Howard W. Lutnick

Good morning and thank you for joining us on the second quarter conference call. With me today are BGC’s President, Shaun Lynn, our Chief Operating Officer, Sean Windeatt, and our Chief Financial Officer, Graham Sadler.

BGC’s second quarter revenues were up 27.5% year-over-year, driven by the success of our real estate business, which generated $144.1 million in revenues and $14 million in pre-tax earnings. Newmark Grubb Knight Frank has become both a powerful force in commercial real estate and a very valuable part of BGC.

We are very proud of Newmark’s CEO, Barry Gosin, BGC’s Global Head of Real Estate, Michael Lehrman, and our entire Newmark Grubb Knight Frank team. We have in front of us tremendous opportunities to grow and expand this asset class. Newmark has become a leader in many markets nationally, and continues to expand its market share and attract key professionals across the country. I am pleased to report that BGC’s dividend per common share will again be $0.17 for the second quarter.

I’d now like to turn the call over to Shaun.

Shaun D. Lynn

Thank you, Howard, and good morning everyone. Unless otherwise stated, the comparisons I will discuss are for the second quarter of 2012 versus a year earlier.

Our overall brokerage revenues increased by 18.6%, driven by the performance of our real estate asset class. Lower activity from our large bank customers, however has contributed to declines in market activity industry-wide across the financial services asset classes. Against this challenging market environment, BGC’s rates and foreign exchange businesses have held up well. Global volumes in rates have been muted due to quantitative easing undertaken by the U.S. Federal Reserve and other central banks.

BGC’s rates revenues decreased by 7.8%, which compares favorably to volume declines of between 9% and 23% for Federal Reserve U.S. Treasuries and for the fixed income and interest rate products of Eurex, the CME, BrokerTec and Euronext. When quantitative easing dissipates, we believe that rates volumes will dramatically rise as historically high levels of government debt issuance around the world will drive business across our voice and electronic platforms.

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