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CORRESP Filing

BGC Group, Inc.
Date: Aug. 11, 2025 · CIK: 0001094831 · Accession: 0001213900-25-074408

Offering / Registration Process Regulatory Compliance Financial Reporting

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Date
August 11, 2025
Author
Jason W. Hauf
Form
CORRESP
Company
BGC Group, Inc.

Letter

BGC Group, Inc.

499 Park Avenue

New York, New York 10022

August 11, 2025

VIA EDGAR

United States Securities and Exchange Commission

Division of Corporation Finance

100 F Street, NE

Washington, D.C. 20549

Re: BGC Group, Inc.–Registration Statement on Form S-4

(File No. 333-[ ]) (the "Registration Statement")

Ladies and Gentlemen:

On August 11 , 2025 , BGC Group, Inc., a Delaware corporation (the "Company"), filed with the Securities and Exchange Commission (the "SEC") the Registration Statement with respect to an offer to exchange (the "Exchange Offer") up to $700,000,000 aggregate principal amount of the Company's outstanding 6.150% Senior Notes due 2030 (the "Old Notes") for an equal aggregate principal amount of the Company's 6.150% Senior Notes due 2030 (the "Exchange Notes") that have been registered under the Securities Act of 1933, as amended (the "Securities Act").

The Company is registering the Exchange Notes in reliance on the position of the staff of the SEC (the "Staff") enunciated in Exxon Capital Holdings Corp. , SEC no-action letter (April 13, 1988) (the "Exxon Capital Letter"), Morgan, Stanley and Co. Inc. , SEC no-action letter (June 5, 1991) (the "Morgan Stanley Letter"), and Shearman & Sterling , SEC no-action letter (July 2, 1993) (the "Shearman & Sterling Letter"). In connection therewith, the Company represents as follows:

1. The Company has not entered into any arrangement or understanding with any person, including any broker-dealer holding Old Notes acquired for its own account as a result of market-making activities or other trading activities, to distribute the Exchange Notes to be received in the Exchange Offer and, to the best of the Company's information and belief, each person participating in the Exchange Offer (i) is acquiring the Exchange Notes in the ordinary course of business, (ii) is not engaging in and does not intend to engage in a distribution of the Exchange Notes, (iii) does not have an arrangement or understanding with any person or entity to participate in the distribution of the Exchange Notes and (iv) is not an "affiliate" of the Company, as defined under Rule 405 under the Securities Act.

United States Securities and Exchange Commission August 11, 2025 Page 2

2. The Company will make each person participating in the Exchange Offer aware (through the prospectus included in the Registration Statement (the "Exchange Offer Prospectus")) that any holder of Exchange Notes using the Exchange Offer to participate in a distribution of the Exchange Notes (i) cannot rely on the Staff's position enunciated in the Exxon Capital Letter, the Morgan Stanley Letter or similar letters and (ii) must comply with the registration and prospectus delivery requirements of the Securities Act in order to reoffer, resell or otherwise transfer Exchange Notes. The Company acknowledges that any such reoffer, resale or transfer should be covered by an effective registration statement containing (except in the case of broker-dealers reselling Exchange Notes in the situation described in the succeeding paragraph) the selling securityholder information required by Item 507 of Regulation S-K under the Securities Act.

3. The Company will make each person participating in the Exchange Offer aware (through the Exchange Offer Prospectus or otherwise) that (i) any broker-dealer that receives Exchange Notes for its own account in the Exchange Offer for Old Notes that were acquired by such broker-dealer as a result of market-making or other trading activities, may be an "underwriter" within the meaning of the Securities Act (as described in the Shearman & Sterling Letter) in connection with any resale of such Exchange Notes and (ii) by participating in the Exchange Offer, any such broker-dealer represents that it will so deliver a prospectus meeting the requirements of the Securities Act (which may be the prospectus for the Exchange Offer so long as it contains a plan of distribution with respect to such resale transactions, which plan of distribution need not name the broker-dealer or disclose the amount of Exchanges Notes held thereby).

4. The Company will include in the Exchange Offer Letter of Transmittal provisions to the effect that, by participating in the Exchange Offer: (i) each exchange offeree that is not a broker-dealer will represent to the Company that it is not engaging in and does not intend to engage in a distribution of the Exchange Notes and (ii) any exchange offeree that is a broker-dealer that receives Exchange Notes for its own account in the Exchange Offer for Old Notes that were acquired by such broker-dealer as a result of market-making or other trading activities will acknowledge that it will comply with the prospectus delivery requirements of the Securities Act in connection with any offer to resell or other transfer of the Exchange Notes received in the Exchange Offer. The Exchange Offer Letter of Transmittal will also include a statement to the effect that, by so acknowledging and delivering a prospectus, such broker-dealer will not be deemed to admit that it is an "underwriter" within the meaning of the Securities Act.

United States Securities and Exchange Commission August 11, 2025 Page 3

Very truly yours,
BGC GROUP, INC.

Show Raw Text
CORRESP
 1
 filename1.htm

 BGC Group, Inc.

 499 Park Avenue

 New York, New York 10022

 August 11, 2025

 VIA EDGAR

 United States Securities and Exchange Commission

 Division of Corporation Finance

 100 F Street, NE

 Washington, D.C. 20549

 Re:
 BGC Group, Inc.–Registration Statement on Form S-4

 (File No. 333-[ ]) (the "Registration Statement")

 Ladies and Gentlemen:

 On August 11 , 2025 ,
BGC Group, Inc., a Delaware corporation (the "Company"), filed with the Securities and Exchange Commission (the "SEC")
the Registration Statement with respect to an offer to exchange (the "Exchange Offer") up to $700,000,000 aggregate principal
amount of the Company's outstanding 6.150% Senior Notes due 2030 (the "Old Notes") for an equal aggregate principal
amount of the Company's 6.150% Senior Notes due 2030 (the "Exchange Notes") that have been registered under the Securities
Act of 1933, as amended (the "Securities Act").

 The Company is registering the Exchange Notes
in reliance on the position of the staff of the SEC (the "Staff") enunciated in Exxon Capital Holdings Corp. , SEC
no-action letter (April 13, 1988) (the "Exxon Capital Letter"), Morgan, Stanley and Co. Inc. , SEC no-action
letter (June 5, 1991) (the "Morgan Stanley Letter"), and Shearman & Sterling , SEC no-action letter (July 2,
1993) (the "Shearman & Sterling Letter"). In connection therewith, the Company represents as follows:

 1. The Company has not entered into any arrangement or understanding with any person, including any broker-dealer holding Old Notes acquired
for its own account as a result of market-making activities or other trading activities, to distribute the Exchange Notes to be received
in the Exchange Offer and, to the best of the Company's information and belief, each person participating in the Exchange Offer
(i) is acquiring the Exchange Notes in the ordinary course of business, (ii) is not engaging in and does not intend to engage in a distribution
of the Exchange Notes, (iii) does not have an arrangement or understanding with any person or entity to participate in the distribution
of the Exchange Notes and (iv) is not an "affiliate" of the Company, as defined under Rule 405 under the Securities Act.

 United States Securities and Exchange Commission August 11, 2025 Page 2

 2. The Company will make each person participating in the Exchange Offer aware (through the prospectus included in the Registration Statement
(the "Exchange Offer Prospectus")) that any holder of Exchange Notes using the Exchange Offer to participate in a distribution
of the Exchange Notes (i) cannot rely on the Staff's position enunciated in the Exxon Capital Letter, the Morgan Stanley Letter
or similar letters and (ii) must comply with the registration and prospectus delivery requirements of the Securities Act in order to reoffer,
resell or otherwise transfer Exchange Notes. The Company acknowledges that any such reoffer, resale or transfer should be covered by an
effective registration statement containing (except in the case of broker-dealers reselling Exchange Notes in the situation described
in the succeeding paragraph) the selling securityholder information required by Item 507 of Regulation S-K under the Securities Act.

 3. The Company will make each person participating in the Exchange Offer aware (through the Exchange Offer Prospectus or otherwise) that
(i) any broker-dealer that receives Exchange Notes for its own account in the Exchange Offer for Old Notes that were acquired by such
broker-dealer as a result of market-making or other trading activities, may be an "underwriter" within the meaning of the
Securities Act (as described in the Shearman & Sterling Letter) in connection with any resale of such Exchange Notes and (ii) by participating
in the Exchange Offer, any such broker-dealer represents that it will so deliver a prospectus meeting the requirements of the Securities
Act (which may be the prospectus for the Exchange Offer so long as it contains a plan of distribution with respect to such resale transactions,
which plan of distribution need not name the broker-dealer or disclose the amount of Exchanges Notes held thereby).

 4. The Company will include in the Exchange Offer Letter of Transmittal provisions to the effect that, by participating in the Exchange
Offer: (i) each exchange offeree that is not a broker-dealer will represent to the Company that it is not engaging in and does not intend
to engage in a distribution of the Exchange Notes and (ii) any exchange offeree that is a broker-dealer that receives Exchange Notes for
its own account in the Exchange Offer for Old Notes that were acquired by such broker-dealer as a result of market-making or other trading
activities will acknowledge that it will comply with the prospectus delivery requirements of the Securities Act in connection with any
offer to resell or other transfer of the Exchange Notes received in the Exchange Offer. The Exchange Offer Letter of Transmittal will
also include a statement to the effect that, by so acknowledging and delivering a prospectus, such broker-dealer will not be deemed to
admit that it is an "underwriter" within the meaning of the Securities Act.

 United States Securities and Exchange Commission August 11, 2025 Page 3

 Very truly yours,

 BGC GROUP, INC.

 By:
 /s/ Jason W. Hauf

 Name:
 Jason W. Hauf

 Title:
 Chief Financial Officer

 [Letter of Undertaking Related to Exchange Offer
for 6.150% Senior Notes due 2030]