BGC PARTNERS, INC., 10-Q filed on 8/6/2021
Quarterly Report
v3.21.2
Cover - shares
 6 Months Ended
Jun. 30, 2021
Aug. 04, 2021
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2021  
Document Transition Report false  
Entity File Number 0-28191  
Entity Registrant Name BGC Partners, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 13-4063515  
Entity Address, Address Line One 499 Park Avenue  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10022  
City Area Code 212  
Local Phone Number 610-2200  
Title of 12(b) Security Class A Common Stock, $0.01 par value  
Trading Symbol BGCP  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001094831  
Current Fiscal Year End Date --12-31  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   339,697,821
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   45,884,380
v3.21.2
Condensed Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Assets    
Cash and cash equivalents $ 420,302 $ 593,646
Cash segregated under regulatory requirements 36,365 257,031
Securities owned 49,222 58,572
Marketable securities 360 349
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers 1,455,333 304,022
Accrued commissions and other receivables, net 338,313 739,009
Loans, forgivable loans and other receivables from employees and partners, net 370,800 408,142
Fixed assets, net 204,531 214,782
Investments 33,400 38,008
Goodwill 487,434 556,211
Other intangible assets, net 219,291 287,157
Receivables from related parties 7,890 11,953
Other assets 461,379 480,418
Assets held for sale 1,048,859 0
Total assets 5,133,479 3,949,300
Liabilities, Redeemable Partnership Interest, and Equity    
Short-term borrowings 5,997 3,849
Accrued compensation 187,166 220,726
Payables to broker-dealers, clearing organizations, customers and related broker-dealers 1,305,743 179,716
Payables to related parties 79,920 36,252
Accounts payable, accrued and other liabilities 652,366 1,363,919
Notes payable and other borrowings 1,243,248 1,315,935
Liabilities held for sale 850,112 0
Total liabilities 4,324,552 3,120,397
Commitments, contingencies and guarantees (Note 20)
Redeemable partnership interest 19,582 20,674
Stockholders’ equity:    
Additional paid-in capital 2,367,458 2,354,492
Treasury stock, at cost: 68,119 and 50,527 shares of Class A common stock at June 30, 2021 and December 31, 2020, respectively (406,701) (315,313)
Retained deficit (1,211,870) (1,265,504)
Accumulated other comprehensive income (loss) (30,605) (28,930)
Total stockholders’ equity 722,910 748,939
Noncontrolling interest in subsidiaries 66,435 59,290
Total equity 789,345 808,229
Total liabilities, redeemable partnership interest, and equity 5,133,479 3,949,300
Class A Common Stock    
Stockholders’ equity:    
Common stock value 4,169 3,735
Class B Common Stock    
Stockholders’ equity:    
Common stock value $ 459 $ 459
v3.21.2
Condensed Consolidated Statements of Financial Condition (Parenthetical) - $ / shares
Jun. 30, 2021
Dec. 31, 2020
Class A Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 750,000,000 750,000,000
Common stock, shares issued (in shares) 416,914,000 373,545,000
Common stock, shares outstanding (in shares) 348,795,000 323,018,000
Treasury stock, at cost (in shares) 68,119,000 50,527,000
Class B Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 150,000,000 150,000,000
Common stock, shares issued (in shares) 45,884,000 45,884,000
Common stock, shares outstanding (in shares) 45,884,000 45,884,000
v3.21.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues:        
Commissions $ 389,768 $ 382,640 $ 824,988 $ 838,495
Principal transactions 81,997 99,453 180,760 212,764
Fees from related parties 4,245 6,562 8,030 12,083
Data, software and post-trade 21,602 20,139 43,588 39,537
Interest and dividend income 11,455 6,536 14,493 10,697
Other revenues 3,383 3,758 8,167 8,679
Total revenues 512,450 519,088 1,080,026 1,122,255
Expenses:        
Compensation and employee benefits 270,427 283,616 578,589 628,544
Equity-based compensation and allocations of net income to limited partnership units and FPUs 58,290 27,819 91,785 70,023
Total compensation and employee benefits 328,717 311,435 670,374 698,567
Occupancy and equipment 46,900 47,247 95,033 98,321
Fees to related parties 4,452 5,194 9,743 10,629
Professional and consulting fees 17,820 19,805 33,960 39,761
Communications 30,774 30,524 60,578 61,045
Selling and promotion 8,616 6,634 16,104 25,333
Commissions and floor brokerage 14,308 13,520 32,237 32,797
Interest expense 18,680 17,625 36,533 35,131
Other expenses 23,688 21,480 39,777 39,011
Total expenses 493,955 473,464 994,339 1,040,595
Other income (losses), net:        
Gains (losses) on divestitures and sale of investments (32) 0 (32) 0
Gains (losses) on equity method investments 1,323 1,119 2,789 2,142
Other income (loss) 1,864 1,129 7,270 (4,886)
Total other income (losses), net 3,155 2,248 10,027 (2,744)
Income (loss) from operations before income taxes 21,650 47,872 95,714 78,916
Provision (benefit) for income taxes (1,191) 8,599 13,748 19,474
Consolidated net income (loss) 22,841 39,273 81,966 59,442
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries 4,672 11,354 20,706 17,849
Net income (loss) available to common stockholders 18,169 27,919 61,260 41,593
Basic earnings (loss) per share        
Net income (loss) available to common stockholders $ 18,169 $ 27,919 $ 61,260 $ 41,593
Basic earnings (loss) per share (in dollars per share) $ 0.05 $ 0.08 $ 0.16 $ 0.12
Basic weighted-average shares of common stock outstanding (in shares) 384,902 360,614 379,639 359,308
Fully diluted earnings (loss) per share        
Net income (loss) for fully diluted shares $ 26,023 $ 40,173 $ 88,271 $ 59,498
Fully diluted earnings (loss) per share (in shares) $ 0.05 $ 0.07 $ 0.16 $ 0.11
Fully diluted weighted-average shares of common stock outstanding (in shares) 563,923 546,123 560,210 542,390
v3.21.2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Statement of Comprehensive Income [Abstract]        
Consolidated net income (loss) $ 22,841 $ 39,273 $ 81,966 $ 59,442
Other comprehensive income (loss), net of tax:        
Foreign currency translation adjustments 2,139 2,794 (1,897) (16,565)
Benefit plans (279) (6,914) (197) 2,236
Total other comprehensive income (loss), net of tax 1,860 (4,120) (2,094) (14,329)
Comprehensive income (loss) 24,701 35,153 79,872 45,113
Less: Comprehensive income (loss) attributable to noncontrolling interest in subsidiaries, net of tax 4,853 9,722 20,287 16,988
Comprehensive income (loss) attributable to common stockholders $ 19,848 $ 25,431 $ 59,585 $ 28,125
v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net income (loss) $ 81,966 $ 59,442
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:    
Fixed asset depreciation and intangible asset amortization 42,910 41,842
Employee loan amortization and reserves on employee loans 34,687 31,633
Equity-based compensation and allocations of net income to limited partnership units and FPUs 91,785 70,023
Deferred compensation expense 289 404
Losses (gains) on equity method investments (2,855) (2,142)
Realized losses (gains) on marketable securities 0 (289)
Unrealized losses (gains) on marketable securities (10) 2
Loss (gains) on other investments 87 46
Amortization of discount (premium) on notes payable 1,967 2,307
Impairment of fixed assets, intangible assets and investments 3,265 7,632
Deferred tax provision (benefit) (4,401) 2,622
Change in estimated acquisition earn-out payables 1,939 (369)
Forfeitures of Class A common stock (330) 0
Other (1,934) 108
Consolidated net income (loss), adjusted for non-cash and non-operating items 249,365 213,261
Decrease (increase) in operating assets:    
Securities owned 9,730 (1,255)
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers (1,151,410) (546,351)
Accrued commissions receivable, net (160,613) 50,660
Loans, forgivable loans and other receivables from employees and partners, net (12,400) (78,661)
Receivables from related parties 3,216 2,714
Other assets (9,955) 2,116
Increase (decrease) in operating liabilities:    
Securities loaned 0 (13,902)
Accrued compensation (16,971) 23,877
Payables to broker-dealers, clearing organizations, customers and related broker-dealers 1,126,168 541,339
Payables to related parties 42,593 (42,522)
Accounts payable, accrued and other liabilities 118,592 (78,249)
Net cash provided by (used in) operating activities 198,315 73,027
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets (5,912) (20,058)
Capitalization of software development costs (23,895) (28,274)
Purchase of equity method investments (625) (613)
Proceeds from equity method investments 5,318 1,650
Payments for acquisitions, net of cash and restricted cash acquired 0 (7,871)
Proceeds from sale of marketable securities 0 14,237
Purchase of assets 0 (2,000)
Net cash provided by (used in) investing activities (25,114) (42,929)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments of long-term debt and collateralized borrowings (263,102) (81,850)
Issuance of long-term debt and collateralized borrowings, net of deferred issuance costs 188,449 227,828
Earnings distributions to limited partnership interests and other noncontrolling interests (34,714) (42,726)
Redemption and repurchase of limited partnership interests (39,240) (6,561)
Dividends to stockholders (7,626) (53,210)
Repurchase of Class A common stock (107,783) 0
Proceeds from sale of Cantor Units in BGC Holdings 5,145 0
Short term borrowings, net of repayments 1,999 0
Payments on acquisition earn-outs (8,139) (8,407)
Net cash provided by (used in) financing activities (265,011) 35,074
Effect of exchange rate changes on Cash and cash equivalents and Cash segregated under regulatory requirements 478 (14,286)
Net increase (decrease) in Cash and cash equivalents, and Cash segregated under regulatory requirements including Cash and Cash segregated under regulatory requirements classified within Assets held for sale (91,332) 50,886
Less: Net increase (decrease) in cash classified within Assets held for sale (302,678) 0
Net increase (decrease) in Cash and cash equivalents, and Cash segregated under regulatory requirements (394,010) 50,886
Cash and cash equivalents and Cash segregated under regulatory requirements at beginning of period 850,677 636,114
Cash and cash equivalents and Cash segregated under regulatory requirements at end of period 456,667 687,000
Supplemental cash information:    
Cash paid during the period for taxes 21,334 19,667
Cash paid during the period for interest 35,352 32,537
Supplemental non-cash information:    
Issuance of Class A common stock upon exchange of limited partnership interests 132,907 6,750
Issuance of Class A and contingent Class A common stock and limited partnership interests for acquisitions 513 1,399
ROU assets and liabilities $ 0 $ 11,326
v3.21.2
Condensed Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Cantor
Smith Mack
Additional Paid-in Capital
Additional Paid-in Capital
Cantor
Additional Paid-in Capital
Smith Mack
Treasury Stock
Retained Deficit
Retained Deficit
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Cumulative Effect, Period of Adoption, Adjustment
Noncontrolling Interest in Subsidiaries
Noncontrolling Interest in Subsidiaries
Cumulative Effect, Period of Adoption, Adjustment
Noncontrolling Interest in Subsidiaries
Cantor
Noncontrolling Interest in Subsidiaries
Smith Mack
Class A Common Stock
Common Stock
Class A Common Stock
Common Stock
Smith Mack
Class B Common Stock
Common Stock
Beginning Balance at Dec. 31, 2019 $ 724,968 $ (1,300)     $ 2,272,103     $ (315,308) $ (1,253,089) $ (883) $ (33,102) $ 50,321 $ (417)     $ 3,584   $ 459
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Consolidated net income (loss) 59,442               41,593       17,849            
Other comprehensive income (loss), net of tax (14,329)                   (13,468)   (861)            
Equity-based compensation 5,817       3,930               1,879       8    
Dividends to common stockholders (53,210)               (53,210)                    
Earnings distributions to limited partnership interests and other noncontrolling interests (25,143)                       (25,143)            
Grant of exchangeability and redemption of limited partnership interests 38,755       26,125               12,589       41    
Issuance of Class A common stock (net of costs) 4,995     $ 1,399 4,922   $ 1,221           71     $ 175 2 $ 3  
Redemption of FPUs $ (2)                       (2)            
Contributions of capital to and from Cantor for equity-based compensation     $ 1,305     $ 764                 $ 541        
Accounting Standards Update [Extensible List] us-gaap:AccountingStandardsUpdate201613Member                                    
Other $ 63       64               (1)            
Ending Balance at Jun. 30, 2020 742,760       2,309,129     (315,308) (1,265,589)   (46,570)   57,001       3,638   459
Beginning Balance at Mar. 31, 2020 696,324       2,293,221     (315,308) (1,289,931)   (44,082)   48,349       3,616   459
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Consolidated net income (loss) 39,273               27,919       11,354            
Other comprehensive income (loss), net of tax (4,120)                   (2,488)   (1,632)            
Equity-based compensation 3,111       2,097               1,013       1    
Dividends to common stockholders (3,577)               (3,577)                    
Earnings distributions to limited partnership interests and other noncontrolling interests (6,943)                       (6,943)            
Grant of exchangeability and redemption of limited partnership interests 13,957       9,096               4,841       20    
Issuance of Class A common stock (net of costs) 4,702     0 4,690   42           11     (42) 1 0  
Redemption of FPUs (2)                       (2)            
Contributions of capital to and from Cantor for equity-based compensation     87     35                 52        
Other (52)       (52)               0            
Ending Balance at Jun. 30, 2020 742,760       2,309,129     (315,308) (1,265,589)   (46,570)   57,001       3,638   459
Beginning Balance at Dec. 31, 2020 808,229       2,354,492     (315,313) (1,265,504)   (28,930)   59,290       3,735   459
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Consolidated net income (loss) 81,966               61,260       20,706            
Other comprehensive income (loss), net of tax (2,094)                   (1,675)   (419)            
Equity-based compensation 6,659       4,564               2,078       17    
Dividends to common stockholders (7,626)               (7,626)                    
Earnings distributions to limited partnership interests and other noncontrolling interests (11,405)                       (11,405)            
Grant of exchangeability and redemption of limited partnership interests 42,784     513 17,740   4,037           24,638     (3,532) 406 8  
Issuance of Class A common stock (net of costs) 673       662               8       3    
Redemption of FPUs (127)                       (127)            
Repurchase of Class A common stock (107,783)             (90,972)         (16,811)            
Forfeiture of Class A common stock, 83,765 shares (330)       137     (416)         (51)            
Contributions of capital to and from Cantor for equity-based compensation     (26,290)     (14,143)                 (12,147)        
Cantor purchase of Cantor units from BGC Holdings upon redemption of FPUs, 2,768,060 units 5,145                       5,145            
Other (969)       (31)               (938)            
Ending Balance at Jun. 30, 2021 789,345       2,367,458     (406,701) (1,211,870)   (30,605)   66,435       4,169   459
Beginning Balance at Mar. 31, 2021 870,422       2,365,750     (318,864) (1,226,187)   (32,284)   77,690       3,858   459
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Consolidated net income (loss) 22,841               18,169       4,672            
Other comprehensive income (loss), net of tax 1,860                   1,679   181            
Equity-based compensation 2,487       1,722               762       3    
Dividends to common stockholders (3,852)               (3,852)                    
Earnings distributions to limited partnership interests and other noncontrolling interests (4,958)                       (4,958)            
Grant of exchangeability and redemption of limited partnership interests 31,948     $ 488 11,736   $ 2,820           19,910     $ (2,338) 302 $ 6  
Issuance of Class A common stock (net of costs) 130       126               4       0    
Redemption of FPUs (108)                       (108)            
Repurchase of Class A common stock (103,386)             (87,421)         (15,965)            
Forfeiture of Class A common stock, 83,765 shares (330)       137     (416)         (51)            
Contributions of capital to and from Cantor for equity-based compensation     $ (27,171)     $ (14,746)                 $ (12,425)        
Other (1,026)       (87)               (939)            
Ending Balance at Jun. 30, 2021 $ 789,345       $ 2,367,458     $ (406,701) $ (1,211,870)   $ (30,605)   $ 66,435       $ 4,169   $ 459
v3.21.2
Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Equity-based compensation (in shares) 360,422 103,167    
Grant of exchangeability and redemption of limited partnership interests, issuance of shares (in shares) 30,155,970 1,968,788 40,586,915 4,074,189
Repurchase of Class A common stock (in shares)     17,507,000  
Forfeiture of Class A Common Stock (in shares) 84,000 0 84,000 0
Cantor purchase of Cantor units from BGC Holdings upon redemption of FPUs (in shares)     2,768,060  
Dividends declared per share of common stock (in dollars per share) $ 0.01 $ 0.01 $ 0.02 $ 0.15
Dividends declared and paid per share of common stock (in dollars per share) $ 0.01 $ 0.01 $ 0.02 $ 0.15
Partnership Units        
Redemption of FPUs (in shares) 44,496 1,250    
Class A Common Stock        
Equity-based compensation (in shares)     1,727,516 799,674
Grant of exchangeability and redemption of limited partnership interests, issuance of shares (in shares) 30,156,000 1,969,000 40,587,000 4,074,000
Issuance of Class A common stock (net of costs) (in shares) 3,542 176,920 265,915 248,583
Repurchase of Class A common stock (in shares) 16,542,535 0 17,507,006 0
Forfeiture of Class A Common Stock (in shares) 83,765 0 83,765 0
Issuance of Class A common stock and RSUs for acquisitions (in shares) 537,000 15,000 787,000 285,000
Class A Common Stock | Partnership Units        
Redemption of FPUs (in shares)     661,704 1,250
Class A Common Stock | Smith Mack        
Issuance of Class A common stock and RSUs for acquisitions (in shares) 536,893 14,939 787,468 285,435
v3.21.2
Organization and Basis of Presentation
 6 Months Ended
Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Basis of Presentation Organization and Basis of Presentation
Business Overview
BGC Partners, Inc. is a leading global brokerage and financial technology company servicing the global financial markets. Through the Company’s financial service brands, including BGC, GFI, Sunrise Brokers, Besso, Ed Broking, Poten & Partners, RP Martin, Fenics, Corant, and Corant Global, among others, the Company specializes 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. The Company also brokers products across FX, equity derivatives and cash equities, energy and commodities, shipping, insurance, and futures and options. The Company’s businesses also provide a wide variety of services, including trade execution, brokerage services, clearing, compression and other post-trade services, information, and other back-office services to a broad assortment of financial and non-financial institutions.
BGC Partners’ 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 the Company’s Fenics group of electronic brands, BGC Partners offers 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 offerings include Fully Electronic brokerage, market data and related information services, trade compression and other post-trade services, analytics related to financial instruments and markets, and other financial technology solutions. Fenics brands operate under the names Fenics, BGC Trader, CreditMatch, Fenics Market Data, BGC Market Data, kACE2, EMBonds, Capitalab, Swaptioniser, CBID and Lucera.
BGC, BGC Partners, BGC Trader, GFI, GFI Ginga, CreditMatch, Fenics, Fenics.com, Sunrise Brokers, Corant, Corant Global, Besso, Ed Broking, Poten & Partners, RP Martin, kACE2, EMBonds, Capitalab, Swaptioniser, CBID, Aqua and Lucera are trademarks/service marks, and/or registered trademarks/service marks of BGC Partners, Inc. and/or its affiliates.
The Company’s customers include many of the world’s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms. BGC Partners has dozens of offices globally in major markets including New York and London, as well as in Bahrain, Beijing, Bermuda, Bogotá, Brisbane, Buenos Aires, Chicago, Copenhagen, Dubai, Dublin, Frankfurt, Geneva, Hong Kong, Houston, Istanbul, Johannesburg, Madrid, Melbourne, Mexico City, Miami, Moscow, Nyon, Paris, Rio de Janeiro, Santiago, São Paulo, Seoul, Shanghai, Singapore, Sydney, Tel Aviv, Tokyo, Toronto, and Zurich.
The Company previously offered real estate services through its publicly traded subsidiary, Newmark (NASDAQ: NMRK). On November 30, 2018, BGC completed the Spin-Off, with shares of Newmark Class A common stock distributed to the holders of shares of BGC Class A common stock (including directors and executive officers of BGC Partners) of record as of the close of business on the Record Date and shares of Newmark Class B common stock distributed to the holders of shares of BGC Partners Class B common stock (consisting of Cantor and CFGM) of record as of the close of business on the Record Date. The Spin-Off was effective as of 12:01 a.m., New York City time, on the Distribution Date. Following the Spin-Off and the BGC Holdings Distribution, BGC ceased to be a controlling stockholder of Newmark, and BGC and its subsidiaries no longer held any shares of Newmark common stock or other equity interests in Newmark or its subsidiaries. Therefore, the Company no longer consolidates Newmark with its financial results. Cantor continues to control Newmark and its subsidiaries following the Spin-Off and the BGC Holdings Distribution. See Note 1—“Organization and Basis of Presentation” to the Company’s consolidated financial statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K as of December 31, 2020, for further information regarding the transactions related to the IPO and Spin-Off of Newmark.
Basis of Presentation
The Company’s unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC and in conformity with U.S. GAAP. The Company’s unaudited condensed consolidated financial statements include the Company’s accounts and all subsidiaries in which the Company has a controlling interest. Intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made to previously reported amounts to conform to the current presentation.
During the year ended December 31, 2020, the Company changed the line item formerly known as “Interest income” to “Interest and dividend income” in the Company’s unaudited condensed consolidated statements of operation. The change did
not result in any reclassification of revenue, had no impact on the Company’s “Total revenues” and is viewed only as a name change to better reflect the underlying activity.
The unaudited condensed consolidated financial statements contain all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the unaudited condensed consolidated statements of financial condition, the unaudited condensed consolidated statements of operations, the unaudited condensed consolidated statements of comprehensive income (loss), the unaudited condensed consolidated statements of cash flows and the unaudited condensed consolidated statements of changes in equity of the Company for the periods presented.
Assets and Liabilities Held for Sale
The Company classifies disposal groups to be sold as held for sale in the period in which all held for sale criteria in ASC 360, Property, Plant, and Equipment are met.
The respective disposal group classified as held for sale and the assets and liabilities included in the group, are carried at the lower of cost or the fair value less costs to sell on the Company’s unaudited condensed consolidated statements of financial condition. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met, and any gains on the sale of the disposal group are not recognized until the transaction has completed. The fair value of the disposal group less any costs to sell is reassessed each reporting period it remains classified as held for sale. Any subsequent changes in fair value, where the cost was previously deemed to be greater than the fair value of the disposal group less costs to sell, are reported as an adjustment to the carrying value of the disposal group, except if the adjusted carrying amounts of the long-lived assets and liabilities exceed the carrying values at the time they were initially classified as held for sale.
Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company ceases depreciation and amortization of long-lived assets included in the disposal group. BGC reports long-lived assets and the assets and liabilities of the disposal group in the line items Assets held for sale and Liabilities held for sale, respectively, in its unaudited condensed consolidated statements of financial condition.
Refer to Note 4—“Assets and Liabilities Held for Sale” for detailed information on the held for sale activities reported in the Company's unaudited condensed consolidated statements of financial condition as of June 30, 2021.
Recently Adopted Accounting Pronouncements
In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This standard requires lessees to recognize an ROU asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The amendments also require certain quantitative and qualitative disclosures. Accounting guidance for lessors is mostly unchanged. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases, to clarify how to apply certain aspects of the new leases standard. The amendments address the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments, among other issues. In addition, in July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), Targeted Improvements, which provided an additional (and optional) transition method to adopt the new leases standard. Under the new transition method, a reporting entity would initially apply the new lease requirements at the effective date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption; continue to report comparative periods presented in the financial statements in the period of adoption in accordance with legacy U.S. GAAP (i.e., ASC 840, Leases); and provide the required disclosures under ASC 840 for all periods presented under legacy U.S. GAAP. Further, ASU No. 2018-11 contains a practical expedient that allows lessors to avoid separating lease and associated non-lease components within a contract if certain criteria are met. In December 2018, the FASB issued ASU No. 2018-20, Leases (Topic 842), Narrow-Scope Improvements for Lessors, to clarify guidance for lessors on sales taxes and other similar taxes collected from lessees, certain lessor costs and recognition of variable payments for contracts with lease and non-lease components. In March 2019, the FASB issued ASU No. 2019-01, Leases (Topic 842), Codification Improvements, to clarify certain application and transitional disclosure aspects of the new leases standard. The amendments address determination of the fair value of the underlying asset by lessors that are not manufacturers or dealers and clarify interim period transition disclosure requirements, among other issues. The guidance in ASUs No. 2016-02, 2018-10, 2018-11 and 2018-20 was effective beginning January 1, 2019, with early adoption permitted; whereas the guidance in ASU No. 2019-01 was effective beginning January 1, 2020, with early adoption permitted. The Company adopted the abovementioned standards on January 1, 2019 using the effective date as the date of initial application. Therefore, pursuant to this transition method financial information was not updated and the disclosures required under the new leases standards were not provided for dates and periods before January 1, 2019. The guidance provides a number of optional practical expedients to be utilized by lessees upon transition. Accordingly, BGC elected the “package of practical expedients,” which permitted the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. BGC did not elect the use-of-hindsight
or the practical expedient pertaining to land easements, with the latter not being applicable to the Company. The standard also provides practical expedients for an entity’s ongoing accounting as a lessee. BGC elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, the Company will not recognize ROU assets and lease liabilities, and this includes not recognizing ROU assets and lease liabilities for existing short-term leases of those assets upon transition. The Company also elected the practical expedient to not separate lease and non-lease components for all of leases other than leases of real estate. As a result upon adoption, acting primarily as a lessee, BGC recognized a $192.4 million ROU asset and a $206.0 million lease liability on its unaudited condensed consolidated statements of financial condition for its real estate and equipment operating leases. The adoption of the guidance did not have a material impact on the Company’s unaudited condensed consolidated statements of operations, unaudited condensed consolidated statements of changes in equity and unaudited condensed consolidated statements of cash flows. See Note 25—“Leases” for additional information on the Company’s leasing arrangements.
In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The guidance intends to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. To meet that objective, the amendments expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. In October 2018, the FASB issued ASU No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. Based on concerns about the sustainability of LIBOR, in 2017, a committee convened by the Federal Reserve Board and the Federal Reserve Bank of New York identified a broad Treasury repurchase agreement (repo) financing rate referred to as the SOFR as its preferred alternative reference rate. The guidance in ASU No. 2018-16 adds the OIS rate based on SOFR as a U.S. benchmark interest rate to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. The amendments in this ASU were required to be adopted concurrently with the guidance in ASU No. 2017-12. The guidance became effective for the Company on January 1, 2019 and was required to be applied on a prospective and modified retrospective basis. The adoption of this guidance did not have a material impact on BGC’s unaudited condensed consolidated financial statements.
In February 2018, the FASB issued ASU No. 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The guidance helps organizations address certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act by providing an option to reclassify these stranded tax effects to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. The standard became effective for BGC on January 1, 2019. The guidance was required to be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company adopted the guidance starting on January 1, 2019. The adoption of the standard did not have a material impact on the Company’s unaudited condensed consolidated financial statements.
In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. The guidance largely aligns the accounting for share-based payment awards issued to employees and nonemployees, whereby the existing employee guidance will apply to nonemployee share-based transactions (as long as the transaction is not effectively a form of financing), with the exception of specific guidance related to the attribution of compensation cost. The cost of nonemployee awards will continue to be recorded as if the grantor had paid cash for the goods or services. In addition, the contractual term will be able to be used in lieu of an expected term in the option-pricing model for nonemployee awards. The standard became effective for the Company on January 1, 2019. The ASU was required to be applied on a prospective basis to all new awards granted after the date of adoption. In addition, any liability-classified awards that were not settled and equity-classified awards for which a measurement date had not been established by the adoption date were remeasured at fair value as of the adoption date with a cumulative effect adjustment to opening retained earnings in the year of adoption. BGC adopted this standard on its effective date. The adoption of this guidance did not have a material impact on the Company’s unaudited condensed consolidated financial statements.
In July 2019, the FASB issued ASU No. 2019-07, Codification Updates to SEC Sections—Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates. The guidance clarifies or improves the disclosure and presentation requirements of a variety of codification topics by aligning them with already effective SEC final rules, thereby eliminating redundancies and making the codification easier to apply. This ASU was effective upon issuance, and it did not have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures.
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments, which requires financial assets that are measured at amortized cost to be presented, net of an allowance for credit losses, at the amount expected to be collected over their estimated life. Expected credit losses for newly recognized financial assets, as well as changes to credit losses during the period, are recognized in earnings. For certain PCD assets, the initial allowance for expected credit losses is recorded as an increase to the purchase price. Expected credit losses, including losses on off-balance-sheet exposures such as lending commitments, are measured based on historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. The new standard became effective for the Company beginning January 1, 2020, under a modified retrospective approach, and early adoption was permitted. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, to clarify that operating lease receivables accounted for under ASC 842, Leases, are not in the scope of the new credit losses guidance, and, instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842, Leases. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The ASU makes changes to the guidance introduced or amended by ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments. See below for the description of the amendments stipulated in ASU No. 2019-04. In addition, in May 2019, the FASB issued ASU No. 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief. The amendments in this ASU allow entities, upon adoption of ASU No. 2016-13, to irrevocably elect the fair value option for financial instruments that were previously carried at amortized cost and are eligible for the fair value option under ASC 825-10, Financial Instruments: Overall. In November 2019, the FASB issued ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. The amendments in this ASU require entities to include certain expected recoveries of the amortized cost basis previously written off, or expected to be written off, in the allowance for credit losses for PCD assets; provide transition relief related to troubled debt restructurings; allow entities to exclude accrued interest amounts from certain required disclosures; and clarify the requirements for applying the collateral maintenance practical expedient. The amendments in ASUs No. 2018-19, 2019-04, 2019-05 and 2019-11 were required to be adopted concurrently with the guidance in ASU No. 2016-13. BGC adopted the standards on their required effective date beginning January 1, 2020. The primary effect of adoption related to the increase in the allowances for credit losses for Accrued commissions receivable, and Loans, forgivable loans and other receivables from employees and partners. As a result, on a pre-tax basis, the Company recognized a decrease in assets and noncontrolling interest in subsidiaries, and an increase in retained deficit, of approximately $1.9 million, $0.6 million, and $1.3 million, respectively, as of January 1, 2020. The tax effect of the impact of the adoption was an increase in assets and noncontrolling interest in subsidiaries, and a decrease in retained deficit of approximately $0.6 million, $0.2 million, and $0.4 million, respectively.
In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminates the requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure goodwill impairment. Under the amendments in the ASU, goodwill impairment testing is performed by comparing the fair value of the reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The Company adopted the standard on its required effective date beginning January 1, 2020, and the guidance was applied on a prospective basis starting with the goodwill impairment test during the year ended December 31, 2020. The adoption of this standard did not have a material impact on the Company’s unaudited condensed consolidated financial statements.
In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The guidance is part of the FASB’s disclosure framework project, whose objective and primary focus are to improve the effectiveness of disclosures in the notes to financial statements. The ASU eliminates, amends and adds certain disclosure requirements for fair value measurements. The FASB concluded that these changes improve the overall usefulness of the footnote disclosures for financial statement users and reduce costs for preparers. Certain disclosures are required to be applied prospectively and other disclosures need to be adopted retrospectively in the period of adoption. As permitted by the transition guidance in the ASU, the Company early adopted, eliminated and modified disclosure requirements as of September 30, 2018. The early adoption of this guidance did not have an impact on the Company’s unaudited condensed consolidated financial statements. The additional disclosure requirements were adopted by BGC beginning January 1, 2020, and the adoption of these fair value measurement disclosures did not have an impact on the Company’s unaudited condensed consolidated financial statements. See Note 13—“Fair Value of Financial Assets and Liabilities” for additional information.
In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force). The guidance on the accounting for implementation, setup, and other upfront costs (collectively referred to as implementation costs) applies to entities that are a customer in a hosting arrangement that is a service contract. The amendments align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred
to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the guidance in this ASU. BGC adopted the standard on its effective date beginning January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s unaudited condensed consolidated financial statements.
In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. The guidance was issued in response to stakeholders’ observations that Topic 810, Consolidation, could be improved in the areas of applying the variable interest entity guidance to private companies under common control and in considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. BGC adopted the standard on its effective date beginning January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s unaudited condensed consolidated financial statements.
In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The ASU amends guidance introduced or amended by ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments, ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, and ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments to ASU No. 2016-13 clarify the scope of the credit losses standard and address guidance related to accrued interest receivable balances, recoveries, variable interest rates and prepayments, among other issues. With respect to amendments to ASU No. 2017-12, the guidance addresses partial-term fair value hedges, fair value hedge basis adjustments, and certain transition requirements, along with other issues. The clarifying guidance pertaining to ASU No. 2016-01 requires an entity to remeasure an equity security without a readily determinable fair value accounted for under the measurement alternative at fair value in accordance with guidance in ASC 820, Fair Value Measurement; specifies that equity securities without a readily determinable fair value denominated in nonfunctional currency must be remeasured at historical exchange rates; and provides fair value measurement disclosure guidance. BGC adopted the standard on the required effective date beginning January 1, 2020. The adoption of the hedge accounting and the recognition and measurement guidance amendments did not have a material impact on the Company’s unaudited condensed consolidated financial statements. See above for the impact of adoption of the amendments related to the credit losses standard.
In November 2019, the FASB issued ASU No. 2019-08, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements—Share-Based Consideration Payable to a Customer. The ASU simplifies and increases comparability of accounting for nonemployee share-based payments, specifically those made to customers. Under the guidance, such awards will be accounted for as a reduction of the transaction price in revenue, but should be measured and classified following the stock compensation guidance in ASC 718, Compensation—Stock Compensation. BGC adopted the standard on the required effective date beginning January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s unaudited condensed consolidated financial statements.
In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The ASU is part of the FASB’s simplification initiative, and it is expected to reduce cost and complexity related to accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740, Income Taxes related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. BGC adopted the standard on the required effective date beginning January 1, 2021 on a prospective basis. The adoption of the standard did not have a material impact on the Company’s unaudited condensed consolidated financial statements.
In January 2020, the FASB issued ASU No. 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force). These amendments improve previous guidance by reducing diversity in practice and increasing comparability of the accounting for the interactions between these codification topics as they pertain to certain equity securities, investments under the equity method of accounting and forward contracts or purchased options to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option. BGC adopted the standard on the required effective date beginning January 1, 2021 on a prospective basis. The adoption of this guidance did not have a material impact on the Company’s unaudited condensed consolidated financial statements.
In March 2020, the FASB issued ASU No. 2020-03, Codification Improvements to Financial Instruments. This ASU makes narrow-scope amendments related to various aspects pertaining to financial instruments and related disclosures by clarifying or improving the Codification. For the most part, the guidance was effective upon issuance, and the adoption of the standard did not have a material impact on the Company’s unaudited condensed consolidated financial statements.
In October 2020, the FASB issued ASU No. 2020-10, Codification Improvements. The standard amends the Codification by moving existing disclosure requirements to (or adding appropriate references in) the relevant disclosure sections. The ASU also clarifies various provisions of the Codification by amending and adding new headings, cross-referencing, and refining or correcting terminology. BGC adopted the standard on the required effective date beginning January 1, 2021 and was applied using a modified retrospective method of transition. The adoption of this guidance did not have an impact on the Company’s unaudited condensed consolidated financial statements.
New Accounting Pronouncements
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance is designed to provide relief from the accounting analysis and impacts that may otherwise be required for modifications to agreements (e.g., loans, debt securities, derivatives, and borrowings) necessitated by reference rate reform as entities transition away from LIBOR and other interbank offered rates to alternative reference rates. This ASU also provides optional expedients to enable companies to continue to apply hedge accounting to certain hedging relationships impacted by reference rate reform. Application of the guidance is optional and only available in certain situations. The ASU is effective upon issuance and generally can be applied through December 31, 2022. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. The amendments in this standard are elective and principally apply to entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform (referred to as the “discounting transition”). The standard expands the scope of ASC 848, Reference Rate Reform and allows entities to elect optional expedients to derivative contracts impacted by the discounting transition. Similar to ASU No. 2020-04, provisions of this ASU are effective upon issuance and generally can be applied through December 31, 2022. Management is evaluating and planning for adoption of the new guidance, including forming a cross-functional LIBOR transition team to determine the Company’s transition plan and facilitate an orderly transition to alternative reference rates, and continuing its assessment on the Company’s unaudited condensed consolidated financial statements.
In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The standard is expected to reduce complexity and improve comparability of financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity. The ASU also enhances information transparency by making targeted improvements to the related disclosures guidance. Additionally, the amendments affect the diluted EPS calculation for instruments that may be settled in cash or shares and for convertible instruments. The new standard will become effective for the Company beginning January 1, 2022, can be applied using either a modified retrospective or a fully retrospective method of transition and early adoption is permitted. Management is currently evaluating the impact of the new standard on the Company’s unaudited condensed consolidated financial statements.
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Limited Partnership Interests in BGC Holdings and Newmark Holdings
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Limited Partnership Interests in BGC Holdings and Newmark Holdings Limited Partnership Interests in BGC Holdings and Newmark Holdings
BGC Partners is a holding company with no direct operations and conducts substantially all of its operations through its operating subsidiaries. Virtually all of the Company’s consolidated net assets and net income are those of consolidated variable interest entities. BGC Holdings is a consolidated subsidiary of the Company for which the Company is the general partner. The Company and BGC Holdings jointly own BGC U.S. OpCo and BGC Global OpCo, the two operating partnerships. In addition, Newmark Holdings is a consolidated subsidiary of Newmark for which Newmark is the general partner. Newmark and Newmark Holdings jointly own Newmark OpCo, the operating partnership. Listed below are the limited partnership interests in BGC Holdings and Newmark Holdings. The FPUs, LPUs and limited partnership interests held by Cantor, each as described below, collectively represent all of the limited partnership interests in BGC Holdings and Newmark Holdings.
As a result of the Separation, limited partnership interests in Newmark Holdings were distributed to the holders of limited partnership interests in BGC Holdings, whereby each holder of BGC Holdings limited partnership interests at that time who held a BGC Holdings limited partnership interest received a corresponding Newmark Holdings limited partnership interest, determined by the Contribution Ratio, which was equal to a BGC Holdings limited partnership interest multiplied by one divided by 2.2, divided by the Exchange Ratio. Initially, the Exchange Ratio equaled one, so that each Newmark Holdings limited partnership interest was exchangeable for one share of Newmark Class A common stock. For reinvestment, acquisition or other purposes, Newmark may determine on a quarterly basis to distribute to its stockholders a smaller percentage than Newmark Holdings distributes to its equity holders (excluding tax distributions from Newmark Holdings) of cash that it received from Newmark OpCo. In such circumstances, the Separation and Distribution Agreement provides that the Exchange Ratio will be reduced to reflect the amount of additional cash retained by Newmark as a result of the distribution of such smaller percentage, after the payment of taxes. The Exchange Ratio as of June 30, 2021 equaled 0.9403.
Founding/Working Partner Units
Founding/Working Partners have FPUs in BGC Holdings and Newmark Holdings. The Company accounts for FPUs outside of permanent capital, as “Redeemable partnership interest,” in the Company’s unaudited condensed consolidated statements of financial condition. This classification is applicable to Founding/Working Partner units because these units are redeemable upon termination of a partner, including a termination of employment, which can be at the option of the partner and not within the control of the issuer.
FPUs are held by limited partners who are employees and generally receive quarterly allocations of net income. Upon termination of employment or otherwise ceasing to provide substantive services, the FPUs are generally redeemed, and the unit holders are no longer entitled to participate in the quarterly allocations of net income. Since these allocations of net income are cash distributed on a quarterly basis and are contingent upon services being provided by the unit holder, they are reflected as a component of compensation expense under “Equity-based compensation and allocations of net income to limited partnership units and FPUs” in the Company’s unaudited condensed consolidated statements of operations.
Limited Partnership Units
Certain BGC employees hold LPUs in BGC Holdings and Newmark Holdings (e.g., REUs, RPUs, PSUs, and PSIs). Prior to the Separation, certain employees of both BGC and Newmark received LPUs in BGC Holdings. As a result of the Separation, these employees were distributed LPUs in Newmark Holdings equal to a BGC Holdings LPU multiplied by the Contribution Ratio. Subsequent to the Separation, BGC employees are only granted LPUs in BGC Holdings, and Newmark employees are only granted LPUs in Newmark Holdings.
Generally, LPUs receive quarterly allocations of net income, which are cash distributed and generally are contingent upon services being provided by the unit holder. As prescribed in U.S. GAAP guidance, following the Spin-Off, the quarterly allocations of net income on BGC Holdings and Newmark Holdings LPUs held by BGC employees are reflected as a component of compensation expense under “Equity-based compensation and allocations of net income to limited partnership units and FPUs” in the Company’s unaudited condensed consolidated statements of operations, and the quarterly allocations of net income on BGC Holdings LPUs held by Newmark employees are reflected as a component of “Net income (loss) attributable to noncontrolling interest in subsidiaries” in the Company’s unaudited condensed consolidated statements of operations. From time to time, the Company also issues BGC LPUs as part of the consideration for acquisitions.
Certain of these LPUs in BGC Holdings and Newmark Holdings, such as REUs, entitle the holders to receive post-termination payments equal to the notional amount of the units in four equal yearly installments after the holder’s termination. These LPUs held by BGC employees are accounted for as post-termination liability awards, and in accordance with U.S. GAAP guidance, the Company records compensation expense for the awards based on the change in value at each reporting date in the Company’s unaudited condensed consolidated statements of operations as part of “Equity-based compensation and allocations of net income to limited partnership units and FPUs.”
The Company has also awarded certain Preferred Units. Each quarter, the net profits of BGC Holdings and Newmark Holdings are allocated to such units at a rate of either 0.6875% (which is 2.75% per calendar year) or such other amount as set forth in the award documentation. These allocations are deducted before the calculation and distribution of the quarterly partnership distribution for the remaining partnership interests and are generally contingent upon services being provided by the unit holder. The Preferred Units are not entitled to participate in partnership distributions other than with respect to the Preferred Distribution. Preferred Units may not be made exchangeable into Class A common stock, and are only entitled to the Preferred Distribution; accordingly they are not included in the fully diluted share count. The quarterly allocations of net income on Preferred Units are reflected the same as those of the LPUs described above in the Company’s unaudited condensed consolidated statements of operations. After deduction of the Preferred Distribution, the remaining partnership units generally receive quarterly allocations of net income based on their weighted-average pro rata share of economic ownership of the operating subsidiaries. Preferred Units are granted in connection with the grant of certain LPUs, such as PSUs, that may be granted exchangeability or redeemed in connection with the issuance of shares of common stock to cover the withholding taxes owed by the unit holder, rather than issuing the gross amount of shares to employees, subject to cashless withholding of shares to pay applicable withholding taxes.
Cantor Units
Cantor holds limited partnership interests in BGC Holdings. Cantor units are reflected as a component of “Noncontrolling interest in subsidiaries” in the Company’s unaudited condensed consolidated statements of financial condition. Cantor receives allocations of net income (loss), which are cash distributed on a quarterly basis and are reflected as a component of “Net income (loss) attributable to noncontrolling interest in subsidiaries” in the Company’s unaudited condensed
consolidated statements of operations. Cantor units in BGC Holdings are generally exchangeable for up to 23.6 million shares of BGC Class B common stock.
General
Certain of the limited partnership interests, described above, have been granted exchangeability into shares of BGC or Newmark Class A common stock, and additional limited partnership interests may become exchangeable into shares of BGC or Newmark Class A common stock. In addition, certain limited partnership interests have been granted the right to exchange into a partnership unit with a capital account, such as HDUs. HDUs have a stated capital account which is initially based on the closing trading price of Class A common stock at the time the HDU is granted. HDUs participate in quarterly partnership distributions and are generally not exchangeable into shares of Class A common stock.
Subsequent to the Spin-Off, limited partnership interests in BGC Holdings held by a partner or Cantor may become exchangeable for BGC Class A or BGC Class B common stock on a one-for-one basis, and limited partnership interests in Newmark Holdings held by a partner or Cantor may become exchangeable for a number of shares of Newmark Class A or Newmark Class B common stock equal to the number of limited partnership interests multiplied by the then-current Exchange Ratio. Because limited partnership interests are included in the Company’s fully diluted share count, if dilutive, any exchange of limited partnership interests into shares of BGC Class A or BGC Class B common stock would not impact the fully diluted number of shares and units outstanding. Because these limited partnership interests generally receive quarterly allocations of net income, such exchange would have no significant impact on the cash flows or equity of the Company.
Each quarter, net income (loss) is allocated between the limited partnership interests and the Company’s common stockholders. In quarterly periods in which the Company has a net loss, the loss allocation for FPUs, LPUs and Cantor units in BGC Holdings is allocated to Cantor and reflected as a component of “Net income (loss) attributable to noncontrolling interest in subsidiaries” in the Company’s unaudited condensed consolidated statements of operations. In subsequent quarters in which the Company has net income, the initial allocation of income to the limited partnership interests in BGC Holdings is to Cantor and is recorded as “Net income (loss) attributable to noncontrolling interests in subsidiaries,” to recover any losses taken in earlier quarters, with the remaining income allocated to the limited partnership interests. This income (loss) allocation process has no impact on the net income (loss) allocated to common stockholders.
v3.21.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting PoliciesFor a detailed discussion about the Company’s significant accounting policies, see Note 3—“Summary of Significant Accounting Policies,” in its consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2020. During the six months ended June 30, 2021, there were no significant changes made to the Company’s significant accounting policies.
v3.21.2
Assets and Liabilities Held For Sale
 6 Months Ended
Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Assets and Liabilities Held For Sale Assets and Liabilities Held For Sale
On May 26, 2021, the Company entered into an agreement to sell its Insurance brokerage business to The Ardonagh Group, subject to receipt of the required regulatory approvals and satisfaction of other closing conditions and approval, for $500 million of cash consideration, subject to adjustments for working capital and other certain closing adjustments. As of June 30, 2021, the Company’s Insurance brokerage business met the criteria to be classified as held for sale. As the business has met this criteria, the Company is required to record the respective assets and liabilities at the lower of carrying value or fair value less any costs to sell, and present the related assets and liabilities as separate line items in the unaudited condensed consolidated statements of financial condition.
The following table presents information related to the major classes of assets and liabilities that were classified as held for sale in the Company’s unaudited condensed consolidated statements of financial condition as of June 30, 2021:
June 30, 2021
Accrued commissions and other receivables, net$561,074 
Cash segregated under regulatory requirements274,107 
Goodwill69,725 
Other intangible assets, net56,031 
Other assets33,290 
Cash and cash equivalents28,571 
Loans, forgivable loans and other receivables from employees and partners, net14,496 
Fixed assets, net8,606 
Other2,959 
Total assets held for sale$1,048,859 
Accounts payable, accrued and other liabilities$839,872 
Accrued compensation10,233 
Other 7 
Total liabilities held for sale$850,112 
No impairment charge was recorded for the three and six months ended June 30, 2021 as the carrying amount of the net assets was less than the fair value less costs to sell. Fair value was determined based on the sales price in the sales and purchase agreement. Further, the sale of the business did not represent a strategic shift that would have a major effect on operations and financial results and was, therefore, not classified as discontinued operations.
v3.21.2
Acquisitions
 6 Months Ended
Jun. 30, 2021
Business Combinations [Abstract]  
Acquisitions Acquisitions
Algomi
On March 6, 2020, the Company completed the acquisition of Algomi, a software company operating under a SaaS model that provides technology to bond market participants to improve their workflow and liquidity by data aggregation, pre-trade information analysis, and execution facilitation.
Other Acquisitions
During the year ended December 31, 2020, the Company completed several smaller acquisitions. The aggregate consideration paid for these acquisitions was not material to the Company’s unaudited condensed consolidated financial statements. There were no acquisitions completed by the Company for the six months ended June 30, 2021.
Total Consideration
The total consideration for acquisitions during the year ended December 31, 2020 was approximately $9.6 million in total fair value which was paid in cash. The excess of the consideration over the fair value of the net assets acquired has been recorded as goodwill of approximately $2.8 million.
The results of operations of the Company’s acquisitions have been included in the Company’s unaudited condensed consolidated financial statements subsequent to their respective dates of acquisition. The Company has made preliminary allocations of the consideration to the assets acquired and liabilities assumed as of the acquisition dates, and expects to finalize its analysis with respect to acquisitions within the first year after the completion of the respective transaction. Therefore, adjustments to preliminary allocations may occur.
v3.21.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per ShareU.S. GAAP guidance establishes standards for computing and presenting EPS. Basic EPS excludes dilution and is computed by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding and contingent shares for which all necessary conditions have been satisfied except for the passage of time. Net income (loss) is allocated to the Company’s outstanding common stock, FPUs, LPUs and Cantor units (see Note 2—“Limited Partnership Interests in BGC Holdings and Newmark Holdings”).
Basic Earnings Per Share:
The following is the calculation of the Company’s basic EPS (in thousands, except per share data):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Basic earnings (loss) per share:
Net income (loss) available to common stockholders$18,169 $27,919 $61,260 $41,593 
Basic weighted-average shares of common stock outstanding384,902 360,614 379,639 359,308 
Basic earnings (loss) per share$0.05 $0.08 $0.16 $0.12 
Fully Diluted Earnings Per Share:
Fully diluted EPS is calculated utilizing net income (loss) available to common stockholders plus net income allocations to the limited partnership interests as the numerator. The denominator comprises the Company’s weighted-average number of outstanding BGC shares of common stock, including contingent shares of BGC common stock, and, if dilutive, the weighted-average number of limited partnership interests, including contingent units of BGC Holdings, and other contracts to issue shares of BGC common stock, including RSUs. The limited partnership interests generally are potentially exchangeable into shares of BGC Class A common stock (see Note 2—“Limited Partnership Interests in BGC Holdings and Newmark Holdings”) and are entitled to their pro-rata share of earnings after the deduction for the Preferred Distribution; as a result, they are included in the fully diluted EPS computation to the extent that the effect would be dilutive.
The following is the calculation of the Company’s fully diluted EPS (in thousands, except per share data):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Fully diluted earnings (loss) per share
Net income (loss) available to common stockholders$18,169 $27,919 $61,260 $41,593 
Allocations of net income (loss) to limited partnership interests, net of tax7,854 12,254 27,011 17,905 
Net income (loss) for fully diluted shares$26,023 $40,173 $88,271 $59,498 
Weighted-average shares:
Common stock outstanding384,902 360,614 379,639 359,308 
Partnership units¹173,606 184,122 175,849 181,257 
RSUs (Treasury stock method)4,141 174 3,475 549 
Other1,274 1,213 1,247 1,276 
Fully diluted weighted-average shares of common stock outstanding563,923 546,123 560,210 542,390 
Fully diluted earnings (loss) per share$0.05 $0.07 $0.16 $0.11 
__________________________
1Partnership units collectively include FPUs, LPUs, and Cantor units (see Note 2—“Limited Partnership Interests in BGC Holdings and Newmark Holdings” for more information).
For the three and six months ended June 30, 2021, 31 thousand and 55 thousand of potentially dilutive securities, respectively, were excluded from the computation of fully diluted EPS because their effect would have been anti-dilutive. Anti-dilutive securities for both the three and six months ended June 30, 2021, comprised RSUs. For the three and six months ended June 30, 2020, 2.6 million and 0.4 million of potentially dilutive securities, respectively, were excluded from the computation of fully diluted EPS because their effect would have been anti-dilutive. Anti-dilutive securities for both the three and six months ended June 30, 2020, comprised RSUs.
As of June 30, 2021 and 2020, approximately 31.4 million and 26.7 million shares, respectively, of contingent shares of BGC Class A common stock, N units, RSUs, and LPUs were excluded from the fully diluted EPS computations because the conditions for issuance had not been met by the end of the respective periods.
v3.21.2
Stock Transactions and Unit Redemptions
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Stock Transactions and Unit Redemptions Stock Transactions and Unit Redemptions
Class A Common Stock
Changes in shares of BGC Class A common stock outstanding were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Shares outstanding at beginning of period334,364 311,059 323,018 307,915 
Share issuances:
Redemptions/exchanges of limited partnership interests¹30,156 1,969 40,587 4,074 
Vesting of RSUs360 103 1,728 800 
Acquisitions537 15 787 285 
Other issuances of BGC Class A common stock5 177 266 249 
Restricted stock forfeitures(84)— (84)— 
Treasury stock repurchases(16,543)— (17,507)— 
Shares outstanding at end of period348,795 313,323 348,795 313,323 
__________________________
1.Included in redemptions/exchanges of limited partnership interests for the three months ended June 30, 2021 and 2020 are 13.8 million shares of BGC Class A common stock granted in connection with the cancellation of 14.6 million LPUs, and 0.7 million shares of BGC Class A common stock granted in connection with the cancellation of 0.6 million LPUs, respectively. Included in redemptions/exchanges of limited partnership interests for the six months ended June 30, 2021 and 2020 are 15.4 million shares of BGC Class A common stock granted in connection with the cancellation of 16.3 million LPUs, and 2.1 million shares of BGC Class A common stock granted in connection with the cancellation of 2.1 million LPUs, respectively. Because LPUs are included in the Company’s fully diluted share count, if dilutive, redemptions/exchanges in connection with the issuance of BGC Class A common stock would not impact the fully diluted number of shares outstanding.
Class B Common Stock
The Company did not issue any shares of BGC Class B common stock during the three and six months ended June 30, 2021 and 2020. As of June 30, 2021 and December 31, 2020, there were 45.9 million shares of BGC Class B common stock outstanding.
CEO Program
On March 9, 2018, the Company entered into the March 2018 Sales Agreement, pursuant to which the Company may offer and sell up to an aggregate of $300.0 million of shares of BGC Class A common stock under the CEO Program. Proceeds from shares of BGC Class A common stock sold under the March 2018 Sales Agreement may be used for the repurchase of shares and the redemptions of limited partnership interests in BGC Holdings, as well as for general corporate purposes, including acquisitions and the repayment of debt. CF&Co is a wholly-owned subsidiary of Cantor and an affiliate of the Company. Under the March 2018 Sales Agreement, the Company has agreed to pay CF&Co 2% of the gross proceeds from the sale of shares. The Company did not sell any shares under the March 2018 Sales Agreement during the three and six months ended June 30, 2021. As of June 30, 2021, the Company had sold 17.6 million shares of BGC Class A common stock (or $210.8 million) under the March 2018 Sales Agreement. For additional information on the Company’s CEO Program sales agreements, see Note 14—“Related Party Transactions.” On March 8, 2021, we filed a replacement CEO Program shelf registration statement on Form S-3, which has not yet been declared effective, with respect to the issuance and sale of up to an aggregate of $300.0 million of shares of BGC Class A common stock (inclusive of the $89.2 million of shares remaining for sale under the current CEO Program) from time to time on a delayed or continuous basis.
Unit Redemptions and Share Repurchase Program
The Company’s Board and Audit Committee have authorized repurchases of BGC Class A common stock and redemptions of limited partnership interests or other equity interests in the Company’s subsidiaries. On August 1, 2018, the Company’s Board and Audit Committee increased the BGC Partners share repurchase and unit redemption authorization to $300.0 million, which may include purchases from Cantor, its partners or employees or other affiliated persons or entities. As of June 30, 2021, the Company had $114.6 million remaining from its share repurchase and unit redemption authorization. From time to time, the Company may actively continue to repurchase shares and/or redeem units.
The table below represents the units redeemed and/or shares repurchased for cash and does not include units redeemed/cancelled in connection with the grant of shares of BGC Class A common stock nor the limited partnership interests exchanged for shares of BGC Class A common stock. The gross unit redemptions and share repurchases of BGC Class A common stock during the three and six months ended June 30, 2021 were as follows (in thousands, except for weighted-average price data):
PeriodTotal Number
of Units
Redeemed
or Shares
Repurchased		Weighted-Average Price
Paid per Unit
or Share		Approximate
Dollar Value
of Units and
Shares That May
Yet Be Redeemed/
Purchased
Under the Program
Redemptions1,2
January 1, 2021—March 31, 202120 $4.40 
April 1, 2021—June 30, 20214,715 5.82 
Total Redemptions4,735 $5.82 
Repurchases3,4
January 1, 2021—March 31, 2021965 $4.56 
April 1, 2021—April 30, 20212 5.29 
May 1, 2021—May 31, 20211,018 5.59 
June 1, 2021—June 30, 202115,522 6.29 
Total Repurchases17,507 $6.16 
Total Redemptions and Repurchases22,242 $6.08 $114,584 
__________________________
1.During the three months ended June 30, 2021, the Company redeemed 4.7 million LPUs at an aggregate redemption price of $27.3 million for a weighted-average price of $5.84 per unit. During the three months ended June 30, 2021, the Company redeemed 44 thousand FPUs at an aggregate redemption price of $181 thousand for a weighted-average price of $4.06 per unit. During the three months ended June 30, 2020, the Company redeemed 0.1 million LPUs at an aggregate redemption price of $0.3 million for a weighted-average price of $3.05 per unit. During the three months ended June 30, 2020, the Company redeemed 1 thousand FPUs at an aggregate redemption price of $4 thousand for an average price of $3.07 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 13.8 million and 0.7 million shares of BGC Class A common stock during the three months ended June 30, 2021 and 2020, respectively, nor the limited partnership interests exchanged for 16.8 million and 1.3 million shares of BGC Class A common stock during the three months ended June 30, 2021 and 2020, respectively.
2.During the six months ended June 30, 2021, the Company redeemed 4.7 million LPUs at an aggregate redemption price of $27.3 million for an average price of $5.83 per unit. During the six months ended June 30, 2021, the Company redeemed 51 thousand FPUs at an aggregate redemption price of $209 thousand for an average price of $4.11 per unit. During the six months ended June 30, 2020, the Company redeemed 0.3 million LPUs at an aggregate redemption price of $1.3 million for an average price of $3.92 per unit. During the six months ended June 30, 2020, the Company redeemed 1 thousand FPUs at an aggregate redemption price of $4 thousand for an average price of $3.07 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 15.4 million and 2.1 million shares of BGC Class A common stock during the six months ended June 30, 2021 and 2020, respectively, nor the limited partnership interests exchanged for 25.9 million and 1.8 million shares of BGC Class A common stock during the six months ended June 30, 2021 and 2020, respectively.
3.During the three months ended June 30, 2021, the Company repurchased 16.5 million shares of BGC Class A common stock at an aggregate price of $103.4 million for a weighted-average price of $6.25 per share. The Company did not repurchase any shares of BGC Class A common stock during the three months ended June 30, 2020.
4.During the six months ended June 30, 2021, the Company repurchased 17.5 million shares of BGC Class A common stock at an aggregate price of $107.8 million for a weighted-average price of $6.16 per share. The Company did not repurchase any shares of BGC Class A common stock during the six months ended June 30, 2020.
Redeemable Partnership Interest
The changes in the carrying amount of FPUs were as follows (in thousands):
Six Months Ended June 30,
20212020
Balance at beginning of period$20,674 $23,638 
Consolidated net income allocated to FPUs958 255 
Earnings distributions(520)— 
FPUs exchanged(509)(470)
FPUs redeemed(1,021)(80)
Balance at end of period$19,582 $23,343 
v3.21.2
Securities Owned
 6 Months Ended
Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Securities Owned Securities OwnedSecurities owned primarily consist of unencumbered U.S. Treasury bills held for liquidity purposes. Total Securities owned were $49.2 million and $58.6 million as of June 30, 2021 and December 31, 2020, respectively. For additional information, see Note 13—“Fair Value of Financial Assets and Liabilities.”
v3.21.2
Collateralized Transactions
 6 Months Ended
Jun. 30, 2021
Brokers and Dealers [Abstract]  
Collateralized Transactions Collateralized Transactions
Repurchase Agreements
Securities sold under Repurchase Agreements are accounted for as collateralized financing transactions and are recorded at the contractual amount for which the securities will be repurchased, including accrued interest. As of both June 30, 2021 and December 31, 2020, Cantor had not facilitated any Repurchase Agreements between the Company and Cantor for the purpose of financing fails.
Securities Loaned
As of both June 30, 2021 and December 31, 2020, the Company did not have any Securities loaned transactions with Cantor.
v3.21.2
Marketable Securities
 6 Months Ended
Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities Marketable Securities
Marketable securities consist of the Company’s ownership of equity securities carried at fair value in accordance with ASU 2016-01. The securities had a fair value of $0.4 million and $0.3 million as of June 30, 2021 and December 31, 2020, respectively.
These marketable securities are measured at fair value, with any changes in fair value recognized in earnings and included in “Other income (loss)” in the Company’s unaudited condensed consolidated statements of operations. The Company recognized realized and unrealized net gains of $21 thousand and $33 thousand for the three months ended June 30, 2021 and 2020, respectively, related to sales of shares and the mark-to-market adjustments on shares and any related hedging transactions, when applicable. The Company recognized realized and unrealized net gains of $10 thousand and $0.3 million for the six months ended June 30, 2021 and 2020, respectively, related to sales of shares and the mark-to-market adjustments on shares and any related hedging transactions, when applicable.
During the six months ended June 30, 2021, the Company did not sell any marketable securities. During the six months ended June 30, 2020, the Company sold marketable securities with a fair value of $14.2 million, at the time of sale. The Company did not purchase any marketable securities during the six months ended June 30, 2021 and 2020.
v3.21.2
Receivables from and Payables to Broker-Dealers, Clearing Organizations, Customers and Related Broker-Dealers
 6 Months Ended
Jun. 30, 2021
Brokers and Dealers [Abstract]  
Receivables from and Payables to Broker-Dealers, Clearing Organizations, Customers and Related Broker-Dealers Receivables from and Payables to Broker-Dealers, Clearing Organizations, Customers and Related Broker-DealersReceivables from and payables to broker-dealers, clearing organizations, customers and related broker-dealers primarily represent amounts due for undelivered securities, cash held at clearing organizations and exchanges to facilitate settlement and clearance of matched principal transactions, spreads on matched principal transactions that have not yet been remitted from/to clearing organizations and exchanges and amounts related to open derivative contracts (see Note 12
—“Derivatives”). As of June 30, 2021 and December 31, 2020, Receivables from and payables to broker-dealers, clearing organizations, customers and related broker-dealers consisted of the following (in thousands):
June 30, 2021December 31, 2020
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers:
Contract values of fails to deliver$1,285,423 $158,976 
Receivables from clearing organizations136,547 126,879 
Other receivables from broker-dealers and customers17,211 14,237 
Net pending trades10,909 2,999 
Open derivative contracts¹5,243 931 
Total$1,455,333 $304,022 
Payables to broker-dealers, clearing organizations, customers and related broker-dealers:
Contract values of fails to receive$1,142,236 $154,050 
Payables to clearing organizations133,892 12,373 
Other payables to broker-dealers and customers23,194 11,833 
Open derivative contracts²6,421 1,460 
Total$1,305,743 $179,716 
__________________________
1.Excludes $310 thousand of Receivables from broker-dealers, clearing organizations, customers and related broker-dealers classified as Assets held for sale as of June 30, 2021.
2.Excludes $7 thousand of Payables to broker-dealers, clearing organizations, customers and related broker-dealers classified as Liabilities held for sale as of June 30, 2021.
A portion of these receivables and payables are with Cantor. See Note 14—“Related Party Transactions,” for additional information related to these receivables and payables.
Substantially all open fails to deliver, open fails to receive and pending trade transactions as of June 30, 2021 have subsequently settled at the contracted amounts.
v3.21.2
Derivatives
 6 Months Ended
Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
In the normal course of operations, the Company enters into derivative contracts. These derivative contracts primarily consist of FX swaps, FX/commodities options, futures and forwards. The Company enters into derivative contracts to facilitate client transactions, hedge principal positions and facilitate hedging activities of affiliated companies. Derivative contracts can be exchange-traded or OTC. Exchange-traded derivatives typically fall within Level 1 or Level 2 of the fair value hierarchy depending on whether they are deemed to be actively traded or not. The Company generally values exchange-traded derivatives using their closing prices. OTC derivatives are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. For OTC derivatives that trade in liquid markets, such as forwards, swaps and options, model inputs can generally be verified and model selection does not involve significant management judgment. Such instruments are typically classified within Level 2 of the fair value hierarchy.
The Company does not designate any derivative contracts as hedges for accounting purposes. U.S. GAAP guidance requires that an entity recognize all derivative contracts as either assets or liabilities in the unaudited condensed consolidated statements of financial condition and measure those instruments at fair value. The fair value of all derivative contracts is recorded on a net-by-counterparty basis where a legal right to offset exists under an enforceable netting agreement. Derivative contracts are recorded as part of “Receivables from broker-dealers, clearing organizations, customers and related broker-dealers” and “Payables to broker-dealers, clearing organizations, customers and related broker-dealers” in the Company’s unaudited condensed consolidated statements of financial condition.
The fair value of derivative contracts, computed in accordance with the Company’s netting policy, is set forth below (in thousands):
June 30, 2021December 31, 2020
Derivative contractAssetsLiabilities
Notional
Amounts1
AssetsLiabilities
Notional
Amounts1
FX/commodities options$— $— $— $74 $— $4,844 
Forwards2
690 653 216,829 295 215 302,141 
FX swaps4,553 4,551 610,762 562 319 513,588 
Futures— 1,217 18,307,688 — 926 6,113,220 
Total$5,243 $6,421 $19,135,279 $931 $1,460 $6,933,793 
__________________________
1Notional amounts represent the sum of gross long and short derivative contracts, an indication of the volume of the Company’s derivative activity, and do not represent anticipated losses.
2Excludes $30 thousand derivative assets and $7 thousand derivative liabilities classified as Assets held for sale and Liabilities held for sale, respectively, as of June 30, 2021.
Certain of the Company’s FX swaps are with Cantor. See Note 14—“Related Party Transactions,” for additional information related to these transactions.
The replacement costs of contracts in a gain position were $5.2 million and $0.9 million, as of June 30, 2021 and December 31, 2020, respectively.
The following tables present information about the offsetting of derivative instruments (in thousands):
June 30, 2021
Gross
Amounts		Gross
Amounts
Offset
Net Amounts
Presented
in the
Statements
of Financial
Condition1
Assets
Forwards2
$948 $(258)$690 
FX swaps5,729 (1,176)4,553 
Futures75,703 (75,703)— 
Total derivative assets$82,380 $(77,137)$5,243 
Liabilities
FX swaps5,727 (1,176)4,551 
Forwards2
911 (258)653 
Futures76,920 (75,703)1,217 
Total derivative liabilities$83,558 $(77,137)$6,421 
December 31, 2020
Gross
Amounts		Gross
Amounts
Offset
Net Amounts
Presented
in the
Statements
of Financial
Condition1
Assets
FX/commodities options$74 $— $74 
Forwards338 (43)295 
FX swaps583 (21)562 
Futures41,257 (41,257)— 
Total derivative assets$42,252 $(41,321)$931 
Liabilities
FX swaps$340 $(21)$319 
Forwards258 (43)215 
Futures42,183 (41,257)926 
Total derivative liabilities$42,781 $(41,321)$1,460 
__________________________
1There were no additional balances in gross amounts not offset as of June 30, 2021 and December 31, 2020.
2Excludes $30 thousand derivative assets and $7 thousand derivative liabilities classified as Assets held for sale and Liabilities held for sale, respectively, as of June 30, 2021.
The change in fair value of derivative contracts is reported as part of “Principal transactions” in the Company’s unaudited condensed consolidated statements of operations. The change in fair value of equity options related to marketable securities is included as part of “Other income (loss)” in the Company’s unaudited condensed consolidated statements of operations.
The table below summarizes gains and (losses) on derivative contracts (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
Derivative contract2021202020212020
Futures$3,321 $2,724 $7,155 $5,488 
FX/commodities options78 143 164 198 
Forwards(63)116 (28)(1,152)
FX swaps140 89 138 325 
Gains$3,476 $3,072 $7,429 $4,859 
v3.21.2
Fair Value of Financial Assets and Liabilities
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities
Fair Value Measurements on a Recurring Basis
U.S. GAAP guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
Level 1 measurements—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
Level 2 measurements—Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly.
Level 3 measurements—Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
As required by U.S. GAAP guidance, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
The following tables set forth by level within the fair value hierarchy financial assets and liabilities accounted for at fair value under U.S. GAAP guidance (in thousands):
Assets at Fair Value at June 30, 2021
Level 1Level 2Level 3Netting and
Collateral		Total
Marketable securities$360 $— $— $— $360 
Government debt47,959 — — — 47,959 
Securities owned—Equities110 — — — 110 
Forwards1
— 948 — (258)690 
FX swaps— 5,729 — (1,176)4,553 
Futures— 75,703 — (75,703)— 
Corporate bonds— 1,153 — — 1,153 
Total$48,429 $83,533 $— $(77,137)$54,825 
Liabilities at Fair Value at June 30, 2021
Level 1Level 2Level 3Netting and
Collateral		Total
FX swaps$— $5,727 $— $(1,176)$4,551 
Forwards1
— 911 — (258)653 
Futures— 76,920 — (75,703)1,217 
Contingent consideration— — 32,975 — 32,975 
Total$— $83,558 $32,975 $(77,137)$39,396 
1.Excludes $30 thousand derivative assets and $7 thousand derivative liabilities classified as Assets held for sale and Liabilities held for sale, respectively, as of June 30, 2021.
Assets at Fair Value at December 31, 2020
Level 1Level 2Level 3Netting and
Collateral		Total
Marketable securities$349 $— $— $— $349 
Government debt57,918 — — — 57,918 
Securities owned—Equities75 — — — 75 
FX/commodities options74 — — — 74 
Forwards— 338 — (43)295 
FX swaps— 583 — (21)562 
Futures— 41,257 — (41,257)— 
Corporate bonds— 579 — — 579 
Total$58,416 $42,757 $— $(41,321)$59,852 
Liabilities at Fair Value at December 31, 2020
Level 1Level 2Level 3Netting and
Collateral		Total
Futures$— $42,183 $— $(41,257)$926 
FX swaps— 340 — (21)319 
Forwards— 258 — (43)215 
Contingent consideration— — 39,791 — 39,791 
Total$— $42,781 $39,791 $(41,321)$41,251 
Level 3 Financial Liabilities
Changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended June 30, 2021 were as follows (in thousands):
Unrealized (gains) losses
for the period included in:
Opening Balance at April 1, 2021Total
realized and
unrealized
(gains) losses
included in
Net income
(loss)		Unrealized
(gains) losses
included in
Other
comprehensive
income
 (loss)¹		Purchases/
Issuances		Sales/
Settlements		Closing Balance at June 30, 2021Net income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2021Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2021
Liabilities
Accounts payable,
   accrued and other
   liabilities:
Contingent consideration$40,056 $838 $— $— $(7,919)$32,975 $838 $— 
__________________________
1Unrealized gains (losses) are reported in “Foreign currency translation adjustments,” in the Company’s unaudited condensed consolidated statements of comprehensive income (loss).
Changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended June 30, 2020 were as follows (in thousands):
Unrealized (gains) losses
for the period included in:
Opening Balance at April 1, 2020Total
realized and
unrealized
(gains) losses
included in
Net income
(loss)¹		Unrealized
(gains) losses
included in
Other
comprehensive
income
 (loss)²		Purchases/
Issuances		Sales/
Settlements		Closing Balance at June 30, 2020Net income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2020Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2020
Liabilities
Accounts payable,
   accrued and other
   liabilities:
Contingent consideration$38,709 $772 $8 $— $(4,382)$35,107 $772 $8 
__________________________
1Realized and unrealized gains (losses) are reported in “Other expenses” and “Other income (loss),” as applicable, in the Company’s unaudited condensed consolidated statements of operations.
2Unrealized gains (losses) are reported in “Foreign currency translation adjustments,” in the Company’s unaudited condensed consolidated statements of comprehensive income (loss).
Changes in Level 3 liabilities measured at fair value on a recurring basis for the six months ended June 30, 2021 were as follows (in thousands):
Unrealized (gains) losses
for the period included in:
Opening Balance at January 1, 2021Total
realized and
unrealized
(gains) losses
included in
Net income
(loss)		Unrealized
(gains) losses
included in
Other
comprehensive
income
 (loss)¹		Purchases/
Issuances		Sales/
Settlements		Closing Balance at June 30, 2021Net income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2021Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2021
Liabilities
Accounts payable,
   accrued and other
   liabilities:
Contingent consideration$39,791 $1,939 $— $— $(8,755)$32,975 $1,939 $— 
__________________________
1Unrealized gains (losses) are reported in “Foreign currency translation adjustments,” in the Company’s unaudited condensed consolidated statements of comprehensive income (loss).
Changes in Level 3 liabilities measured at fair value on a recurring basis for the six months ended June 30, 2020 were as follows (in thousands):
Unrealized (gains) losses
for the period included in:
Opening Balance at January 1, 2020Total
realized and
unrealized
(gains) losses
included in
Net income
(loss)¹		Unrealized
(gains) losses
included in
Other
comprehensive
income (loss)²		Purchases/
Issuances		Sales/
Settlements		Closing Balance at June 30, 2020Net income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2020Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2020
Liabilities
Accounts payable,
   accrued and other
   liabilities:
Contingent consideration$42,159 $(369)$67 $2,959 $(9,709)$35,107 $(369)$67 
__________________________
1Realized and unrealized gains (losses) are reported in “Other expenses” and “Other income (loss),” as applicable, in the Company’s unaudited condensed consolidated statements of operations.
2Unrealized gains (losses) are reported in “Foreign currency translation adjustments,” in the Company’s unaudited condensed consolidated statements of comprehensive income (loss).
Quantitative Information About Level 3 Fair Value Measurements on a Recurring Basis
The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurement of Level 3 liabilities measured at fair value on a recurring basis (in thousands):
Fair Value as of June 30, 2021
AssetsLiabilitiesValuation TechniqueUnobservable InputsRangeWeighted
Average
Discount rate1
6.8%-10.3%
9.5%
Contingent consideration$— $32,975 Present value of
expected payments		Probability
of meeting earnout
and contingencies
39%-100%
81.4% 2
__________________________
1The discount rate is based on the Company’s calculated weighted-average cost of capital.
2The probability of meeting the earnout targets was based on the acquirees’ projected future financial performance, including revenues.
Fair Value as of December 31, 2020
AssetsLiabilitiesValuation TechniqueUnobservable InputsRangeWeighted
Average
Discount rate1
6.8%-10.3%
9.5%
Contingent consideration$— $39,791 Present value of
expected payments		Probability
of meeting earnout
and contingencies
39%-100%
82.9%2
__________________________
1The discount rate is based on the Company’s calculated weighted-average cost of capital.
2The probability of meeting the earnout targets was based on the acquirees’ projected future financial performance, including revenues.
Information About Uncertainty of Level 3 Fair Value Measurements
The significant unobservable inputs used in the fair value of the Company’s contingent consideration are the discount rate and forecasted financial information. Significant increases (decreases) in the discount rate would have resulted in a significantly lower (higher) fair value measurement. Significant increases (decreases) in the forecasted financial information would have resulted in a significantly higher (lower) fair value measurement. As of June 30, 2021 and December 31, 2020, the present value of expected payments related to the Company’s contingent consideration was $33.0 million and $39.8 million, respectively. The undiscounted value of the payments, assuming that all contingencies are met, would be $45.5 million and $53.4 million, as of June 30, 2021 and December 31, 2020, respectively.
Fair Value Measurements on a Non-Recurring Basis
Pursuant to the recognition and measurement guidance for equity investments, effective January 1, 2018, equity investments carried under the measurement alternative are remeasured at fair value on a non-recurring basis to reflect observable transactions which occurred during the period. The Company applied the measurement alternative to equity securities with the fair value of $82.0 million and $83.0 million, which were included in “Other assets” in the Company’s unaudited condensed consolidated statements of financial condition as of June 30, 2021 and December 31, 2020, respectively. These investments are classified within Level 2 in the fair value hierarchy, because their estimated fair value is based on valuation methods using the observable transaction price at the transaction date.
v3.21.2
Related Party Transactions
 6 Months Ended
Jun. 30, 2021
Related Party Transactions [Abstract]  
Related Party Transactions Related Party TransactionsService Agreements
Throughout Europe and Asia, the Company provides Cantor with administrative services, technology services and other support for which it charges Cantor based on the cost of providing such services plus a mark-up, generally 7.5%. In the U.K., the Company provides these services to Cantor through Tower Bridge. The Company owns 52% of Tower Bridge and consolidates it, and Cantor owns 48%. Cantor’s interest in Tower Bridge is reflected as a component of “Noncontrolling interest in subsidiaries” in the Company’s unaudited condensed consolidated statements of financial condition, and the portion of Tower Bridge’s income attributable to Cantor is included as part of “Net income (loss) attributable to noncontrolling interest in subsidiaries” in the Company’s unaudited condensed consolidated statements of operations. In the U.S., the Company provides Cantor with technology services for which it charges Cantor based on the cost of providing such services.
The administrative services agreement provides that direct costs incurred are charged back to the service recipient. Additionally, the service recipient generally indemnifies the service provider for liabilities that it incurs arising from the provision of services other than liabilities arising from fraud or willful misconduct of the service provider. In accordance with the administrative service agreement, the Company has not recognized any liabilities related to services provided to affiliates.
For the three months ended June 30, 2021 and 2020, Cantor’s share of the net profit (loss) in Tower Bridge was $0.5 million and $0.4 million, respectively. For the six months ended June 30, 2021 and 2020, Cantor’s share of the net profit (loss) in Tower Bridge was $0.6 million and $0.2 million, respectively. This net profit is included as part of “Net income (loss) attributable to noncontrolling interest in subsidiaries” in the Company’s unaudited condensed consolidated statements of operations.
On September 21, 2018, the Company entered into agreements to provide a guarantee and related obligation to Tower Bridge in connection with an office lease for the Company’s headquarters in London. The Company is obligated to guarantee the obligations of Tower Bridge in the event of certain defaults under the applicable lease and ancillary arrangements. In July 2018, the Audit Committee also authorized management of the Company to enter into similar guarantees or provide other forms of credit support to Tower Bridge or other affiliates of the Company from time to time in the future in similar circumstances and on similar terms and conditions.
For the three months ended June 30, 2021 and 2020, the Company recognized related party revenues of $4.2 million and $6.6 million, respectively, for the services provided to Cantor. For the six months ended June 30, 2021 and 2020, the Company recognized related party revenues of $8.0 million and $12.1 million, respectively, for the services provided to Cantor. These revenues are included as part of “Fees from related parties” in the Company’s unaudited condensed consolidated statements of operations.
In the U.S., Cantor and its affiliates provide the Company with administrative services and other support for which Cantor charges the Company based on the cost of providing such services. In connection with the services Cantor provides, the Company and Cantor entered into an administrative services agreement whereby certain employees of Cantor are deemed leased employees of the Company. For the three months ended June 30, 2021 and 2020, the Company was charged $20.0 million and $15.2 million, respectively, for the services provided by Cantor and its affiliates, of which $15.5 million and $10.1 million, respectively, were to cover compensation to leased employees for these periods. For the six months ended June 30, 2021 and 2020, the Company was charged $41.1 million and $31.1 million, respectively, for the services provided by Cantor and its affiliates, of which $31.4 million and $20.6 million, respectively, were to cover compensation to leased employees for these periods. The fees charged by Cantor for administrative and support services, other than those to cover the compensation costs of leased employees, are included as part of “Fees to related parties” in the Company’s unaudited condensed consolidated statements of operations. The fees charged by Cantor to cover the compensation costs of leased employees are included as part of “Compensation and employee benefits” in the Company’s unaudited condensed consolidated statements of operations.
Newmark Spin-Off
The Separation and Distribution Agreement sets forth the agreements among BGC, Cantor, Newmark and their respective subsidiaries. For additional information, see Note 1—“Organization and Basis of Presentation” and Note 2—“Limited Partnership Interests in BGC Holdings and Newmark Holdings” of this Quarterly Report on Form 10-Q, and Note 1—“Organization and Basis of Presentation,” Note 2—“Limited Partnership Interests in BGC Holdings and Newmark Holdings” and Note 16—“Related Party Transactions” to our consolidated financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2020.
Subsequent to the Spin-Off, there are remaining partners who hold limited partnership interests in BGC Holdings who are Newmark employees, and there are remaining partners who hold limited partnership interests in Newmark Holdings who are BGC employees. These limited partnership interests represent interests that were held prior to the Newmark IPO or were distributed in connection with the Separation. Following the Newmark IPO, employees of BGC and Newmark only receive limited partnership interests in BGC Holdings and Newmark Holdings, respectively. As a result of the Spin-Off, as the existing limited partnership interests in BGC Holdings held by Newmark employees and the existing limited partnership interests in
Newmark Holdings held by BGC employees are exchanged/redeemed, the related capital can be contributed to and from Cantor, respectively.
Clearing Agreement with Cantor
The Company receives certain clearing services from Cantor pursuant to its clearing agreement. These clearing services are provided in exchange for payment by the Company of third-party clearing costs and allocated costs. The costs associated with these payments are included as part of “Fees to related parties” in the Company’s unaudited condensed consolidated statements of operations. The costs for these services are included as part of the charges to BGC for services provided by Cantor and its affiliates as discussed in “Service Agreements” above.
Other Agreements with Cantor
The Company is authorized to enter into short-term arrangements with Cantor to cover any delivery failures in connection with U.S. Treasury securities transactions and to share equally in any net income resulting from such transactions, as well as any similar clearing and settlement issues. As of both June 30, 2021, and December 31, 2020, Cantor had not facilitated any Repurchase Agreements between the Company and Cantor.
To more effectively manage the Company’s exposure to changes in FX rates, the Company and Cantor have agreed to jointly manage the exposure. As a result, the Company is authorized to divide the quarterly allocation of any profit or loss relating to FX currency hedging between the Company and Cantor. The amount allocated to each party is based on the total net exposure for the Company and Cantor. The ratio of gross exposures of the Company and Cantor is utilized to determine the shares of profit or loss allocated to each for the period. For the three months ended June 30, 2021 and 2020, the Company recognized its share of FX losses of $0.2 million and $0.8 million, respectively. During the six months ended June 30, 2021 and 2020, the Company recognized its share of FX losses of $23 thousand and $0.2 million, respectively. These losses are included as part of “Other expenses” in the Company’s unaudited condensed consolidated statements of operations.
Pursuant to the separation agreement relating to the Company’s acquisition of certain BGC businesses from Cantor in 2008, Cantor has a right, subject to certain conditions, to be the Company’s customer and to pay the lowest commissions paid by any other customer, whether by volume, dollar or other applicable measure. In addition, Cantor has an unlimited right to internally use market data from the Company without any cost. Any future related-party transactions or arrangements between the Company and Cantor are subject to the prior approval by the Audit Committee. During the three months ended June 30, 2021 and 2020, the Company recorded revenues from Cantor entities of $37 thousand and $9 thousand, respectively, related to commissions paid to the Company by Cantor. For the six months ended June 30, 2021 and 2020, the Company recorded revenues from Cantor entities of $62 thousand and $84 thousand, respectively, related to commissions paid to the Company by Cantor. These revenues are included as part of “Commissions” in the Company’s unaudited condensed consolidated statements of operations.
The Company and Cantor are authorized to utilize each other’s brokers to provide brokerage services for securities not brokered by such entity, so long as, unless otherwise agreed, such brokerage services were provided in the ordinary course and on terms no less favorable to the receiving party than such services are provided to typical third-party customers.
In August 2013, the Audit Committee authorized the Company to invest up to $350.0 million in an asset-backed commercial paper program for which certain Cantor entities serve as placement agent and referral agent. The program issues short-term notes to money market investors and is expected to be used by the Company from time to time as a liquidity management vehicle. The notes are backed by assets of highly rated banks. The Company is entitled to invest in the program so long as the program meets investment policy guidelines, including policies related to ratings. Cantor will earn a spread between the rate it receives from the short-term note issuer and the rate it pays to the Company on any investments in this program. This spread will be no greater than the spread earned by Cantor for placement of any other commercial paper note in the program. As of both June 30, 2021 and December 31, 2020, the Company did not have any investments in the program.
On June 5, 2015, the Company entered into the Exchange Agreement with Cantor providing Cantor, CFGM and other Cantor affiliates entitled to hold BGC Class B common stock the right to exchange from time to time, on a one-to-one basis, subject to adjustment, up to an aggregate of 34.6 million shares of BGC Class A common stock now owned or subsequently acquired by such Cantor entities for up to an aggregate of 34.6 million shares of BGC Class B common stock. Such shares of BGC Class B common stock, which currently can be acquired upon the exchange of Cantor units owned in BGC Holdings, are already included in the Company’s fully diluted share count and will not increase Cantor’s current maximum potential voting power in the common equity. The Exchange Agreement enabled the Cantor entities to acquire the same number of shares of BGC Class B common stock that they were already entitled to acquire without having to exchange its Cantor units in BGC Holdings. The Audit Committee and Board determined that it was in the best interests of the Company and its stockholders to approve the Exchange Agreement because it will help ensure that Cantor retains its units in BGC Holdings, which is the same
partnership in which the Company’s partner employees participate, thus continuing to align the interests of Cantor with those of the partner employees.
On November 23, 2018, in the Class B Issuance, BGC Partners issued 10.3 million shares of BGC Partners Class B common stock to Cantor and 0.7 million shares of BGC Partners Class B common stock to CFGM, in each case in exchange for shares of BGC Class A common stock owned by Cantor and CFGM, respectively, on a one-to-one basis pursuant to the Exchange Agreement. Pursuant to the Exchange Agreement, no additional consideration was paid to BGC Partners by Cantor or CFGM for the Class B Issuance. Following this exchange, Cantor and its affiliates have the right to exchange under the Exchange Agreement up to an aggregate of 23.6 million shares of BGC Class A common stock, now owned or subsequently acquired, or its Cantor units in BGC Holdings, into shares of BGC Class B common stock. As of June 30, 2021, Cantor and CFGM do not own any shares of BGC Class A common stock.
The Company and Cantor have agreed that any shares of BGC Class B common stock issued in connection with the Exchange Agreement would be deducted from the aggregate number of shares of BGC Class B common stock that may be issued to the Cantor entities upon exchange of Cantor units in BGC Holdings. Accordingly, the Cantor entities will not be entitled to receive any more shares of BGC Class B common stock under this agreement than they were previously eligible to receive upon exchange of exchangeable limited partnership units.
On March 19, 2018, the Company entered into the BGC Credit Agreement with Cantor. The BGC Credit Agreement provides for each party and certain of its subsidiaries to issue loans to the other party or any of its subsidiaries in the lender’s discretion in an aggregate principal amount up to $250.0 million outstanding at any time. The BGC Credit Agreement replaced the previous Credit Facility between BGC and an affiliate of Cantor. On August 6, 2018, the Company entered into an amendment to the BGC Credit Agreement, which increased the aggregate principal amount that could be loaned to the other party or any of its subsidiaries from $250.0 million to $400.0 million that can be outstanding at any time. The BGC Credit Agreement will mature on the earlier to occur of (a) March 19, 2022, after which the maturity date of the BGC Credit Agreement will continue to be extended for successive one-year periods unless prior written notice of non-extension is given by a lending party to a borrowing party at least six months in advance of such renewal date and (b) the termination of the BGC Credit Agreement by either party pursuant to its terms. The outstanding amounts under the BGC Credit Agreement will bear interest for any rate period at a per annum rate equal to the higher of BGC’s or Cantor’s short-term borrowing rate in effect at such time plus 1.00%. As of both June 30, 2021 and December 31, 2020, there were no borrowings by BGC or Cantor outstanding under this Agreement. The Company did not record any interest expense related to the Agreement for the three and six months ended June 30, 2021. The Company recorded interest expense of $0.4 million for the three and six months ended June 30, 2020.
As part of the Company’s cash management process, the Company may enter into tri-party reverse repurchase agreements and other short-term investments, some of which may be with Cantor. As of both June 30, 2021 and December 31, 2020, the Company had no reverse repurchase agreements.
Receivables from and Payables to Related Broker-Dealers
Amounts due to or from Cantor and Freedom, one of the Company’s equity method investments, are for transactional revenues under a technology and services agreement with Freedom, as well as for open derivative contracts. These are included as part of “Receivables from broker-dealers, clearing organizations, customers and related broker-dealers” or “Payables to broker-dealers, clearing organizations, customers and related broker-dealers” in the Company’s unaudited condensed consolidated statements of financial condition. As of June 30, 2021 and December 31, 2020, the Company had receivables from Freedom of $2.1 million and $1.4 million, respectively. As of June 30, 2021 and December 31, 2020, the Company had $4.6 million and $0.6 million, respectively, in receivables from Cantor related to open derivative contracts. As of June 30, 2021 and December 31, 2020, the Company had $4.5 million and $0.1 million, respectively, in payables to Cantor related to open derivative contracts. As of June 30, 2021 and December 31, 2020, the Company had $20.1 million and $26.0 million, respectively, in payables to Cantor related to fails and pending trades.
Loans, Forgivable Loans and Other Receivables from Employees and Partners, Net
The Company has entered into various agreements with certain employees and partners whereby these individuals receive loans which may be either wholly or in part repaid from the distributions that the individuals receive on some or all of their LPUs and from proceeds of the sale of the employees' shares of BGC Class A common stock, or may be forgiven over a period of time. The forgivable portion of these loans is recognized as compensation expense over the life of the loan. From time to time, the Company may also enter into agreements with employees and partners to grant bonus and salary advances or other types of loans. These advances and loans are repayable in the timeframes outlined in the underlying agreements.
As of June 30, 2021 and December 31, 2020, the aggregate balance of employee loans, net, was $370.8 million and $408.1 million, respectively, and is included as “Loans, forgivable loans and other receivables from employees and partners, net” in the Company’s unaudited condensed consolidated statements of financial condition. The June 30, 2021 balance above excludes $14.5 million of employee loans classified as Assets held for sale as of June 30, 2021. Compensation expense for the above-mentioned employee loans for the three months ended June 30, 2021 and 2020 was $19.1 million and $17.1 million, respectively. Compensation expense (benefit) for the above-mentioned employee loans for the six months ended June 30, 2021 and 2020 was $34.7 million and $31.6 million, respectively. The compensation expense related to these employee loans is included as part of “Compensation and employee benefits” in the Company’s unaudited condensed consolidated statements of operations.
Interest income on the above-mentioned employee loans for the three months ended June 30, 2021 and 2020 was $3.3 million and $1.7 million, respectively. Interest income on the above-mentioned employee loans for the six months ended June 30, 2021 and 2020 was $5.5 million and $4.4 million, respectively. The interest income related to these employee loans is included as part of “Interest and dividend income” in the Company’s unaudited condensed consolidated statements of operations.
CEO Program and Other Transactions with CF&Co
As discussed in Note 7—“Stock Transactions and Unit Redemptions,” the Company has entered into the March 2018 Sales Agreement with CF&Co, as the Company’s sales agent under the CEO Program. During the three and six months ended June 30, 2021, the Company did not sell any shares of Class A common stock under the March 2018 Sales Agreement. During the three months ended June 30, 2020, the Company did not sell any shares of Class A common stock under the March 2018 Sales Agreement. During the six months ended June 30, 2020, the Company sold 0.2 million shares under the March 2018 Sales Agreement for aggregate proceeds of $0.7 million, at a weighted-average price of $4.04 per share. For the three and six months ended June 30, 2021, the Company was not charged for services provided by CF&Co related to the CEO Program with CF&Co. For the three months ended June 30, 2020, the Company was not charged for services provided by CF&Co related to the CEO Program with CF&Co. For the six months ended June 30, 2020, the Company was charged $7 thousand for services provided by CF&Co related to the Company’s Sales Agreements with CF&Co. The net proceeds of the shares sold are included as part of “Additional paid-in capital” in the Company’s unaudited condensed consolidated statements of financial condition.
The Company has engaged CF&Co and its affiliates to act as financial advisors in connection with one or more third-party business combination transactions as requested by the Company on behalf of its affiliates from time to time on specified terms, conditions and fees. The Company may pay finders’, investment banking or financial advisory fees to broker-dealers, including, but not limited to, CF&Co and its affiliates, from time to time in connection with certain business combination transactions, and, in some cases, the Company may issue shares of BGC Class A common stock in full or partial payment of such fees.
On October 3, 2014, management was granted approval by the Board and Audit Committee to enter into stock loan transactions with CF&Co utilizing equities securities. Such stock loan transactions will bear market terms and rates. As of June 30, 2021, the Company did not have any Securities loaned transactions with CF&Co. As of December 31, 2020, the Company did not have any Securities loaned transactions with CF&Co. Securities loaned transactions are included in “Securities loaned” in the Company’s unaudited condensed consolidated statements of financial condition.
On May 27, 2016, the Company issued an aggregate of $300.0 million principal amount of 5.125% Senior Notes. In connection with this issuance of the 5.125% Senior Notes, the Company recorded $0.5 million in underwriting fees payable to CF&Co and $18 thousand to CastleOak Securities, L.P. These fees were recorded as a deduction from the carrying amount of the debt liability, which is amortized as interest expense over the term of the notes. Cantor tendered $15.0 million of such senior notes in the tender offer completed on August 14, 2020, and did not hold such notes as of June 30, 2021.
On July 24, 2018, the Company issued an aggregate of $450.0 million principal amount of 5.375% Senior Notes . The 5.375% Senior Notes are general senior unsecured obligations of the Company. In connection with this issuance of the 5.375% Senior Notes, the Company recorded approximately $0.3 million in underwriting fees payable to CF&Co and $41 thousand were underwriting fees paid to CastleOak Securities, L.P. The Company also paid CF&Co an advisory fee of $0.2 million in connection with the issuance. These fees were recorded as a deduction from the carrying amount of the debt liability, which is amortized as interest expense over the term of the notes.
On September 27, 2019, the Company issued an aggregate of $300.0 million principal amount of 3.750% Senior Notes. In connection with this issuance of the 3.750% Senior Notes, the Company recorded $0.2 million in underwriting fees payable to CF&Co and $36 thousand to CastleOak Securities, L.P. These fees were recorded as a deduction from the carrying amount of the debt liability, which is amortized as interest expense over the term of the notes.
On June 11, 2020, the Company’s Board of Directors and its Audit Committee authorized a debt repurchase program for the repurchase by the Company of up to $50.0 million of Company Debt Securities. Repurchases of Company Debt Securities, if any, are expected to reduce future cash interest payments, as well as future amounts due at maturity or upon redemption. Under the authorization, the Company 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, the Company is authorized to make any such repurchases of Company Debt Securities through CF&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, 2021, the Company had $50.0 million remaining from its debt repurchase authorization.
On July 10, 2020, the Company issued an aggregate of $300.0 million principal amount of 4.375% Senior Notes. In connection with this issuance of the 4.375% Senior Notes, the Company recorded $0.2 million in underwriting fees payable to CF&Co and $36 thousand to CastleOak Securities, L.P. These fees were recorded as a deduction from the carrying amount of the debt liability, which is amortized as interest expense over the term of the notes. Cantor purchased $14.5 million of such senior notes and still holds such notes as of June 30, 2021.
On August 14, 2020, the Company completed the cash tender offer to purchase its 5.125% Senior Notes. As of the expiration time, $44.0 million aggregate principal amount of the Notes (14.66%) were validly tendered. CF&Co acted as one of the dealer managers for the offer. As a result of this transaction, $14 thousand in dealer management fees were paid to CF&Co.
Under rules adopted by the CFTC, all foreign introducing brokers engaging in transactions with U.S. persons are required to register with the NFA and either meet financial reporting and net capital requirements on an individual basis or obtain a guarantee agreement from a registered FCM. From time to time, the Company’s foreign-based brokers engage in interest rate swap transactions with U.S.-based counterparties, and, therefore, the Company is subject to the CFTC requirements. Mint Brokers has entered into guarantees on behalf of the Company, and the Company is required to indemnify Mint Brokers for the amounts, if any, paid by Mint Brokers on behalf of the Company pursuant to this arrangement. Effective April 1, 2020, these guarantees were transferred to Mint Brokers from CF&Co. During both the three months ended June 30, 2021 and 2020, the Company recorded fees of $31 thousand with respect to these guarantees. During both the six months ended June 30, 2021 and 2020, the Company recorded fees of $63 thousand with respect to these guarantees. These fees were included in “Fees to related parties” in the Company’s unaudited condensed consolidated statements of operations.
Cantor Rights to Purchase Cantor Units from BGC Holdings
Cantor has the right to purchase Cantor units from BGC Holdings upon redemption of non-exchangeable FPUs redeemed by BGC Holdings upon termination or bankruptcy of the Founding/Working Partner. In addition, pursuant to Article Eight, Section 8.08, of the Second Amended and Restated BGC Holdings Limited Partnership Agreement (previously the Sixth Amendment), where either current, terminating, or terminated partners are permitted by the Company to exchange any portion of their FPUs and Cantor consents to such exchangeability, the Company shall offer to Cantor the opportunity for Cantor to purchase the same number of Cantor units in BGC Holdings at the price that Cantor would have paid for Cantor units had the Company redeemed the FPUs. If Cantor acquires any Cantor units as a result of the purchase or redemption by BGC Holdings of any FPUs, Cantor will be entitled to the benefits (including distributions) of such units it acquires from the date of termination or bankruptcy of the applicable Founding/Working Partner. In addition, any such Cantor units purchased by Cantor are currently exchangeable for up to 23.6 million shares of BGC Class B common stock or, at Cantor’s election or if there are no such additional shares of BGC Class B common stock, shares of BGC Class A common stock, in each case on a one-for-one basis (subject to customary anti-dilution adjustments).
On March 31, 2021, Cantor purchased from BGC Holdings an aggregate of 1,149,684 Cantor units for aggregate consideration of $2,104,433 as a result of the redemption of 1,149,684 FPUs, and 1,618,376 Cantor units for aggregate consideration of $3,040,411 as a result of the exchange of 1,618,376 FPUs. Each Cantor unit in BGC Holdings held by Cantor is exchangeable by Cantor at any time on a one-for-one basis (subject to adjustment) for shares of BGC Class A common stock.
As of June 30, 2021, there were 1.6 million FPUs in BGC Holdings remaining, which BGC Holdings had the right to redeem or exchange and with respect to which Cantor will have the right to purchase an equivalent number of Cantor units following such redemption or exchange.
Cantor Aurel Revenue Sharing Agreement
On June 24, 2021, the Board and Audit Committee authorized our French subsidiary, Aurel BGC SAS, to enter into a revenue sharing agreement pursuant to which Cantor shall provide services to Aurel to support Aurel’s investment banking activities with respect to special purpose acquisition companies. The services provided by Cantor to Aurel in support of such
SPAC Investment Banking Activities shall include referral of clients, structuring advice, financial advisory services, referral of investors, deal execution services, and other advisory services in support of Aurel’s SPAC Investment Banking Activities pursuant to its French investment services license. As compensation, Cantor shall receive a revenue share of 80% of Aurel’s net revenue attributable to SPAC Investment Banking Activities. The term of the revenue sharing agreement is for an initial period of 12 months, which automatically renews each year unless either party provides notice of termination at least three months prior to the anniversary. Aurel is also authorized to serve as bookrunner, underwriter or advisor in connection with French SPACs which are sponsored by Cantor at market rates for such services.
Transactions with Executive Officers and Directors

On February 22, 2021, the Company granted Sean A. Windeatt 123,713 exchange rights with respect to 123,713 non-exchangeable LPUs that were previously granted to Mr. Windeatt on February 22, 2019. The resulting 123,713 exchangeable LPUs are immediately exchangeable by Mr. Windeatt for an aggregate of 123,713 shares of BGC Class A common stock. The grant was approved by the Compensation Committee. Additionally, the Compensation Committee approved the right to exchange for cash 28,477 non-exchangeable PLPUs held by Mr. Windeatt, for a payment of $178,266 for taxes when the LPU units are exchanged.

On April 8, 2021, the Compensation Committee approved the repurchase by the Company on April 23, 2021 of 123,713 exchangeable BGC Holdings LPU-NEWs held by Mr. Windeatt at the price of $5.65, which was the closing price of the Company's Class A common stock on April 23, 2021, and the redemption of 28,477 exchangeable BGC Holdings PLPU-NEWs held by Mr. Windeatt for $178,266, less applicable taxes and withholdings.

On April 8, 2021, the Compensation Committee approved the repurchase by the Company of the remaining 62,211 exchangeable BGC Holdings LPUs held by Mr. Windeatt that were granted exchangeability on March 2, 2020 at the price of $5.38, the closing price of Class A common stock on April 8, 2020.

On April 28, 2021, the Compensation Committee approved an additional monetization opportunity for Mr. Merkel. Effective April 29, 2021, 108,350 of Mr. Merkel’s 273,612 non-exchangeable BGC Holdings PSUs were redeemed for zero, 101,358 of Mr. Merkel’s 250,659 non- exchangeable BGC Holdings PPSUs were redeemed for a cash payment of $575,687, and 108,350 shares of BGC Class A common stock were issued to Mr. Merkel. On April 29, 2021, the 108,350 shares of BGC Class A common stock were repurchased from Mr. Merkel at the closing price of the Company's Class A common stock on that date, under the Company's stock buyback program.

On June 28, 2021, (i) the Company exchanged 520,380 exchangeable LPUs held by Mr. Lutnick at the price of $5.86, which was the closing price of the Company's Class A common stock on June 28, 2021, for 520,380 shares of BGC Class A common stock, less applicable taxes and withholdings, resulting in the delivery of 365,229 net shares of BGC Class A common stock to Mr. Lutnick, and in connection with the exchange of these 520,380 exchangeable LPUs, 425,765 exchangeable PLPUs were redeemed for a cash payment of $1,525,705 towards taxes; (ii) 88,636 non-exchangeable LPUs were redeemed for zero, and in connection therewith the Company issued Mr. Lutnick 88,636 shares of BGC Class A common stock, less applicable taxes and withholdings, resulting in the delivery of 41,464 net shares of BGC Class A common stock to Mr. Lutnick; and (iii) 1,131,774 H Units held by Mr. Lutnick were redeemed for 1,131,774 HDUs with a capital account of $7,017,000, and in connection with the redemption of these 1,131,774 H Units, 1,018,390 Preferred H Units were redeemed for $7,983,000 for taxes.

On March 2, 2020, the Company granted Stephen M. Merkel 360,065 exchange rights with respect to 360,065 non-exchangeable LPUs that were previously granted to Mr. Merkel. The resulting 360,065 exchangeable LPUs were immediately exchangeable by Mr. Merkel for an aggregate of 360,065 shares of BGC Class A common stock. The grant was approved by the Compensation Committee. On March 20, 2020, the Company redeemed 185,300 of such 360,065 exchangeable LPUs held by Mr. Merkel at the average price of shares of BGC Class A common stock sold under BGC’s CEO Program from March 10, 2020 to March 13, 2020 less 1% (approximately $4.0024 per LPU, for an aggregate redemption price of approximately $741,644). The transaction was approved by the Compensation Committee. Additionally, the Compensation Committee approved the right to exchange for cash 265,568 non-exchangeable PLPUs held by Mr. Merkel, for a payment of $1,507,285 for taxes when the LPU units are exchanged. In connection with the redemption of the 185,300 LPUs, 122,579 PLPUs were redeemed for $661,303 for taxes. On July 30, 2020, the Company redeemed the remaining 174,765 exchangeable LPUs held by Mr. Merkel at the price of $2.76, the closing price of our Class A Common Stock on July 30, 2020. This transaction was approved by the Compensation Committee. In connection with the redemption of the 174,765 LPUs on July 30, 2020, 142,989 PLPUs were redeemed for $846,182 for taxes.
On March 2, 2020, the Company granted Shaun D. Lynn 883,348 exchange rights with respect to 883,348 non-exchangeable LPUs that were previously granted to Mr. Lynn. The resulting 883,348 exchangeable LPUs were immediately exchangeable by Mr. Lynn for an aggregate of 883,348 shares of BGC Class A common stock. The grant was approved by the Compensation Committee. Additionally, the Compensation Committee approved the right to exchange for cash 245,140 non-exchangeable PLPUs held by Mr. Lynn, for a payment of $1,099,599 for taxes when the LPU units are exchanged. On July 30, 2020, the Company redeemed 797,222 exchangeable LPUs held by Mr. Lynn at the price of $2.76, the closing price of our Class A Common Stock on July 30, 2020. This transaction was approved by the Compensation Committee. In connection with
the redemption of the 797,222 exchangeable LPUs, 221,239 exchangeable PLPUs were redeemed for $992,388 for taxes. In connection with the redemption, Mr. Lynn’s remaining 86,126 exchangeable LPUs and 23,901 exchangeable PLPUs were redeemed for zero upon exchange in connection with his LLP status.
On March 2, 2020, the Company granted Sean A. Windeatt 519,725 exchange rights with respect to 519,725 non-exchangeable LPUs that were previously granted to Mr. Windeatt. The resulting 519,725 exchangeable LPUs were immediately exchangeable by Mr. Windeatt for an aggregate of 519,725 shares of BGC Class A common stock. The grant was approved by the Compensation Committee. Additionally, the Compensation Committee approved the right to exchange for cash 97,656 non-exchangeable PLPUs held by Mr. Windeatt, for a payment of $645,779 for taxes when the LPU units are exchanged. On August 5, 2020, the Company redeemed 436,665 exchangeable LPUs held by Mr. Windeatt at the price of $2.90, the closing price of our Class A common stock on August 5, 2020. This transaction was approved by the Compensation Committee. In connection with the redemption of the 436,665 exchangeable LPUs, 96,216 exchangeable PLPUs were redeemed for $637,866 for taxes. In connection with the redemption, 20,849 exchangeable LPUs and 1,440 exchangeable PLPUs were redeemed for zero upon exchange in connection with Mr. Windeatt’s LLP status.
Additionally, on August 5, 2020, the Company granted Mr. Windeatt 40,437 exchange rights with respect to 40,437 non-exchangeable LPUs that were previously granted to Mr. Windeatt. The resulting 40,437 exchangeable LPUs were immediately exchangeable by Mr. Windeatt for an aggregate of 40,437 shares of BGC Class A common stock. The grant was approved by the Compensation Committee. Additionally, the Compensation Committee approved the right to exchange for cash 21,774 non-exchangeable PLPUs held by Mr. Windeatt. On August 5, 2020, the Company redeemed these 40,437 exchangeable LPUs held by Mr. Windeatt at the price of $2.90, the closing price of our Class A common stock on August 5, 2020. This transaction was approved by the Compensation Committee. In connection with the redemption of these 40,437 exchangeable LPUs, the 21,774 exchangeable PLPUs were redeemed for $136,305 for taxes.
In addition to the foregoing, on August 6, 2020, Mr. Windeatt was granted exchange rights with respect to 43,890 non-exchangeable Newmark Holding LPUs that were previously granted to Mr. Windeatt. Additionally, Mr. Windeatt was granted the right to exchange for cash 17,068 non-exchangeable Newmark Holdings PLPUs held by Mr. Windeatt. As these Newmark Holdings LPUs and PLPUs were previously non-exchangeable, the Company took a transaction charge of $381,961 upon grant of exchangeability. On August 6, 2020, Newmark redeemed the 40,209 Newmark Holdings exchangeable LPUs held by Mr. Windeatt for an amount equal to the closing price of Newmark’s Class A Common Stock on August 6, 2020 ($4.16) multiplied by 37,660 (the amount of shares of Newmark’s Class A Common Stock the 40,209 Newmark Holdings LPUs were exchangeable into based on the Exchange Ratio at August 6, 2020). In connection with the redemption of these 40,209 exchangeable Newmark Holdings LPUs, 15,637 exchangeable Newmark Holdings PLPUs were redeemed for $194,086 for taxes. In connection with the redemption, 3,681 exchangeable Newmark Holding LPUs and 1,431 exchangeable Newmark Holdings PLPUs were redeemed for zero upon exchange in connection with Mr. Windeatt’s LLP status.
Transactions with the Relief Fund
During the year ended December 31, 2015, the Company committed to make charitable contributions to the Cantor Fitzgerald Relief Fund in the amount of $40.0 million, which the Company recorded in “Other expenses” in the Company’s unaudited condensed consolidated statements of operations for the year ended December 31, 2015. As of June 30, 2021 and December 31, 2020, the remaining liability associated with this commitment was $1.5 million and $1.6 million, respectively, which is included in “Accounts payable, accrued and other liabilities” in the Company’s unaudited condensed consolidated statements of financial condition. Further, as of June 30, 2021 and December 31, 2020 the Company had a liability to the Cantor Fitzgerald Relief Fund for $1.1 million associated with additional expense taken in September of 2020.
Other Transactions
The Company is authorized to enter into loans, investments or other credit support arrangements for Aqua, an alternative electronic trading platform that offers new pools of block liquidity to the global equities markets; such arrangements are proportionally and on the same terms as similar arrangements between Aqua and Cantor. On February 5, 2020 and February 25, 2021, the Board and Audit Committee increased the authorized amount by an additional $2.0 million and $1.0 million, respectively, to an aggregate of $20.2 million. The Company has been further authorized to provide counterparty or similar guarantees on behalf of Aqua from time to time, provided that liability for any such guarantees, as well as similar guarantees provided by Cantor, would be shared proportionally with Cantor. Aqua is 51% owned by Cantor and 49% owned by the Company. Aqua is accounted for under the equity method. During the three months ended June 30, 2021 and 2020, the Company made $0.3 million and $0.4 million, respectively, in contributions to Aqua. During both the six months ended June 30, 2021 and 2020, the Company made $0.6 million, in contributions to Aqua. These contributions are recorded as part of “Investments” in the Company’s unaudited condensed consolidated statements of financial condition.
The Company has also entered into a subordinated loan agreement with Aqua, whereby the Company loaned Aqua the principal sum of $980.0 thousand. The scheduled maturity date on the subordinated loan is September 1, 2022, and the current rate of interest on the loan is three month LIBOR plus 600 basis points. The loan to Aqua is recorded as part of “Receivables from related parties” in the Company’s unaudited condensed consolidated statements of financial condition.
On October 25, 2016, the Board and Audit Committee authorized the purchase of 9,000 Class B Units of Lucera, representing all of the issued and outstanding Class B Units of Lucera not already owned by the Company. On November 4, 2016, the Company completed this transaction. As a result of this transaction, the Company owns 100% of the ownership interests in Lucera.
In the purchase agreement, by which the Company acquired Cantor’s remaining interest in Lucera, Cantor agreed, subject to certain exceptions, not to solicit certain senior executives of Lucera’s business and was granted the right to be a customer of Lucera’s businesses on the best terms made available to any other customer.
During the three months ended June 30, 2021 and 2020, Lucera recognized $0.1 million and $0.2 million, respectively, in related party revenues from Cantor. During the six months ended June 30, 2021 and 2020, Lucera recognized $0.2 million and $0.3 million, respectively, in related party revenues from Cantor. These revenues are included in “Data, software and post-trade” in the Company’s unaudited condensed consolidated statements of operations.
BGC Sublease From Newmark
In May 2020, BGC U.S. OpCo entered into an arrangement to sublease excess space from RKF Retail Holdings LLC, a subsidiary of Newmark, which sublease was approved by the Audit Committee. The deal is a one-year sublease of approximately 21,000 rentable square feet in New York City. Under the terms of the sublease, BGC U.S. OpCo will pay a fixed rent amount of $1.1 million in addition to all operating and tax expenses attributable to the lease. In connection with the sublease, BGC U.S. OpCo paid $0.1 million and $0.1 million for the three months ended June 30, 2021 and 2020. In connection with the sublease, BGC U.S. OpCo paid $0.4 million and $0.1 million for the six months ended June 30, 2021 and 2020, respectively.
v3.21.2
Investments
 6 Months Ended
Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Investments Investments
Equity Method Investments
The carrying value of the Company’s equity method investments was $33.2 million as of June 30, 2021 and $37.7 million as of December 31, 2020, and is included in “Investments” in the Company’s unaudited condensed consolidated statements of financial condition.
The Company recognized gains of $1.3 million and $1.1 million related to its equity method investments for the three months ended June 30, 2021 and 2020, respectively. The Company recognized gains of $2.8 million and $2.1 million related to its equity method investments for the six months ended June 30, 2021 and 2020, respectively. The Company’s share of the net gains or losses is reflected in “Gains (losses) on equity method investments” in the Company’s unaudited condensed consolidated statements of operations.

For the three and six months ended June 30, 2021, the Company did not record impairment charges related to existing equity method investments. For the three months ended June 30, 2020, the Company did not record any impairment charges related to existing equity method investments. For the six months ended June 30, 2020, the Company recorded $2.5 million of impairment charges relating to existing equity method investments. The impairment was recorded in “Other income (loss)” in the Company’s unaudited condensed consolidated statements of operations. The Company sold part of an equity method investment with a fair value of $3.8 million during the three and six months ended June 30, 2021. During the three and six months ended June 30, 2020, the Company did not sell any equity method investments.

As of June 30, 2021, the Company reclassified an equity method investment with a carrying value of $2.6 million as Assets held for sale.
See Note 14—“Related Party Transactions,” for information regarding related party transactions with unconsolidated entities included in the Company’s unaudited condensed consolidated financial statements.
Investments Carried Under Measurement Alternative
The Company has acquired equity investments for which it did not have the ability to exert significant influence over operating and financial policies of the investees. These investments are accounted for using the measurement alternative in
accordance with the guidance on recognition and measurement. The carrying value of these investments as of June 30, 2021 and December 31, 2020 was $0.2 million and $0.4 million, respectively, and they are included in “Investments” in the Company’s unaudited condensed statements of financial condition. The Company did not recognize any gains, losses, or impairments relating to investments carried under the measurement alternative for both the three and six months ended June 30, 2021 and 2020.

As of June 30, 2021, the Company reclassified an equity investment carried under the measurement alternative with a carrying value of $0.2 million as Assets held for sale.

In addition, the Company owns membership shares, which are included in “Other assets” in the Company’s unaudited condensed consolidated statements of financial condition as of June 30, 2021 and December 31, 2020. These equity investments are accounted for using the measurement alternative in accordance with the guidance on recognition and measurement. The Company recognized $87 thousand of unrealized losses to reflect observable transactions for these shares during both the three and six months ended June 30, 2021. The Company recognized $6 thousand and $46 thousand of unrealized losses to reflect observable transactions for these shares during three and six months ended June 30, 2020, respectively. The unrealized losses are reflected in “Other income (loss)” in the Company’s unaudited condensed consolidated statements of operations.
Investments in VIEs
Certain of the Company’s equity method investments are considered VIEs as defined under the accounting guidance for consolidation. The Company is not considered the primary beneficiary of and therefore does not consolidate these VIEs. The Company’s involvement with such entities is in the form of direct equity interests and related agreements. The Company’s maximum exposure to loss with respect to the VIEs is its investment in such entities, as well as a credit facility and a subordinated loan.
The following table sets forth the Company’s investment in its unconsolidated VIEs and the maximum exposure to loss with respect to such entities (in thousands):
June 30, 2021December 31, 2020
InvestmentMaximum Exposure to LossInvestmentMaximum Exposure to Loss
Variable interest entities¹$1,223 $2,203 $1,258 $2,238 
__________________________
1The Company has entered into a subordinated loan agreement with Aqua, whereby the Company agreed to lend the principal sum of $980 thousand. The Company’s maximum exposure to loss with respect to its unconsolidated VIEs includes the sum of its equity investments in its unconsolidated VIEs and the $980 thousand subordinated loan to Aqua.
Consolidated VIE
The Company is invested in a limited liability company that is focused on developing a proprietary trading technology. The limited liability company is a VIE and it was determined that the Company is the primary beneficiary of this VIE because the Company was the provider of the majority of this VIE’s start-up capital and has the power to direct the activities of this VIE that most significantly impact its economic performance, primarily through its voting percentage and consent rights on the activities that would most significantly influence the entity. The consolidated VIE had total assets of $8.2 million and $7.2 million as of June 30, 2021 and December 31, 2020, respectively, which primarily consisted of clearing margin. There were no material restrictions on the consolidated VIE’s assets. The consolidated VIE had total liabilities of $1.8 million and $1.0 million as of June 30, 2021 and December 31, 2020, respectively. The Company’s exposure to economic loss on this VIE was $4.8 million as of both June 30, 2021 and December 31, 2020.
v3.21.2
Fixed Assets, Net
 6 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]  
Fixed Assets, Net Fixed Assets, NetFixed assets, net consisted of the following (in thousands):
June 30, 2021December 31, 2020
Computer and communications equipment$92,751 $92,565 
Software, including software development costs265,770 259,439 
Leasehold improvements and other fixed assets106,780 120,951 
465,301 472,955 
Less: accumulated depreciation and amortization(260,770)(258,173)
Fixed assets, net¹$204,531 $214,782 
___________________________
1Excludes Fixed assets, net of $8,606 thousand classified as Assets held for sale.
Depreciation expense was $6.6 million and $5.9 million for the three months ended June 30, 2021 and 2020, respectively. Depreciation expense was $12.9 million and $12.0 million for the six months ended June 30, 2021 and 2020, respectively. Depreciation is included as part of “Occupancy and equipment” in the Company’s unaudited condensed consolidated statements of operations.
The Company has $6.5 million and $5.9 million of asset retirement obligations related to certain of its leasehold improvements as of June 30, 2021 and December 31, 2020. The associated asset retirement cost is capitalized as part of the carrying amount of the long-lived asset. The liability is discounted and accretion expense is recognized using the credit adjusted risk-free interest rate in effect when the liability was initially recognized.
For the three months ended June 30, 2021 and 2020, software development costs totaling $10.8 million and $15.3 million, respectively, were capitalized. Amortization of software development costs totaled $8.0 million and $7.7 million for the three months ended June 30, 2021 and 2020, respectively. For the six months ended June 30, 2021 and 2020, software development costs totaling $23.9 million and $28.3 million, respectively, were capitalized. Amortization of software development costs totaled $16.3 million and $15.3 million for the six months ended June 30, 2021 and 2020, respectively. Amortization of software development costs is included as part of “Occupancy and equipment” in the Company’s unaudited condensed consolidated statements of operations.
Impairment charges of $1.1 million and $0.2 million were recorded for the three months ended June 30, 2021 and 2020, respectively, related to the evaluation of capitalized software projects for future benefit and for fixed assets no longer in service. Impairment charges of $3.1 million and $5.0 million were recorded for the six months ended June 30, 2021 and 2020, respectively, related to the evaluation of capitalized software projects for future benefit and for fixed assets no longer in service. Impairment charges related to capitalized software and fixed assets are reflected in “Occupancy and equipment” in the Company’s unaudited condensed consolidated statements of operations.
v3.21.2
Goodwill and Other Intangible Assets, Net
 6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets, Net Goodwill and Other Intangible Assets, Net
The changes in the carrying amount of goodwill were as follows (in thousands):
Goodwill
Balance at December 31, 2020$556,211 
Goodwill reclassified as Assets held for sale (69,725)
Cumulative translation adjustment948 
Balance at June 30, 2021$487,434 
For additional information on Goodwill, see Note 5—“Acquisitions.”
Goodwill is not amortized and is reviewed annually for impairment or more frequently if impairment indicators arise, in accordance with U.S. GAAP guidance on Goodwill and Other Intangible Assets.
Other intangible assets consisted of the following (in thousands, except weighted-average remaining life):
June 30, 2021
Gross
Amount		Accumulated
Amortization		Net Carrying
Amount		Weighted-
Average
Remaining Life
(Years)
Definite life intangible assets:
Customer-related$182,616 $63,859 $118,757 10.5
Technology23,997 21,716 2,281 0.7
Noncompete agreements19,821 18,797 1,024 5.4
Patents10,616 10,233 383 1.5
All other19,340 4,498 14,842 8.0
Total definite life intangible assets256,390 119,103 137,287 10.0
Indefinite life intangible assets:
Trade names79,570 — 79,570 N/A
Licenses2,434 — 2,434 N/A
Total indefinite life intangible assets82,004 — 82,004 N/A
Total1
$338,394 $119,103 $219,291 10.0
__________________________
1Excludes intangibles at cost of $92,845 thousand, and net carrying amount of $56,031 thousand classified as Assets held for sale.
December 31, 2020
Gross
Amount		Accumulated
Amortization		Net Carrying
Amount		Weighted-
Average
Remaining Life
(Years)
Definite life intangible assets:
Customer-related$252,241 $77,106 $175,135 10.4
Technology24,025 20,031 3,994 1.2
Noncompete agreements30,715 29,596 1,119 5.9
Patents10,616 10,223 393 1.6
All other29,566 5,028 24,538 8.3
Total definite life intangible assets347,163 141,984 205,179 9.9
Indefinite life intangible assets:
Trade names79,570 — 79,570 N/A
Licenses2,408 — 2,408 N/A
Total indefinite life intangible assets81,978 — 81,978 N/A
Total$429,141 $141,984 $287,157 9.9

Intangible amortization expense was $6.7 million and $6.3 million for the three months ended June 30, 2021 and 2020, respectively. Intangible amortization expense was $13.7 million and $14.5 million for the six months ended June 30, 2021 and 2020, respectively. Intangible amortization is included as part of “Other expenses” in the Company’s unaudited condensed consolidated statements of operations. There were no impairment charges for the Company’s definite and indefinite life intangibles for the three and six months ended June 30, 2021 and 2020.
The estimated future amortization expense of definite life intangible assets as of June 30, 2021 is as follows (in millions):
2021$10.3 
202216.7 
202314.9 
202414.4 
202514.4 
2026 and thereafter66.6 
Total$137.3 
v3.21.2
Notes Payable, Other and Short-Term Borrowings
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Notes Payable, Other and Short-Term Borrowings Notes Payable, Other and Short-Term Borrowings
Notes payable, other and short-term borrowings consisted of the following (in thousands):
June 30, 2021December 31, 2020
Unsecured senior revolving credit agreement$188,652 $— 
5.125% Senior Notes
— 255,570 
5.375% Senior Notes
447,244 446,577 
3.750% Senior Notes
297,317 296,903 
4.375% Senior Notes
297,252 297,031 
Collateralized borrowings12,783 19,854 
Total Notes payable and other borrowings1,243,248 1,315,935 
Short-term borrowings5,997 3,849 
Total Notes payable, other and short-term borrowings$1,249,245 $1,319,784 
Unsecured Senior Revolving Credit Agreement
On November 28, 2018, the Company entered into the Revolving Credit Agreement with Bank of America, N.A., as administrative agent, and a syndicate of lenders, which replaced the existing committed unsecured senior revolving credit agreement. The maturity date of the Revolving Credit Agreement was November 28, 2020, and the maximum revolving loan balance is $350.0 million. Borrowings under this Revolving Credit Agreement bear interest at either LIBOR or a defined base rate plus additional margin. On December 11, 2019, the Company entered into an amendment to the Revolving Credit Agreement. Pursuant to the amendment, the maturity date was extended to February 26, 2021. On February 26, 2020, the Company entered into a second amendment to the Revolving Credit Agreement, pursuant to which, the maturity date was extended by two years to February 26, 2023. There was no change to the interest rate or the maximum revolving loan balance. As of June 30, 2021, there were $188.7 million borrowings outstanding, net of deferred financing costs of $1.3 million, under the Revolving Credit Agreement. The average interest rate on the outstanding borrowings was 2.08% for the three and six months ended June 30, 2021. The average interest rate on the outstanding borrowings was 2.53% and 2.92% for the three and six months ended June 30, 2020, respectively. As of December 31, 2020, there were no borrowings outstanding under the Revolving Credit Agreement. The Company recorded interest expense related to the Revolving Credit Agreement of $0.7 million and $2.1 million for the three months ended June 30, 2021 and 2020, respectively. The Company recorded interest expense related to the Revolving Credit Agreement of $1.1 million and $3.8 million for the six months ended June 30, 2021 and 2020, respectively.
Senior Notes
The Company’s Senior Notes are recorded at amortized cost. The carrying amounts and estimated fair values of the Company’s Senior Notes were as follows (in thousands):
June 30, 2021December 31, 2020
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
5.125% Senior Notes
$— $— $255,570 $258,067 
5.375% Senior Notes
447,244 486,315 446,577 486,747 
3.750% Senior Notes
297,317 317,250 296,903 314,031 
4.375% Senior Notes
297,252 325,170 297,031 317,466 
Total$1,041,813 $1,128,735 $1,296,081 $1,376,311 
The fair values of the Senior Notes were determined using observable market prices as these securities are traded, and based on whether they are deemed to be actively traded, the 5.125% Senior Notes, the 5.375% Senior Notes, the 3.750% Senior Notes, and the 4.375% Senior Notes are considered Level 2 within the fair value hierarchy.
5.125% Senior Notes
On May 27, 2016, the Company issued an aggregate of $300.0 million principal amount of 5.125% Senior Notes, which matured on May 27, 2021. The 5.125% Senior Notes were general senior unsecured obligations of the Company. The 5.125% Senior Notes bear interest at a rate of 5.125% per year, payable in cash on May 27 and November 27 of each year, commencing November 27, 2016 and ending the maturity date. Prior to maturity, on August 5, 2020, the Company commenced a cash tender offer for any and all $300.0 million outstanding aggregate principal amount of its 5.125% Senior Notes. On August 11, 2020, the Company’s cash tender offer expired at 5:00 p.m., New York City time. As of the expiration time, $44.0 million aggregate principal amount of the 5.125% Senior Notes were validly tendered. These notes were redeemed on the settlement date of August 14, 2020. On May 27, 2021, BGC repaid $256.0 million principal plus accrued interest on its 5.125% Senior Notes. The Company recorded interest expense related to the 5.125% Senior Notes of $2.3 million and $4.1 million for the three months ended June 30, 2021 and 2020, respectively. The Company recorded interest expense related to the 5.125% Senior Notes of $5.8 million and $8.1 million for the six months ended June 30, 2021 and 2020, respectively.
5.375% Senior Notes
On July 24, 2018, the Company issued an aggregate of $450.0 million principal amount of 5.375% Senior Notes. The 5.375% Senior Notes are general senior unsecured obligations of the Company. The 5.375% Senior Notes bear interest at a rate of 5.375% per year, payable in cash on January 24 and July 24 of each year, commencing January 24, 2019. The 5.375% Senior Notes will mature on July 24, 2023. The Company may redeem some or all of the 5.375% Senior Notes at any time or from time to time for cash at certain “make-whole” redemption prices (as set forth in the Indenture related to the 5.375% Senior Notes). If a “Change of Control Triggering Event” (as defined in the Indenture) occurs, holders may require the Company to purchase all or a portion of their notes for cash at a price equal to 101% of the principal amount of the notes to be purchased plus any accrued and unpaid interest to, but excluding, the purchase date. The initial carrying value of the 5.375% Senior Notes was $444.2 million, net of the discount and debt issuance costs of $5.8 million. The issuance costs are amortized as interest expense, and the carrying value of the 5.375% Senior Notes will accrete up to the face amount over the term of the notes. The carrying value of the 5.375% Senior Notes as of June 30, 2021 was $447.2 million. The Company recorded interest expense related to the 5.375% Senior Notes of $6.4 million for each of the three months ended June 30, 2021 and 2020. The Company recorded interest expense related to the 5.375% Senior Notes of $12.8 million for each of the six months ended June 30, 2021 and 2020.
3.750% Senior Notes
On September 27, 2019, the Company issued an aggregate of $300.0 million principal amount of 3.750% Senior Notes. The 3.750% Senior Notes are general unsecured obligations of the Company. The 3.750% Senior Notes bear interest at a rate of 3.750% per year, payable in cash on April 1 and October 1 of each year, commencing April 1, 2020. The 3.750% Senior Notes will mature on October 1, 2024. The Company may redeem some or all of the 3.750% Senior Notes at any time or from time to time for cash at certain “make-whole” redemption prices (as set forth in the Indenture). If a “Change of Control Triggering Event” (as defined in the Indenture) occurs, holders may require the Company to purchase all or a portion of their notes for cash at a price equal to 101% of the principal amount of the notes to be purchased plus any accrued and unpaid interest to, but excluding, the purchase date. The initial carrying value of the 3.750% Senior Notes was $296.1 million, net of discount and debt issuance costs of $3.9 million. The issuance costs will be amortized as interest expense, and the carrying value of the 3.750% Senior Notes will accrete up to the face amount over the term of the notes. The carrying value of the 3.750% Senior Notes was $297.3 million as of June 30, 2021. The Company recorded interest expense related to the 3.750%
Senior Notes of $3.0 million for each of the three months ended June 30, 2021 and 2020. The Company recorded interest expense related to the 3.750% Senior Notes of $6.0 million for each of the six months ended June 30, 2021 and 2020.
4.375% Senior Notes
On July 10, 2020, the Company issued an aggregate of $300.0 million principal amount of 4.375% Senior Notes. The 4.375% Senior Notes are general unsecured obligations of the Company. The 4.375% Senior Notes bear interest at a rate of 4.375% per year, payable in cash on June 15 and December 15 of each year, commencing December 15, 2020. The 4.375% Senior Notes will mature on December 15, 2025. The Company may redeem some or all of the 4.375% Senior Notes at any time or from time to time for cash at certain “make-whole” redemption prices. If a “Change of Control Triggering Event” occurs, holders may require the Company to purchase all or a portion of their notes for cash at a price equal to 101% of the principal amount of the notes to be purchased plus any accrued and unpaid interest to, but excluding, the purchase date. The initial carrying value of the 4.375% Senior Notes was $296.8 million, net of discount and debt issuance costs of $3.2 million. The issuance costs will be amortized as interest expense, and the carrying value of the 4.375% Senior Notes will accrete up to the face amount over the term of the notes. The carrying value of the 4.375% Senior Notes was $297.3 million as of June 30, 2021. The Company recorded interest expense related to the 4.375% Senior Notes of $3.4 million and $6.9 million for the three and six months ended June 30, 2021. The Company did not record interest expense related to the 4.375% Senior Notes for the three and six months ended June 30, 2020.
Collateralized Borrowings
On May 31, 2017, the Company entered into a $29.9 million secured loan arrangement, under which it pledged certain fixed assets as security for a loan. This arrangement incurs interest at a fixed rate of 3.44% per year and matured on May 31, 2021, therefore there were no borrowings outstanding as of June 30, 2021. As of December 31, 2020, the Company had $4.0 million, outstanding related to this arrangement. The book value of the fixed assets pledged as of December 31, 2020 was $0.8 million. The Company recorded interest expense related to this arrangement of $11 thousand and $0.1 million for the three months ended June 30, 2021 and 2020, respectively. The Company recorded interest expense related to this arrangement of $40 thousand and $0.1 million for the six months ended June 30, 2021 and 2020, respectively.
On April 8, 2019, the Company entered into a $15.0 million secured loan arrangement, under which it pledged certain fixed assets as security for a loan. This arrangement incurs interest at a fixed rate of 3.77% and matures on April 8, 2023. As of June 30, 2021 and December 31, 2020, the Company had $7.8 million and $9.6 million, respectively, outstanding related to this secured loan arrangement. The book value of the fixed assets pledged as of June 30, 2021 and December 31, 2020 was $0.4 million and $1.2 million, respectively. The Company recorded interest expense related to this arrangement of $0.1 million for each of the three months ended June 30, 2021 and 2020. The Company recorded interest expense related to this arrangement of $0.1 million for each of the six months ended June 30, 2021 and 2020.
On April 19, 2019, the Company entered into a $10.0 million secured loan arrangement, under which it pledged certain fixed assets as security for a loan. This arrangement incurs interest at a fixed rate of 3.89% and matures on April 19, 2023. As of June 30, 2021 and December 31, 2020, the Company had $5.0 million and $6.3 million, respectively, outstanding related to this secured loan arrangement. The book value of the fixed assets pledged as of June 30, 2021 and December 31, 2020 was $1.7 million and $2.7 million, respectively. The Company recorded interest expense related to this arrangement of $0.1 million for each of the three months ended June 30, 2021 and 2020. The Company recorded interest expense related to this arrangement of $0.2 million for each of the six months ended June 30, 2021 and 2020.
Short-Term Borrowings
On August 22, 2017, the Company entered into a committed unsecured loan agreement with Itau Unibanco S.A. The agreement provides for short-term loans of up to $4.0 million (BRL 20.0 million). The maturity date of the agreement is August 19, 2021. Borrowings under this agreement bear interest at the Brazilian Interbank offering rate plus 4.75%. As of June 30, 2021 and December 31, 2020, there were $4.0 million (BRL 20.0 million) and $3.8 million (BRL 20.0 million), respectively, of borrowings outstanding under the agreement. As of June 30, 2021, the interest rate was 9.0%. The Company recorded interest expense related to the agreement of $0.1 million for each of the three months ended June 30, 2021 and 2020. The Company recorded interest expense related to the agreement of $0.1 million and $0.2 million for the six months ended June 30, 2021 and 2020, respectively.
On August 23, 2017, the Company entered into a committed unsecured credit agreement with Itau Unibanco S.A. The agreement provides for an intra-day overdraft credit line up to $10.0 million (BRL 50.0 million). The maturity date of the agreement is September 9, 2021. This agreement bears a fee of 1.48% per year. As of June 30, 2021 and December 31, 2020, there were no borrowings outstanding under this agreement. The Company recorded bank fees related to the agreement of $36
thousand and $27 thousand for the three months ended June 30, 2021 and 2020, respectively. The Company recorded bank fees related to the agreement of $69 thousand and $54 thousand for the six months ended June 30, 2021 and 2020, respectively.On June 1, 2021, the Company entered into a committed unsecured loan agreement with Banco Daycoval S.A. The agreement provides for short-term loans of up to $2.0 million (BRL $10.0 million). The maturity date of the agreement is January 18, 2022. Borrowings under this agreement bear interest at the Brazilian Interbank offering rate plus 3.66%. As of June 30, 2021, there were $2.0 million (BRL $10.0 million) of borrowings outstanding under the agreement. As of June 30, 2021, the interest rate was 7.90%. The Company recorded interest expense related to the agreement of $10 thousand for each of the three and six months ended June 30, 2021. The Company did not record any interest expense related to the agreement for the three and six months ended June 30, 2020
v3.21.2
Compensation
 6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
Compensation Compensation
The Compensation Committee may grant various equity-based awards, including RSUs, restricted stock, stock options, LPUs and shares of BGC Class A common stock. Upon vesting of RSUs, issuance of restricted stock, exercise of stock options and redemption/exchange of LPUs, the Company generally issues new shares of BGC Class A common stock.
On June 22, 2016, at the annual meeting of stockholders, the stockholders approved the Equity Plan to increase from 350 million to 400 million the aggregate number of shares of BGC Class A common stock that may be delivered or cash-settled pursuant to awards granted during the life of the Equity Plan. As of June 30, 2021, the limit on the aggregate number of shares authorized to be delivered allowed for the grant of future awards relating to 86.4 million shares.
The Company incurred compensation expense related to Class A common stock, LPUs and RSUs held by BGC employees as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Issuance of common stock and grants of exchangeability$31,222 $2,362 $39,076 $25,396 
Allocations of net income¹6,846 2,660 12,477 3,939 
LPU amortization16,741 19,524 33,835 35,833 
RSU amortization3,481 3,273 6,397 4,855 
Equity-based compensation and allocations of net income
   to limited partnership units and FPUs		$58,290 $27,819 $91,785 $70,023 
_________________________________________
1Certain LPUs generally receive quarterly allocations of net income, including the Preferred Distribution, and are generally contingent upon services being provided by the unit holders.
Limited Partnership Units
A summary of the activity associated with LPUs held by BGC employees is as follows (in thousands):
BGC
LPUs
Newmark
LPUs2
Balance at December 31, 2020137,652 13,202 
Granted19,292 — 
Redeemed/exchanged units(37,612)(1,454)
Forfeited units(642)(229)
Balance at June 30, 2021118,690 11,519 
The LPUs table above includes both regular and Preferred Units. The Preferred Units are not entitled to participate in partnership distributions other than with respect to the Preferred Distribution (see Note 2—“Limited Partnership Interests in BGC Holdings and Newmark Holdings” for further information on Preferred Units). Subsequent to the Spin-Off, there are remaining partners who hold limited partnership interests in BGC Holdings who are Newmark employees, and there are remaining partners who hold limited partnership interests in Newmark Holdings who are BGC employees. These limited partnership interests represent interests that were held prior to the Newmark IPO or were distributed in connection with the Separation. Following the Newmark IPO, employees of BGC and Newmark only receive limited partnership interests in BGC Holdings and Newmark Holdings, respectively. As a result of the Spin-Off, as the existing limited partnership interests in BGC Holdings held by Newmark employees and the existing limited partnership interests in Newmark Holdings held by BGC employees are exchanged/redeemed, the related capital can be contributed to and from Cantor, respectively. The compensation
expenses under GAAP related to the limited partnership interests are based on the company where the partner is employed. Therefore, compensation expenses related to the limited partnership interests of both BGC and Newmark but held by a BGC employee are recognized by BGC. However, the BGC Holdings limited partnership interests held by Newmark employees are included in the BGC share count and the Newmark Holdings limited partnership interests held by BGC employees are included in the Newmark share count.
A summary of the BGC Holdings and Newmark Holdings LPUs held by BGC employees is as follows (in thousands):
BGC
LPUs		Newmark
LPUs
Regular Units82,508 8,659 
Preferred Units36,182 2,860 
Balance at June 30, 2021118,690 11,519 
Issuance of Common Stock and Grants of Exchangeability
Compensation expense related to the issuance of BGC or Newmark Class A common stock and grants of exchangeability on BGC Holdings and Newmark Holdings LPUs held by BGC employees is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Issuance of common stock and grants of exchangeability$31,222 $2,362 $39,076 $25,396 
BGC LPUs held by BGC employees may become exchangeable or redeemed for BGC Class A common stock on a one-for-one basis, and Newmark LPUs held by BGC employees may become exchangeable or redeemed for a number of shares of Newmark Class A common stock equal to the number of limited partnership interests multiplied by the then-current Exchange Ratio. As of June 30, 2021, the Exchange Ratio was 0.9403.
A summary of the LPUs redeemed in connection with the issuance of BGC Class A common stock or Newmark Class A common stock (at the then-current Exchange Ratio) or granted exchangeability for BGC Class A common stock or Newmark Class A common stock (at the then-current Exchange Ratio) held by BGC employees is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
BGC Holdings LPUs5,568 471 6,666 4,473 
Newmark Holdings LPUs246 100 425 291 
Total5,814 571 7,091 4,764 
As of June 30, 2021 and December 31, 2020, the number of share-equivalent BGC LPUs exchangeable for shares of BGC Class A common stock at the discretion of the unit holder held by BGC employees was 2.9 million and 3.5 million, respectively. As of June 30, 2021 and December 31, 2020, the number of Newmark LPUs exchangeable into shares of Newmark Class A common stock at the discretion of the unit holder held by BGC employees (at the then-current Exchange Ratio) was 0.4 million and 0.5 million, respectively.
LPU Amortization
Compensation expense related to the amortization of LPUs held by BGC employees is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Stated vesting schedule$16,701 $18,459 $33,775 $34,736 
Post-termination payout39 1,065 59 1,097 
LPU amortization$16,740 $19,524 $33,834 $35,833 
There are certain LPUs that have a stated vesting schedule and do not receive quarterly allocations of net income. These LPUs generally vest between two and five years from the date of grant. The fair value is determined on the date of grant based on the market value of an equivalent share of BGC or Newmark Class A common stock (adjusted if appropriate based upon the award’s eligibility to receive quarterly allocations of net income), and is recognized as compensation expense, net of the effect of estimated forfeitures, ratably over the vesting period.
A summary of the outstanding LPUs held by BGC employees with a stated vesting schedule that do not receive quarterly allocations of net income is as follows (in thousands):
June 30, 2021December 31, 2020
BGC Holdings LPUs41,150 44,529 
Newmark Holdings LPUs279 353 
Aggregate estimated grant date fair value – BGC and Newmark Holdings LPUs$163,016 $201,239 
As of June 30, 2021, there was approximately $81.5 million of total unrecognized compensation expense related to unvested BGC and Newmark LPUs held by BGC employees with a stated vesting schedule that do not receive quarterly allocations of net income that is expected to be recognized over 1.89 years.
Compensation expense related to LPUs held by BGC employees with a post-termination pay-out amount, such as REUs, and/or a stated vesting schedule is recognized over the stated service period. These LPUs generally vest between two and five years from the date of grant. As of June 30, 2021, there were 1.3 million outstanding BGC LPUs with a post-termination payout, with a notional value of approximately $12.7 million and an aggregate estimated fair value of $7.5 million, and 0.1 million outstanding Newmark LPUs with a post-termination payout, with a notional value of approximately $0.8 million and an aggregate estimated fair value of $0.3 million. As of December 31, 2020, there were 1.3 million outstanding BGC LPUs with a post-termination payout, with a notional value of approximately $12.7 million and an aggregate estimated fair value of $7.5 million, and 0.1 million outstanding Newmark LPUs with a post-termination payout, with a notional value of approximately $0.8 million and an aggregate estimated fair value of $0.3 million.
Restricted Stock Units
Compensation expense related to RSUs held by BGC employees is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
RSU amortization$3,481 $3,273 $6,397 $4,855 
A summary of the activity associated with RSUs held by BGC employees and directors is as follows (RSUs and dollars in thousands):
RSUsWeighted-
Average
Grant
Date Fair
Value		Fair Value
Amount		Weighted-
Average
Remaining
Contractual
Term (Years)
Balance at December 31, 20208,960 $3.75 $33,582 2.46
Granted4,658 4.30 20,044 
Delivered(2,572)4.04 (10,385)
Forfeited(245)3.84 (940)
Balance at June 30, 202110,801 $3.92 $42,301 2.65
The fair value of RSUs held by BGC employees and directors is determined on the date of grant based on the market value of Class A common stock adjusted as appropriate based upon the award’s ineligibility to receive dividends. The compensation expense is recognized ratably over the vesting period, taking into effect estimated forfeitures. The Company uses historical data, including historical forfeitures and turnover rates, to estimate expected forfeiture rates for both employee and director RSUs. Each RSU is settled in one share of Class A common stock upon completion of the vesting period.
For the RSUs that vested during the three months ended June 30, 2021 and 2020, the Company withheld shares of Class A common stock valued at $0.6 million and $40 thousand to pay taxes due at the time of vesting. For the RSUs that vested during the six months ended June 30, 2021 and 2020, the Company withheld shares of Class A common stock valued at $3.8 million and $1.7 million to pay taxes due at the time of vesting. As of June 30, 2021, there was approximately $40.8 million of total unrecognized compensation expense related to unvested RSUs held by BGC employees and directors that is expected to be recognized over a weighted-average period of 2.65 years.
Acquisitions
In connection with certain of its acquisitions, the Company has granted certain LPUs and RSUs, and other deferred compensation awards. As of June 30, 2021 and December 31, 2020, the aggregate estimated fair value of these acquisition-related LPUs and RSUs was $9.3 million and $9.4 million, respectively. As of June 30, 2021 and December 31, 2020, the aggregate estimated fair value of the deferred compensation awards was $19.8 million and $23.6 million, respectively. The liability for such acquisition-related LPUs and RSUs is included in “Accounts payable, accrued and other liabilities” on the Company’s unaudited condensed consolidated statements of financial condition.
Restricted Stock
BGC employees hold shares of BGC and Newmark restricted stock. Such restricted shares are generally saleable by partners in five to ten years. Partners who agree to extend the length of their employment agreements and/or other contractual modifications sought by the Company are expected to be able to sell their restricted shares over a shorter time period. Transferability of the restricted shares of stock is not subject to continued employment or service with the Company or any affiliate or subsidiary of the Company; however, transferability is subject to compliance with BGC and its affiliates’ customary noncompete obligations.
During both the three and six months ended June 30, 2021, 84 thousand BGC or Newmark restricted shares held by BGC employees were forfeited in connection with this provision. During the three and six months ended June 30, 2020, no BGC or Newmark restricted shares held by BGC employees were forfeited in connection with this provision. During the three months ended June 30, 2021 and 2020, the Company released the restrictions with respect to 0.2 million and 0.2 million of such BGC shares held by BGC employees, respectively. During the six months ended June 30, 2021 and 2020, the Company released the restrictions with respect to 0.4 million and 0.3 million of such BGC shares held by BGC employees, respectively. As of June 30, 2021 and December 31, 2020, there were 3.3 million and 3.7 million of such restricted BGC shares held by BGC employees outstanding, respectively. Additionally, during the three months ended June 30, 2021 and 2020, Newmark released the restrictions with respect to zero and 0.1 million, respectively, of restricted Newmark shares held by BGC employees. Additionally, during the six months ended June 30, 2021 and 2020, Newmark released the restrictions with respect to 0.1 million and 0.1 million, respectively, of restricted Newmark shares held by BGC employees. As of June 30, 2021 and December 31, 2020, there were 1.6 million and 1.7 million, respectively, of restricted Newmark shares held by BGC employees outstanding.
Deferred Compensation
The Company maintains a deferred cash award program, which provides for the grant of deferred cash incentive compensation to eligible employees. The Company may pay certain bonuses in the form of deferred cash compensation awards, which generally vest over a future service period.
The total compensation expense recognized in relation to the deferred cash compensation awards for the three months ended June 30, 2021 and 2020 was $0.2 million and $0.2 million, respectively. The total compensation expense recognized in relation to the deferred cash compensation awards for the six months ended June 30, 2021 and 2020 was $0.3 million and $0.4 million, respectively. As of June 30, 2021 and December 31, 2020, the total liability for the deferred cash compensation awards was $0.7 million and $1.5 million, respectively, which is included in “Accrued compensation” on the Company’s unaudited condensed consolidated statements of financial condition. As of June 30, 2021, total unrecognized compensation cost related to deferred cash compensation, prior to the consideration of forfeitures, was approximately $0.2 million and is expected to be recognized over a weighted-average period of 2.23 years.
v3.21.2
Commitments, Contingencies and Guarantees
 6 Months Ended
Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments, Contingencies and Guarantees Commitments, Contingencies and Guarantees
Contingencies
In the ordinary course of business, various legal actions are brought and are pending against the Company and its subsidiaries in the U.S. and internationally. In some of these actions, substantial amounts are claimed. The Company is also involved, from time to time, in reviews, examinations, investigations and proceedings by governmental and self-regulatory agencies (both formal and informal) regarding the Company’s businesses, operations, reporting or other matters, which may result in regulatory, civil and criminal judgments, settlements, fines, penalties, injunctions, enhanced oversight, remediation, or other relief. The following generally does not include matters that the Company has pending against other parties which, if successful, would result in awards in favor of the Company or its subsidiaries.
Employment, Competitor-Related and Other Litigation
From time to time, the Company and its subsidiaries are involved in litigation, claims and arbitrations in the U.S. and internationally, relating to, inter alia, various employment matters, including with respect to termination of employment, hiring of employees currently or previously employed by competitors, terms and conditions of employment and other matters. In light of the competitive nature of the brokerage industry, litigation, claims and arbitration between competitors regarding employee hiring are not uncommon. The Company is also involved, from time to time, in other reviews, investigations and proceedings by governmental and self-regulatory agencies (both formal and informal) regarding the Company’s businesses. Any such actions may result in regulatory, civil or criminal judgments, settlements, fines, penalties, injunctions, enhanced oversight, remediation, or other relief.
Legal reserves are established in accordance with U.S. GAAP guidance on Accounting for Contingencies, when a material legal liability is both probable and reasonably estimable. Once established, reserves are adjusted when there is more information available or when an event occurs requiring a change. The outcome of such items cannot be determined with certainty. The Company is unable to estimate a possible loss or range of loss in connection with specific matters beyond its current accruals and any other amounts disclosed. Management believes that, based on currently available information, the final outcome of these current pending matters will not have a material adverse effect on the Company’s financial condition, results of operations, or cash flows.
Letter of Credit Agreements
The Company has irrevocable uncollateralized letters of credit with various banks, where the beneficiaries are clearing organizations through which it transacts, that are used in lieu of margin and deposits with those clearing organizations. As of June 30, 2021 and December 31, 2020, the Company was contingently liable for $1.7 million and $1.0 million, respectively, under these letters of credit.
Risk and Uncertainties
The Company generates revenues by providing financial intermediary, and brokerage activities to institutional customers and by executing and, in some cases, clearing transactions for institutional counterparties. Revenues for these services are transaction-based. As a result, revenues could vary based on the transaction volume of global financial markets. Additionally, financing is sensitive to interest rate fluctuations, which could have an impact on the Company’s overall profitability.
Insurance
The Company is self-insured for health care claims, up to a stop-loss amount for eligible participating employees and qualified dependents in the U.S., subject to deductibles and limitations. The Company’s liability for claims incurred but not reported is determined based on an estimate of the ultimate aggregate liability for claims incurred. The estimate is calculated from actual claim rates and adjusted periodically as necessary. The Company has accrued $0.7 million and $1.2 million in health care claims as of June 30, 2021 and December 31, 2020, respectively. The Company does not expect health care claims to have a material impact on its financial condition, results of operations, or cash flows.
Guarantees
The Company provides guarantees to securities clearinghouses and exchanges which meet the definition of a guarantee under FASB interpretations. Under these standard securities clearinghouse and exchange membership agreements, members are required to guarantee, collectively, the performance of other members and, accordingly, if another member becomes unable to satisfy its obligations to the clearinghouse or exchange, all other members would be required to meet the shortfall. In the opinion of management, the Company’s liability under these agreements is not quantifiable and could exceed the cash and securities it has posted as collateral. However, the potential of being required to make payments under these arrangements is remote. Accordingly, no contingent liability has been recorded in the Company’s unaudited condensed consolidated statements of financial condition for these agreements.
Indemnifications
In connection with the sale of eSpeed, the Company has indemnified Nasdaq for amounts over a defined threshold against damages arising from breaches of representations, warranties and covenants. In addition, in connection with the acquisition of GFI, the Company has indemnified the directors and officers of GFI. As of June 30, 2021, no contingent liability has been recorded in the Company’s unaudited condensed consolidated statements of financial condition for these indemnifications, as the potential for being required to make payments under these indemnifications is remote.
v3.21.2
Income Taxes
 6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s unaudited condensed consolidated financial statements include U.S. federal, state and local income taxes on the Company’s allocable share of the U.S. results of operations, as well as taxes payable to jurisdictions outside the U.S. In addition, certain of the Company’s entities are taxed as U.S. partnerships and are subject to the UBT in New York City. Therefore, the tax liability or benefit related to the partnership income or loss, except for UBT, rests with the partners (see Note 2—“Limited Partnership Interests in BGC Holdings and Newmark Holdings” for discussion of partnership interests), rather than the partnership entity.
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the unaudited condensed consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded against deferred tax assets if it is deemed more likely than not that those assets will not be realized.
Pursuant to U.S. GAAP guidance, Accounting for Uncertainty in Income Taxes, the Company provides for uncertain tax positions as a component of income tax expense based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities.
As of June 30, 2021 and December 31, 2020, the Company’s unrecognized tax benefits, excluding related interest and penalties, were $8.9 million and $12.2 million, respectively, of which $8.9 million and $9.2 million, respectively, if recognized, would affect the effective tax rate. The Company is currently open to examination by tax authorities in U.S. federal, state and local jurisdictions and certain non-U.S. jurisdictions for tax years beginning 2008, 2009 and 2012, respectively. The Company is currently under examination by tax authorities in the U.S. Federal and certain state and local jurisdictions. The Company does not believe that the amounts of unrecognized tax benefits will materially change over the next 12 months.
The Company recognizes interest and penalties related to unrecognized tax benefits in “Provision (benefit) for income taxes” in the Company’s unaudited condensed consolidated statements of operations. As of June 30, 2021 and December 31, 2020, the Company had accrued $3.7 million and $3.3 million, respectively, for income tax-related interest and penalties.
v3.21.2
Regulatory Requirements
 6 Months Ended
Jun. 30, 2021
Brokers and Dealers [Abstract]  
Regulatory Requirements Regulatory Requirements
Many of the Company’s businesses are subject to regulatory restrictions and minimum capital requirements. These regulatory restrictions and capital requirements may restrict the Company’s ability to withdraw capital from its subsidiaries.
Certain U.S. subsidiaries of the Company are registered as U.S. broker-dealers or FCMs subject to Rule 15c3-1 of the SEC and Rule 1.17 of the CFTC, which specify uniform minimum net capital requirements, as defined, for their registrants, and also require a significant part of the registrants’ assets be kept in relatively liquid form. As of June 30, 2021, the Company’s U.S. subsidiaries had net capital in excess of their minimum capital requirements.
Certain U.K. and European subsidiaries of the Company are regulated by the FCA and must maintain financial resources (as defined by the FCA) in excess of the total financial resources requirement of the FCA. As of June 30, 2021, the U.K. and European subsidiaries had financial resources in excess of their requirements.
Certain other subsidiaries of the Company are subject to regulatory and other requirements of the jurisdictions in which they operate.
In addition, the Company’s SEFs, BGC Derivative Markets and GFI Swaps Exchange are required to maintain financial resources to cover operating costs for at least one year, keeping at least enough cash or highly liquid securities to cover six months’ operating costs.
The regulatory requirements referred to above may restrict the Company’s ability to withdraw capital from its regulated subsidiaries. As of June 30, 2021, the Company’s regulated subsidiaries held $687.9 million of net assets excluding $51.9 million classified as held for sale. These subsidiaries had aggregate regulatory net capital, as defined, in excess of the aggregate regulatory requirements, as defined, of $375.4 million, excluding $43.2 million classified as held for sale.
v3.21.2
Segment, Geographic and Product Information
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment, Geographic and Product Information Segment, Geographic and Product Information
Segment Information
The Company currently operates its business in one reportable segment, by providing brokerage services to the financial markets, integrated Voice, Hybrid and Fully Electronic brokerage in a broad range of products, including fixed income (Rates and Credit), FX, Equity derivatives and cash equities, Insurance, Energy and commodities, and futures. It also provides a
wide range of services, including trade execution, brokerage, clearing, trade compression, post-trade, information, consulting, and other back-office services to a broad range of financial and non-financial institutions.
Geographic Information
The Company offers products and services in the U.K., U.S., Asia (including Australia), Other Europe, MEA, France, and Other Americas. Information regarding revenues is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Revenues:
U.K.$216,228 $222,726 $452,792 $465,096 
U.S.129,880 135,911 273,319 289,355 
Asia75,283 74,596 158,367 164,188 
Other Europe/MEA50,820 46,508 108,771 113,145 
France24,325 25,968 55,280 60,221 
Other Americas15,914 13,379 31,497 30,250 
Total revenues$512,450 $519,088 $1,080,026 $1,122,255 
Information regarding long-lived assets (defined as loans, forgivable loans and other receivables from employees and partners, net; fixed assets, net; ROU assets; certain other investments; goodwill; other intangible assets, net of accumulated amortization; and rent and other deposits) in the geographic areas is as follows (in thousands):
June 30,
2021		December 31, 2020
Long-lived assets:
U.S.$774,170 $767,082 
U.K.479,703 655,906 
Asia102,017 119,619 
Other Europe/MEA72,739 66,487 
France19,492 28,518 
Other Americas16,057 18,236 
Total long-lived assets1
$1,464,178 $1,655,848 
__________________________
1.Excludes $149.5 million of long-lived assets classified as Assets held for sale, as well as $7.3 million of operating lease ROU assets classified as Assets held for sale as of June 30, 2021.
Product Information
The Company’s business is based on the products and services provided and reflect the manner in which financial information is evaluated by management.
The Company specializes in the brokerage of a broad range of products, including fixed income (Rates and Credit), FX, Equity derivatives and cash equities, Insurance, Energy and commodities, and futures. It also provides a wide range of services, including trade execution, broker-dealer services, clearing, trade compression, post-trade, information, consulting, and other back-office services to a broad range of financial and non-financial institutions.
Product information regarding revenues is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Revenues:
Rates$136,474 $133,034 $298,267 $300,274 
Credit72,609 95,780 162,656 192,969 
FX72,807 74,393 156,240 168,759 
Energy and commodities74,735 71,326 150,603 155,064 
Equities derivatives and cash equities60,825 61,777 131,287 143,574 
Insurance54,315 45,783 106,695 90,619 
Total brokerage revenues$471,765 $482,093 $1,005,748 $1,051,259 
All other revenues40,685 36,995 74,278 70,996 
Total revenues$512,450 $519,088 $1,080,026 $1,122,255 
v3.21.2
Revenues from Contracts with Customers
 6 Months Ended
Jun. 30, 2021
Revenue from Contract with Customer [Abstract]  
Revenues from Contracts with Customers Revenues from Contracts with Customers
The following table presents the Company’s total revenues separated between revenues from contracts with customers and other sources of revenues (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Revenues from contracts with customers:
Commissions$389,768 $382,640 $824,988 $838,495 
Data, software, and post-trade21,602 20,139 43,588 39,537 
Fees from related parties4,245 6,562 8,030 12,083 
Other revenues3,172 3,391 7,071 7,350 
Total revenues from contracts with customers418,787 412,732 883,677 897,465 
Other sources of revenues:
Principal transactions81,997 99,453 180,760 212,764 
Interest and dividend income11,455 6,536 14,493 10,697 
Other revenues211 367 1,096 1,329 
Total revenues$512,450 $519,088 $1,080,026 $1,122,255 
As discussed in Note 1— “Organization and Basis of Presentation”, the Company adopted the new revenue recognition standard as of January 1, 2018. There was no significant impact to the Company’s unaudited condensed consolidated financial statements for the periods presented as a result of applying the new revenue recognition standard.
Refer to Note 3— “Summary of Significant Accounting Policies” in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2020 for detailed information on the recognition of the Company’s revenues from contracts with customers.
Disaggregation of Revenue
Refer to Note 23—“Segment, Geographic and Product Information,” for a further discussion on the allocation of revenues to geographic regions.
Contract Balances
The timing of our revenue recognition may differ from the timing of payment by our customers. The Company records a receivable when revenue is recognized prior to payment and the Company has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied.
The Company had receivables related to revenues from contracts with customers of $338.3 million, which excludes $561.1 million of receivables classified as Assets held for sale, and $629.4 million at June 30, 2021 and December 31, 2020, respectively. The Company had no impairments related to these receivables during the three and six months ended June 30, 2021 and 2020.
The Company’s deferred revenue primarily relates to customers paying in advance or billed in advance where the performance obligation has not yet been satisfied. Deferred revenue at June 30, 2021 and December 31, 2020 was $9.8 million and $15.0 million, respectively. At June 30, 2021, the Company reclassified $6.0 million of deferred revenue as Liabilities held for sale.
During the three months ended June 30, 2021 and 2020, the Company recognized revenue of $7.6 million and $6.8 million, respectively, that was recorded as deferred revenue at the beginning of the period. During the six months ended June 30, 2021 and 2020, the Company recognized revenue of $8.3 million and $7.4 million, respectively, that was recorded as deferred revenue at the beginning of the period.
Contract Costs
The Company capitalizes costs to fulfill contracts associated with different lines of its business where the revenue is recognized at a point in time and the costs are determined to be recoverable. Capitalized costs to fulfill a contract are recognized at the point in time that the related revenue is recognized.
The Company did not have any capitalized costs to fulfill a contract as of June 30, 2021. At December 31, 2020, there were $1.7 million of capitalized costs recognized to fulfill a contract. At June 30, 2021, the Company reclassified $1.7 million of capitalized costs recognized to fulfill a contract as Assets held for sale.
v3.21.2
Leases
 6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
Leases Leases
The Company, acting as a lessee, has operating leases and finance leases primarily relating to office space, data centers and office equipment. The leases have remaining lease terms of 0.2 years to 18.1 years some of which include options to extend the leases in 1 to 10 year increments for up to 10 years. Renewal periods are included in the lease term only when renewal is reasonably certain, which is a high threshold and requires management to apply judgment to determine the appropriate lease term. Certain leases also include periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the termination option. The Company measures its lease payments by including fixed rental payments and, where relevant, variable rental payments tied to an index, such as the Consumer Price Index. Payments for leases in place before the date of adoption of ASC 842, Leases were determined based on previous leases guidance. The Company recognizes lease expense for its operating leases on a straight-line basis over the lease term, and variable lease expense not included in the lease payment measurement is recognized as incurred.
Pursuant to the accounting policy election, leases with an initial term of twelve months or less are not recognized on the balance sheet. The short-term lease expense over the period reasonably reflects the Company’s short-term lease commitments.
ASC 842, Leases requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or cancelation provisions, and determining the discount rate.
The Company determines whether an arrangement is a lease or includes a lease at the contract inception by evaluating whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Company has the right to obtain substantially all of the economic benefits from, and can direct the use of, the identified asset for a period of time, the Company accounts for the identified asset as a lease. The Company has elected the practical expedient to not separate lease and non-lease components for all leases other than real estate leases. The primary non-lease component that is combined with a lease component represents operating expenses, such as utilities, maintenance or management fees.
As the rate implicit in the lease is not usually available, the Company used an incremental borrowing rate based on the information available at the adoption date of the new Leases standard in determining the present value of lease payments for existing leases. The Company has elected to use a portfolio approach for the incremental borrowing rate, applying corporate bond rates to the leases. The Company calculated the appropriate rates with reference to the lease term and lease currency. The Company uses information available at the lease commencement date to determine the discount rate for any new leases.
The Company subleases certain real estate to its affiliates and to third parties. The value of these commitments is not material to the Company’s unaudited condensed consolidated financial statements.
As of June 30, 2021, the Company did not have any leases that have not yet commenced but that create significant rights and obligations.
Supplemental information related to the Company’s operating leases is as follows (in thousands):
Classification in
Unaudited Condensed
Consolidated Statements
of Financial Condition
June 30, 20211
December 31, 2020
Assets
Operating lease ROU assetsOther assets$140,607 $165,969 
Finance lease ROU assetsFixed assets, net$531 $— 
Liabilities
Operating lease liabilitiesAccounts payable,
accrued and other
liabilities		$170,155 $190,207 
Finance lease liabilitiesAccounts payable,
accrued and other
liabilities		$532 $— 
__________________________
1.The Company reclassified $7,286 thousand of operating lease ROU assets, and $7,392 thousand of operating lease liabilities as Assets held for sale and Liabilities held for sale, respectively.

 June 30, 2021December 31, 2020
Weighted-average remaining lease term
Operating leases (years)11.110.5
Finance leases (years)4.9— 
Weighted-average discount rate
Operating leases4.9 %4.9 %
Finance leases3.1 %— %
The components of lease expense are as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
Classification in
Unaudited
Condensed
Consolidated
Statements
of Operations		2021202020212020
Operating lease cost1
Occupancy and
equipment		$10,589 $10,798 $21,595 $20,664 
Finance lease cost
Amortization on ROU assetsOccupancy and equipment$18 $— $18 $— 
Interest on lease liabilitiesInterest expense$3 $— $3 $— 
__________________________
1.The Company recorded operating lease costs related to the Insurance brokerage business of $1,080 thousand and $2,193 thousand for the three and six months ended June 30, 2021.

Short-term lease expense is not material.
The following table shows the Company’s maturity analysis of its operating lease liabilities (in thousands):
June 30, 2021
Operating leasesFinance leases
2021 (excluding the six months ended June 30, 2021)$16,688 $59 
202231,152 119 
202325,980 119 
202421,362 119 
202516,874 119 
Thereafter113,568 40 
Total$225,624 $575 
Interest(55,469)(43)
Total$170,155 $532 
The following table shows cash flow information related to lease liabilities (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Cash paid for obligations included in the measurement of operating lease liabilities1
$8,794 $10,936 $18,043 $20,024 
Cash paid for obligations included in the measurement of finance lease liabilities$20 $— $20 $— 
__________________________
1.The Company made payments for operating lease liabilities related to the Insurance brokerage business of $1,120 thousand and $2,279 thousand for the three and six months ended June 30, 2021.
v3.21.2
Current Expected Credit Losses (CECL)
 6 Months Ended
Jun. 30, 2021
Credit Loss [Abstract]  
Current Expected Credit Losses (CECL) Current Expected Credit Losses (CECL)
The CECL reserve reflects management’s current estimate of potential credit losses related to the receivable balances included in the Company’s unaudited condensed consolidated statements of financial condition. See Note 3—“Summary of Significant Accounting Policies” for further discussion of the CECL reserve methodology.
As described in Note 1—“Organization and Basis of Presentation,” upon adoption of the new CECL guidance on January 1, 2020, the Company recognized an initial CECL reserve of approximately $1.9 million, of which, $1.1 million was in “Loans, forgivable loans and other receivables from employees and partners, net,” and $0.8 million was in “Accrued commissions and other receivables, net,” against its receivables portfolio with a corresponding charge to “Retained deficit” on the Company’s unaudited condensed consolidated statements of changes in equity. As of June 30, 2021, the Company reclassified $0.1 million of “Accrued commissions and other receivables, net,” from the initial CECL reserve as Assets held for sale.
As required, any subsequent changes to the CECL reserve are recognized in “Net income (loss) available to common stockholders” in the Company’s unaudited condensed consolidated statements of operations. During the three months ended June 30, 2021 and 2020, the Company recorded an increase of $0.1 million and $0.6 million, respectively, in the CECL reserve against the receivables portfolio. During the six months ended June 30, 2021 there was no change, which excludes $0.1 million reclassified as Assets held for sale, in the CECL reserve against the receivables portfolio. During the six months ended June 30, 2020, the Company recorded an increase of $1.4 million in the CECL reserve against the receivables portfolio.
The Company’s total CECL reserve as of June 30, 2021 and December 31, 2020 were $2.6 million, which excludes $0.1 million reclassified as Assets held for sale, and $2.6 million, respectively. This total CECL reserve is comprised of $1.5 million and $1.6 million for “Loans, forgivable loans and other receivables from employees and partners, net” as of June 30, 2021 and December 31, 2020, respectively. The total CECL reserve is further comprised of $1.1 million, which excludes $0.1 million reclassified as Assets held for sale, and $1.0 million for “Accrued commissions and other receivables, net” as of June 30, 2021 and December 31, 2020, respectively.
For the three months ended June 30, 2021 and 2020, there was an increase of $0.1 million and $0.8 million, respectively, in the CECL reserve pertaining to “Loans, forgivable loans and other receivables from employees and partners, net” as a result of employee terminations. For the six months ended June 30, 2021 and 2020, there was a decrease of $0.1 million and an increase of $1.4 million, respectively, in the CECL reserve pertaining to “Loans, forgivable loans and other receivables from employees and partners, net” as a result of employee terminations, bringing the CECL reserve recorded
pertaining to “Loans, forgivable loans and other receivables from employees and partners, net” to $1.5 million as of June 30, 2021.
There was no change in the CECL reserve recorded pertaining to “Accrued Commissions and other receivables, net” for the three months ended June 30, 2021. For the three months ended June 30, 2020, there was a decrease of $0.2 million in the CECL reserve against “Accrued commissions and other receivables, net,” due to an increase in collections partially offset by the updated macroeconomic assumptions resulting from the COVID-19 pandemic, and the downward credit rating migration of certain receivables in the portfolio. For the six months ended June 30, 2021, there was an increase of $0.1 million, which excludes $0.1 million reclassified as Assets held for sale, in the CECL reserve against “Accrued commissions and other receivables, net,” due to the updated macroeconomic assumptions resulting from COVID-19, and the downward credit rating migration of certain receivables in the portfolio, bringing the CECL reserve recorded pertaining to “Accrued commissions and other receivables, net” to $1.1 million as of June 30, 2021. There was no change in the CECL reserve recorded pertaining to “Accrued Commissions and other receivables, net” for the six months ended June 30, 2020.
v3.21.2
Subsequent Events
 6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Second Quarter 2021 Dividend
On August 3, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.01 per share for the second quarter of 2021, payable on September 7, 2021 to BGC Class A and Class B common stockholders of record as of August 24, 2021.
Purchase of CX Futures Transaction
On June 7, 2021, the Board and Audit Committee approved entry into an agreement between certain affiliates of BGC and Cantor for the sale to BGC of Cantor’s futures exchange and related clearinghouse. On June 21, 2021, BGC entered into a purchase agreement with Cantor, providing that at closing BGC will purchase the direct and indirect equity of each of (i) CFLP CX Futures Exchange Holdings, LLC, (ii) CFLP CX Futures Exchange Holdings, L.P., (iii) CX Futures Exchange Holdings, LLC, (iv) CX Clearinghouse Holdings, LLC, (v) CX Futures Exchange, L.P. and (vi) CX Clearinghouse, L.P., for a purchase price of approximately $4.9 million at closing, plus the cash held at closing by the Futures Exchange Group, and an earn-out, only payable out of BGC’s portion of the profits of the Futures Exchange Group, capped at the amount Cantor contributed to the Futures Exchange Group prior to closing. The Futures Transaction closed on July 30, 2021.
Unit Redemptions and Share Repurchase Program
On August 3, 2021, the Board and Audit Committee increased the BGC Partners share repurchase and unit redemption authorization to $400.0 million, which may include purchases from Cantor, its partners or employees or other affiliated persons or entities.
v3.21.2
Organization and Basis of Presentation (Policies)
 6 Months Ended
Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business Overview
Business Overview
BGC Partners, Inc. is a leading global brokerage and financial technology company servicing the global financial markets. Through the Company’s financial service brands, including BGC, GFI, Sunrise Brokers, Besso, Ed Broking, Poten & Partners, RP Martin, Fenics, Corant, and Corant Global, among others, the Company specializes 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. The Company also brokers products across FX, equity derivatives and cash equities, energy and commodities, shipping, insurance, and futures and options. The Company’s businesses also provide a wide variety of services, including trade execution, brokerage services, clearing, compression and other post-trade services, information, and other back-office services to a broad assortment of financial and non-financial institutions.
BGC Partners’ 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 the Company’s Fenics group of electronic brands, BGC Partners offers 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 offerings include Fully Electronic brokerage, market data and related information services, trade compression and other post-trade services, analytics related to financial instruments and markets, and other financial technology solutions. Fenics brands operate under the names Fenics, BGC Trader, CreditMatch, Fenics Market Data, BGC Market Data, kACE2, EMBonds, Capitalab, Swaptioniser, CBID and Lucera.
BGC, BGC Partners, BGC Trader, GFI, GFI Ginga, CreditMatch, Fenics, Fenics.com, Sunrise Brokers, Corant, Corant Global, Besso, Ed Broking, Poten & Partners, RP Martin, kACE2, EMBonds, Capitalab, Swaptioniser, CBID, Aqua and Lucera are trademarks/service marks, and/or registered trademarks/service marks of BGC Partners, Inc. and/or its affiliates.
The Company’s customers include many of the world’s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms. BGC Partners has dozens of offices globally in major markets including New York and London, as well as in Bahrain, Beijing, Bermuda, Bogotá, Brisbane, Buenos Aires, Chicago, Copenhagen, Dubai, Dublin, Frankfurt, Geneva, Hong Kong, Houston, Istanbul, Johannesburg, Madrid, Melbourne, Mexico City, Miami, Moscow, Nyon, Paris, Rio de Janeiro, Santiago, São Paulo, Seoul, Shanghai, Singapore, Sydney, Tel Aviv, Tokyo, Toronto, and Zurich.
The Company previously offered real estate services through its publicly traded subsidiary, Newmark (NASDAQ: NMRK). On November 30, 2018, BGC completed the Spin-Off, with shares of Newmark Class A common stock distributed to the holders of shares of BGC Class A common stock (including directors and executive officers of BGC Partners) of record as of the close of business on the Record Date and shares of Newmark Class B common stock distributed to the holders of shares of BGC Partners Class B common stock (consisting of Cantor and CFGM) of record as of the close of business on the Record Date. The Spin-Off was effective as of 12:01 a.m., New York City time, on the Distribution Date. Following the Spin-Off and the BGC Holdings Distribution, BGC ceased to be a controlling stockholder of Newmark, and BGC and its subsidiaries no longer held any shares of Newmark common stock or other equity interests in Newmark or its subsidiaries. Therefore, the Company no longer consolidates Newmark with its financial results. Cantor continues to control Newmark and its subsidiaries following the Spin-Off and the BGC Holdings Distribution. See Note 1—“Organization and Basis of Presentation” to the Company’s consolidated financial statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K as of December 31, 2020, for further information regarding the transactions related to the IPO and Spin-Off of Newmark.
Basis of Presentation
Basis of Presentation
The Company’s unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC and in conformity with U.S. GAAP. The Company’s unaudited condensed consolidated financial statements include the Company’s accounts and all subsidiaries in which the Company has a controlling interest. Intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made to previously reported amounts to conform to the current presentation.
During the year ended December 31, 2020, the Company changed the line item formerly known as “Interest income” to “Interest and dividend income” in the Company’s unaudited condensed consolidated statements of operation. The change did
not result in any reclassification of revenue, had no impact on the Company’s “Total revenues” and is viewed only as a name change to better reflect the underlying activity.
The unaudited condensed consolidated financial statements contain all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the unaudited condensed consolidated statements of financial condition, the unaudited condensed consolidated statements of operations, the unaudited condensed consolidated statements of comprehensive income (loss), the unaudited condensed consolidated statements of cash flows and the unaudited condensed consolidated statements of changes in equity of the Company for the periods presented.
Assets and Liabilities Held for Sale
Assets and Liabilities Held for Sale
The Company classifies disposal groups to be sold as held for sale in the period in which all held for sale criteria in ASC 360, Property, Plant, and Equipment are met.
The respective disposal group classified as held for sale and the assets and liabilities included in the group, are carried at the lower of cost or the fair value less costs to sell on the Company’s unaudited condensed consolidated statements of financial condition. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met, and any gains on the sale of the disposal group are not recognized until the transaction has completed. The fair value of the disposal group less any costs to sell is reassessed each reporting period it remains classified as held for sale. Any subsequent changes in fair value, where the cost was previously deemed to be greater than the fair value of the disposal group less costs to sell, are reported as an adjustment to the carrying value of the disposal group, except if the adjusted carrying amounts of the long-lived assets and liabilities exceed the carrying values at the time they were initially classified as held for sale.
Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company ceases depreciation and amortization of long-lived assets included in the disposal group. BGC reports long-lived assets and the assets and liabilities of the disposal group in the line items Assets held for sale and Liabilities held for sale, respectively, in its unaudited condensed consolidated statements of financial condition.
Recently Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This standard requires lessees to recognize an ROU asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The amendments also require certain quantitative and qualitative disclosures. Accounting guidance for lessors is mostly unchanged. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases, to clarify how to apply certain aspects of the new leases standard. The amendments address the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments, among other issues. In addition, in July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), Targeted Improvements, which provided an additional (and optional) transition method to adopt the new leases standard. Under the new transition method, a reporting entity would initially apply the new lease requirements at the effective date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption; continue to report comparative periods presented in the financial statements in the period of adoption in accordance with legacy U.S. GAAP (i.e., ASC 840, Leases); and provide the required disclosures under ASC 840 for all periods presented under legacy U.S. GAAP. Further, ASU No. 2018-11 contains a practical expedient that allows lessors to avoid separating lease and associated non-lease components within a contract if certain criteria are met. In December 2018, the FASB issued ASU No. 2018-20, Leases (Topic 842), Narrow-Scope Improvements for Lessors, to clarify guidance for lessors on sales taxes and other similar taxes collected from lessees, certain lessor costs and recognition of variable payments for contracts with lease and non-lease components. In March 2019, the FASB issued ASU No. 2019-01, Leases (Topic 842), Codification Improvements, to clarify certain application and transitional disclosure aspects of the new leases standard. The amendments address determination of the fair value of the underlying asset by lessors that are not manufacturers or dealers and clarify interim period transition disclosure requirements, among other issues. The guidance in ASUs No. 2016-02, 2018-10, 2018-11 and 2018-20 was effective beginning January 1, 2019, with early adoption permitted; whereas the guidance in ASU No. 2019-01 was effective beginning January 1, 2020, with early adoption permitted. The Company adopted the abovementioned standards on January 1, 2019 using the effective date as the date of initial application. Therefore, pursuant to this transition method financial information was not updated and the disclosures required under the new leases standards were not provided for dates and periods before January 1, 2019. The guidance provides a number of optional practical expedients to be utilized by lessees upon transition. Accordingly, BGC elected the “package of practical expedients,” which permitted the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. BGC did not elect the use-of-hindsight
or the practical expedient pertaining to land easements, with the latter not being applicable to the Company. The standard also provides practical expedients for an entity’s ongoing accounting as a lessee. BGC elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, the Company will not recognize ROU assets and lease liabilities, and this includes not recognizing ROU assets and lease liabilities for existing short-term leases of those assets upon transition. The Company also elected the practical expedient to not separate lease and non-lease components for all of leases other than leases of real estate. As a result upon adoption, acting primarily as a lessee, BGC recognized a $192.4 million ROU asset and a $206.0 million lease liability on its unaudited condensed consolidated statements of financial condition for its real estate and equipment operating leases. The adoption of the guidance did not have a material impact on the Company’s unaudited condensed consolidated statements of operations, unaudited condensed consolidated statements of changes in equity and unaudited condensed consolidated statements of cash flows. See Note 25—“Leases” for additional information on the Company’s leasing arrangements.
In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The guidance intends to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. To meet that objective, the amendments expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. In October 2018, the FASB issued ASU No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. Based on concerns about the sustainability of LIBOR, in 2017, a committee convened by the Federal Reserve Board and the Federal Reserve Bank of New York identified a broad Treasury repurchase agreement (repo) financing rate referred to as the SOFR as its preferred alternative reference rate. The guidance in ASU No. 2018-16 adds the OIS rate based on SOFR as a U.S. benchmark interest rate to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. The amendments in this ASU were required to be adopted concurrently with the guidance in ASU No. 2017-12. The guidance became effective for the Company on January 1, 2019 and was required to be applied on a prospective and modified retrospective basis. The adoption of this guidance did not have a material impact on BGC’s unaudited condensed consolidated financial statements.
In February 2018, the FASB issued ASU No. 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The guidance helps organizations address certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act by providing an option to reclassify these stranded tax effects to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. The standard became effective for BGC on January 1, 2019. The guidance was required to be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company adopted the guidance starting on January 1, 2019. The adoption of the standard did not have a material impact on the Company’s unaudited condensed consolidated financial statements.
In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. The guidance largely aligns the accounting for share-based payment awards issued to employees and nonemployees, whereby the existing employee guidance will apply to nonemployee share-based transactions (as long as the transaction is not effectively a form of financing), with the exception of specific guidance related to the attribution of compensation cost. The cost of nonemployee awards will continue to be recorded as if the grantor had paid cash for the goods or services. In addition, the contractual term will be able to be used in lieu of an expected term in the option-pricing model for nonemployee awards. The standard became effective for the Company on January 1, 2019. The ASU was required to be applied on a prospective basis to all new awards granted after the date of adoption. In addition, any liability-classified awards that were not settled and equity-classified awards for which a measurement date had not been established by the adoption date were remeasured at fair value as of the adoption date with a cumulative effect adjustment to opening retained earnings in the year of adoption. BGC adopted this standard on its effective date. The adoption of this guidance did not have a material impact on the Company’s unaudited condensed consolidated financial statements.
In July 2019, the FASB issued ASU No. 2019-07, Codification Updates to SEC Sections—Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates. The guidance clarifies or improves the disclosure and presentation requirements of a variety of codification topics by aligning them with already effective SEC final rules, thereby eliminating redundancies and making the codification easier to apply. This ASU was effective upon issuance, and it did not have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures.
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments, which requires financial assets that are measured at amortized cost to be presented, net of an allowance for credit losses, at the amount expected to be collected over their estimated life. Expected credit losses for newly recognized financial assets, as well as changes to credit losses during the period, are recognized in earnings. For certain PCD assets, the initial allowance for expected credit losses is recorded as an increase to the purchase price. Expected credit losses, including losses on off-balance-sheet exposures such as lending commitments, are measured based on historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. The new standard became effective for the Company beginning January 1, 2020, under a modified retrospective approach, and early adoption was permitted. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, to clarify that operating lease receivables accounted for under ASC 842, Leases, are not in the scope of the new credit losses guidance, and, instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842, Leases. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The ASU makes changes to the guidance introduced or amended by ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments. See below for the description of the amendments stipulated in ASU No. 2019-04. In addition, in May 2019, the FASB issued ASU No. 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief. The amendments in this ASU allow entities, upon adoption of ASU No. 2016-13, to irrevocably elect the fair value option for financial instruments that were previously carried at amortized cost and are eligible for the fair value option under ASC 825-10, Financial Instruments: Overall. In November 2019, the FASB issued ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. The amendments in this ASU require entities to include certain expected recoveries of the amortized cost basis previously written off, or expected to be written off, in the allowance for credit losses for PCD assets; provide transition relief related to troubled debt restructurings; allow entities to exclude accrued interest amounts from certain required disclosures; and clarify the requirements for applying the collateral maintenance practical expedient. The amendments in ASUs No. 2018-19, 2019-04, 2019-05 and 2019-11 were required to be adopted concurrently with the guidance in ASU No. 2016-13. BGC adopted the standards on their required effective date beginning January 1, 2020. The primary effect of adoption related to the increase in the allowances for credit losses for Accrued commissions receivable, and Loans, forgivable loans and other receivables from employees and partners. As a result, on a pre-tax basis, the Company recognized a decrease in assets and noncontrolling interest in subsidiaries, and an increase in retained deficit, of approximately $1.9 million, $0.6 million, and $1.3 million, respectively, as of January 1, 2020. The tax effect of the impact of the adoption was an increase in assets and noncontrolling interest in subsidiaries, and a decrease in retained deficit of approximately $0.6 million, $0.2 million, and $0.4 million, respectively.
In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminates the requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure goodwill impairment. Under the amendments in the ASU, goodwill impairment testing is performed by comparing the fair value of the reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The Company adopted the standard on its required effective date beginning January 1, 2020, and the guidance was applied on a prospective basis starting with the goodwill impairment test during the year ended December 31, 2020. The adoption of this standard did not have a material impact on the Company’s unaudited condensed consolidated financial statements.
In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The guidance is part of the FASB’s disclosure framework project, whose objective and primary focus are to improve the effectiveness of disclosures in the notes to financial statements. The ASU eliminates, amends and adds certain disclosure requirements for fair value measurements. The FASB concluded that these changes improve the overall usefulness of the footnote disclosures for financial statement users and reduce costs for preparers. Certain disclosures are required to be applied prospectively and other disclosures need to be adopted retrospectively in the period of adoption. As permitted by the transition guidance in the ASU, the Company early adopted, eliminated and modified disclosure requirements as of September 30, 2018. The early adoption of this guidance did not have an impact on the Company’s unaudited condensed consolidated financial statements. The additional disclosure requirements were adopted by BGC beginning January 1, 2020, and the adoption of these fair value measurement disclosures did not have an impact on the Company’s unaudited condensed consolidated financial statements. See Note 13—“Fair Value of Financial Assets and Liabilities” for additional information.
In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force). The guidance on the accounting for implementation, setup, and other upfront costs (collectively referred to as implementation costs) applies to entities that are a customer in a hosting arrangement that is a service contract. The amendments align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred
to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the guidance in this ASU. BGC adopted the standard on its effective date beginning January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s unaudited condensed consolidated financial statements.
In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. The guidance was issued in response to stakeholders’ observations that Topic 810, Consolidation, could be improved in the areas of applying the variable interest entity guidance to private companies under common control and in considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. BGC adopted the standard on its effective date beginning January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s unaudited condensed consolidated financial statements.
In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The ASU amends guidance introduced or amended by ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments, ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, and ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments to ASU No. 2016-13 clarify the scope of the credit losses standard and address guidance related to accrued interest receivable balances, recoveries, variable interest rates and prepayments, among other issues. With respect to amendments to ASU No. 2017-12, the guidance addresses partial-term fair value hedges, fair value hedge basis adjustments, and certain transition requirements, along with other issues. The clarifying guidance pertaining to ASU No. 2016-01 requires an entity to remeasure an equity security without a readily determinable fair value accounted for under the measurement alternative at fair value in accordance with guidance in ASC 820, Fair Value Measurement; specifies that equity securities without a readily determinable fair value denominated in nonfunctional currency must be remeasured at historical exchange rates; and provides fair value measurement disclosure guidance. BGC adopted the standard on the required effective date beginning January 1, 2020. The adoption of the hedge accounting and the recognition and measurement guidance amendments did not have a material impact on the Company’s unaudited condensed consolidated financial statements. See above for the impact of adoption of the amendments related to the credit losses standard.
In November 2019, the FASB issued ASU No. 2019-08, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements—Share-Based Consideration Payable to a Customer. The ASU simplifies and increases comparability of accounting for nonemployee share-based payments, specifically those made to customers. Under the guidance, such awards will be accounted for as a reduction of the transaction price in revenue, but should be measured and classified following the stock compensation guidance in ASC 718, Compensation—Stock Compensation. BGC adopted the standard on the required effective date beginning January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s unaudited condensed consolidated financial statements.
In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The ASU is part of the FASB’s simplification initiative, and it is expected to reduce cost and complexity related to accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740, Income Taxes related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. BGC adopted the standard on the required effective date beginning January 1, 2021 on a prospective basis. The adoption of the standard did not have a material impact on the Company’s unaudited condensed consolidated financial statements.
In January 2020, the FASB issued ASU No. 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force). These amendments improve previous guidance by reducing diversity in practice and increasing comparability of the accounting for the interactions between these codification topics as they pertain to certain equity securities, investments under the equity method of accounting and forward contracts or purchased options to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option. BGC adopted the standard on the required effective date beginning January 1, 2021 on a prospective basis. The adoption of this guidance did not have a material impact on the Company’s unaudited condensed consolidated financial statements.
In March 2020, the FASB issued ASU No. 2020-03, Codification Improvements to Financial Instruments. This ASU makes narrow-scope amendments related to various aspects pertaining to financial instruments and related disclosures by clarifying or improving the Codification. For the most part, the guidance was effective upon issuance, and the adoption of the standard did not have a material impact on the Company’s unaudited condensed consolidated financial statements.
In October 2020, the FASB issued ASU No. 2020-10, Codification Improvements. The standard amends the Codification by moving existing disclosure requirements to (or adding appropriate references in) the relevant disclosure sections. The ASU also clarifies various provisions of the Codification by amending and adding new headings, cross-referencing, and refining or correcting terminology. BGC adopted the standard on the required effective date beginning January 1, 2021 and was applied using a modified retrospective method of transition. The adoption of this guidance did not have an impact on the Company’s unaudited condensed consolidated financial statements.
New Accounting Pronouncements
New Accounting Pronouncements
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance is designed to provide relief from the accounting analysis and impacts that may otherwise be required for modifications to agreements (e.g., loans, debt securities, derivatives, and borrowings) necessitated by reference rate reform as entities transition away from LIBOR and other interbank offered rates to alternative reference rates. This ASU also provides optional expedients to enable companies to continue to apply hedge accounting to certain hedging relationships impacted by reference rate reform. Application of the guidance is optional and only available in certain situations. The ASU is effective upon issuance and generally can be applied through December 31, 2022. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. The amendments in this standard are elective and principally apply to entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform (referred to as the “discounting transition”). The standard expands the scope of ASC 848, Reference Rate Reform and allows entities to elect optional expedients to derivative contracts impacted by the discounting transition. Similar to ASU No. 2020-04, provisions of this ASU are effective upon issuance and generally can be applied through December 31, 2022. Management is evaluating and planning for adoption of the new guidance, including forming a cross-functional LIBOR transition team to determine the Company’s transition plan and facilitate an orderly transition to alternative reference rates, and continuing its assessment on the Company’s unaudited condensed consolidated financial statements.
In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The standard is expected to reduce complexity and improve comparability of financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity. The ASU also enhances information transparency by making targeted improvements to the related disclosures guidance. Additionally, the amendments affect the diluted EPS calculation for instruments that may be settled in cash or shares and for convertible instruments. The new standard will become effective for the Company beginning January 1, 2022, can be applied using either a modified retrospective or a fully retrospective method of transition and early adoption is permitted. Management is currently evaluating the impact of the new standard on the Company’s unaudited condensed consolidated financial statements.
v3.21.2
Assets and Liabilities Held For Sale (Tables)
 6 Months Ended
Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Major Classes of Assets and Liabilities Classified as Held-for-Sale The following table presents information related to the major classes of assets and liabilities that were classified as held for sale in the Company’s unaudited condensed consolidated statements of financial condition as of June 30, 2021:
June 30, 2021
Accrued commissions and other receivables, net$561,074 
Cash segregated under regulatory requirements274,107 
Goodwill69,725 
Other intangible assets, net56,031 
Other assets33,290 
Cash and cash equivalents28,571 
Loans, forgivable loans and other receivables from employees and partners, net14,496 
Fixed assets, net8,606 
Other2,959 
Total assets held for sale$1,048,859 
Accounts payable, accrued and other liabilities$839,872 
Accrued compensation10,233 
Other 7 
Total liabilities held for sale$850,112 
v3.21.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Calculation of Basic Earnings Per Share
The following is the calculation of the Company’s basic EPS (in thousands, except per share data):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Basic earnings (loss) per share:
Net income (loss) available to common stockholders$18,169 $27,919 $61,260 $41,593 
Basic weighted-average shares of common stock outstanding384,902 360,614 379,639 359,308 
Basic earnings (loss) per share$0.05 $0.08 $0.16 $0.12 
Calculation of Fully Diluted Earnings Per Share
The following is the calculation of the Company’s fully diluted EPS (in thousands, except per share data):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Fully diluted earnings (loss) per share
Net income (loss) available to common stockholders$18,169 $27,919 $61,260 $41,593 
Allocations of net income (loss) to limited partnership interests, net of tax7,854 12,254 27,011 17,905 
Net income (loss) for fully diluted shares$26,023 $40,173 $88,271 $59,498 
Weighted-average shares:
Common stock outstanding384,902 360,614 379,639 359,308 
Partnership units¹173,606 184,122 175,849 181,257 
RSUs (Treasury stock method)4,141 174 3,475 549 
Other1,274 1,213 1,247 1,276 
Fully diluted weighted-average shares of common stock outstanding563,923 546,123 560,210 542,390 
Fully diluted earnings (loss) per share$0.05 $0.07 $0.16 $0.11 
__________________________
1Partnership units collectively include FPUs, LPUs, and Cantor units (see Note 2—“Limited Partnership Interests in BGC Holdings and Newmark Holdings” for more information).
v3.21.2
Stock Transactions and Unit Redemptions (Tables)
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Changes in Shares of Class A Common Stock Outstanding Changes in shares of BGC Class A common stock outstanding were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Shares outstanding at beginning of period334,364 311,059 323,018 307,915 
Share issuances:
Redemptions/exchanges of limited partnership interests¹30,156 1,969 40,587 4,074 
Vesting of RSUs360 103 1,728 800 
Acquisitions537 15 787 285 
Other issuances of BGC Class A common stock5 177 266 249 
Restricted stock forfeitures(84)— (84)— 
Treasury stock repurchases(16,543)— (17,507)— 
Shares outstanding at end of period348,795 313,323 348,795 313,323 
__________________________
1.Included in redemptions/exchanges of limited partnership interests for the three months ended June 30, 2021 and 2020 are 13.8 million shares of BGC Class A common stock granted in connection with the cancellation of 14.6 million LPUs, and 0.7 million shares of BGC Class A common stock granted in connection with the cancellation of 0.6 million LPUs, respectively. Included in redemptions/exchanges of limited partnership interests for the six months ended June 30, 2021 and 2020 are 15.4 million shares of BGC Class A common stock granted in connection with the cancellation of 16.3 million LPUs, and 2.1 million shares of BGC Class A common stock granted in connection with the cancellation of 2.1 million LPUs, respectively. Because LPUs are included in the Company’s fully diluted share count, if dilutive, redemptions/exchanges in connection with the issuance of BGC Class A common stock would not impact the fully diluted number of shares outstanding.
Gross Unit Redemptions and Share Repurchases of Class A Common Stock The table below represents the units redeemed and/or shares repurchased for cash and does not include units redeemed/cancelled in connection with the grant of shares of BGC Class A common stock nor the limited partnership interests exchanged for shares of BGC Class A common stock. The gross unit redemptions and share repurchases of BGC Class A common stock during the three and six months ended June 30, 2021 were as follows (in thousands, except for weighted-average price data):
PeriodTotal Number
of Units
Redeemed
or Shares
Repurchased		Weighted-Average Price
Paid per Unit
or Share		Approximate
Dollar Value
of Units and
Shares That May
Yet Be Redeemed/
Purchased
Under the Program
Redemptions1,2
January 1, 2021—March 31, 202120 $4.40 
April 1, 2021—June 30, 20214,715 5.82 
Total Redemptions4,735 $5.82 
Repurchases3,4
January 1, 2021—March 31, 2021965 $4.56 
April 1, 2021—April 30, 20212 5.29 
May 1, 2021—May 31, 20211,018 5.59 
June 1, 2021—June 30, 202115,522 6.29 
Total Repurchases17,507 $6.16 
Total Redemptions and Repurchases22,242 $6.08 $114,584 
__________________________
1.During the three months ended June 30, 2021, the Company redeemed 4.7 million LPUs at an aggregate redemption price of $27.3 million for a weighted-average price of $5.84 per unit. During the three months ended June 30, 2021, the Company redeemed 44 thousand FPUs at an aggregate redemption price of $181 thousand for a weighted-average price of $4.06 per unit. During the three months ended June 30, 2020, the Company redeemed 0.1 million LPUs at an aggregate redemption price of $0.3 million for a weighted-average price of $3.05 per unit. During the three months ended June 30, 2020, the Company redeemed 1 thousand FPUs at an aggregate redemption price of $4 thousand for an average price of $3.07 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 13.8 million and 0.7 million shares of BGC Class A common stock during the three months ended June 30, 2021 and 2020, respectively, nor the limited partnership interests exchanged for 16.8 million and 1.3 million shares of BGC Class A common stock during the three months ended June 30, 2021 and 2020, respectively.
2.During the six months ended June 30, 2021, the Company redeemed 4.7 million LPUs at an aggregate redemption price of $27.3 million for an average price of $5.83 per unit. During the six months ended June 30, 2021, the Company redeemed 51 thousand FPUs at an aggregate redemption price of $209 thousand for an average price of $4.11 per unit. During the six months ended June 30, 2020, the Company redeemed 0.3 million LPUs at an aggregate redemption price of $1.3 million for an average price of $3.92 per unit. During the six months ended June 30, 2020, the Company redeemed 1 thousand FPUs at an aggregate redemption price of $4 thousand for an average price of $3.07 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 15.4 million and 2.1 million shares of BGC Class A common stock during the six months ended June 30, 2021 and 2020, respectively, nor the limited partnership interests exchanged for 25.9 million and 1.8 million shares of BGC Class A common stock during the six months ended June 30, 2021 and 2020, respectively.
3.During the three months ended June 30, 2021, the Company repurchased 16.5 million shares of BGC Class A common stock at an aggregate price of $103.4 million for a weighted-average price of $6.25 per share. The Company did not repurchase any shares of BGC Class A common stock during the three months ended June 30, 2020.
4.During the six months ended June 30, 2021, the Company repurchased 17.5 million shares of BGC Class A common stock at an aggregate price of $107.8 million for a weighted-average price of $6.16 per share. The Company did not repurchase any shares of BGC Class A common stock during the six months ended June 30, 2020.
Summary of Changes in Carrying Amount of FPUs The changes in the carrying amount of FPUs were as follows (in thousands):
Six Months Ended June 30,
20212020
Balance at beginning of period$20,674 $23,638 
Consolidated net income allocated to FPUs958 255 
Earnings distributions(520)— 
FPUs exchanged(509)(470)
FPUs redeemed(1,021)(80)
Balance at end of period$19,582 $23,343 
v3.21.2
Receivables from and Payables to Broker-Dealers, Clearing Organizations, Customers and Related Broker-Dealers (Tables)
 6 Months Ended
Jun. 30, 2021
Brokers and Dealers [Abstract]  
Receivables from and Payables to Broker-Dealers, Clearing Organizations, Customers and Related Broker-Dealers As of June 30, 2021 and December 31, 2020, Receivables from and payables to broker-dealers, clearing organizations, customers and related broker-dealers consisted of the following (in thousands):
June 30, 2021December 31, 2020
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers:
Contract values of fails to deliver$1,285,423 $158,976 
Receivables from clearing organizations136,547 126,879 
Other receivables from broker-dealers and customers17,211 14,237 
Net pending trades10,909 2,999 
Open derivative contracts¹5,243 931 
Total$1,455,333 $304,022 
Payables to broker-dealers, clearing organizations, customers and related broker-dealers:
Contract values of fails to receive$1,142,236 $154,050 
Payables to clearing organizations133,892 12,373 
Other payables to broker-dealers and customers23,194 11,833 
Open derivative contracts²6,421 1,460 
Total$1,305,743 $179,716 
__________________________
1.Excludes $310 thousand of Receivables from broker-dealers, clearing organizations, customers and related broker-dealers classified as Assets held for sale as of June 30, 2021.
2.Excludes $7 thousand of Payables to broker-dealers, clearing organizations, customers and related broker-dealers classified as Liabilities held for sale as of June 30, 2021.
v3.21.2
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value of Derivative Contracts
The fair value of derivative contracts, computed in accordance with the Company’s netting policy, is set forth below (in thousands):
June 30, 2021December 31, 2020
Derivative contractAssetsLiabilities
Notional
Amounts1
AssetsLiabilities
Notional
Amounts1
FX/commodities options$— $— $— $74 $— $4,844 
Forwards2
690 653 216,829 295 215 302,141 
FX swaps4,553 4,551 610,762 562 319 513,588 
Futures— 1,217 18,307,688 — 926 6,113,220 
Total$5,243 $6,421 $19,135,279 $931 $1,460 $6,933,793 
__________________________
1Notional amounts represent the sum of gross long and short derivative contracts, an indication of the volume of the Company’s derivative activity, and do not represent anticipated losses.
2Excludes $30 thousand derivative assets and $7 thousand derivative liabilities classified as Assets held for sale and Liabilities held for sale, respectively, as of June 30, 2021.
Summary of Offsetting of Derivative Instruments The following tables present information about the offsetting of derivative instruments (in thousands):
June 30, 2021
Gross
Amounts		Gross
Amounts
Offset
Net Amounts
Presented
in the
Statements
of Financial
Condition1
Assets
Forwards2
$948 $(258)$690 
FX swaps5,729 (1,176)4,553 
Futures75,703 (75,703)— 
Total derivative assets$82,380 $(77,137)$5,243 
Liabilities
FX swaps5,727 (1,176)4,551 
Forwards2
911 (258)653 
Futures76,920 (75,703)1,217 
Total derivative liabilities$83,558 $(77,137)$6,421 
December 31, 2020
Gross
Amounts		Gross
Amounts
Offset
Net Amounts
Presented
in the
Statements
of Financial
Condition1
Assets
FX/commodities options$74 $— $74 
Forwards338 (43)295 
FX swaps583 (21)562 
Futures41,257 (41,257)— 
Total derivative assets$42,252 $(41,321)$931 
Liabilities
FX swaps$340 $(21)$319 
Forwards258 (43)215 
Futures42,183 (41,257)926 
Total derivative liabilities$42,781 $(41,321)$1,460 
__________________________
1There were no additional balances in gross amounts not offset as of June 30, 2021 and December 31, 2020.
2Excludes $30 thousand derivative assets and $7 thousand derivative liabilities classified as Assets held for sale and Liabilities held for sale, respectively, as of June 30, 2021.
Summary of Gains and (Losses) on Derivative Contracts
The table below summarizes gains and (losses) on derivative contracts (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
Derivative contract2021202020212020
Futures$3,321 $2,724 $7,155 $5,488 
FX/commodities options78 143 164 198 
Forwards(63)116 (28)(1,152)
FX swaps140 89 138 325 
Gains$3,476 $3,072 $7,429 $4,859 
v3.21.2
Fair Value of Financial Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value Hierarchy of Financial Assets and Liabilities under U.S. GAAP Guidance
The following tables set forth by level within the fair value hierarchy financial assets and liabilities accounted for at fair value under U.S. GAAP guidance (in thousands):
Assets at Fair Value at June 30, 2021
Level 1Level 2Level 3Netting and
Collateral		Total
Marketable securities$360 $— $— $— $360 
Government debt47,959 — — — 47,959 
Securities owned—Equities110 — — — 110 
Forwards1
— 948 — (258)690 
FX swaps— 5,729 — (1,176)4,553 
Futures— 75,703 — (75,703)— 
Corporate bonds— 1,153 — — 1,153 
Total$48,429 $83,533 $— $(77,137)$54,825 
Liabilities at Fair Value at June 30, 2021
Level 1Level 2Level 3Netting and
Collateral		Total
FX swaps$— $5,727 $— $(1,176)$4,551 
Forwards1
— 911 — (258)653 
Futures— 76,920 — (75,703)1,217 
Contingent consideration— — 32,975 — 32,975 
Total$— $83,558 $32,975 $(77,137)$39,396 
1.Excludes $30 thousand derivative assets and $7 thousand derivative liabilities classified as Assets held for sale and Liabilities held for sale, respectively, as of June 30, 2021.
Assets at Fair Value at December 31, 2020
Level 1Level 2Level 3Netting and
Collateral		Total
Marketable securities$349 $— $— $— $349 
Government debt57,918 — — — 57,918 
Securities owned—Equities75 — — — 75 
FX/commodities options74 — — — 74 
Forwards— 338 — (43)295 
FX swaps— 583 — (21)562 
Futures— 41,257 — (41,257)— 
Corporate bonds— 579 — — 579 
Total$58,416 $42,757 $— $(41,321)$59,852 
Liabilities at Fair Value at December 31, 2020
Level 1Level 2Level 3Netting and
Collateral		Total
Futures$— $42,183 $— $(41,257)$926 
FX swaps— 340 — (21)319 
Forwards— 258 — (43)215 
Contingent consideration— — 39,791 — 39,791 
Total$— $42,781 $39,791 $(41,321)$41,251 
Changes in Level 3 Financial Liabilities Measured at Fair Value on Recurring Basis
Level 3 Financial Liabilities
Changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended June 30, 2021 were as follows (in thousands):
Unrealized (gains) losses
for the period included in:
Opening Balance at April 1, 2021Total
realized and
unrealized
(gains) losses
included in
Net income
(loss)		Unrealized
(gains) losses
included in
Other
comprehensive
income
 (loss)¹		Purchases/
Issuances		Sales/
Settlements		Closing Balance at June 30, 2021Net income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2021Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2021
Liabilities
Accounts payable,
   accrued and other
   liabilities:
Contingent consideration$40,056 $838 $— $— $(7,919)$32,975 $838 $— 
__________________________
1Unrealized gains (losses) are reported in “Foreign currency translation adjustments,” in the Company’s unaudited condensed consolidated statements of comprehensive income (loss).
Changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended June 30, 2020 were as follows (in thousands):
Unrealized (gains) losses
for the period included in:
Opening Balance at April 1, 2020Total
realized and
unrealized
(gains) losses
included in
Net income
(loss)¹		Unrealized
(gains) losses
included in
Other
comprehensive
income
 (loss)²		Purchases/
Issuances		Sales/
Settlements		Closing Balance at June 30, 2020Net income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2020Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2020
Liabilities
Accounts payable,
   accrued and other
   liabilities:
Contingent consideration$38,709 $772 $8 $— $(4,382)$35,107 $772 $8 
__________________________
1Realized and unrealized gains (losses) are reported in “Other expenses” and “Other income (loss),” as applicable, in the Company’s unaudited condensed consolidated statements of operations.
2Unrealized gains (losses) are reported in “Foreign currency translation adjustments,” in the Company’s unaudited condensed consolidated statements of comprehensive income (loss).
Changes in Level 3 liabilities measured at fair value on a recurring basis for the six months ended June 30, 2021 were as follows (in thousands):
Unrealized (gains) losses
for the period included in:
Opening Balance at January 1, 2021Total
realized and
unrealized
(gains) losses
included in
Net income
(loss)		Unrealized
(gains) losses
included in
Other
comprehensive
income
 (loss)¹		Purchases/
Issuances		Sales/
Settlements		Closing Balance at June 30, 2021Net income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2021Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2021
Liabilities
Accounts payable,
   accrued and other
   liabilities:
Contingent consideration$39,791 $1,939 $— $— $(8,755)$32,975 $1,939 $— 
__________________________
1Unrealized gains (losses) are reported in “Foreign currency translation adjustments,” in the Company’s unaudited condensed consolidated statements of comprehensive income (loss).
Changes in Level 3 liabilities measured at fair value on a recurring basis for the six months ended June 30, 2020 were as follows (in thousands):
Unrealized (gains) losses
for the period included in:
Opening Balance at January 1, 2020Total
realized and
unrealized
(gains) losses
included in
Net income
(loss)¹		Unrealized
(gains) losses
included in
Other
comprehensive
income (loss)²		Purchases/
Issuances		Sales/
Settlements		Closing Balance at June 30, 2020Net income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2020Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2020
Liabilities
Accounts payable,
   accrued and other
   liabilities:
Contingent consideration$42,159 $(369)$67 $2,959 $(9,709)$35,107 $(369)$67 
__________________________
1Realized and unrealized gains (losses) are reported in “Other expenses” and “Other income (loss),” as applicable, in the Company’s unaudited condensed consolidated statements of operations.
2Unrealized gains (losses) are reported in “Foreign currency translation adjustments,” in the Company’s unaudited condensed consolidated statements of comprehensive income (loss).
Quantitative Information about Level 3 Fair Value Measurements on Recurring Basis
The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurement of Level 3 liabilities measured at fair value on a recurring basis (in thousands):
Fair Value as of June 30, 2021
AssetsLiabilitiesValuation TechniqueUnobservable InputsRangeWeighted
Average
Discount rate1
6.8%-10.3%
9.5%
Contingent consideration$— $32,975 Present value of
expected payments		Probability
of meeting earnout
and contingencies
39%-100%
81.4% 2
__________________________
1The discount rate is based on the Company’s calculated weighted-average cost of capital.
2The probability of meeting the earnout targets was based on the acquirees’ projected future financial performance, including revenues.
Fair Value as of December 31, 2020
AssetsLiabilitiesValuation TechniqueUnobservable InputsRangeWeighted
Average
Discount rate1
6.8%-10.3%
9.5%
Contingent consideration$— $39,791 Present value of
expected payments		Probability
of meeting earnout
and contingencies
39%-100%
82.9%2
__________________________
1The discount rate is based on the Company’s calculated weighted-average cost of capital.
2The probability of meeting the earnout targets was based on the acquirees’ projected future financial performance, including revenues.
v3.21.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Variable Interest Entities
The following table sets forth the Company’s investment in its unconsolidated VIEs and the maximum exposure to loss with respect to such entities (in thousands):
June 30, 2021December 31, 2020
InvestmentMaximum Exposure to LossInvestmentMaximum Exposure to Loss
Variable interest entities¹$1,223 $2,203 $1,258 $2,238 
__________________________
1The Company has entered into a subordinated loan agreement with Aqua, whereby the Company agreed to lend the principal sum of $980 thousand. The Company’s maximum exposure to loss with respect to its unconsolidated VIEs includes the sum of its equity investments in its unconsolidated VIEs and the $980 thousand subordinated loan to Aqua.
v3.21.2
Fixed Assets, Net (Tables)
 6 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]  
Components of Fixed Assets, Net Fixed assets, net consisted of the following (in thousands):
June 30, 2021December 31, 2020
Computer and communications equipment$92,751 $92,565 
Software, including software development costs265,770 259,439 
Leasehold improvements and other fixed assets106,780 120,951 
465,301 472,955 
Less: accumulated depreciation and amortization(260,770)(258,173)
Fixed assets, net¹$204,531 $214,782 
___________________________
1Excludes Fixed assets, net of $8,606 thousand classified as Assets held for sale.
v3.21.2
Goodwill and Other Intangible Assets, Net (Tables)
 6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Changes in Carrying Amount of Goodwill
The changes in the carrying amount of goodwill were as follows (in thousands):
Goodwill
Balance at December 31, 2020$556,211 
Goodwill reclassified as Assets held for sale (69,725)
Cumulative translation adjustment948 
Balance at June 30, 2021$487,434 
Components of Other Intangible Assets
Other intangible assets consisted of the following (in thousands, except weighted-average remaining life):
June 30, 2021
Gross
Amount		Accumulated
Amortization		Net Carrying
Amount		Weighted-
Average
Remaining Life
(Years)
Definite life intangible assets:
Customer-related$182,616 $63,859 $118,757 10.5
Technology23,997 21,716 2,281 0.7
Noncompete agreements19,821 18,797 1,024 5.4
Patents10,616 10,233 383 1.5
All other19,340 4,498 14,842 8.0
Total definite life intangible assets256,390 119,103 137,287 10.0
Indefinite life intangible assets:
Trade names79,570 — 79,570 N/A
Licenses2,434 — 2,434 N/A
Total indefinite life intangible assets82,004 — 82,004 N/A
Total1
$338,394 $119,103 $219,291 10.0
__________________________
1Excludes intangibles at cost of $92,845 thousand, and net carrying amount of $56,031 thousand classified as Assets held for sale.
December 31, 2020
Gross
Amount		Accumulated
Amortization		Net Carrying
Amount		Weighted-
Average
Remaining Life
(Years)
Definite life intangible assets:
Customer-related$252,241 $77,106 $175,135 10.4
Technology24,025 20,031 3,994 1.2
Noncompete agreements30,715 29,596 1,119 5.9
Patents10,616 10,223 393 1.6
All other29,566 5,028 24,538 8.3
Total definite life intangible assets347,163 141,984 205,179 9.9
Indefinite life intangible assets:
Trade names79,570 — 79,570 N/A
Licenses2,408 — 2,408 N/A
Total indefinite life intangible assets81,978 — 81,978 N/A
Total$429,141 $141,984 $287,157 9.9
Estimated Future Amortization Expense of Definite Life Intangible Assets The estimated future amortization expense of definite life intangible assets as of June 30, 2021 is as follows (in millions):
2021$10.3 
202216.7 
202314.9 
202414.4 
202514.4 
2026 and thereafter66.6 
Total$137.3 
v3.21.2
Notes Payable, Other and Short-Term Borrowings (Tables)
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Summary Notes Payable, Other and Short-term Borrowings
Notes payable, other and short-term borrowings consisted of the following (in thousands):
June 30, 2021December 31, 2020
Unsecured senior revolving credit agreement$188,652 $— 
5.125% Senior Notes
— 255,570 
5.375% Senior Notes
447,244 446,577 
3.750% Senior Notes
297,317 296,903 
4.375% Senior Notes
297,252 297,031 
Collateralized borrowings12,783 19,854 
Total Notes payable and other borrowings1,243,248 1,315,935 
Short-term borrowings5,997 3,849 
Total Notes payable, other and short-term borrowings$1,249,245 $1,319,784 
Carrying Amounts and Estimated Fair Values of Company's Senior Notes The Company’s Senior Notes are recorded at amortized cost. The carrying amounts and estimated fair values of the Company’s Senior Notes were as follows (in thousands):
June 30, 2021December 31, 2020
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
5.125% Senior Notes
$— $— $255,570 $258,067 
5.375% Senior Notes
447,244 486,315 446,577 486,747 
3.750% Senior Notes
297,317 317,250 296,903 314,031 
4.375% Senior Notes
297,252 325,170 297,031 317,466 
Total$1,041,813 $1,128,735 $1,296,081 $1,376,311 
v3.21.2
Compensation (Tables)
 6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
Compensation Expense
The Company incurred compensation expense related to Class A common stock, LPUs and RSUs held by BGC employees as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Issuance of common stock and grants of exchangeability$31,222 $2,362 $39,076 $25,396 
Allocations of net income¹6,846 2,660 12,477 3,939 
LPU amortization16,741 19,524 33,835 35,833 
RSU amortization3,481 3,273 6,397 4,855 
Equity-based compensation and allocations of net income
   to limited partnership units and FPUs		$58,290 $27,819 $91,785 $70,023 
_________________________________________
1Certain LPUs generally receive quarterly allocations of net income, including the Preferred Distribution, and are generally contingent upon services being provided by the unit holders.
Compensation expense related to the issuance of BGC or Newmark Class A common stock and grants of exchangeability on BGC Holdings and Newmark Holdings LPUs held by BGC employees is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Issuance of common stock and grants of exchangeability$31,222 $2,362 $39,076 $25,396 
Compensation expense related to the amortization of LPUs held by BGC employees is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Stated vesting schedule$16,701 $18,459 $33,775 $34,736 
Post-termination payout39 1,065 59 1,097 
LPU amortization$16,740 $19,524 $33,834 $35,833 
Compensation expense related to RSUs held by BGC employees is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
RSU amortization$3,481 $3,273 $6,397 $4,855 
Activity Associated with Limited Partnership Units Held by BGC Employees
A summary of the activity associated with LPUs held by BGC employees is as follows (in thousands):
BGC
LPUs
Newmark
LPUs2
Balance at December 31, 2020137,652 13,202 
Granted19,292 — 
Redeemed/exchanged units(37,612)(1,454)
Forfeited units(642)(229)
Balance at June 30, 2021118,690 11,519 
Summary of the BGC Holdings and Newmark Holdings LPUs held by BGC Employees
A summary of the BGC Holdings and Newmark Holdings LPUs held by BGC employees is as follows (in thousands):
BGC
LPUs		Newmark
LPUs
Regular Units82,508 8,659 
Preferred Units36,182 2,860 
Balance at June 30, 2021118,690 11,519 
Activity Associated with Limited Partnership Units Awarded to BGC Employees
A summary of the LPUs redeemed in connection with the issuance of BGC Class A common stock or Newmark Class A common stock (at the then-current Exchange Ratio) or granted exchangeability for BGC Class A common stock or Newmark Class A common stock (at the then-current Exchange Ratio) held by BGC employees is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
BGC Holdings LPUs5,568 471 6,666 4,473 
Newmark Holdings LPUs246 100 425 291 
Total5,814 571 7,091 4,764 
Summary of Outstanding LPUs Held by BGC Employees with Stated Vesting
A summary of the outstanding LPUs held by BGC employees with a stated vesting schedule that do not receive quarterly allocations of net income is as follows (in thousands):
June 30, 2021December 31, 2020
BGC Holdings LPUs41,150 44,529 
Newmark Holdings LPUs279 353 
Aggregate estimated grant date fair value – BGC and Newmark Holdings LPUs$163,016 $201,239 
Activity Associated with Restricted Stock Units
A summary of the activity associated with RSUs held by BGC employees and directors is as follows (RSUs and dollars in thousands):
RSUsWeighted-
Average
Grant
Date Fair
Value		Fair Value
Amount		Weighted-
Average
Remaining
Contractual
Term (Years)
Balance at December 31, 20208,960 $3.75 $33,582 2.46
Granted4,658 4.30 20,044 
Delivered(2,572)4.04 (10,385)
Forfeited(245)3.84 (940)
Balance at June 30, 202110,801 $3.92 $42,301 2.65
v3.21.2
Segment, Geographic and Product Information (Tables)
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Geographic Information Regarding Revenues Information regarding revenues is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Revenues:
U.K.$216,228 $222,726 $452,792 $465,096 
U.S.129,880 135,911 273,319 289,355 
Asia75,283 74,596 158,367 164,188 
Other Europe/MEA50,820 46,508 108,771 113,145 
France24,325 25,968 55,280 60,221 
Other Americas15,914 13,379 31,497 30,250 
Total revenues$512,450 $519,088 $1,080,026 $1,122,255 
Information Regarding Long-Lived Assets in Geographic Areas
Information regarding long-lived assets (defined as loans, forgivable loans and other receivables from employees and partners, net; fixed assets, net; ROU assets; certain other investments; goodwill; other intangible assets, net of accumulated amortization; and rent and other deposits) in the geographic areas is as follows (in thousands):
June 30,
2021		December 31, 2020
Long-lived assets:
U.S.$774,170 $767,082 
U.K.479,703 655,906 
Asia102,017 119,619 
Other Europe/MEA72,739 66,487 
France19,492 28,518 
Other Americas16,057 18,236 
Total long-lived assets1
$1,464,178 $1,655,848 
__________________________
1.Excludes $149.5 million of long-lived assets classified as Assets held for sale, as well as $7.3 million of operating lease ROU assets classified as Assets held for sale as of June 30, 2021.
Product Information Regarding Revenues Product information regarding revenues is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Revenues:
Rates$136,474 $133,034 $298,267 $300,274 
Credit72,609 95,780 162,656 192,969 
FX72,807 74,393 156,240 168,759 
Energy and commodities74,735 71,326 150,603 155,064 
Equities derivatives and cash equities60,825 61,777 131,287 143,574 
Insurance54,315 45,783 106,695 90,619 
Total brokerage revenues$471,765 $482,093 $1,005,748 $1,051,259 
All other revenues40,685 36,995 74,278 70,996 
Total revenues$512,450 $519,088 $1,080,026 $1,122,255 
v3.21.2
Revenues from Contracts with Customers (Tables)
 6 Months Ended
Jun. 30, 2021
Revenue from Contract with Customer [Abstract]  
Summary of Revenues from Contracts with Customers and Other Sources of Revenues
The following table presents the Company’s total revenues separated between revenues from contracts with customers and other sources of revenues (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Revenues from contracts with customers:
Commissions$389,768 $382,640 $824,988 $838,495 
Data, software, and post-trade21,602 20,139 43,588 39,537 
Fees from related parties4,245 6,562 8,030 12,083 
Other revenues3,172 3,391 7,071 7,350 
Total revenues from contracts with customers418,787 412,732 883,677 897,465 
Other sources of revenues:
Principal transactions81,997 99,453 180,760 212,764 
Interest and dividend income11,455 6,536 14,493 10,697 
Other revenues211 367 1,096 1,329 
Total revenues$512,450 $519,088 $1,080,026 $1,122,255 
v3.21.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
Schedule of Supplemental Information Related to Operating Leases
Supplemental information related to the Company’s operating leases is as follows (in thousands):
Classification in
Unaudited Condensed
Consolidated Statements
of Financial Condition
June 30, 20211
December 31, 2020
Assets
Operating lease ROU assetsOther assets$140,607 $165,969 
Finance lease ROU assetsFixed assets, net$531 $— 
Liabilities
Operating lease liabilitiesAccounts payable,
accrued and other
liabilities		$170,155 $190,207 
Finance lease liabilitiesAccounts payable,
accrued and other
liabilities		$532 $— 
__________________________
1.The Company reclassified $7,286 thousand of operating lease ROU assets, and $7,392 thousand of operating lease liabilities as Assets held for sale and Liabilities held for sale, respectively.
Schedule of Weighted-Average Remaining Lease Term and Discount Rate
 June 30, 2021December 31, 2020
Weighted-average remaining lease term
Operating leases (years)11.110.5
Finance leases (years)4.9— 
Weighted-average discount rate
Operating leases4.9 %4.9 %
Finance leases3.1 %— %
Schedule of Components of Lease Expense
The components of lease expense are as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
Classification in
Unaudited
Condensed
Consolidated
Statements
of Operations		2021202020212020
Operating lease cost1
Occupancy and
equipment		$10,589 $10,798 $21,595 $20,664 
Finance lease cost
Amortization on ROU assetsOccupancy and equipment$18 $— $18 $— 
Interest on lease liabilitiesInterest expense$3 $— $3 $— 
__________________________
1.The Company recorded operating lease costs related to the Insurance brokerage business of $1,080 thousand and $2,193 thousand for the three and six months ended June 30, 2021.
Schedule of Maturity Analysis of Operating Lease Liabilities The following table shows the Company’s maturity analysis of its operating lease liabilities (in thousands):
June 30, 2021
Operating leasesFinance leases
2021 (excluding the six months ended June 30, 2021)$16,688 $59 
202231,152 119 
202325,980 119 
202421,362 119 
202516,874 119 
Thereafter113,568 40 
Total$225,624 $575 
Interest(55,469)(43)
Total$170,155 $532 
Schedule of Maturity Analysis of Finance Lease Liabilities The following table shows the Company’s maturity analysis of its operating lease liabilities (in thousands):
June 30, 2021
Operating leasesFinance leases
2021 (excluding the six months ended June 30, 2021)$16,688 $59 
202231,152 119 
202325,980 119 
202421,362 119 
202516,874 119 
Thereafter113,568 40 
Total$225,624 $575 
Interest(55,469)(43)
Total$170,155 $532 
Schedule of Cash Flow Information Related to Lease Liabilities
The following table shows cash flow information related to lease liabilities (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Cash paid for obligations included in the measurement of operating lease liabilities1
$8,794 $10,936 $18,043 $20,024 
Cash paid for obligations included in the measurement of finance lease liabilities$20 $— $20 $— 
v3.21.2
Organization and Basis of Presentation - Additional Information (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Jun. 30, 2020
Mar. 31, 2020
Jan. 01, 2020
Dec. 31, 2019
Jan. 01, 2019
Description Of Business [Line Items]                
Operating lease ROU assets $ 140,607   $ 165,969          
Operating lease liabilities 170,155   190,207          
Assets (5,133,479)   (3,949,300)          
Noncontrolling interest in subsidiaries (789,345) $ (870,422) (808,229) $ (742,760) $ (696,324)   $ (724,968)  
Retained deficit 1,211,870   1,265,504          
Cumulative Effect, Period of Adoption, Adjustment                
Description Of Business [Line Items]                
Operating lease ROU assets               $ 192,400
Operating lease liabilities               $ 206,000
Noncontrolling interest in subsidiaries             1,300  
Assets | Cumulative Effect, Period of Adoption, Adjustment                
Description Of Business [Line Items]                
Assets           $ 1,900    
Tax effect impact for increase or decrease to the liability           600    
Noncontrolling Interest in Subsidiaries                
Description Of Business [Line Items]                
Noncontrolling interest in subsidiaries (66,435) (77,690) (59,290) (57,001) (48,349)   (50,321)  
Noncontrolling Interest in Subsidiaries | Cumulative Effect, Period of Adoption, Adjustment                
Description Of Business [Line Items]                
Noncontrolling interest in subsidiaries           600 417  
Tax effect impact for increase or decrease to the liability           200    
Retained Deficit                
Description Of Business [Line Items]                
Noncontrolling interest in subsidiaries $ 1,211,870 $ 1,226,187 $ 1,265,504 $ 1,265,589 $ 1,289,931   1,253,089  
Retained Deficit | Cumulative Effect, Period of Adoption, Adjustment                
Description Of Business [Line Items]                
Noncontrolling interest in subsidiaries             $ 883  
Retained deficit           1,300    
Tax effect impact for increase or decrease to the liability           $ 400    
v3.21.2
Limited Partnership Interests in BGC Holdings and Newmark Holdings - Additional Information (Detail)
shares in Millions
 6 Months Ended
Nov. 23, 2018
shares
Jun. 30, 2021
partnership
installment
shares
Related Party Transaction [Line Items]    
Number of operating partnerships | partnership   2
Number Of Installments | installment   4
LPUs    
Related Party Transaction [Line Items]    
Limited partnership interests exchange ratio   0.9403
Newmark Holdings    
Related Party Transaction [Line Items]    
Calculation of contribution ratio, denominator   2.2
Limited partnership interest, conversion ratio   1
Percentage of preferred partnership units awarded   0.6875%
Percentage of preferred partnership units awarded per calendar year   2.75%
BGC Holdings    
Related Party Transaction [Line Items]    
Limited partnership interest, conversion ratio   1
Percentage of preferred partnership units awarded   0.6875%
Percentage of preferred partnership units awarded per calendar year   2.75%
Cantor Rights to Purchase Exchangeable Units    
Related Party Transaction [Line Items]    
Right to exchange from Class A to Class B common stock (up to) (in shares) | shares 10.3 23.6
v3.21.2
Assets and Liabilities Held For Sale - Narrative (Details)
$ in Millions
May 26, 2021
USD ($)
Disposal Group, Held-for-sale, Not Discontinued Operations | Brokerage Insurance  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Proceeds from divestiture of businesses $ 500
v3.21.2
Assets and Liabilities Held For Sale - Schedule of Major Classes of Assets and Liabilities Classified as Held-for-Sale (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Accrued commissions and other receivables, net $ 338,313 $ 739,009
Cash segregated under regulatory requirements 36,365 257,031
Goodwill 487,434 556,211
Other intangible assets, net 219,291 287,157
Other assets 461,379 480,418
Cash and cash equivalents 420,302 593,646
Loans, forgivable loans and other receivables from employees and partners, net 370,800 408,142
Fixed assets, net 204,531 214,782
Assets held for sale 1,048,859 0
Accounts payable, accrued and other liabilities 652,366 1,363,919
Accrued compensation 187,166 220,726
Liabilities held for sale 850,112 $ 0
Disposal Group, Held-for-sale, Not Discontinued Operations    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Other intangible assets, net 56,031  
Fixed assets, net 8,606  
Disposal Group, Held-for-sale, Not Discontinued Operations | Brokerage Insurance    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Accrued commissions and other receivables, net 561,074  
Cash segregated under regulatory requirements 274,107  
Goodwill 69,725  
Other intangible assets, net 56,031  
Other assets 33,290  
Cash and cash equivalents 28,571  
Loans, forgivable loans and other receivables from employees and partners, net 14,496  
Fixed assets, net 8,606  
Other 2,959  
Assets held for sale 1,048,859  
Accounts payable, accrued and other liabilities 839,872  
Accrued compensation 10,233  
Other 7  
Liabilities held for sale $ 850,112  
v3.21.2
Acquisitions - Additional Information (Detail)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2021
acquisition
Dec. 31, 2020
USD ($)
Business Combinations [Abstract]    
Number of acquisitions during the period | acquisition 0  
Total consideration transferred   $ 9.6
Goodwill acquired during period net of assets acquired   $ 2.8
v3.21.2
Earnings Per Share - Calculation of Basic Earnings Per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Basic earnings (loss) per share:        
Net income (loss) available to common stockholders $ 18,169 $ 27,919 $ 61,260 $ 41,593
Basic weighted-average shares of common stock outstanding (in shares) 384,902 360,614 379,639 359,308
Basic earnings (loss) per share (in dollars per share) $ 0.05 $ 0.08 $ 0.16 $ 0.12
v3.21.2
Earnings Per Share - Calculation of Fully Diluted Earnings Per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Fully diluted earnings (loss) per share        
Net income (loss) available to common stockholders $ 18,169 $ 27,919 $ 61,260 $ 41,593
Allocations of net income (loss) to limited partnership interests, net of tax 7,854 12,254 27,011 17,905
Net income (loss) for fully diluted shares $ 26,023 $ 40,173 $ 88,271 $ 59,498
Weighted-average shares:        
Common stock outstanding (in shares) 384,902 360,614 379,639 359,308
Partnership units (in shares) 173,606 184,122 175,849 181,257
RSUs (Treasury stock method) (in shares) 4,141 174 3,475 549
Other (in shares) 1,274 1,213 1,247 1,276
Fully diluted weighted-average shares of common stock outstanding (in shares) 563,923 546,123 560,210 542,390
Fully diluted earnings (loss) per share (in shares) $ 0.05 $ 0.07 $ 0.16 $ 0.11
v3.21.2
Earnings Per Share - Additional Information (Detail) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive securities excluded from computation of earnings per share amount (in shares) 31 2,600 55 400
Contingent Class A Common Stock | BGC Holdings Partnership Unit        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive securities excluded from computation of earnings per share amount (in shares)     31,400 26,700
Contingent Class A Common Stock | Limited Partnership Unit        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive securities excluded from computation of earnings per share amount (in shares)     31,400 26,700
Contingent Class A Common Stock | N Units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive securities excluded from computation of earnings per share amount (in shares)     31,400 26,700
Restricted Stock Units | Contingent Class A Common Stock        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive securities excluded from computation of earnings per share amount (in shares)     31,400 26,700
v3.21.2
Stock Transactions and Unit Redemptions - Changes in Shares of Class A Common Stock Outstanding (Detail) - shares
 1 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2021
May 31, 2021
Apr. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Share issuances:                
Redemptions/Exchanges of limited partnership interests (in shares)       30,155,970   1,968,788 40,586,915 4,074,189
Restricted stock forfeitures (in shares)       (84,000)   0 (84,000) 0
Treasury stock repurchases (in shares) (15,522,000) (1,018,000) (2,000)   (965,000)   (17,507,000)  
Class A Common Stock                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Shares outstanding at beginning of period (in shares)     334,364,000 334,364,000 323,018,000 311,059,000 323,018,000 307,915,000
Share issuances:                
Redemptions/Exchanges of limited partnership interests (in shares)       30,156,000   1,969,000 40,587,000 4,074,000
Vesting of RSUs (in shares)       360,000   103,000 1,728,000 800,000
Acquisitions (in shares)       537,000   15,000 787,000 285,000
Other issuances of BGC Class A common stock (in shares)       5,000   177,000 266,000 249,000
Restricted stock forfeitures (in shares)       (83,765)   0 (83,765) 0
Treasury stock repurchases (in shares)       (16,542,535)   0 (17,507,006) 0
Shares outstanding at end of period (in shares) 348,795,000     348,795,000 334,364,000 313,323,000 348,795,000 313,323,000
v3.21.2
Stock Transactions and Unit Redemptions - Changes in Shares of Class A Common Stock Outstanding Table Footnote (Detail) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Class A Common Stock        
Class of Stock [Line Items]        
Common stock, shares issued (in shares) 13.8 0.7 15.4 2.1
Limited Partnership        
Class of Stock [Line Items]        
Number of units redeemed and cancelled for exchange (in shares) 14.6 0.6 16.3 2.1
v3.21.2
Stock Transactions and Unit Redemptions - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 08, 2021
Mar. 09, 2018
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Aug. 01, 2018
Class of Stock [Line Items]                
Stock repurchase program and unit redemption remaining authorized amount     $ 114,584   $ 114,584      
CF & Co                
Class of Stock [Line Items]                
Common stock, issued during the period (in shares)     0 0 0 200,000    
Aggregate proceeds from issuance of common stock           $ 700    
Class B Common Stock                
Class of Stock [Line Items]                
Common stock, issued during the period (in shares)     0 0 0 0    
Common stock, shares outstanding (in shares)     45,884,000   45,884,000   45,884,000  
Common stock, shares issued (in shares)     45,884,000   45,884,000   45,884,000  
Common stock value     $ 459   $ 459   $ 459  
Class A Common Stock                
Class of Stock [Line Items]                
Common stock, issued during the period (in shares)     3,542 176,920 265,915 248,583    
Common stock, shares outstanding (in shares)     348,795,000   348,795,000   323,018,000  
Common stock, shares issued (in shares)     416,914,000   416,914,000   373,545,000  
Common stock value     $ 4,169   $ 4,169   $ 3,735  
Aggregate proceeds from issuance of common stock $ 300,000              
Company's repurchase and additional redemption authority amount               $ 300,000
Stock repurchase program and unit redemption remaining authorized amount     $ 114,600   $ 114,600      
New CEO Program | CF & Co                
Class of Stock [Line Items]                
Common stock, issued during the period (in shares)     0   0      
Payment percentage of the gross proceeds from the sale of shares   2.00%            
New CEO Program | Class A Common Stock                
Class of Stock [Line Items]                
Maximum amount under the controlled equity offering program   $ 300,000            
Common stock, shares issued (in shares)     17,600,000   17,600,000      
Common stock value     $ 210,800   $ 210,800      
Aggregate proceeds from issuance of common stock $ 89,200              
v3.21.2
Stock Transactions and Unit Redemptions - Gross Unit Redemptions and Share Repurchases of Class A Common Stock (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2021
May 31, 2021
Apr. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2021
Stock Transactions, Parenthetical Disclosures [Abstract]            
Redemptions (in shares)       4,715 20 4,735
Repurchases (in shares) 15,522 1,018 2   965 17,507
Total Redemptions and Repurchases (in shares)           22,242
Redemptions, Weighted Average Price Paid per Unit or Share (in dollars per share)       $ 5.82 $ 4.40 $ 5.82
Repurchases, Weighted Average Price Paid per Unit or Shares (in dollars per share) $ 6.29 $ 5.59 $ 5.29   $ 4.56 6.16
Total Redemptions and Repurchases, Weighted Average Price Paid per Unit or Shares (in dollars per share)           $ 6.08
Total Redemptions and Repurchases, Approximate Dollar Value of Units and Shares That May Yet Be Redeemed/Purchased Under the Program $ 114,584     $ 114,584   $ 114,584
v3.21.2
Stock Transactions and Unit Redemptions - Gross Unit Redemptions and Share Repurchases of Class A Common Stock Table Footnote (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Class of Stock [Line Items]        
Weighted-average price for redemption of limited partnership units (in dollars per share) $ 5.84 $ 3.05 $ 5.83 $ 3.92
Aggregate purchase price of Class A common stock     $ 107,783 $ 0
Limited Partnership        
Class of Stock [Line Items]        
Redeemed limited partnership units (in shares) 4,700 100 4,700 300
Aggregate redemption price of limited partnership units $ 27,300 $ 300 $ 27,300 $ 1,300
FPUs        
Class of Stock [Line Items]        
Redeemed limited partnership units (in shares) 44 1 51 1
Aggregate redemption price of limited partnership units $ 181 $ 4 $ 209 $ 4
Weighted-average price for redemption of founding/working partner units (in dollars per share) $ 4.06 $ 3.07 $ 4.11 $ 3.07
Class A Common Stock        
Class of Stock [Line Items]        
Common stock, shares issued for redemption/cancellation of units (in shares) 13,800 700 15,400 2,100
Common stock, shares issued for exchange of units 16,800 1,300 25,900 1,800
Stock repurchased during period (in shares) 16,500   17,500  
Aggregate purchase price of Class A common stock $ 103,400   $ 107,800  
Weighted-average price of Class A common stock (in dollars per share) $ 6.25   $ 6.16  
v3.21.2
Stock Transactions and Unit Redemptions - Summary of Changes in Carrying Amount of FPUs (Detail) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Redeemable Partnership Interest [Roll Forward]    
Balance at beginning of period $ 20,674 $ 23,638
Consolidated net income allocated to FPUs 958 255
Earnings distributions (520) 0
FPUs exchanged (509) (470)
FPUs redeemed (1,021) (80)
Balance at end of period $ 19,582 $ 23,343
v3.21.2
Securities Owned - Additional Information (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]    
Aggregate securities owned $ 49,222 $ 58,572
v3.21.2
Marketable Securities (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Marketable Securities [Abstract]          
Fair value of securities owned $ 400   $ 400   $ 300
Realized and unrealized net gains (loss) on marketable securities $ 21 $ 33 10 $ 300  
Marketable securities sold at fair value during period     0 14,200  
Purchase of marketable securities     $ 0 $ 0  
v3.21.2
Receivables from and Payables to Broker-Dealers, Clearing Organizations, Customers and Related Broker-Dealers (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers:    
Contract values of fails to deliver $ 1,285,423 $ 158,976
Receivables from clearing organizations 136,547 126,879
Other receivables from broker-dealers and customers 17,211 14,237
Net pending trades 10,909 2,999
Open derivative contracts 5,243 931
Total 1,455,333 304,022
Payables to broker-dealers, clearing organizations, customers and related broker-dealers:    
Contract values of fails to receive 1,142,236 154,050
Payables to clearing organizations 133,892 12,373
Other payables to broker-dealers and customers 23,194 11,833
Open derivative contracts 6,421 1,460
Total 1,305,743 $ 179,716
Disposal Group, Held-for-sale, Not Discontinued Operations    
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers:    
Open derivative contracts 310  
Payables to broker-dealers, clearing organizations, customers and related broker-dealers:    
Open derivative contracts $ 7  
v3.21.2
Derivatives - Fair Value of Derivative Contracts (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative contracts, Assets $ 5,243 $ 931
Derivative contracts, Liabilities 6,421 1,460
Notional Amounts 19,135,279 6,933,793
FX/commodities options    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative contracts, Assets 0 74
Derivative contracts, Liabilities 0 0
Notional Amounts 0 4,844
FX swaps    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative contracts, Assets 4,553 562
Derivative contracts, Liabilities 4,551 319
Notional Amounts 610,762 513,588
Forwards    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative contracts, Assets 690 295
Derivative contracts, Liabilities 653 215
Notional Amounts 216,829 302,141
Forwards | Disposal Group, Held-for-sale, Not Discontinued Operations    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative contracts, Assets 30  
Derivative contracts, Liabilities 7  
Futures    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative contracts, Assets 0 0
Derivative contracts, Liabilities 1,217 926
Notional Amounts $ 18,307,688 $ 6,113,220
v3.21.2
Derivatives - Additional Information (Detail) - USD ($)
$ in Millions
Jun. 30, 2021
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Replacement cost of contracts in a gain position $ 5.2 $ 0.9
v3.21.2
Derivatives - Offsetting of Derivative Instruments (Detail) - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Offsetting Assets [Line Items]    
Gross Amounts, Assets $ 82,380,000 $ 42,252,000
Gross Amounts Offset, Assets (77,137,000) (41,321,000)
Net Amounts Presented in the Statements of Financial Condition, Assets 5,243,000 931,000
Gross Amounts, Liabilities 83,558,000 42,781,000
Gross Amounts Offset, Liabilities (77,137,000) (41,321,000)
Net Amounts Presented in the Statements of Financial Condition, Liabilities 6,421,000 1,460,000
Additional balance in gross amounts not offset 0 0
FX/commodities options    
Offsetting Assets [Line Items]    
Gross Amounts, Assets   74,000
Gross Amounts Offset, Assets   0
Net Amounts Presented in the Statements of Financial Condition, Assets   74,000
FX swaps    
Offsetting Assets [Line Items]    
Gross Amounts, Assets 5,729,000 583,000
Gross Amounts Offset, Assets (1,176,000) (21,000)
Net Amounts Presented in the Statements of Financial Condition, Assets 4,553,000 562,000
Gross Amounts, Liabilities 5,727,000 340,000
Gross Amounts Offset, Liabilities (1,176,000) (21,000)
Net Amounts Presented in the Statements of Financial Condition, Liabilities 4,551,000 319,000
Forwards    
Offsetting Assets [Line Items]    
Gross Amounts, Assets 948,000 338,000
Gross Amounts Offset, Assets (258,000) (43,000)
Net Amounts Presented in the Statements of Financial Condition, Assets 690,000 295,000
Gross Amounts, Liabilities 911,000 258,000
Gross Amounts Offset, Liabilities (258,000) (43,000)
Net Amounts Presented in the Statements of Financial Condition, Liabilities 653,000 215,000
Forwards | Disposal Group, Held-for-sale, Not Discontinued Operations    
Offsetting Assets [Line Items]    
Gross Amounts, Assets 30,000  
Gross Amounts, Liabilities 7,000  
Futures    
Offsetting Assets [Line Items]    
Gross Amounts, Assets 75,703,000 41,257,000
Gross Amounts Offset, Assets (75,703,000) (41,257,000)
Net Amounts Presented in the Statements of Financial Condition, Assets 0 0
Gross Amounts, Liabilities 76,920,000 42,183,000
Gross Amounts Offset, Liabilities (75,703,000) (41,257,000)
Net Amounts Presented in the Statements of Financial Condition, Liabilities $ 1,217,000 $ 926,000
v3.21.2
Derivatives - Summary of Gains and (Losses) on Derivative Contracts (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain (loss), net on derivative contract $ 3,476 $ 3,072 $ 7,429 $ 4,859
FX/commodities options        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain (loss), net on derivative contract 78 143 164 198
FX swaps        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain (loss), net on derivative contract 140 89 138 325
Futures        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain (loss), net on derivative contract 3,321 2,724 7,155 5,488
Forwards        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain (loss), net on derivative contract $ (63) $ 116 $ (28) $ (1,152)
v3.21.2
Fair Value of Financial Assets and Liabilities - Fair Value Hierarchy of Financial Assets and Liabilities under U.S. GAAP Guidance (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Net amounts of recognized assets    
Marketable securities $ 360 $ 349
Government debt 47,959 57,918
Securities owned—Equities 110 75
FX/commodities options   74
Forwards1 690 295
FX swaps 4,553 562
Futures 0 0
Corporate bonds 1,153 579
Total 54,825 59,852
Net amounts of recognized Liabilities    
FX swaps 4,551 319
Forwards1 653 215
Futures 1,217 926
Contingent consideration 32,975 39,791
Total 39,396 41,251
Disposal Group, Held-for-sale, Not Discontinued Operations    
Net amounts of recognized assets    
Forwards1 30  
Net amounts of recognized Liabilities    
Forwards1 7  
Netting and Collateral    
Net amounts of recognized assets    
Marketable securities 0 0
Government debt 0 0
Securities owned—Equities 0 0
FX/commodities options   0
Forwards1 (258) (43)
FX swaps (1,176) (21)
Futures (75,703) (41,257)
Corporate bonds 0 0
Total (77,137) (41,321)
Net amounts of recognized Liabilities    
FX swaps (1,176) (21)
Forwards1 (258) (43)
Futures (75,703) (41,257)
Contingent consideration 0 0
Total (77,137) (41,321)
Level 1    
Net amounts of recognized assets    
Marketable securities 360 349
Government debt 47,959 57,918
Securities owned—Equities 110 75
FX/commodities options   74
Forwards1 0 0
FX swaps 0 0
Futures 0 0
Corporate bonds 0 0
Total 48,429 58,416
Net amounts of recognized Liabilities    
FX swaps 0 0
Forwards1 0 0
Futures 0 0
Contingent consideration 0 0
Total 0 0
Level 2    
Net amounts of recognized assets    
Marketable securities 0 0
Government debt 0 0
Securities owned—Equities 0 0
FX/commodities options   0
Forwards1 948 338
FX swaps 5,729 583
Futures 75,703 41,257
Corporate bonds 1,153 579
Total 83,533 42,757
Net amounts of recognized Liabilities    
FX swaps 5,727 340
Forwards1 911 258
Futures 76,920 42,183
Contingent consideration 0 0
Total 83,558 42,781
Level 3    
Net amounts of recognized assets    
Marketable securities 0 0
Government debt 0 0
Securities owned—Equities 0 0
FX/commodities options   0
Forwards1 0 0
FX swaps 0 0
Futures 0 0
Corporate bonds 0 0
Total 0 0
Net amounts of recognized Liabilities    
FX swaps 0 0
Forwards1 0 0
Futures 0 0
Contingent consideration 32,975 39,791
Total $ 32,975 $ 39,791
v3.21.2
Fair Value of Financial Assets and Liabilities - Changes in Level 3 Liabilities Measured at Fair Value on Recurring Basis (Detail) - Level 3 - Accounts Payable Accrued and Other Liabilities - Contingent Consideration [Member] - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning Balance $ 40,056 $ 38,709 $ 39,791 $ 42,159
Total realized and unrealized (gains) losses included in Net income (loss) 838 772 1,939 (369)
Unrealized (gains) losses included in Other comprehensive income (loss)¹ 0 8 0 67
Purchases/ Issuances 0 0 0 2,959
Sales/ Settlements (7,919) (4,382) (8,755) (9,709)
Closing Balance 32,975 35,107 32,975 35,107
Net income (loss) on Level 3 Assets/ Liabilities Outstanding 838 772 1,939 (369)
Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding $ 0 $ 8 $ 0 $ 67
v3.21.2
Fair Value of Financial Assets and Liabilities - Quantitative Information about Level 3 Fair Value Measurements on Recurring Basis (Detail) - Level 3
$ in Thousands
Jun. 30, 2021
USD ($)
Dec. 31, 2020
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value $ 0 $ 0
Liabilities, fair value $ 32,975 $ 39,791
Minimum | Discount Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration, liability, measurement input 0.068 0.068
Minimum | Probability of Meeting Earnout and Contingencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration, liability, measurement input 0.39 0.39
Maximum | Discount Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration, liability, measurement input 0.103 0.103
Maximum | Probability of Meeting Earnout and Contingencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration, liability, measurement input 1 1
Weighted Average | Discount Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration, liability, measurement input 0.095 0.095
Weighted Average | Probability of Meeting Earnout and Contingencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration, liability, measurement input 0.814 0.829
v3.21.2
Fair Value of Financial Assets and Liabilities - Additional Information (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration, Fair Value $ 32,975 $ 39,791
Undiscounted value of the payments on all contingencies 45,500 53,400
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Alternative to equity securities $ 82,000 $ 83,000
v3.21.2
Related Party Transactions - Additional Information (Detail)
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 28, 2021
USD ($)
$ / shares
shares
Jun. 24, 2021
Apr. 29, 2021
USD ($)
shares
Apr. 23, 2021
USD ($)
$ / shares
shares
Mar. 31, 2021
USD ($)
shares
Mar. 08, 2021
USD ($)
Feb. 22, 2021
USD ($)
shares
Aug. 14, 2020
USD ($)
Aug. 06, 2020
USD ($)
$ / shares
shares
Aug. 05, 2020
USD ($)
$ / shares
shares
Jul. 30, 2020
USD ($)
$ / shares
shares
Jul. 10, 2020
USD ($)
Mar. 20, 2020
USD ($)
$ / shares
shares
Mar. 02, 2020
USD ($)
$ / shares
shares
Sep. 27, 2019
USD ($)
Nov. 23, 2018
USD ($)
shares
Aug. 06, 2018
USD ($)
Jul. 24, 2018
USD ($)
Oct. 25, 2016
shares
May 27, 2016
USD ($)
Jun. 05, 2015
shares
May 31, 2020
USD ($)
ft²
Jun. 30, 2021
USD ($)
shares
Jun. 30, 2020
USD ($)
shares
Jun. 30, 2021
USD ($)
shares
Jun. 30, 2020
USD ($)
$ / shares
shares
Dec. 31, 2015
USD ($)
Apr. 08, 2021
shares
Feb. 25, 2021
USD ($)
Dec. 31, 2020
USD ($)
Jun. 11, 2020
USD ($)
Feb. 05, 2020
USD ($)
Nov. 28, 2018
Mar. 19, 2018
USD ($)
Nov. 04, 2016
Aug. 31, 2013
USD ($)
Related Party Transactions [Abstract]                                                                        
Commissions                                             $ 389,768,000 $ 382,640,000 $ 824,988,000 $ 838,495,000                    
Payables to Cantor related to open derivative contracts                                             79,920,000   79,920,000         $ 36,252,000            
Employee loans                                             370,800,000   370,800,000         408,142,000            
Number of H units redeemed (in shares) | shares 1,131,774                                                                      
Payment related to H units redeemed $ 7,017,000                                                                      
Number of preferred H units redeemed (in shares) | shares 1,018,390                                                                      
Payment related tax for redeemed preferred H units $ 7,983,000                                                                      
Equity investment                                                 625,000 613,000                    
Receivables from related parties                                             7,890,000   7,890,000         11,953,000            
Aqua                                                                        
Related Party Transactions [Abstract]                                                                        
Increase in authorization amount for loans and investments, other credit support arrangements                                                         $ 1,000,000.0     $ 2,000,000.0        
Authorization amount for loans and investments, other credit support arrangements                                                         $ 20,200,000              
Equity investment                                             300,000 $ 400,000 600,000 $ 600,000                    
Receivables from related parties                                             $ 980,000.0   $ 980,000.0                      
Loan Receivable, Basis Spread on Variable Rate                                             6.00%   6.00%                      
Stephen M. Merkel                                                                        
Related Party Transactions [Abstract]                                                                        
Number of PLPU share issued for non-exchangeable (in shares) | shares                         265,568                                              
Payment of withholding tax rate for common stock issue                         $ 1,507,285                                              
Number of shares redeemed, value                         $ 741,644                                              
Number of non-exchangeable units redeemed (in shares) | shares     108,350               142,989   122,579                                              
Number of Non-exchangeable PSUs (in shares) | shares     273,612                                                                  
Payment Related To Non-exchangeable PSU redeemed upon exchange     $ 0                                                                  
Number of non-exchangeable PPSUs redeemed | shares     101,358                                                                  
Number of non-exchangeable PPSUs (in shares) | shares     250,659                                                                  
Payment Related To Non-exchangeable PPSU redeemed upon exchange     $ 575,687                                                                  
Payment related tax for redeemed PLPU                     $ 846,182   $ 661,303                                              
Shares repurchased at average price of shares (in dollars per share) | $ / shares                         $ 4.0024                                              
Mr. Lutnick | Exchange LPUs For Common Stock                                                                        
Related Party Transactions [Abstract]                                                                        
Number of exchangeable LPU exchanged for issuance of shares (in shares) | shares 520,380                                                                      
Exchange share price (in dollars per share) | $ / shares $ 5.86                                                                      
Mr. Lutnick | Exchange PLPUs for Common Stock                                                                        
Related Party Transactions [Abstract]                                                                        
Number of non-exchangeable LPU (in shares) | shares 88,636                                                                      
Number of exchangeable PLPUs (in shares) | shares 425,765                                                                      
Payment related tax for redeemed PLPU $ 1,525,705                                                                      
Shaun D. Lynn                                                                        
Related Party Transactions [Abstract]                                                                        
Number of exchange rights grant (in shares) | shares                           883,348                                            
Number of PLPU share issued for non-exchangeable (in shares) | shares                           245,140                                            
Payment of withholding tax rate for common stock issue                           $ 1,099,599                                            
Number of non-exchangeable units redeemed (in shares) | shares                     221,239                                                  
Number of exchangeable PLPUs (in shares) | shares                     23,901                                                  
Payment related tax for redeemed PLPU                     $ 992,388                                                  
Number of remaining exchangeable LPUs (in shares) | shares                     86,126                                                  
Payment related to exchangeable LPUs and PLPUs redeemed upon exchange in connection with LLP status                           $ 0                                            
Sean A. Windeatt                                                                        
Related Party Transactions [Abstract]                                                                        
Number of exchange rights grant (in shares) | shares             123,713             519,725                                            
Number of non-exchangeable LPU (in shares) | shares             123,713             519,725                                            
Number of PLPU share issued for non-exchangeable (in shares) | shares             28,477             97,656                                            
Payment of withholding tax rate for common stock issue             $ 178,266             $ 645,779                                            
Shares authorized to be repurchased (in shares) | shares       123,713                                                                
Exchange share price (in dollars per share) | $ / shares       $ 5.65                   $ 5.38                                            
Number of shares redeemed (in shares) | shares       28,477           20,849                                                    
Number of shares redeemed, value       $ 178,266                                                                
Remaining number of shares authorized to be repurchased (in shares) | shares                                                       62,211                
Number of non-exchangeable units redeemed (in shares) | shares                   96,216                                                    
Number of exchangeable PLPUs (in shares) | shares                   1,440                                                    
Payment related tax for redeemed PLPU                   $ 637,866                                                    
Mr. Windeatt                                                                        
Related Party Transactions [Abstract]                                                                        
Number of exchange rights grant (in shares) | shares                   40,437                                                    
Number of non-exchangeable LPU (in shares) | shares                 43,890 40,437                                                    
Number of PLPU share issued for non-exchangeable (in shares) | shares                 17,068 21,774                                                    
Number of shares redeemed (in shares) | shares                 3,681                                                      
Number of exchangeable PLPUs (in shares) | shares                 1,431 21,774                                                    
Payment related tax for redeemed PLPU                 $ 194,086                                                      
Payment related to exchangeable LPUs and PLPUs redeemed upon exchange in connection with LLP status                 0 $ 136,305                                                    
Transaction charge of grant of exchangeability                 $ 381,961                                                      
Debt Securities                                                                        
Related Party Transactions [Abstract]                                                                        
Debt instrument, authorized repurchase amount                                                             $ 50,000,000.0          
Debt instrument, remaining authorized repurchase amount                                             $ 50,000,000.0   $ 50,000,000.0                      
5.125% Senior Notes Due 2021                                                                        
Related Party Transactions [Abstract]                                                                        
Principal amount of debt component                                       $ 300,000,000.0                                
Stated interest rate                                       5.125%                                
5.375% Senior Notes Due 2023                                                                        
Related Party Transactions [Abstract]                                                                        
Principal amount of debt component                                   $ 450,000,000.0                                    
Stated interest rate                                   5.375%                                    
3.750% Senior Notes Due October 1, 2024                                                                        
Related Party Transactions [Abstract]                                                                        
Principal amount of debt component                             $ 300,000,000.0                                          
Related party expenses                             $ 36,000                                          
Stated interest rate                             3.75%                                          
4.375% Senior Notes                                                                        
Related Party Transactions [Abstract]                                                                        
Principal amount of debt component                       $ 300,000,000.0                                                
Related party expenses                       $ 36,000                                                
Stated interest rate                       4.375%                     4.375%   4.375%                      
5.125% Senior Notes                                                                        
Related Party Transactions [Abstract]                                                                        
Principal amount of debt component                   $ 300,000,000.0                   $ 300,000,000.0                                
Stated interest rate                                       5.125%     5.125%   5.125%                      
14.66% Senior Notes                                                                        
Related Party Transactions [Abstract]                                                                        
Principal amount of debt component               $ 44,000,000.0                                                        
Stated interest rate               14.66%                                                        
Class B Common Stock                                                                        
Related Party Transactions [Abstract]                                                                        
Issuance of Class A common stock (net of costs) (in shares) | shares                                             0 0 0 0                    
Class A Common Stock                                                                        
Related Party Transactions [Abstract]                                                                        
Issuance of Class A common stock (net of costs) (in shares) | shares                                             3,542 176,920 265,915 248,583                    
Aggregate proceeds from issuance of common stock           $ 300,000,000.0                                                            
Stock repurchased during period (in shares) | shares                                             16,500,000   17,500,000                      
Class A Common Stock | Stephen M. Merkel                                                                        
Related Party Transactions [Abstract]                                                                        
Issuance of Class A common stock (net of costs) (in shares) | shares     108,350                                                                  
Number of exchange rights grant (in shares) | shares                           360,065                                            
Number of non-exchangeable LPU (in shares) | shares                           360,065                                            
Number of exchangeable LPU exchanged for issuance of shares (in shares) | shares                           360,065                                            
Exchange share price (in dollars per share) | $ / shares                     $ 2.76                                                  
Number of shares redeemed (in shares) | shares                     174,765   185,300                                              
Stock repurchased during period (in shares) | shares     108,350                                                                  
Percentage of shares repurchased on exchangeable LPU                         1.00%                                              
Class A Common Stock | Mr. Lutnick | Exchange LPUs For Common Stock                                                                        
Related Party Transactions [Abstract]                                                                        
Issuance of Class A common stock (net of costs) (in shares) | shares 520,380                                                                      
Common stock, shares issued net of shares for tax withholdings (in shares) | shares 365,229                                                                      
Class A Common Stock | Mr. Lutnick | Exchange PLPUs for Common Stock                                                                        
Related Party Transactions [Abstract]                                                                        
Issuance of Class A common stock (net of costs) (in shares) | shares 88,636                                                                      
Common stock, shares issued net of shares for tax withholdings (in shares) | shares 41,464                                                                      
Class A Common Stock | Shaun D. Lynn                                                                        
Related Party Transactions [Abstract]                                                                        
Number of non-exchangeable LPU (in shares) | shares                           883,348                                            
Number of exchangeable LPU exchanged for issuance of shares (in shares) | shares                           883,348                                            
Exchange share price (in dollars per share) | $ / shares                     $ 2.76                                                  
Number of shares redeemed (in shares) | shares                     797,222                                                  
Class A Common Stock | Sean A. Windeatt                                                                        
Related Party Transactions [Abstract]                                                                        
Number of exchangeable LPU exchanged for issuance of shares (in shares) | shares             123,713             519,725                                            
Exchange share price (in dollars per share) | $ / shares                   $ 2.90                                                    
Number of shares redeemed (in shares) | shares                   436,665                                                    
Class A Common Stock | Mr. Windeatt                                                                        
Related Party Transactions [Abstract]                                                                        
Number of exchangeable LPU exchanged for issuance of shares (in shares) | shares                 37,660 40,437                                                    
Exchange share price (in dollars per share) | $ / shares                 $ 4.16                                                      
Number of shares redeemed (in shares) | shares                 40,209 40,437                                                    
Number of exchangeable PLPUs (in shares) | shares                 15,637                                                      
Shares repurchased at average price of shares (in dollars per share) | $ / shares                   $ 2.90                                                    
Class B Units | Lucera                                                                        
Related Party Transactions [Abstract]                                                                        
Purchase of units (in shares) | shares                                     9,000                                  
Percentage of outstanding common stock owned by parent                                                                     100.00%  
Tower Bridge International Services LP | BGC Partners, Inc.                                                                        
Related Party Transactions [Abstract]                                                                        
Company ownership of Tower Bridge                                                 52.00%                      
Tower Bridge International Services LP | Cantor                                                                        
Related Party Transactions [Abstract]                                                                        
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners                                             48.00%   48.00%                      
Aqua | BGC Partners, Inc.                                                                        
Related Party Transactions [Abstract]                                                                        
Percentage of ownership interest                                             49.00%   49.00%                      
Aqua | Cantor                                                                        
Related Party Transactions [Abstract]                                                                        
Investment ownership percentage                                             51.00%   51.00%                      
Cantor                                                                        
Related Party Transactions [Abstract]                                                                        
Mark-up cost of services                                                 7.50%                      
Cantor's share of net profit (loss) in Tower Bridge                                             $ 500,000 $ 400,000 $ 600,000 $ 200,000                    
Recognized related party revenues                                             4,200,000 6,600,000 8,000,000.0 12,100,000                    
Service charges                                             20,000,000.0 15,200,000 41,100,000 31,100,000                    
Compensation to leased employees                                             15,500,000 10,100,000 31,400,000 20,600,000                    
Recognition of share of FX gains                                             (200,000) (800,000) 23,000 (200,000)                    
Commissions                                             37,000 9,000 62,000 84,000                    
Investment authorization in asset-backed commercial paper program                                                                       $ 350,000,000.0
Investment in asset-backed commercial paper program                                             0   0         0            
Common stock, issued during the period, additional consideration                               $ 0                                        
Reverse purchase agreement outstanding                                             0   0         0            
Cantor | Lucera                                                                        
Related Party Transactions [Abstract]                                                                        
Recognized related party revenues                                             100,000 200,000 200,000 300,000                    
Cantor | Revolving Credit Facility                                                                        
Related Party Transactions [Abstract]                                                                        
Principal amount of debt component                                 $ 400,000,000.0                                 $ 250,000,000.0    
Debt instrument, extended term                                 1 year                                      
Debt instrument, non-extension notice term                                 6 months                                      
Debt instrument, basis spread on variable rate                         1.00%                                              
Line of credit facility, outstanding amount                                             0   0         0            
Interest expense from affiliate                                             $ 0 400,000 $ 0 400,000                    
CF Group Management, Inc.                                                                        
Related Party Transactions [Abstract]                                                                        
Right to exchange from Class A to Class B common stock (up to) (in shares) | shares                               700,000         34,600,000                              
Common stock, issued during the period, additional consideration                               $ 0                                        
Cantor Rights to Purchase Exchangeable Units                                                                        
Related Party Transactions [Abstract]                                                                        
Right to exchange from Class A to Class B common stock (up to) (in shares) | shares                               10,300,000                 23,600,000                      
Limited Partnership Units Exchange Ratio                                                 1                      
Cantor Rights to Purchase Exchangeable Units | Maximum                                                                        
Related Party Transactions [Abstract]                                                                        
Right to exchange from Class A to Class B common stock (up to) (in shares) | shares                                         34,600,000       23,600,000                      
Cantor Rights to Purchase Exchangeable Units | BGC Holdings LPUs                                                                        
Related Party Transactions [Abstract]                                                                        
Limited Partnership Units Exchange Ratio         1                                                              
Aggregate cantor units as result of redemption | shares         1,149,684                                                              
Aggregate consideration of cantor units as result of redemption         $ 2,104,433                                                              
Number of founding partner interests as result of redemption (in shares) | shares         1,149,684                                                              
Aggregate cantor units (in shares) | shares         1,618,376                                                              
Aggregate consideration of cantor units         $ 3,040,411                                                              
Number of founding partner interests exchanged (in shares) | shares         1,618,376                                                              
Founding partner units remaining (in shares) | shares                                             1,600,000   1,600,000                      
Cantor and CFGM | Conversion of Class B Common Stock to Class A Common Stock                                                                        
Related Party Transactions [Abstract]                                                                        
Common stock, conversion ratio                                         1                       1      
Cantor and CFGM | Class B Common Stock                                                                        
Related Party Transactions [Abstract]                                                                        
Right to exchange from Class A to Class B common stock (up to) (in shares) | shares                                                 23,600,000                      
Cantor and Freedom                                                                        
Related Party Transactions [Abstract]                                                                        
Receivables from Freedom                                             $ 2,100,000   $ 2,100,000         1,400,000            
Receivables from Cantor related to open derivative contracts                                             4,600,000   4,600,000         600,000            
Payables to Cantor related to open derivative contracts                                             4,500,000   4,500,000         100,000            
Payables to Cantor related to pending equity trades                                             20,100,000   20,100,000         26,000,000.0            
Employee Loans                                                                        
Related Party Transactions [Abstract]                                                                        
Employee loans                                             370,800,000   370,800,000         408,100,000            
Compensation expense related to employee loans                                             19,100,000 17,100,000 34,700,000 31,600,000                    
Interest income                                             3,300,000 $ 1,700,000 5,500,000 $ 4,400,000                    
Employee Loans | Disposal Group, Held-for-sale, Not Discontinued Operations                                                                        
Related Party Transactions [Abstract]                                                                        
Employee loans                                             $ 14,500,000   $ 14,500,000                      
CF & Co                                                                        
Related Party Transactions [Abstract]                                                                        
Issuance of Class A common stock (net of costs) (in shares) | shares                                             0 0 0 200,000                    
Aggregate proceeds from issuance of common stock                                                   $ 700,000                    
Weighted-average price (in dollars per share) | $ / shares                                                   $ 4.04                    
Related party expenses                                             $ 0   $ 0 $ 7,000                    
Securities loaned                                             0   0         0            
Guarantee fees                                             31,000 $ 31,000 63,000 63,000                    
CF & Co | Underwriting Fees                                                                        
Related Party Transactions [Abstract]                                                                        
Related party expenses               $ 14,000                                                        
CF & Co | 5.125% Senior Notes Due 2021 | Underwriting Fees                                                                        
Related Party Transactions [Abstract]                                                                        
Related party expenses                                       $ 500,000                                
Purchased senior notes               $ 15,000,000.0                                                        
CF & Co | 5.375% Senior Notes Due 2023                                                                        
Related Party Transactions [Abstract]                                                                        
Advisory fees                                   $ 200,000                                    
CF & Co | 5.375% Senior Notes Due 2023 | Underwriting Fees                                                                        
Related Party Transactions [Abstract]                                                                        
Related party expenses                                   300,000                                    
CF & Co | 4.375% Senior Notes                                                                        
Related Party Transactions [Abstract]                                                                        
Purchased senior notes                                             14,500,000   14,500,000                      
CF & Co | 4.375% Senior Notes | Underwriting Fees                                                                        
Related Party Transactions [Abstract]                                                                        
Related party expenses                       $ 200,000                                                
Castle Oak | 5.125% Senior Notes Due 2021 | Underwriting Fees                                                                        
Related Party Transactions [Abstract]                                                                        
Related party expenses                                       $ 18,000                                
Castle Oak | 5.375% Senior Notes Due 2023 | Underwriting Fees                                                                        
Related Party Transactions [Abstract]                                                                        
Related party expenses                                   $ 41,000                                    
Castle Oak | 3.750% Senior Notes Due October 1, 2024 | Underwriting Fees                                                                        
Related Party Transactions [Abstract]                                                                        
Related party expenses                             $ 200,000                                          
Cantor Fitzgerald Relief Fund                                                                        
Related Party Transactions [Abstract]                                                                        
Additional expense associated with charitable contributions                                             1,100,000   1,100,000         1,100,000            
Cantor Fitzgerald Relief Fund | Accounts Payable and Accrued Liabilities                                                                        
Related Party Transactions [Abstract]                                                                        
Remaining liability associated with charitable contributions                                             1,500,000   1,500,000         $ 1,600,000            
Cantor Fitzgerald Relief Fund | Other Expenses                                                                        
Related Party Transactions [Abstract]                                                                        
Charitable contributions                                                     $ 40,000,000.0                  
RKF Retail Holdings LLC                                                                        
Related Party Transactions [Abstract]                                                                        
Lessee operating lease sublease term                                           1 year                            
Area of sublease | ft²                                           21,000                            
BGC U.S OpCo                                                                        
Related Party Transactions [Abstract]                                                                        
Operating lease cost                                           $ 1,100,000                            
Rent payment under lease term                                             $ 100,000 $ 100,000 $ 400,000 $ 100,000                    
Aurel BGC SAS | Cantor                                                                        
Related Party Transactions [Abstract]                                                                        
Percentage of revenue shared between related parties   80.00%                                                                    
Revenue sharing agreement, term   12 months                                                                    
v3.21.2
Investments - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Schedule of Investments [Line Items]          
Equity method investments $ 33,200   $ 33,200   $ 37,700
Gains (losses) on equity method investments 1,323 $ 1,119 2,789 $ 2,142  
Impairment charge on equity method investments 0 0 0 2,500  
Equity method investment, amount sold 3,800 0 3,800 0  
Equity investments carried under measurement alternative 200   200   400
Equity investments carried under measurement alternative, impairment 0 0 0 0  
Equity investments carried under measurement alternative, loss 0 0 0 0  
Equity investments carried under measurement alternative, gain 0 0 0 0  
Consolidated VIE, total assets 5,133,479   5,133,479   3,949,300
Consolidated VIE, total liabilities 4,324,552   4,324,552   3,120,397
Maximum exposure to loss 4,800   4,800   4,800
Other Nonoperating Income (Expense)          
Schedule of Investments [Line Items]          
Equity investments carried under measurement alternative, loss 87 $ 6 87 $ 46  
Disposal Group, Held-for-sale, Not Discontinued Operations          
Schedule of Investments [Line Items]          
Equity method investments 2,600   2,600    
Equity investments carried under measurement alternative 200   200    
Variable Interest Entity, Primary Beneficiary          
Schedule of Investments [Line Items]          
Consolidated VIE, total assets 8,200   8,200   7,200
Consolidated VIE, total liabilities $ 1,800   $ 1,800   $ 1,000
v3.21.2
Investments - Investments in Variable Interest Entities (Detail) - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Variable Interest Entity [Line Items]    
Maximum Exposure to Loss $ 4,800,000 $ 4,800,000
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Investment 1,223,000 1,258,000
Maximum Exposure to Loss $ 2,203,000 $ 2,238,000
v3.21.2
Investments - Investments in Variable Interest Entities Table Footnote (Detail) - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Variable Interest Entity [Line Items]    
Receivables from related parties $ 7,890,000 $ 11,953,000
Maximum exposure to loss 4,800,000 $ 4,800,000
Aqua    
Variable Interest Entity [Line Items]    
Receivables from related parties 980,000.0  
Subordinated Loan | Aqua    
Variable Interest Entity [Line Items]    
Receivables from related parties 980,000  
Maximum exposure to loss $ 980,000  
v3.21.2
Fixed Assets, Net - Components of Fixed Assets, Net (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Property, Plant and Equipment [Line Items]    
Fixed assets, gross $ 465,301 $ 472,955
Less: accumulated depreciation and amortization (260,770) (258,173)
Fixed assets, net 204,531 214,782
Disposal Group, Held-for-sale, Not Discontinued Operations    
Property, Plant and Equipment [Line Items]    
Fixed assets, net 8,606  
Computer and communications equipment    
Property, Plant and Equipment [Line Items]    
Fixed assets, gross 92,751 92,565
Software, including software development costs    
Property, Plant and Equipment [Line Items]    
Fixed assets, gross 265,770 259,439
Leasehold improvements and other fixed assets    
Property, Plant and Equipment [Line Items]    
Fixed assets, gross $ 106,780 $ 120,951
v3.21.2
Fixed Assets, Net - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Property, Plant and Equipment [Line Items]          
Depreciation expense     $ 42,910 $ 41,842  
Asset retirement obligations $ 6,500   6,500   $ 5,900
Impairment charges 1,100 $ 200 3,100 5,000  
Occupancy and equipment          
Property, Plant and Equipment [Line Items]          
Depreciation expense 6,600 5,900 12,900 12,000  
Software development costs capitalized 10,800 15,300 23,900 28,300  
Amortization of software development costs $ 8,000 $ 7,700 $ 16,300 $ 15,300  
v3.21.2
Goodwill and Other Intangible Assets, Net - Summary of Changes in Carrying Amount of Goodwill (Detail)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 556,211
Goodwill, Transfers (69,725)
Cumulative translation adjustment 948
Ending balance $ 487,434
v3.21.2
Goodwill and Other Intangible Assets, Net - Components of Other Intangible Assets (Detail) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items]    
Total gross definite life intangible assets $ 256,390 $ 347,163
Accumulated Amortization 119,103 141,984
Net definite life intangible assets $ 137,287 $ 205,179
Weighted-Average Remaining Life 10 years 9 years 10 months 24 days
Total indefinite life intangible assets $ 82,004 $ 81,978
Total definite and indefinite life intangible assets, gross, excluding goodwill 338,394 429,141
Total definite and indefinite life intangible assets, net, excluding goodwill 219,291 287,157
Disposal Group, Held-for-sale, Not Discontinued Operations    
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items]    
Total definite and indefinite life intangible assets, gross, excluding goodwill 92,845  
Total definite and indefinite life intangible assets, net, excluding goodwill 56,031  
Trade names    
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items]    
Total indefinite life intangible assets 79,570 79,570
Licenses    
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items]    
Total indefinite life intangible assets 2,434 2,408
Customer-related    
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items]    
Total gross definite life intangible assets 182,616 252,241
Accumulated Amortization 63,859 77,106
Net definite life intangible assets $ 118,757 $ 175,135
Weighted-Average Remaining Life 10 years 6 months 10 years 4 months 24 days
Technology    
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items]    
Total gross definite life intangible assets $ 23,997 $ 24,025
Accumulated Amortization 21,716 20,031
Net definite life intangible assets $ 2,281 $ 3,994
Weighted-Average Remaining Life 8 months 12 days 1 year 2 months 12 days
Noncompete agreements    
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items]    
Total gross definite life intangible assets $ 19,821 $ 30,715
Accumulated Amortization 18,797 29,596
Net definite life intangible assets $ 1,024 $ 1,119
Weighted-Average Remaining Life 5 years 4 months 24 days 5 years 10 months 24 days
Patents    
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items]    
Total gross definite life intangible assets $ 10,616 $ 10,616
Accumulated Amortization 10,233 10,223
Net definite life intangible assets $ 383 $ 393
Weighted-Average Remaining Life 1 year 6 months 1 year 7 months 6 days
All other    
Schedule Of Acquired Finite And Indefinite Lived Intangible Asset By Major Class [Line Items]    
Total gross definite life intangible assets $ 19,340 $ 29,566
Accumulated Amortization 4,498 5,028
Net definite life intangible assets $ 14,842 $ 24,538
Weighted-Average Remaining Life 8 years 8 years 3 months 18 days
v3.21.2
Goodwill and Other Intangible Assets, Net - Additional Information (Detail) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]        
Intangible amortization expense $ 6,700,000 $ 6,300,000 $ 13,700,000 $ 14,500,000
Impairment charges of definite and indefinite life intangibles $ 0 $ 0 $ 0 $ 0
v3.21.2
Goodwill and Other Intangible Assets, Net - Estimated Future Amortization Expense of Definite Life Intangible Assets (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]    
2021 $ 10,300  
2022 16,700  
2023 14,900  
2024 14,400  
2025 14,400  
2026 and thereafter 66,600  
Net definite life intangible assets $ 137,287 $ 205,179
v3.21.2
Notes Payable, Other and Short-Term Borrowings - Summary Notes Payable, Other and Short-term Borrowings (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Jul. 10, 2020
Sep. 27, 2019
Jul. 24, 2018
May 27, 2016
Debt Instrument [Line Items]            
Total Notes payable and other borrowings $ 1,243,248 $ 1,315,935        
Short-term borrowings 5,997 3,849        
Total Notes payable, other and short-term borrowings 1,249,245 1,319,784        
Unsecured Credit Agreement | Senior Revolving Credit Agreement            
Debt Instrument [Line Items]            
Unsecured senior revolving credit agreement 188,652 0        
5.125% Senior Notes            
Debt Instrument [Line Items]            
Senior notes $ 0 255,570        
Stated interest rate 5.125%         5.125%
5.375% Senior Notes            
Debt Instrument [Line Items]            
Senior notes $ 447,244 446,577        
Total Notes payable, other and short-term borrowings         $ 444,200  
Stated interest rate 5.375%          
3.750% Senior Notes            
Debt Instrument [Line Items]            
Senior notes $ 297,317 296,903        
Total Notes payable, other and short-term borrowings $ 297,300     $ 296,100    
Stated interest rate 3.75%          
4.375% Senior Notes            
Debt Instrument [Line Items]            
Senior notes $ 297,252 297,031        
Total Notes payable, other and short-term borrowings $ 297,300   $ 296,800      
Stated interest rate 4.375%   4.375%      
Collateralized borrowings            
Debt Instrument [Line Items]            
Collateralized borrowings $ 12,783 $ 19,854        
v3.21.2
Notes Payable, Other and Short-Term Borrowings - Additional Information (Detail)
 3 Months Ended 6 Months Ended
Jun. 01, 2021
USD ($)
May 27, 2021
USD ($)
Jul. 10, 2020
USD ($)
Sep. 27, 2019
USD ($)
Jul. 24, 2018
USD ($)
Aug. 23, 2017
USD ($)
Jun. 30, 2021
USD ($)
Jun. 30, 2020
USD ($)
Jun. 30, 2021
USD ($)
Jun. 30, 2020
USD ($)
Jun. 30, 2021
BRL (R$)
Jun. 01, 2021
BRL (R$)
Dec. 31, 2020
USD ($)
Dec. 31, 2020
BRL (R$)
Aug. 11, 2020
USD ($)
Aug. 05, 2020
USD ($)
Apr. 19, 2019
USD ($)
Apr. 08, 2019
USD ($)
Nov. 28, 2018
USD ($)
Aug. 23, 2017
BRL (R$)
Aug. 22, 2017
USD ($)
Aug. 22, 2017
BRL (R$)
May 31, 2017
USD ($)
May 27, 2016
USD ($)
Debt Instrument [Line Items]                                                
Carrying amount of debt component             $ 1,249,245,000   $ 1,249,245,000       $ 1,319,784,000                      
Interest expense             18,680,000 $ 17,625,000 36,533,000 $ 35,131,000                            
Unsecured Credit Agreement | Senior Revolving Credit Agreement                                                
Debt Instrument [Line Items]                                                
Maximum revolving credit                                     $ 350,000,000.0          
Line of credit facility, outstanding amount             188,700,000   188,700,000       0                      
Deferred financing cost             $ 1,300,000   $ 1,300,000                              
Average interest rate             2.08% 2.53% 2.08% 2.92%                            
Interest expense recorded             $ 700,000 $ 2,100,000 $ 1,100,000 $ 3,800,000                            
5.375% Senior Notes                                                
Debt Instrument [Line Items]                                                
Interest expense recorded             $ 6,400,000 6,400,000 $ 12,800,000 12,800,000                            
Stated interest rate             5.375%   5.375%   5.375%                          
Principal amount of debt component         $ 450,000,000.0   $ 447,200,000   $ 447,200,000                              
Redemption price as percentage of principal amount         101.00%                                      
Carrying amount of debt component         $ 444,200,000                                      
Debt issuance costs         $ 5,800,000                                      
5.375% Senior Notes | Level 2                                                
Debt Instrument [Line Items]                                                
Stated interest rate             5.375%   5.375%   5.375%                          
3.750% Senior Notes                                                
Debt Instrument [Line Items]                                                
Interest expense recorded             $ 3,000,000.0 3,000,000.0 $ 6,000,000.0 6,000,000.0                            
Stated interest rate             3.75%   3.75%   3.75%                          
Principal amount of debt component       $ 300,000,000.0                                        
Redemption price as percentage of principal amount       101.00%                                        
Carrying amount of debt component       $ 296,100,000     $ 297,300,000   $ 297,300,000                              
Debt issuance costs       $ 3,900,000                                        
3.750% Senior Notes | Level 2                                                
Debt Instrument [Line Items]                                                
Stated interest rate             3.75%   3.75%   3.75%                          
5.125% Senior Notes                                                
Debt Instrument [Line Items]                                                
Interest expense recorded             $ 2,300,000 4,100,000 $ 5,800,000 8,100,000                            
Stated interest rate             5.125%   5.125%   5.125%                         5.125%
Principal amount of debt component                               $ 300,000,000.0               $ 300,000,000.0
Repayments of long-term debt   $ 256,000,000.0                                            
5.125% Senior Notes | Cash Tender Offer                                                
Debt Instrument [Line Items]                                                
Tendered amount on cash tender offer                             $ 44,000,000.0                  
5.125% Senior Notes | Level 2                                                
Debt Instrument [Line Items]                                                
Stated interest rate             5.125%   5.125%   5.125%                          
4.375% Senior Notes                                                
Debt Instrument [Line Items]                                                
Interest expense recorded             $ 3,400,000 0 $ 6,900,000 0                            
Stated interest rate     4.375%       4.375%   4.375%   4.375%                          
Principal amount of debt component     $ 300,000,000.0                                          
Redemption price as percentage of principal amount     101.00%                                          
Carrying amount of debt component     $ 296,800,000       $ 297,300,000   $ 297,300,000                              
Debt issuance costs     $ 3,200,000                                          
4.375% Senior Notes | Level 2                                                
Debt Instrument [Line Items]                                                
Stated interest rate             4.375%   4.375%   4.375%                          
3.44% | Secured Loan Arrangements                                                
Debt Instrument [Line Items]                                                
Stated interest rate                                             3.44%  
Debt instrument gross amount                                             $ 29,900,000  
Outstanding balance of the secured loan arrangements             $ 0   $ 0       4,000,000.0                      
Book value of the fixed assets pledged                         800,000                      
Interest expense             11,000 100,000 40,000 100,000                            
3.77% | Secured Loan Arrangements                                                
Debt Instrument [Line Items]                                                
Interest expense recorded             100,000 100,000 100,000                              
Stated interest rate                                   3.77%            
Debt instrument gross amount                                   $ 15,000,000.0            
Outstanding balance of the secured loan arrangements             7,800,000   7,800,000       9,600,000                      
Book value of the fixed assets pledged             400,000   400,000       1,200,000                      
3.89% | Secured Loan Arrangements                                                
Debt Instrument [Line Items]                                                
Stated interest rate                                 3.89%              
Debt instrument gross amount                                 $ 10,000,000.0              
Outstanding balance of the secured loan arrangements             5,000,000.0   5,000,000.0       6,300,000                      
Book value of the fixed assets pledged             1,700,000   1,700,000       2,700,000                      
Interest expense             100,000 100,000 200,000 200,000                            
Unsecured Loan Agreement | Short Term Loans | Itau Unibanco S.A.                                                
Debt Instrument [Line Items]                                                
Maximum revolving credit                                         $ 4,000,000.0 R$ 20,000,000.0    
Line of credit facility, outstanding amount             4,000,000.0   $ 4,000,000.0   R$ 20,000,000.0   3,800,000 R$ 20,000,000.0                    
Interest expense recorded             $ 100,000 100,000   200,000                            
Current interest rate             9.00%   9.00%   9.00%                          
Unsecured Loan Agreement | Short Term Loans | Banco Daycoval S.A.                                                
Debt Instrument [Line Items]                                                
Maximum revolving credit $ 2,000,000.0                     R$ 10,000,000.0                        
Line of credit facility, outstanding amount             $ 2,000,000.0   $ 2,000,000.0   R$ 10,000,000.0                          
Interest expense recorded             $ 10,000   $ 10,000                              
Current interest rate             7.90%   7.90%   7.90%                          
Unsecured Loan Agreement | Short Term Loans | Brazilian Interbank Offering Rate | Itau Unibanco S.A.                                                
Debt Instrument [Line Items]                                                
Debt instrument, basis point                 4.75%                              
Unsecured Loan Agreement | Short Term Loans | Brazilian Interbank Offering Rate | Banco Daycoval S.A.                                                
Debt Instrument [Line Items]                                                
Debt instrument, basis point 3.66%                                              
Unsecured Credit Agreement | Intra-Day Overdraft Credit Line | Itau Unibanco S.A.                                                
Debt Instrument [Line Items]                                                
Maximum revolving credit           $ 10,000,000.0                           R$ 50,000,000.0        
Line of credit facility, outstanding amount             $ 0   $ 0       $ 0                      
Line of credit facility, fee percentage           1.48%                                    
Line of credit facility, fee             $ 36,000 $ 27,000 $ 69,000 $ 54,000                            
v3.21.2
Notes Payable, Other and Short-Term Borrowings - Carrying Amounts and Estimated Fair Values of Company's Senior Notes (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Jul. 10, 2020
May 27, 2016
Debt Instrument [Line Items]        
Carrying Amount $ 1,041,813 $ 1,296,081    
Fair Value $ 1,128,735 1,376,311    
5.125% Senior Notes        
Debt Instrument [Line Items]        
Stated interest rate 5.125%     5.125%
Carrying Amount $ 0 255,570    
Fair Value $ 0 258,067    
5.375% Senior Notes        
Debt Instrument [Line Items]        
Stated interest rate 5.375%      
Carrying Amount $ 447,244 446,577    
Fair Value $ 486,315 486,747    
3.750% Senior Notes        
Debt Instrument [Line Items]        
Stated interest rate 3.75%      
Carrying Amount $ 297,317 296,903    
Fair Value $ 317,250 314,031    
4.375% Senior Notes        
Debt Instrument [Line Items]        
Stated interest rate 4.375%   4.375%  
Carrying Amount $ 297,252 297,031    
Fair Value $ 325,170 $ 317,466    
v3.21.2
Compensation - Additional Information (Detail)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
USD ($)
shares
Jun. 30, 2020
USD ($)
shares
Jun. 30, 2021
USD ($)
shares
Jun. 30, 2020
USD ($)
shares
Dec. 31, 2020
USD ($)
shares
Jun. 22, 2016
shares
Jun. 21, 2016
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Aggregate number of shares grant of future awards (in shares) 86,400,000   86,400,000        
Number of share-equivalent limited partnership units exchangeable into shares (in shares) 2,900,000   2,900,000   3,500,000    
Number of common stock settled per restricted stock unit (in shares)     1        
Aggregate estimated fair value of limited partnership units and restricted stock units | $     $ 9,300   $ 9,400    
Aggregate estimated fair value of deferred compensation awards | $     $ 19,800   $ 23,600    
Shares, forfeited (in shares) 84,000 0 84,000 0      
Number of shares released the restrictions (in shares) 200,000 200,000 400,000 300,000      
Deferred cash compensation expense recognized | $     $ 289 $ 404      
Deferred cash compensation expense not yet recognized | $ $ 200   $ 200        
Deferred compensation expense, expected period of recognition     2 years 2 months 23 days        
Restricted Stock Units              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Unrecognized compensation expense related to unvested | $ $ 40,800   $ 40,800        
Unrecognized compensation expense related to unvested recognized period     2 years 7 months 24 days        
Limited partnership units outstanding (in shares) 10,801,000   10,801,000   8,960,000    
Restricted Shares              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Limited partnership units outstanding (in shares) 3,300,000   3,300,000   3,700,000    
Minimum | Restricted Shares              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Restricted shares saleable period     5 years        
Maximum | Restricted Shares              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Restricted shares saleable period     10 years        
LPUs              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Common stock exchangeable basis     1        
Limited partnership interests exchange ratio     0.9403        
Unrecognized compensation expense related to unvested | $ $ 81,500   $ 81,500        
Unrecognized compensation expense related to unvested recognized period     1 year 10 months 20 days        
Limited partnership units outstanding (in shares) 118,690,000   118,690,000   137,652,000    
LPUs | Minimum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Restricted shares, restriction period     2 years        
LPUs | Maximum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Restricted shares, restriction period     5 years        
Newmark              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of shares released the restrictions (in shares) 0 100,000 100,000 100,000      
Number of outstanding restricted shares held (in shares) 1,600,000   1,600,000   1,700,000    
Newmark | LPUs              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Limited partnership units outstanding (in shares) 11,519,000   11,519,000   13,202,000    
Newmark | LPUs | REUs              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Notional value with post-termination pay-out amount | $ $ 800   $ 800   $ 800    
Aggregate estimated fair value of limited partnership units | $ $ 300   $ 300   $ 300    
BGC Holdings | LPUs | REUs              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of unvested limited partnership units with post-termination pay-out (in shares) 1,300,000   1,300,000   1,300,000    
Notional value with post-termination pay-out amount | $ $ 12,700   $ 12,700   $ 12,700    
Aggregate estimated fair value of limited partnership units | $ $ 7,500   $ 7,500   $ 7,500    
Number of outstanding limited partnership units, unvested (in shares) 100,000   100,000   100,000    
GFI Group Inc.              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Deferred cash compensation expense recognized | $ $ 200 $ 200 $ 300 $ 400      
Liability for deferred cash compensation awards | $ $ 700   $ 700   $ 1,500    
Class A Common Stock              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of share-equivalent limited partnership units exchangeable into shares (in shares) 400,000   400,000   500,000    
Shares, forfeited (in shares) 83,765 0 83,765 0      
Class A Common Stock | Restricted Stock Units              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Value of shares withheld | $ $ 600 $ 40 $ 3,800 $ 1,700      
Equity Plan | Class A Common Stock              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Shares authorized to be delivered pursuant to awards granted (in shares)           400,000,000 350,000,000
v3.21.2
Compensation - Compensation Expense Related to Class A Common Stock (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
LPU amortization $ 16,740 $ 19,524 $ 33,834 $ 35,833
RSU amortization 3,481 3,273 6,397 4,855
Equity-based compensation and allocations of net income    to limited partnership units and FPUs 58,290 27,819 91,785 70,023
LPUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Issuance of common stock and grants of exchangeability 31,222 2,362 39,076 25,396
Class A Common Stock | LPUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Issuance of common stock and grants of exchangeability 31,222 2,362 39,076 25,396
Allocation of net income 6,846 2,660 12,477 3,939
LPU amortization 16,741 19,524 33,835 35,833
RSU amortization 3,481 3,273 6,397 4,855
Equity-based compensation and allocations of net income    to limited partnership units and FPUs $ 58,290 $ 27,819 $ 91,785 $ 70,023
v3.21.2
Compensation - Activity Associated with LPU's Held by BGC Employees (Detail)
 6 Months Ended
Jun. 30, 2021
shares
Newmark Units  
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]  
Granted (in shares) 0
LPUs  
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]  
Beginning balance (in shares) 137,652,000
Granted (in shares) 19,292,000
Redeemed/exchanged units (in shares) (37,612,000)
Forfeited units (in shares) (642,000)
Ending balance (in shares) 118,690,000
LPUs | Newmark Units  
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]  
Beginning balance (in shares) 13,202,000
Redeemed/exchanged units (in shares) (1,454,000)
Forfeited units (in shares) (229,000)
Ending balance (in shares) 11,519,000
v3.21.2
Compensation - Summary of the BGC Holdings and Newmark Holdings LPUs held by BGC Employees (Detail) - LPUs - shares
Jun. 30, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Balance outstanding (in shares) 118,690,000 137,652,000
Newmark    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Balance outstanding (in shares) 11,519,000 13,202,000
Regular Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Balance outstanding (in shares) 82,508,000  
Regular Units | Newmark    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Balance outstanding (in shares) 8,659,000  
Preferred Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Balance outstanding (in shares) 36,182,000  
Preferred Units | Newmark    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Balance outstanding (in shares) 2,860,000  
v3.21.2
Compensation - Compensation Expense Related to Issuance of BGC or Newmark Class A Common Stock and Grants of Exchangeability on BGC Holdings and Newmark Holdings LPUs held by BGC Employees (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
LPUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Issuance of common stock and grants of exchangeability $ 31,222 $ 2,362 $ 39,076 $ 25,396
v3.21.2
Compensation - Activity Associated with Limited Partnership Units Awarded to BGC Employees (Detail) - LPUs - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of units, redeemed (in shares) 5,814 571 7,091 4,764
BGC Holdings LPUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of units, redeemed (in shares) 5,568 471 6,666 4,473
Newmark Holdings LPUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of units, redeemed (in shares) 246 100 425 291
v3.21.2
Compensation - Summary of Compensation Expense Related to Amortization of LPUs Held by BGC Employees (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
LPU amortization $ 16,740 $ 19,524 $ 33,834 $ 35,833
Stated vesting schedule        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
LPU amortization 16,701 18,459 33,775 34,736
Post-termination payout        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
LPU amortization $ 39 $ 1,065 $ 59 $ 1,097
v3.21.2
Compensation - Summary of Outstanding LPUs Held by BGC Employees with Stated Vesting (Detail) - LPUs - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Aggregate estimated grant date fair value $ 163,016 $ 201,239
BGC Holdings LPUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Aggregate estimated grant date fair value 41,150 44,529
Newmark Holdings LPUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Aggregate estimated grant date fair value $ 279 $ 353
v3.21.2
Compensation - Compensation Expense Related to Restricted Stock Unit Held by BGC Employees (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Compensation Related Costs [Abstract]        
RSU amortization $ 3,481 $ 3,273 $ 6,397 $ 4,855
v3.21.2
Compensation - Activity Associated with Restricted Stock Units (Detail) - Restricted Stock Units - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]    
Beginning balance (in shares) 8,960,000  
Granted (in shares) 4,658,000  
Delivered (in shares) (2,572,000)  
Forfeited (in shares) (245,000)  
Ending balance (in shares) 10,801,000 8,960,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]    
Beginning balance (in dollars per share) $ 3.75  
Granted (in dollars per share) 4.30  
Delivered (in dollars per share) 4.04  
Forfeited (in dollars per share) 3.84  
Ending balance (in dollars per share) $ 3.92 $ 3.75
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Fair Value Outstanding [Roll Forward]    
Beginning balance $ 33,582  
Granted 20,044  
Delivered (10,385)  
Forfeited (940)  
Ending balance $ 42,301 $ 33,582
Weighted- Average Remaining Contractual Term (Years) 2 years 7 months 24 days 2 years 5 months 15 days
v3.21.2
Commitments, Contingencies and Guarantees (Detail) - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Loss Contingencies [Line Items]    
Self insurance accrued in health care claims $ 700,000 $ 1,200,000
Contingent liability
Indemnification    
Loss Contingencies [Line Items]    
Contingent liability 0  
Guarantees    
Loss Contingencies [Line Items]    
Guarantee liability 1,700,000 $ 1,000,000.0
Contingent liability $ 0  
v3.21.2
Income Taxes (Detail) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]    
Unrecognized tax benefits $ 8.9 $ 12.2
Income tax interest and penalty expense 8.9 9.2
Accrued interest related to uncertain tax positions $ 3.7 $ 3.3
v3.21.2
Regulatory Requirements (Detail)
$ in Millions
 6 Months Ended
Jun. 30, 2021
USD ($)
Regulatory Assets [Line Items]  
Minimum period required for financial resources to cover operating costs 1 year
Minimum period required for cash or highly liquid securities to cover operating costs 6 months
Net assets held by regulated subsidiaries $ 687.9
Amount of capital in excess of aggregate regulatory requirements 375.4
Disposal Group, Held-for-sale, Not Discontinued Operations  
Regulatory Assets [Line Items]  
Net assets held by regulated subsidiaries 51.9
Amount of capital in excess of aggregate regulatory requirements $ 43.2
v3.21.2
Segment, Geographic and Product Information - Additional Information (Detail)
 6 Months Ended
Jun. 30, 2021
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.21.2
Segment, Geographic and Product Information - Geographic Information Regarding Revenues (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues:        
Total revenues $ 512,450 $ 519,088 $ 1,080,026 $ 1,122,255
U.K.        
Revenues:        
Total revenues 216,228 222,726 452,792 465,096
U.S.        
Revenues:        
Total revenues 129,880 135,911 273,319 289,355
Asia        
Revenues:        
Total revenues 75,283 74,596 158,367 164,188
Other Europe/MEA        
Revenues:        
Total revenues 50,820 46,508 108,771 113,145
France        
Revenues:        
Total revenues 24,325 25,968 55,280 60,221
Other Americas        
Revenues:        
Total revenues $ 15,914 $ 13,379 $ 31,497 $ 30,250
v3.21.2
Segment, Geographic and Product Information - Information Regarding Long-Lived Assets in Geographic Areas (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Long-lived assets:    
Total long-lived assets $ 1,464,178 $ 1,655,848
Operating lease ROU assets 140,607 165,969
Disposal Group, Held-for-sale, Not Discontinued Operations    
Long-lived assets:    
Total long-lived assets 149,500  
Operating lease ROU assets 7,286  
U.S.    
Long-lived assets:    
Total long-lived assets 774,170 767,082
U.K.    
Long-lived assets:    
Total long-lived assets 479,703 655,906
Asia    
Long-lived assets:    
Total long-lived assets 102,017 119,619
Other Europe/MEA    
Long-lived assets:    
Total long-lived assets 72,739 66,487
France    
Long-lived assets:    
Total long-lived assets 19,492 28,518
Other Americas    
Long-lived assets:    
Total long-lived assets $ 16,057 $ 18,236
v3.21.2
Segment, Geographic and Product Information - Product Information Regarding Revenues (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Segment Reporting Information [Line Items]        
Total revenues $ 512,450 $ 519,088 $ 1,080,026 $ 1,122,255
Rates        
Segment Reporting Information [Line Items]        
Total revenues 136,474 133,034 298,267 300,274
Credit        
Segment Reporting Information [Line Items]        
Total revenues 72,609 95,780 162,656 192,969
FX        
Segment Reporting Information [Line Items]        
Total revenues 72,807 74,393 156,240 168,759
Energy and commodities        
Segment Reporting Information [Line Items]        
Total revenues 74,735 71,326 150,603 155,064
Equities derivatives and cash equities        
Segment Reporting Information [Line Items]        
Total revenues 60,825 61,777 131,287 143,574
Insurance        
Segment Reporting Information [Line Items]        
Total revenues 54,315 45,783 106,695 90,619
Brokerage        
Segment Reporting Information [Line Items]        
Total revenues 471,765 482,093 1,005,748 1,051,259
All other revenues        
Segment Reporting Information [Line Items]        
Total revenues $ 40,685 $ 36,995 $ 74,278 $ 70,996
v3.21.2
Revenues from Contracts with Customers - Summary of Revenues from Contracts with Customers and Other Sources of Revenues (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues From Contracts With Customers [Line Items]        
Revenues from contracts with customers: $ 418,787 $ 412,732 $ 883,677 $ 897,465
Principal transactions 81,997 99,453 180,760 212,764
Interest and dividend income 11,455 6,536 14,493 10,697
Other revenues 211 367 1,096 1,329
Total revenues 512,450 519,088 1,080,026 1,122,255
Commissions        
Revenues From Contracts With Customers [Line Items]        
Revenues from contracts with customers: 389,768 382,640 824,988 838,495
Data, software, and post-trade        
Revenues From Contracts With Customers [Line Items]        
Revenues from contracts with customers: 21,602 20,139 43,588 39,537
Fees from related parties        
Revenues From Contracts With Customers [Line Items]        
Revenues from contracts with customers: 4,245 6,562 8,030 12,083
Other revenues        
Revenues From Contracts With Customers [Line Items]        
Revenues from contracts with customers: 3,172 3,391 7,071 7,350
Total revenues $ 40,685 $ 36,995 $ 74,278 $ 70,996
v3.21.2
Revenues from Contracts with Customers - Additional Information (Detail) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Revenues From Contracts With Customers [Line Items]          
Receivables related to revenue from contract with customer $ 338,300,000   $ 338,300,000   $ 629,400,000
Impairments related to revenue receivables 0 $ 0 0 $ 0  
Deferred revenue 9,800,000   9,800,000   15,000,000.0
Deferred revenue recognized 7,600,000 $ 6,800,000 8,300,000 $ 7,400,000  
Capitalized costs 0   0   $ 1,700,000
Disposal Group, Held-for-sale, Not Discontinued Operations          
Revenues From Contracts With Customers [Line Items]          
Receivables related to revenue from contract with customer 561,100,000   561,100,000    
Deferred revenue 6,000,000.0   6,000,000.0    
Capitalized costs $ 1,700,000   $ 1,700,000    
v3.21.2
Leases - Additional Information (Detail)
 6 Months Ended
Jun. 30, 2021
Minimum  
Lessee, Lease, Description [Line Items]  
Finance lease, remaining lease term 2 months 12 days
Operating lease, remaining lease term 2 months 12 days
Lease renewal term, operating lease 1 year
Lease renewal term, finance lease 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Finance lease, remaining lease term 18 years 1 month 6 days
Operating lease, remaining lease term 18 years 1 month 6 days
Lease renewal term, operating lease 10 years
Lease renewal term, finance lease 10 years
Lease renewal increments term, operating lease (up to) 10 years
Lease renewal increments term, finance lease (up to) 10 years
v3.21.2
Leases - Schedule of Supplemental Information Related to Operating and Finance Leases (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Assets    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets Other assets
Operating lease ROU assets $ 140,607 $ 165,969
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Fixed assets, net Fixed assets, net
Finance lease ROU assets $ 531 $ 0
Liabilities    
Operating Lease, Liability, Statement of Financial Position [Extensible List] Accounts payable, accrued and other liabilities Accounts payable, accrued and other liabilities
Operating lease liabilities $ 170,155 $ 190,207
Finance Lease, Liability, Statement of Financial Position [Extensible List] Accounts payable, accrued and other liabilities Accounts payable, accrued and other liabilities
Finance lease liabilities $ 532 $ 0
Disposal Group, Held-for-sale, Not Discontinued Operations    
Assets    
Operating lease ROU assets 7,286  
Liabilities    
Operating lease liabilities $ 7,392  
v3.21.2
Leases - Schedule of Weighted-Average Remaining Lease Term and Discount Rate (Detail)
Jun. 30, 2021
Dec. 31, 2020
Leases [Abstract]    
Weighted-average remaining lease term, Operating leases (years) 11 years 1 month 6 days 10 years 6 months
Weighted-average remaining lease term, finance leases (years) 4 years 10 months 24 days  
Weighted-average discount rate, Operating leases 4.90% 4.90%
Weighted-average discount rate, Finance leases 3.10% 0.00%
v3.21.2
Leases - Schedule of Components of Lease Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Occupancy and equipment        
Schedule Of Lease Expense [Line Items]        
Operating lease cost $ 10,589 $ 10,798 $ 21,595 $ 20,664
Amortization on ROU assets 18 0 18 0
Occupancy and equipment | Disposal Group, Held-for-sale, Not Discontinued Operations | Brokerage Insurance        
Schedule Of Lease Expense [Line Items]        
Operating lease cost 1,080   2,193  
Interest expense        
Schedule Of Lease Expense [Line Items]        
Interest on lease liabilities $ 3 $ 0 $ 3 $ 0
v3.21.2
Leases - Schedule of Maturity Analysis of Lease Liabilities (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Operating leases    
2021 (excluding the six months ended June 30, 2021) $ 16,688  
2022 31,152  
2023 25,980  
2024 21,362  
2025 16,874  
Thereafter 113,568  
Total 225,624  
Interest (55,469)  
Total 170,155 $ 190,207
Finance leases    
2021 (excluding the six months ended June 30, 2021) 59  
2022 119  
2023 119  
2024 119  
2025 119  
Thereafter 40  
Total 575  
Interest (43)  
Finance lease liabilities $ 532 $ 0
v3.21.2
Leases - Schedule of Cash Flow Information Related to Lease Liabilities (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Lessee, Lease, Description [Line Items]        
Cash paid for obligations included in the measurement of operating lease liabilities $ 8,794 $ 10,936 $ 18,043 $ 20,024
Cash paid for obligations included in the measurement of finance lease liabilities 20 $ 0 20 $ 0
Disposal Group, Held-for-sale, Not Discontinued Operations | Insurance        
Lessee, Lease, Description [Line Items]        
Cash paid for obligations included in the measurement of operating lease liabilities $ 1,120   $ 2,279  
v3.21.2
Current Expected Credit Losses (CECL) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Jan. 01, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]            
Current expected credit losses reserve $ 2,600   $ 2,600   $ 2,600 $ 1,900
Increase (decrease) in expected credit losses reserve 100 $ 600   $ 1,400    
Disposal Group, Held-for-sale, Not Discontinued Operations            
Financing Receivable, Allowance for Credit Loss [Line Items]            
Current expected credit losses reserve 100   100      
Increase (decrease) in expected credit losses reserve     100      
Accrued Commissions and Other Receivables, Net            
Financing Receivable, Allowance for Credit Loss [Line Items]            
Current expected credit losses reserve 1,100 0 1,100 0 1,000 800
Increase (decrease) in expected credit losses reserve   200 100      
Accrued Commissions and Other Receivables, Net | Disposal Group, Held-for-sale, Not Discontinued Operations            
Financing Receivable, Allowance for Credit Loss [Line Items]            
Current expected credit losses reserve 100   100      
Increase (decrease) in expected credit losses reserve     100      
Loans, Forgivable Loans and Other Receivables from Employees and Partners, Net            
Financing Receivable, Allowance for Credit Loss [Line Items]            
Current expected credit losses reserve 1,500   1,500   $ 1,600 $ 1,100
Increase (decrease) in expected credit losses reserve $ 100 $ 800 $ (100) $ 1,400    
v3.21.2
Subsequent Events (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Aug. 03, 2021
Jul. 30, 2021
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Subsequent Event [Line Items]            
Dividends declared per share of common stock (in dollars per share)     $ 0.01 $ 0.01 $ 0.02 $ 0.15
Subsequent Event            
Subsequent Event [Line Items]            
Stock or units repurchase program, authorized amount $ 400.0          
Subsequent Event | Cantor Futures Exchange Business            
Subsequent Event [Line Items]            
Payments to acquire businesses   $ 4.9        
Class A Common Stock | Subsequent Event            
Subsequent Event [Line Items]            
Dividends declared per share of common stock (in dollars per share) $ 0.01          
Class B Common Stock | Subsequent Event            
Subsequent Event [Line Items]            
Dividends declared per share of common stock (in dollars per share) $ 0.01