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    Elias Abboud • Bank of America

    Elias Abboud's questions to Bgc Group Inc (BGC) leadership

    Elias Abboud's questions to Bgc Group Inc (BGC) leadership • Q1 2025

    Question

    Elias Abboud of Bank of America asked about the product roadmap for FMX following the launch of treasury futures, specifically regarding longer-dated products and options. He also inquired about FMX's path to profitability, its current cash burn, and its potential normalized profit margins. Additionally, he requested an update on the status of Howard Lutnick's share divestment.

    Answer

    Co-CEO Jean-Pierre Aubin reiterated the three-year plan for FMX, focusing on connectivity in year one before expanding products. Co-CEO Sean Windeatt clarified that the cash burn for FMX futures is zero for BGC, as it is funded by FMX's equity partners. He projected FMX would reach breakeven in the short term and achieve long-term margins of 40-50%, comparable to other exchanges. Regarding the share divestment, Mr. Windeatt stated that all Senate Ethics Committee standards will be met, no open market sales are expected, and the 90-day deadline is approaching.

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    Elias Abboud's questions to Cboe Global Markets Inc (CBOE) leadership

    Elias Abboud's questions to Cboe Global Markets Inc (CBOE) leadership • Q1 2025

    Question

    Elias Abboud inquired about the status of Cboe's option on Trading Technologies, its expiration, and the strategic value of a larger pre-trade footprint.

    Answer

    CFO Jill Griebenow confirmed that Cboe has not exercised its option on Trading Technologies and that the option has not expired. She declined to provide further details on the terms, stating only that the company evaluates opportunities that make strategic and financial sense.

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    Elias Abboud's questions to Marketaxess Holdings Inc (MKTX) leadership

    Elias Abboud's questions to Marketaxess Holdings Inc (MKTX) leadership • Q4 2024

    Question

    Elias Abboud asked about the motivation for acquiring the remainder of RFQ-hub, its potential financial impact, and the strategic priority of becoming a more cross-asset platform.

    Answer

    CEO Christopher Concannon stated the acquisition provides a multi-asset platform for ETFs and derivatives. The key synergy is offering their large fixed-income client base the ability to trade fixed-income ETFs alongside bonds, choosing the most efficient execution method. He highlighted the opportunity to leverage MarketAxess's large global client network for distribution. CFO Ilene Bieler noted that its financial contribution, currently visible in 'equity in earnings of unconsolidated affiliate,' will be consolidated into operating results post-acquisition.

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    Elias Abboud's questions to Marketaxess Holdings Inc (MKTX) leadership • Q3 2024

    Question

    Elias Abboud inquired about the geographic client mix for the emerging markets business and the potential impact of U.S. tariffs on trading volumes from American asset managers.

    Answer

    CEO Christopher Concannon detailed a highly diversified client base for emerging markets: approximately 30% from the U.S., 40% from EMEA, and the remainder from APAC and Latin America. He argued this global diversification insulates the business from region-specific policies like U.S. tariffs, stating that broader macro factors like interest rates and local economic health are the primary drivers of investor demand.

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