BGCP - BGC Partners: Good Times Ahead

• BGC's dividend cut and subsequent stock price decline have caused frustration among investors and have raised doubts of a struggling business.
• Fenics business constitutes a growing percentage of the total revenue mix and saw 19% YoY revenue growth in Q3.
• Upcoming announcements of a new capital return policy with dividends and share buybacks likely to restore investor interest in the firm.
• Fenics is worth more than the entire company at this time. Growing market share and adoption of the electronic platform will provide strong upside for patient investors.

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