BGC Partners (BGCP) Updates its Outlook for Q4

BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners" or "BGC" or the "Company"), a leading global brokerage and financial technology company, today announced that it has updated its outlook for the quarter ending December 31, 2019.1

Updated OutlookAgainst a backdrop of generally lower industry volumes, BGC's revenues and pre-tax Adjusted Earnings for the fourth quarter of 2019 are now expected to be between the low- and the mid-point of the range of its previously stated guidance. This outlook was contained in BGC's financial results press release issued on October 24, 2019, which can be found at http://ir.bgcpartners.com.

Update on Simplifying BGC's OrganizationHoward W. Lutnick, Chairman and Chief Executive Officer of BGC, said: "We expect to submit a proposal to restructure our partnership into a corporation and simplify our organizational structure to BGC's Board of Directors and relevant committees by the end of the first quarter of 2020. Upon their review and assuming their approval, our objective is to be positioned to execute the plan by the end of the third quarter of 2020."

Any such restructuring could be subject to tax, accounting, regulatory, and other considerations and approvals.

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