Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Lutnick Says Dodd-Frank May Be ‘Violently Beneficial’ for BGC

Don't Miss Out —
Follow us on:
Howard Lutnick
Howard Lutnick, chairman and chief executive officer of Cantor Fitzgerald LP. Photographer: Andrew Harrer/Bloomberg

Jan. 11 (Bloomberg) -- Howard Lutnick, chairman and chief executive officer of BGC Partners Inc., said the Dodd-Frank financial overhaul act may be “violently beneficial” for the New York-based firm.

“Dodd-Frank will either be beneficial, or violently beneficial for BGC Partners, I’m just not sure which one,” Lutnick, who also heads New York-based Cantor Fitzgerald LP, said today in an interview on Bloomberg Television’s “Inside Track.” “But the law, the way it’s written, really, really works for us, because it opens up markets and makes it bigger for BGC Partners.”

One of the provisions of the Dodd-Frank Act enacted in 2010 requires the Commodity Futures Trading Commission and the Securities and Exchange Commission to increase transparency in the over-the-counter derivatives market, where largely unregulated trades helped fuel the 2008 credit crisis.

BGC specializes in trading over-the-counter financial instruments and related derivative products. The firm reported post-tax distributable earnings of $52.3 million, or 20 cents per share, in the third quarter, compared with $39.5 million, or 17 cents, in the year-earlier period. The company is named after B. Gerald Cantor, the co-founder of BGC’s predecessor and of Cantor Fitzgerald.

Lutnick said BGC and Cantor Fitzgerald plan to hire about 500 employees this year between the two firms.

To contact the reporter on this story: Laura Marcinek in New York at lmarcinek3@bloomberg.net; Erik Schatzker in New York at eschatzker@bloomberg.net.

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.