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BGC Partners updates Q3 outlook

BGC Partners has updated its outlook for the third quarter of 2013.

Earnings revenues for the global brokerage and financial technology company are expected to be between $410 million and $440 million, with pre-tax distributable earnings to be at least $36 million.

On top of this, the effective tax rate for distributable earnings will be around 15 per cent, representing a marginal increase on the figure of 14.5 per cent from 12 months ago.

The company will also factor in stock from NASDAQ OMX in its final Q3 calculations, which are scheduled to be released on October 31st.

The financial results are expected to be at the lower end of the range previously unveiled at the start of August.

BGC Partners gives customers market data and analytics that are "related to select financial instruments and markets", while it also offers back-office services for a range of financial and non-financial institutions.

By Claire Archer