Fenics Market Data

What Fenics Market Data does

Fenics Market Data (FMD) is the exclusive distributor of multi-asset financial and commodities market data for BGC Group, Inc. (NASDAQ: BGC) and its affiliates, including BGC, GFI, RP Martin, Continental Capital Markets, Amerex, Aurel, Sunrise, Remate, Radix, Trident, Poten & Partners, and others. The company sources data directly from BGC's global broking operations across 40+ entities, capturing observable, indicative, and Level 2 order/trade data from electronic, hybrid, and voice execution — a "source-zero" positioning that distinguishes its feeds from scraped or stitched alternatives.

FMD's product portfolio spans Foreign Exchange and Money Markets (spot, forwards, NDFs, FX options across 350+ currency pairs), Interest Rate Derivatives (30+ currencies, 290+ curves), Inflation, Fixed Income, Energy & Commodities (including the newly launched European Power and Gas forward curves and oil data from the acquired OTC Global Holdings), and Equity Derivatives. Data is delivered through multiple formats — ultra-low-latency streaming, intra-day snapshots, end-of-day, and historical — via proprietary platforms (Fenics Direct, Fenics GO, FMX Futures Exchange) and specialty data products (Fenics FX, Fenics US Treasuries, Fenics Repo). The company also offers a regulatory solutions suite supporting FRTB, IPV, ASC Topic 820/IFRS 13, surveillance, and prudent valuation.

FMD operates globally with offices in 10 countries spanning North America, EMEA, APAC, LATAM, and Oceania, serving hedge funds, asset managers, family offices, banks, brokers, energy traders, and the broader institutional market. Revenue is generated primarily through annual subscription-based enterprise licensing with quote-based pricing tailored to client coverage requirements, alongside distribution partnerships with Bloomberg, Reuters, KTH Group, and Broadcast | Agência Estado. The business benefits from network effects inherent to BGC Group's brokerage scale (500+ daily liquidity pools) and has won four consecutive TradingTech Insight Awards for Best Provider of Broker Market Data.

Name

Fenics Market Data

Legal name

BGC Group, Inc.

Website

https://fenicsmd.com

Company type

Public

Operating status

Operating

Headcount range

11–50 employees

Short description

Fenics Market Data is the exclusive multi-asset market data distributor for BGC Group, sourcing pricing, Level 2, and historical data directly from 40+ brokerage entities to serve hedge funds, asset managers, banks, and energy traders globally via subscription and channel partnerships.

Ownership category

akta.pro rank

Product category

Financial Market Data

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (5232), Securities and Commodity Exchanges (52321)

SIC

Finance Services (6199), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Data Distribution, Connectivity & Market Data Platforms (Entitlements, Normalization, APIs) (FSAFAIAJ)

akta.pro secondary industries

Real-Time Market Data Feeds & Terminals (FSAFAIAA), Bond RFQ & Request-for-Stream Platforms (FSAFACAG), FX Request-for-Quote (RFQ) Venues (FSAFADAI), Reference Data & Static Data Operations (SSI/Instrument/Client Data) (FSACALAJ)

Keywords

• Financial market data
• OTC market data
• Broker market data
• Pricing analytics
• Commodities market data

Headquarters

HQ city

New York

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, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Market Data Licensing and Subscriptions: Fenics Market Data operates as the exclusive distributor of data for BGC Group and its affiliates, providing licensed access to multi-asset market data packages including real-time pricing, historical data, and analytics. Revenue is generated through subscription-based licensing agreements with financial institutions.
2. Data Distribution Partnerships: Distribution of market data through third-party vendor platforms and direct delivery mechanisms. Data is delivered through multiple formats including streaming, snapshots, and end-of-day data.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Fenics Market Data (FMD) is the exclusive distributor of data for BGC Group, Inc. (NASDAQ: BGC) and its affiliates, sourcing market data directly from BGC Group's global broking operations, electronic and voice trading platforms, and regulated trading venues. It provides multi-asset market data across Foreign Exchange, Interest Rate Derivatives, Inflation, Fixed Income, Energy & Commodities, and Equity Derivatives, delivered via streaming, intra-day, end-of-day, and historical formats, with additional regulatory compliance solutions.

Product overview

Fenics Market Data is a multi-asset financial market data platform serving the global OTC markets. The portfolio is organized around several interconnected platforms and data products including FMX Futures Exchange, Fenics Direct, Fenics GO, and specialized data verticals covering Foreign Exchange, Interest Rate Derivatives, Inflation, Fixed Income, Energy & Commodities, and Equity Derivatives. Data is delivered across multiple formats including real-time streaming, intra-day, end-of-day, and historical, with both pricing/modelled curves and orderbook/Level 2 data available. The platform also includes Regulatory Solutions supporting compliance with FRTB, IPV, and other regulatory requirements. Data is sourced directly from BGC Group's global brokerage operations across 40+ entities, providing observable market data rather than model-based proxies.

Differentiator

Problem solved

Functional benefit

Products and services

• FMX FMX Futures Exchange platform providing futures trading capabilities.
• Fenics Direct Direct trading and data access platform for Fenics Market Data services.
• Fenics US Treasuries US Treasury market data solutions.
• Fenics Repo Repo market data solutions.
• Fenics FX Foreign exchange market data covering spot, forwards, NDFs, implied yields, and FX options.
• Fenics GO Trading and data platform for global markets.
• Foreign Exchange and Money Markets Data Real-time FX and money markets data covering spot, forwards, NDFs, FX options, with over 350+ currency pairs priced, available as pricing/modelled curves and orderbook/Level 2 data.
• Interest Rate Derivatives Data Global interest rate markets data covering linear products (IRS, OIS, cross currency swaps, basis swaps, FRAs, futures) and non-linear products (swaptions, cap/floors, constant maturity swaps) across 30+ currencies and 290+ curves.
• Inflation Data Inflation derivative data including asset swaps, inflation swaps, inflation fixing swaps, ZC and YoY caps/floors, and inflation linked bonds.
• Fixed Income Data Fixed income market data covering US government notes and bonds, US Treasury futures, global government bonds, corporate bonds, and credit default swaps.
• Energy & Commodities Data Comprehensive energy and commodities data covering crude and refined products, environmental markets, natural gas, power, agricultural products, base and precious metals, and weather derivatives.
• Equity Derivatives Data Index options data for equity derivatives market coverage.
• Regulatory Solutions Compliance and regulatory reporting solutions supporting surveillance, valuations (ASC Topic 820, IFRS 13), prudent valuation, independent price verification (IPV), FRTB, and evidential order and trade insights.
• Power & Gas Forward Curves Hourly European Power and Gas forward curves powered by GFI liquidity, derived from real executable trading activity and broker-calibrated market observations for valuation, risk measurement, P&L attribution, model governance, mark-to-market valuation, stress testing, hedging analysis, and regulatory reporting.

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Five partnerships are on record, tiered minor and core.

• Hedge Funds ClubminorGTM or Marketing Partner · 11 March 2026Fenics Market Data partnered with the Hedge Funds Club for a series of industry events connecting senior hedge fund leaders across global markets. The partnership provides a trusted forum for networking, insights, and industry collaboration.
• KTH GroupcoreChannel Partner/ Reseller/ Distributor · 24 February 2026Fenics Market Data partnered with KTH Group to empower the Brazilian investment management community with robust tools to navigate volatile markets. KTH's cloud-native platform unifies portfolio management, risk, and compliance. FMD's OTC data is integrated into the platform, enhancing risk analytics and portfolio management capabilities for asset managers, family offices, and institutional investors in Brazil.
• Broadcast | Agência EstadocoreChannel Partner/ Reseller/ Distributor · 14 August 2025Fenics Market Data partnered with Brazil's leading provider of real-time news to bring high-quality global market data to Latin America's most trusted platform, Broadcast+. The partnership enables thousands of professional users via Broadcast+ terminals across Brazil to access FMD's OTC market pricing and reference data, expanding market access and real-time data integration.
• MontelminorGTM or Marketing Partner · 27 April 2025Fenics Market Data partnered with Montel for German Energy Day, engaging with the energy market community on independent ECS data, deep market expertise, and scalable delivery to navigate volatility across power, gas, and environmental markets.
• OTC Global Holdings (Oil Brokerage Ltd)coreStrategic or Co-development PartnerThrough the acquisition of OTC Global Holdings including Oil Brokerage Ltd (OB & OBX Data), FMD expanded its reach and expertise in global commodities markets, cementing its position at the core of global oil market coverage from crude to refined products.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• MSCI: Provides market data, indices, and analytics to asset managers and hedge funds. Overlaps with FMD in equity derivatives data and institutional risk analytics use cases.
• S&P Global Market Intelligence: Provides cross-asset market data, reference data, and valuation services to financial institutions. Competes with FMD across fixed income, commodities, and regulatory valuation use cases.
• CME Group: Derivatives exchange operator distributing market data across rates, FX, commodities, and equities. Competes with FMD in listed-derivative data and adjacent OTC instruments.
• ICE (Intercontinental Exchange): Exchange operator and market data vendor (including Interactive Data and ICE Data Services). Competes with FMD in commodities and fixed income data, with parallel regulatory solutions offerings.
• LSEG (London Stock Exchange Group / Refinitiv): Operates the Refinitiv market data franchise serving the same institutional buy-side and sell-side segments as FMD. Overlaps across FX, rates, fixed income, and commodities with deeper asset coverage and longer client relationships.
• Bloomberg L.P. Global leader in financial market data terminals and analytics. Competes with FMD across FX, rates, fixed income, and commodities data, but operates at vastly larger scale with integrated trading, news, and messaging capabilities.

Direct peers

• FactSet: Multi-asset data and analytics platform for asset managers and hedge funds. Directly comparable customer base, asset-class coverage, and analytics positioning to FMD's institutional segments.
• SIX Financial Information: European-based reference and pricing data provider serving the same institutional customer base. Direct overlap with FMD across FX, rates, fixed income, and regulatory data use cases.
• TP ICAP: Major interdealer broker that also distributes market data from its own broking operations—directly analogous to FMD's source-zero positioning. Overlaps across rates, FX, and commodities.
• ION Group: Financial markets infrastructure and data provider serving capital markets participants. Comparable in scope of market data products and institutional customer base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/fenics-market-data

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries16 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 Fenics Market Data