1.2BGCP202612026-04-30T13:48:23Z202610.000.000.000.000.000.000.000.000.000.00100.007.3220.9571.720.00CBOE ExchangeXCBO47.0358.3331.4650.430.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfNYSE Mkt LlcXASE22.503.3323.1124.280.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfPacific ExchangeXPSE13.342.2218.0613.100.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfNasdaq PHLXXPHO4.233.332.144.930.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfBOX ExchangeXBOX3.587.227.961.930.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfNasdaq ISEXISX3.306.674.082.720.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfMIAX SapphireSPHR1.671.113.881.080.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfMIAX Emerald, LLC.EMLD0.853.332.720.060.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfC2 Options Exchange, Inc.C2OX0.811.110.970.740.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfCboe EDGX OptionsEDGO0.651.110.580.620.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdf202620.000.000.000.000.000.000.000.000.000.00100.002.0735.5062.440.00CBOE ExchangeXCBO33.6022.2228.9636.610.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfNYSE Mkt LlcXASE23.3211.1121.0425.020.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfPacific ExchangeXPSE20.390.0023.9519.040.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfBOX ExchangeXBOX5.570.005.835.610.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfMIAX SapphireSPHR3.790.005.183.130.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfNasdaq PHLXXPHO3.3922.224.372.210.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfNasdaq ISEXISX3.3344.442.102.670.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfCboe EDGX OptionsEDGO1.490.001.621.470.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfNasdaq GEMX, LLCGMNI1.380.000.971.660.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfMiami Intl ExchangeXMIO0.980.001.620.640.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdf202630.000.000.000.000.000.000.000.000.000.00100.002.1936.9760.830.00CBOE ExchangeXCBO34.0523.5326.4039.080.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfPacific ExchangeXPSE18.310.0020.5817.600.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfNYSE Mkt LlcXASE16.1223.5313.9517.170.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfBOX ExchangeXBOX12.810.0016.5111.020.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfNasdaq PHLXXPHO6.0223.535.475.720.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfNasdaq ISEXISX3.7823.533.143.460.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfMIAX SapphireSPHR2.060.002.561.840.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfMiami Intl ExchangeXMIO1.930.002.671.550.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfISE Mercury OptionsMCRY1.420.001.861.200.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdfCboe EDGX OptionsEDGO1.330.002.090.920.000.00000.00000.00000.00000.00000.00000.00000.0000BGC Financial (“BGCE”) routes option orders to Bank of America Merril Lynch (“MLCO”), Dash Financial Technologies (“DASH”) and Matrix Executions ("RSKY") for agency execution and is charged transaction-based compensation. All orders sent to MLCO, DASH and RSKY are routed to US listed options exchanges for execution. MLCO, DASH and RSKY charge BGCE commission, and pass through the net fees or rebates incurred in executing BGCE orders on various Option Exchanges. The passed through rebates, credits or billing adjustments from MLCO, DASH and RSKY may reduce the overall costs of the execution services provided by MLCO, DASH and RSKY and DASH. MLCO, DASH and RSKY overall trading volumes are such that they may receive enhanced volume-based rates, including placement in preferential rate tiers on an exchange’s fee schedule. When accessing the exchanges via MLCO, DASH and RSKY, BGCE may receive an indirect benefit by receiving enhanced exchange rates associated with MLCO, DASH and RSKY, and these rates are therefore reflected in our Net Payments for this report. BGCE is not party to the payment arrangements between MLCO, DASH and RSKY and the various Options Exchanges. Please see the Firm’s Order Handling Letter available at: https://www.bgcg.com/wp-content/uploads/2024/11/BGC-%E2%80%93-Annual-Regulatory-Disclosures-2024-2025.pdf