Global brokerage and financial technology company BGC Partners revealed on Wednesday the change of its name to BGC Group, Inc. Additionally, it’s stock ticker symbol will change from BGCP to BGC.
According to the official announcement, the rebrand is part of a larger corporate change, where the company will become a “Full C-Corporation” from “Up-C Corporation”.
Under the new legal structure, the owners and shareholders will be taxed separately from the company. C-corporations limit the liability of shareholders and owners as the most they can lose in the event of a failure of the business is the money they invested.
Howard W. Lutnick, Chairman of the Board and Chief Executive Officer of BGC, said:
With the execution of these agreements the Company will move rapidly with its conversion to a simpler, more transparent corporate structure. We believe increasing simplicity, while reducing operational complexity, will deliver tremendous value to BGC.
