CQG

What CQG does

CQG, Inc. is a Denver-headquartered provider of professional trading technology for global futures and options markets, founded in 1980 and operating continuously for over four decades. The company delivers integrated trade routing, global market data consolidation, and advanced technical analysis tools, providing Direct Market Access to more than 45 exchanges through co-located CQG Hosted Exchange Gateways and consolidating data from over 85 sources. Its customer base spans five primary segments: Futures Commission Merchants (FCMs), institutional and professional traders, retail brokers, exchanges and liquidity providers, and commercial hedgers, with operational presence in the United States, United Kingdom, China, Japan, Singapore, and Australia.

CQG's product portfolio centers on a tiered suite of trading platforms: CQG Integrated Client (flagship, $595/month), CQG Spreader ($1,400/month), CQG QTrader and CQG One ($100/month each), CQG Desktop and CQG Mobile ($25/month each), and CQGXL ($10/month). Supporting offerings include FIX Connect and Web API enterprise services with custom pricing, Excel RTD integration via QFormulas, Historical Data packages, the Hedge Management System (HMS) for OTC commercial hedging, and CQG FX via OANDA. Technology differentiation is anchored in pre-trade risk management (risk console, auto-hedge, position matching), co-located execution infrastructure across exchanges, complex order types (managed orders, bracket/OCO, spread trading), and 40+ years of accumulated broker, exchange, and trader workflow integration.

CQG monetizes through a combination of monthly software subscriptions, per-contract transaction fees (capped at $695/month for lower tiers), market data subscriptions, and enterprise API pricing. Distribution is primarily indirect: over 100 FCM and broker partner environments deploy CQG technology to their end-clients, supplemented by direct enterprise sales for FIX Connect and Web API, white-label/OEM deployments, and app store distribution for mobile. In April 2026, Broadridge Financial Solutions (NYSE: BR) acquired CQG for approximately $173 million plus contingent consideration, with CQG projected to add $55-58 million in annual revenue to Broadridge's capital markets business; CEO Ryan Moroney continues to lead the CQG business unit post-acquisition.

Name

CQG

Legal name

CQG, Inc.

Website

http://www.cqg.com/

Company type

Private

Founded year

1980

Operating status

Acquired

Headcount range

251–500 employees

Short description

CQG, Inc. provides professional trading platforms and market data for global futures and options markets, serving over 100 FCM partner environments with Direct Market Access to more than 45 exchanges worldwide.

Ownership category

akta.pro rank

Product category

Trading Software / Financial Technology

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518210)

SIC

Finance Services (6199), Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Multi-Dealer Platforms (Multi-Asset) (FSAFAEAF)

akta.pro secondary industries

Data Distribution, Connectivity & Market Data Platforms (Entitlements, Normalization, APIs) (FSAFAIAJ), Institutional Multi-Asset Trading Platforms (OTC/RFQ) (FSAFAEAB)

Keywords

• Futures trading platform
• Market data services
• Execution management systems
• Algorithmic trading software
• Trading connectivity

Headquarters

HQ city

Denver

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Subscription Software Licenses: Monthly subscription fees for trading platforms including CQG Integrated Client ($595/month), CQG One ($100/month), CQG Desktop ($25/month), and CQG Mobile ($25/month). These subscriptions provide recurring revenue with annual or multi-year billing options available.
2. Transaction Fees: Per-contract transaction charges on executed trades. CQG QTrader and CQG One charge $0.25 per filled contract up to $1,000, then $0.03 per filled contract thereafter. CQG Desktop caps transaction fees at $695 per month.
3. Market Data Services: Fees for market data feeds and quotes-only subscriptions. CQG Quotes Only is priced at $170/month. Historical data packages start at $100/month.
4. API and Enterprise Services: FIX Connect and Web API services with enterprise pricing tiers. Real-time API add-on is $45/month, Trading API add-on is $245/month (includes Real-Time).

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

CQG provides integrated trade routing, global market data consolidation from 85+ sources, and advanced technical analysis tools for professional futures and options trading. Its platform connects to over 100 Futures Commission Merchant environments and provides Direct Market Access to more than 45 exchanges through co-located CQG Hosted Exchange Gateways, serving FCMs, institutional traders, broker-dealers, exchanges, and commercial hedgers with execution management, algorithmic trading, charting, and analytics capabilities.

Product overview

CQG provides a comprehensive suite of professional trading and market data products built around its core integrated trading platform. The main product line includes CQG Integrated Client (flagship platform with trade routing, market data, and analysis), CQG Desktop (next-gen visualization platform), CQG One (modern professional platform), CQG Mobile (iOS/Android mobile app), CQG QTrader (commission-based trading), and CQG Spreader (spread trading specialized). Supporting products include CQG APIs (Web API, FIX Connect, Quotes Direct, CMS API) for enterprise integration, Historical Data services, CQG and Excel RTD add-in, CQGXL, and CQG FX (via OANDA partnership). The Hedge Management System (HMS) provides specialized OTC trading capabilities for commercial hedgers. CQG consolidates market data from 85+ sources and provides Direct Market Access to 45+ exchanges globally.

Differentiator

Problem solved

Functional benefit

Brands

• CQG Integrated Client: Professional trading platform combining charting, analytics, and trade routing capabilities
• CQG Spreader
• CQG QTrader
• CQG One
• CQG Desktop
• CQG Mobile
• CQG APIs
• Historical Data
• CQG and Excel
• CQG Execution Technologies
• CQG FX
• CQG Mobile
• CQG PAC
• Hedge Management System (HMS)
• Data Factory
• DOMTrader
• TFlow

Products and services

• CQG Integrated Client CQG's flagship professional trading platform providing integrated trade routing, global market data, and technical analysis tools for futures and options trading. Priced at $595/month with optional CQG Trading ($250/month) and CQG Spreader ($1,400/month) add-ons.
• CQG Desktop Next-generation professional software for trading and data visualization featuring advanced charting, trading interfaces, and analytics capabilities. Priced at $25/month with $0.25 per filled contract transaction fee (capped at $695/month). Includes CQG Mobile.
• CQG One Professional trading platform combining advanced charting, analytics, and trading functionality with a modern user interface. Priced at $100/month with $0.25 per filled contract transaction fee (up to $1,000, then $0.03 per filled contract).
• CQG Mobile High-performance mobile application for iOS and Android enabling professional traders to view market data, access charts, and trade on international exchanges from smartphones with TouchID/FaceID login and push notifications. Priced at $25/month standalone or included with other CQG packages.
• CQG QTrader Professional trading platform with commission-based pricing at $100/month plus $0.25 per filled contract transaction fee. Includes CQG Desktop and CQG Mobile.
• CQG Spreader Specialized spread trading platform for arbitrage and spread strategies in futures and options. Priced at $1,400/month with API trading and RTD for Excel included.
• CQG APIs Suite of APIs including Web API, FIX Connect, Quotes Direct, CMS API, and Custom Algo SDK for enterprise integration and custom development. Real-time API add-on at $45/month and Trading API add-on at $245/month.
• Historical Data Historical market data services providing access to past market information for backtesting and analysis. Historical packages start at $100/month.
• CQG and Excel RTD (Real-Time Data) add-in enabling Excel integration for custom dashboards and analysis using CQG market data, including QFormulas for spreads and custom indicators.
• CQG FX Foreign exchange trading capability available through OANDA partnership, enabling FX trading within the CQG platform ecosystem.
• CQGXL Excel-based trading and analysis add-on priced at $10/month with $0.10 per filled contract transaction fee. Live trading login required.
• Hedge Management System (HMS) End-to-end OTC/hedge management solution enabling elevators to create custom basis contracts, publish bids and offers to farmers, and automatically place hedge orders at exchanges. Targets agricultural producers, agribusiness firms, and brokers.

Named customers2 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature8 records

Partnerships

Four partnerships are on record, tiered core and flagship.

• Webull SingaporecoreChannel Partner/ Reseller/ Distributor · 17 November 2025CQG provides professional-grade trading infrastructure and order routing access for Webull Singapore's new futures trading offering. This partnership extends CQG's support for Webull's expansion across Asia-Pacific markets, covering order routing, pre-trade risk management, and access to CQG's large broker network. The integration follows similar partnerships CQG established with Webull Hong Kong and Malaysia starting in 2023.
• Futures Commission Merchants (FCMs)coreChannel Partner/ Reseller/ DistributorCQG partners with over 100 Futures Commission Merchant environments globally. FCMs provide trading accounts to clients while CQG provides the execution management, market data, and trading technology platforms.
• ExchangescoreTechnology or IntegrationCQG provides Direct Market Access to more than 45 exchanges worldwide through its co-located CQG Hosted Exchange Gateways. Exchange partnerships enable market data distribution and trading connectivity for CQG's broker and trader clients.
• Broadridge Financial SolutionsflagshipStrategic or Co-development PartnerBroadridge Financial Solutions acquired CQG in April 2026 for approximately $173 million plus contingent consideration. The acquisition integrates CQG's execution management, algorithmic trading, and analytics capabilities with Broadridge's existing order management and client connectivity platform to create an end-to-end trading solution for global futures and options markets.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Trading Technologies: Trading Technologies is a direct competitor offering the TT platform for futures and options execution, algorithmic trading, market data and connectivity to global exchanges, overlapping CQG's flagship Integrated Client and CQG One on professional trading workflows.
• Rithmic: Rithmic provides low-latency order routing, execution and market data infrastructure used by futures traders, prop firms and brokers, competing head-on with CQG's Hosted Exchange Gateways, execution technologies and API offerings.
• CTS (Cantor Trading Systems): CTS offers futures order routing and execution platforms (T4) widely used by FCMs and professional futures traders, making it a direct peer to CQG's execution, algo and order-routing stack for FCM and institutional clients.

Broad incumbents

• Bloomberg L.P. Bloomberg Terminal and EMSX provide integrated market data, analytics and execution across asset classes including futures, serving institutional traders with a much broader product portfolio than CQG's specialist futures/options focus.
• Refinitiv (LSEG): Refinitiv (now LSEG) offers Elektron, Eikon and FXall platforms combining market data, connectivity and execution across multiple asset classes, competing with CQG in consolidated market data and multi-asset trading workflows.
• ION Group (Fidessa): ION's Fidessa and related capital markets platforms provide order management, execution and connectivity across equities, derivatives and FX, broadly overlapping with CQG's execution, OMS-adjacent and market data capabilities for institutional and broker clients.
• StoneX (formerly INTL FCStone): StoneX operates an FCM/brokerage business alongside its own trading technology and global markets platform, competing with CQG's institutional and commercial-hedger offerings and serving many of the same professional and commercial futures clients.

Emerging players

• dxFeed: dxFeed is a market data and analytics vendor for global exchanges and trading platforms, competing with CQG's data feed, Quotes Only and historical data products and serving many of the same broker and exchange customers.
• Exegy / Vela Trading Systems: Exegy (part of Vela) provides low-latency market data feeds, normalization and execution infrastructure to brokers, exchanges and trading firms, an overlapping capability set with CQG's market data consolidation, hosted exchange gateways and FIX connectivity.

Others

• Quincy Data (McKay Brothers): Quincy Data / McKay Brothers provide low-latency market data and connectivity services used by high-frequency and professional trading firms; they are an adjacent infrastructure provider rather than a direct trading-platform competitor but overlap with CQG's market data and connectivity stack.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/cqginc
• Facebookfacebook.com/94436475887
• LinkedInlinkedin.com/company/cqg

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CQG