BGC Group‘s Fenics Growth Platforms posted a 22.9% year-on-year revenue increase to $33.4 million in the second quarter of 2026, outpacing the group’s broader brokerage business and adding to what the company described as its highest-ever first-half revenues.
Total group revenue for Q2 2026 rose 7.8% to $845.5 million, a record for a second quarter, according to BGC’s Q2 2026 earnings press release filed with the SEC. Brokerage revenue reached $771.4 million, up 7.2%. The Fenics Growth Platforms segment, though far smaller, grew at three times that pace.
BGC Fenics Growth Platforms and the FMX Momentum Story
Fenics is BGC’s technology and electronic-trading arm. It sits alongside the traditional brokerage business and breaks into two reported categories: Fenics Markets and Fenics Growth Platforms. Growth Platforms is the newer, faster-moving piece, covering FMX UST (BGC’s electronic cash US Treasury platform), FMX Futures Exchange, Lucera and PortfolioMatch.
BGC attributed the 22.9% gain in BGC Fenics Growth Platforms primarily to FMX, PortfolioMatch and Lucera. The trajectory has been building: in Q1 2026, Growth Platforms revenue was $30 million, up 17.4% from $26 million in Q1 2025, per BGC’s Q1 2026 SEC filing. The Q2 figure of $33.4 million represents an acceleration of that rate.
FMX UST is the standout driver. Its central limit order book (CLOB, meaning a transparent electronic venue where buyers and sellers are matched in price-time priority) market share reached 42% in Q2 2026, up from 35% a year earlier and 41% in Q1. Average daily volume for the quarter hit $79.4 billion, 17% above the same period last year.
To put that market-share gain in context: according to Coalition Greenwich, BrokerTec held 56% of US Treasury CLOB-executed notional volume in 2025, with FMX and Dealerweb dividing the remainder. The overall US Treasury CLOB market averaged $195 billion of daily trading in the first half of 2025, 16% above full-year 2024. FMX is winning share in a growing market. FMX SOFR and US Treasury futures also reached new market share highs in June 2026, per the same SEC filing.
In Q1 2026, FMX UST recorded average daily volume of $90 billion, at the time a record and up 51% year-on-year, per BGC’s Q1 2026 earnings presentation. The Q2 figure of $79.4 billion was lower in absolute terms, though still at a record for any Q2 period.
The futures exchange is scaling rapidly. FMX Futures averaged approximately 54,000 contracts per day in Q2 2026, more than 16 times higher than a year earlier. Open interest closed the quarter above 140,000 contracts, compared with approximately 22,000 a year ago. For reference, open interest was 148,000 contracts at the end of 2025 and 143,000 at the end of Q1 2026, so the quarter-end figure represents a modest dip rather than stall. FMX Futures averaged 39,000 contracts daily in Q1 2026, meaning the Q2 figure of approximately 54,000 contracts marks a further step up. The exchange currently lists two- and five-year US Treasury futures, with the remaining tenors across the curve scheduled to be added on 3 August.
PortfolioMatch, Lucera and the Broader Fenics Picture
PortfolioMatch, BGC’s electronic portfolio-trading platform for credit markets (which allows institutions to buy or sell baskets of bonds in a single transaction rather than one bond at a time), recorded average daily volume of $431 million in Q2, up 82% and a quarterly record.
Lucera, the network infrastructure business serving capital markets firms with real-time trading connectivity, grew revenue by 15%. BGC pointed to momentum in its foreign exchange offering and the addition of several large clients as the drivers.
Total Fenics revenue for Q2 was $186.2 million, up 14.3%. Excluding kACE, the benchmark-pricing business BGC sold at the end of 2025, Fenics revenue grew 17.6%. Fenics Markets, the larger Fenics category at $152.8 million, grew 12.6% including kACE.
The traditional brokerage business held up well too. Rates grew 10.6%, foreign exchange 9.4%, credit 5.4%, energy, commodities and shipping 5.3%, and equities 2.8%.
Looking beyond Q2, BGC also announced a partnership with Fanatics, the global sports platform, to build a prediction market ecosystem serving retail and institutional participants, per the Q2 SEC filing. It is an early-stage venture, but it signals BGC is extending Fenics Growth Platforms thinking into newer asset classes beyond fixed income.
The nearer-term binary is whether FMX can push its CLOB share through 42% and into the mid-40s as the remaining Treasury futures tenors launch in August. BrokerTec’s 56% share leaves room; execution over the next two quarters will show whether the rate of gain holds.
