<SEC-DOCUMENT>0001193125-22-219996.txt : 20220812
<SEC-HEADER>0001193125-22-219996.hdr.sgml : 20220812
<ACCEPTANCE-DATETIME>20220812163116
ACCESSION NUMBER:		0001193125-22-219996
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20220812
DATE AS OF CHANGE:		20220812

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:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-253987
		FILM NUMBER:		221160619

	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>424B5
<SEQUENCE>1
<FILENAME>d390434d424b5.htm
<DESCRIPTION>424B5
<TEXT>
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<TITLE>424B5</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule 424(b)(5) <BR> Registration No. 333-253987 </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"><B>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="g390434g77j36.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:75%; vertical-align:top">SM</SUP> sales agreement, dated August 12,
2022, with Cantor Fitzgerald&nbsp;&amp; Co., which we refer to as the &#147;2022 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 2022 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> 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 2022 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 2022 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 2022 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 August&nbsp;11, 2022, the last
reported sales price of the Class A common stock was $4.08 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="#rom390434_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="g390434g40s45.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 August 12, 2022. </B></P>
</DIV></Center>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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 <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="#rom390434_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="#rom390434_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="#rom390434_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="#rom390434_4">Risk Factors</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="#rom390434_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">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="#rom390434_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">7</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="#rom390434_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">14</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="#rom390434_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">17</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="#rom390434_9">Legal Matters</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19</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="#rom390434_10">Experts</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19</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="#rom390434_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">19</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="#rom390434_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">19</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>


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<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="rom390434_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>

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<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="rom390434_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">macroeconomic and other challenges and uncertainties resulting from the COVID-19 pandemic, the ongoing conflict
in the Ukraine, inflation and the Federal Reserve&#146;s responses thereto, including increasing interest rates, the strengthening U.S. dollar, changes in the U.S. and global economies, financial markets and consumer and corporate clients and
customers, including economic activity, employment levels, supply chain issues and market liquidity, and increasing energy costs, 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">the impact of the COVID-19 pandemic, including possible successive waves or variants of the virus, the emergence
of new viruses, the continued distribution of effective vaccines and governmental and public reactions thereto, and the impact of a return to office for our employees on our operations; </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 COVID-19 or otherwise, possible disruptions in trading, potential deterioration of equity and debt capital markets and cryptocurrency 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>
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<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 COVID-19 and political events and conflicts 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%">
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<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, the timing and impact of 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 our 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%">
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<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 and their operations and back office functions 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%">
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<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="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>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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

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<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 COVID-19, global inflation rates, potential economic downturns,
including recessions, and similar effects, 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%">
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<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 COVID-19 on the global markets and governmental responses, and restrictions on business and commercial activity, 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), rising political and other tensions between the U.S. and China,
political and labor unrest in Hong Kong, China and other jurisdictions, conflict in the Middle East, Russia, Ukraine or other jurisdictions, the impact of U.S. government shutdowns, elections, political unrest, boycotts, stalemates or other social
and political responses to governmental mandates and other restrictions related to COVID-19 in the U.S. or abroad, 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 and heat waves 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; </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%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">risks inherent in doing business in international markets, and any failure to identify and manage those risks, as
well as the impact of Russia&#146;s ongoing Invasion of Ukraine and additional sanctions and regulations imposed by governments and related counter-sanctions, including any related reserves; </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%">
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<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%">
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<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 transition away
from LIBOR, the effect on our business and revenues of strengthening U.S. dollar, the level of worldwide governmental debt issuances, austerity programs, government stimulus packages, including those related to COVID-19, increases and decreases in
the federal funds interest rate and other actions to moderate inflation, 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%">
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<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%">
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<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">
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<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 restructuring of our partnership
into a corporate structure, the timing and terms of any such transaction, including potential dilution, tax, cost, and other impacts, and our ability to complete such transaction on our anticipated schedule; </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%">
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<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 </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>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
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="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%">
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<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, and the need for short- or long-term borrowings, including from Cantor, our ability to refinance our indebtedness, 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%">
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<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">
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<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, offerings, trading desks, marketplaces, or services for
existing or new clients, including our ability to develop new Fenics platforms and products, to successfully launch our FMX initiative and to attract investors thereto, to expand our cryptocurrency offerings, including the launch of additional
cryptocurrency and digital asset trading offerings in 2022, the risks inherent in operating our cryptocurrency business and in safekeeping cryptocurrency assets, and 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 COVID-19 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">
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<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, attract investors or partners or engage in 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">
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<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, 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">
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<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 manage turnover and hire, train, integrate and retain personnel, including brokers, salespeople,
managers, technology professionals and other front-office personnel, back-office and support services, and 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">
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<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">
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<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">
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<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 identify and remediate any 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, technology professionals and other front-office personnel; </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>

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<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%">
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<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 from remote working during the COVID-19 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>
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<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, our borrowing opportunities or the market for and trading price of BGC Class 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 A common stock are or may be sold in 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 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 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 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 A common stock and Company Debt Securities due to
COVID-19 and other market factors as well as on various offerings and other transactions, including offerings of our Class A common stock and convertible or exchangeable debt or other securities, our repurchases of shares of our Class 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 A common stock for shares of our Class B common stock, any exchanges or
redemptions of limited partnership units and issuances of shares of our Class A common stock in connection therewith, including in corporate or partnership restructurings, our payment of dividends on our Class 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 B common stock and our other convertible securities into shares of our Class A common stock, stock pledge, stock loan, or other financing transactions, and distributions of our Class 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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom390434_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 financial brokerage and 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:75%; vertical-align:top">&reg;</SUP>,
Fenics<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, GFI<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, Sunrise Brokers<SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP>, Poten&nbsp;&amp; Partners<SUP
STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, and RP Martin<SUP STYLE="font-size:75%; 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. Additionally, we provide brokerage products across FX, Equities, Energy and Commodities, Shipping, and Futures and
Options. We recently announced our plans to develop new and comprehensive cryptocurrency brokerage offerings. Our businesses also provide a wide variety of services, including trade execution, connectivity solutions, brokerage services, clearing,
trade 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:75%; 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:75%; vertical-align:top">&reg;</SUP> offerings includes Fully Electronic and hybrid 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:75%; vertical-align:top">&reg;</SUP> brands also operate under the names Fenics<SUP
STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, FMX<SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP>, FMX Futures Exchange<SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP>, Fenics Markets Xchange<SUP
STYLE="font-size:75%; vertical-align:top">&#153;</SUP>, Fenics Futures Exchange<SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP>, Fenics UST<SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP>, Fenics FX<SUP
STYLE="font-size:75%; vertical-align:top">&#153;</SUP>, Fenics Repo<SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP>, Fenics Direct<SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP>, Fenics MID<SUP
STYLE="font-size:75%; vertical-align:top">&#153;</SUP>, Fenics Market Data<SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP>, Fenics GO<SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP>, Fenics PortfolioMatch<SUP
STYLE="font-size:75%; vertical-align:top">&#153;</SUP>, kACE<SUP STYLE="font-size:75%; vertical-align:top">2</SUP><SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, and Lucera<SUP STYLE="font-size:75%; 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">All of our higher margin, technology-driven businesses are referred to as Fenics. In the first quarter of 2021, we began to categorize our
Fenics businesses as Fenics Markets and Fenics Growth Platforms, and we have conformed our prior period comparisons of the components of our Fenics business to this new categorization. Fenics Markets includes the Fully Electronic portion of our
brokerage businesses, data, software and post-trade revenues that are unrelated to Fenics Growth Platforms, as well as Fenics Integrated revenues. Fenics Growth Platforms includes Fenics UST, Fenics GO, Lucera, Fenics FX and other newer standalone
platforms. Revenue generated from data, software and post-trade attributable to Fenics Growth Platforms are included within their related businesses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The combination of wider adoption of Hybrid and Fully Electronic execution and our competitive advantage in terms of technology and experience
has contributed to our strong growth in electronically traded products. We continue to invest in our high-growth, high-margin, technology-driven businesses, including our standalone Fully </P>
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Electronic Fenics Growth Platforms. Fenics has exhibited strong growth over the past several years, and we believe that this growth has outpaced the wholesale brokerage industry. We expect this
trend to accelerate as we continue to convert more of our Voice/Hybrid execution into higher-margin, technology-driven execution across our Fenics platforms and continue to grow our Fenics Growth Platforms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">FMX, which combines Fenics UST&#146;s leading U.S. Treasury business with a state-of-the-art U.S. Interest Rates futures platform, continued
to make significant progress on its expected fourth quarter futures exchange launch. FMX is working closely with regulators and its clearing partner, LCH, to deliver a comprehensive and efficient cross margining platform across U.S. dollar based
futures and interest rate swaps. Beginning in the fourth quarter of 2022, FMX Futures Exchange will offer clients an alternative U.S. Rates futures platform for U.S. Treasury, euro, and SOFR futures products. We expect to announce strategic partners
prior to the launch of FMX&#146;s Futures Exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We expect to benefit from the trend towards electronic trading, increased demand for
market data, and the need for increased connectivity, automation, and post-trade services. We continue to onboard new customers as the opportunities created by electronic and algorithmic trading continue to transform our industry. We continue to
roll out our next-gen Fenics execution platforms across more products and geographies with the goal of seamlessly integrating the liquidity of Voice transactions with customer electronic orders either by a GUI, API, or web-based interface. We expect
to have continued success converting Voice/Hybrid desks over time as we roll out these platforms across more products and geographies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We
continued to advance on our comprehensive cryptocurrency offering, including the expansion of Lucera&#146;s infrastructure across the cryptocurrency ecosystem. Lucera&#146;s crypto offering leverages our wholesale global electronic trading network
to connect the world&#146;s largest capital markets participants to the exchanges and market makers of this asset class. We recently announced plans for a cryptocurrency exchange, which we anticipate will be launched in the late fourth or early
first quarter of next year. Additionally, we arranged the first intermediated block trade of CME Group Bitcoin options in Asia in July. </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, FMX, Sunrise Brokers, Poten&nbsp;&amp; Partners, RP Martin,
kACE<SUP STYLE="font-size:75%; vertical-align:top">2</SUP>, 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, Cape Town, Chicago, Copenhagen, Dubai, Dublin,
Frankfurt, Geneva, Hong Kong, Houston, Istanbul, Johannesburg, Madrid, Manila, Melbourne, Mexico City, Miami, Milan, Monaco, Nyon, Paris, Perth, Rio de Janeiro, Santiago, S&atilde;o Paulo, Seoul, Shanghai, Singapore, Sydney, Tel Aviv, Tokyo,
Toronto, and Zurich. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of June 30, 2022, we had approximately 2,025 brokers, salespeople, managers, technology professionals and other
front-office personnel across our businesses. </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 U.S. OpCo, which holds
our U.S. BGC Global OpCo, 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, and the limited partnership interests of BGC
Holdings are currently held by limited partnership unit holders, founding partners, and Cantor. 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, </P>
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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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Joint Committee of the independent Directors of our Board, which was constituted to consider the conversion to a corporate structure, has
agreed to pursue and move forward with a conversion of our corporate structure from an Umbrella Partnership/C-Corporation (&#147;Up-C&#148;) to a &#147;Full C-Corporation.&#148; This conversion is intended to be effective January 1, 2023, subject to
customary closing conditions in the agreement and regulatory approvals. Our conversion to a simpler, more transparent corporate structure aims to improve operational efficiencies and provide investors with an easier to understand organizational
structure. We are assessing the effect of the conversion on our estimated tax rate, synergies and other impacts. </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>
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 <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. CF&amp;Co, our broker-dealer affiliate, is a member of FINRA. Accordingly, offerings of the shares of Class 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. See &#147;Plan of Distribution&#148; on page&nbsp;17. </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
increased headcount, strategic alliances and acquisitions, repaying outstanding indebtedness, financing our existing businesses and operations, possible corporate and partnership restructurings, and repurchasing our securities 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 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;6. </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 shares of our Class&nbsp;A common stock involves risks. Please read the information contained in and incorporated by reference under the heading &#147;Risk Factors&#148; on page 5 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></div>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom390434_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, prospects and the trading price of our 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">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom390434_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 increased headcount, strategic alliances and acquisitions, repaying outstanding indebtedness, financing our existing businesses and operations,
possible corporate and partnership restructurings, and repurchasing our securities 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 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">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom390434_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 2022 capital allocation priorities are to use our liquidity to return capital to stockholders and to
continue investing in its high growth Fenics businesses. We plan to prioritize share and unit repurchases over dividends and distributions. </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. 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 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;3, 2021, our
Board 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>$400.0&nbsp;million. As of June 30, 2022, we had approximately $158.4 million
remaining under this authorization and may continue to actively make repurchases, or cease to make such repurchases, from time to time. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Debt
Repurchase Program </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Board and our Audit Committee have authorized repurchases of up to $50.0 million of Company Debt Securities.
Under the authorization, we may make repurchases of Company Debt Securities for cash from time to time in the open market or in privately negotiated transactions upon such terms and at such prices as management may determine. Additionally, we are
authorized to make any such repurchases of Company Debt Securities through CF&amp;Co (or its affiliates), in its capacity as agent or principal, or such other broker-dealers as management shall determine to utilize from time to time, and such
repurchases shall be subject to brokerage commissions which are no higher than standard market commission rates. As of June 30, 2022, we had approximately $50.0&nbsp;million remaining under this authorization and may continue to<B> </B>actively make
repurchases, or cease to make such repurchases, from time to time. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Non-GAAP Financial Measures </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 U.S. GAAP. <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> financial measures used by the Company include &#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;, &#147;Liquidity&#148;, and &#147;Constant Currency&#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%">
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<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 LPUs. </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>

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<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>
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<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="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">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 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. </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>
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<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>
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<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>
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<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">9 </P>

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 <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 consolidated financial statements include U.S. federal, state, and </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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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% 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, when the impact would be anti-dilutive. </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">11 </P>

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 <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 U.K. based 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>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 non-GAAP 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 non-GAAP 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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Constant Currency Defined </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BGC generates a significant amount of its revenues in non-U.S. dollar denominated currencies, particularly in the euro and pound sterling. In
order to present a better comparison of the Company&#146;s revenues during the period, which exhibited highly volatile foreign exchange movements, BGC provides revenues year-over-year comparisons on a &#147;Constant Currency&#148; basis. BGC uses a
Constant Currency financial metric to provide a better comparison of the Company&#146;s underlying operating performance by eliminating the impacts of foreign currency fluctuations between comparative periods. Since BGC&#146;s consolidated financial
statements are presented in U.S. dollars, fluctuations in non-U.S. dollar denominated currencies have an impact on the Company&#146;s GAAP results. The Company&#146;s Constant Currency metric, which is a non-GAAP financial measure, assumes the
foreign exchange rates used to determine the Company&#146;s comparative prior period revenues, apply to the current period revenues. Constant Currency revenue percentage change is calculated by determining the change in current quarter non-GAAP
constant currency revenues over prior period revenues. Non-GAAP constant currency revenues are total revenues excluding the effect of foreign exchange rate movements and are calculated by remeasuring and/or translating current quarter revenues using
prior period exchange rates. BGC presents certain non-GAAP Constant Currency percentage changes in constant currency revenues as a supplementary measure because it facilitates the comparison of the Company&#146;s core operating results. This
information should be considered in addition to, and not as a substitute for, results reported in accordance with 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">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom390434_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>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<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">
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<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>
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<TR style = "page-break-inside:avoid">
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<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">14 </P>

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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>
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<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>
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<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>
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<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">15 </P>

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 <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">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom390434_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 2022 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 2022 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 2022 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 2022 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 2022 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 2022 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 2022 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 2022 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">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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Conflicts of Interest </B></P>
<P STYLE="margin-top:6pt; 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 FINRA. 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: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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom390434_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 June 30, 2022, Mr.&nbsp;Merkel owned (i)&nbsp;90,366 shares of our Class&nbsp;A
common stock held directly, (ii) 40,279 shares of our Class&nbsp;A common stock held in Mr.&nbsp;Merkel&#146;s 401(k) account, and (iii)&nbsp;6,258 shares of Class&nbsp;A common stock held in trusts for the benefit of Mr.&nbsp;Merkel&#146;s
immediate family, of which Mr. Merkel&#146;s spouse is the sole trustee. 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="rom390434_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, 2021 (including the schedule appearing therein), and the effectiveness of BGC Partners, Inc.&#146;s internal control over financial reporting as of
December&nbsp;31, 2021, 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="rom390434_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="rom390434_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>
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<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/1094831/000162828022004275/bgcp-20211231.htm">Form
 <FONT STYLE="white-space:nowrap">10-K</FONT></A> for the fiscal year ended December&nbsp;31, 2021 filed on February&nbsp;28, 2022; </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">19 </P>

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<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 Amendment No. 1 to the Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1094831/000119312522136714/d352301d10ka.htm">Form
 10-K/A</A> filed on May 2, 2022; </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%">
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<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 Quarterly Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1094831/000162828022021623/bgcp-20220630.htm">Form
 10-Q</A> filed on August 8, 2022; </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">
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<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 Quarterly Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1094831/000162828022013294/bgcp-20220331.htm">Form
 10-Q</A> filed on May 9, 2022; </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%">
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<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/1094831/000119312522219973/d243399d8k.htm">Form
 8-K</A> filed on August 12, 2022; </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%">
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<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/1094831/000162828022020347/bgcp-20220803.htm">Form
 8-K</A> filed on August 3, 2022 (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">our Current Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1094831/000162828022016457/bgcp-20220606.htm">Form
 8-K</A> filed on June 7, 2022; </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/1094831/000162828022011809/bgcp-20220502.htm">Form
 8-K</A> filed on May 3, 2022 (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">our Current Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1094831/000119312522074748/d305112d8k.htm">Form
 8-K</A> filed on March 14, 2022; </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>
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<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/1094831/000162828022002797/bgcp-20220216.htm">Form
 <FONT STYLE="white-space:nowrap">8-K</FONT></A> filed on February&nbsp;16, 2022 (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%">
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<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, 2021,
filed on February 28, 2022, 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%">
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<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 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">20 </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="g390434g73p87.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="g390434g40s45.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>August 12, 2022 </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>

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