M:6-E<U9L3',    !3V)J8P    $       5S;&EC90   !(    '<VQI8V5)
M1&QO;F<         !V=R;W5P241L;VYG          9O<FEG:6YE;G5M
M#$53;&EC94]R:6=I;@    UA=71O1V5N97)A=&5D     %1Y<&5E;G5M
M"D53;&EC951Y<&4     26UG(     9B;W5N9'-/8FIC     0       %)C
M=#$    $     %1O<"!L;VYG          !,969T;&]N9P          0G1O
M;6QO;F<    ]     %)G:'1L;VYG    :P    -U<FQ415A4     0
M &YU;&Q415A4     0       $US9V5415A4     0      !F%L=%1A9U1%
M6%0    !       .8V5L;%1E>'1)<TA434QB;V]L 0    AC96QL5&5X=%1%
M6%0    !       ):&]R>D%L:6=N96YU;0    ]%4VQI8V5(;W)Z06QI9VX
M   '9&5F875L=     EV97)T06QI9VYE;G5M    #T53;&EC959E<G1!;&EG
M;@    =D969A=6QT    "V)G0V]L;W)4>7!E96YU;0   !%%4VQI8V5"1T-O
M;&]R5'EP90    !.;VYE    "71O<$]U='-E=&QO;F<         "FQE9G1/
M=71S971L;VYG          QB;W1T;VU/=71S971L;VYG          MR:6=H
M=$]U='-E=&QO;F<      #A"24T$*       #
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
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7^0X(@ )&P  ^P  \G<^!]SY_CP1?_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
