00:00And we talk about that tragedy on September 11th that affected Cantor Fitzgerald deeply.
00:05You were in the World Trade Center towers at the time.
00:08Your employees right above the impact zone.
00:11And in a few minutes, we'll have a moment of silence to commemorate the falling of those towers.
00:18Obviously, you weren't at Cantor Fitzgerald at the time, but both of you now are shepherding this company.
00:23And more importantly, the legacy of remembering and building on what happened that day.
00:29What comes next after 25 years?
00:32After 25 years, you know, we still remember.
00:35And I think that's what this day behind us is about.
00:38You know, we're on the trading floor of Cantor Fitzgerald.
00:40And what you see here is all of our employees waiving their day's pay to give back.
00:44We turn a really solemn day of remembrance into a really powerful day of service.
00:49We've been doing this every year since 9-11.
00:51And that's what it's all about, fulfilling the promise our father made then, which was to take care of our
00:56700 families we lost that day.
00:59By giving 25% of our profits and paying for their health for five years and paying for their health
01:04care over the next 10 years.
01:05He made that promise and stuck to his word.
01:08And since then, we've pivoted the Cantor Fitzgerald Relief Fund to take care of so many more.
01:12Last year on Charity Day, we raised a record $15 million and gave to over 180 organizations.
01:19And this year being the 25th anniversary, we're hoping to exceed that.
01:22I do want to ask you just about this idea that we have a whole generation of people now that
01:27weren't alive at the time that 9-11 happened.
01:29A third of the U.S. population was too young to see that firsthand.
01:33As you have new employees, younger employees coming into this company, what do you want them to know about not
01:40so much what Cantor suffered that day, Kyle,
01:42but more importantly, what it's managed to build and rebuild in the 25 years since.
01:47So today, more than 100 million Americans were born after the day, which is about a third of the country.
01:53A lot of, you know, family members of those that were lost that work here today.
01:58And that was a promise that Brandon mentioned that we give.
02:00And we make sure we honor that promise going forward.
02:03And so this morning, we sent around video footage from over the last 25 years to make sure that everyone
02:10understands what the point of Charity Day is.
02:12It's to make it so that it's a day of service.
02:15It's a day of giving back.
02:16It makes a difficult day a little bit easier to get through.
02:18And that's what we want people to know is America, New York, rising from the ashes and coming together.
02:24And we should point out, I mean, it's a solemn day, but there's a lot of energy in this room
02:27as the celebrities come through to contribute to that cause.
02:30We are on your trading floor here, so these people are actually at work as we speak.
02:34And it's been a busy day for Mark.
02:36It's, quite frankly, a busy year.
02:39Cantor Fitzgerald itself as a company is coming off a record 2025.
02:44And I'm kind of wondering, Brandon, and maybe you can kind of share how 2026 here in September is stacking
02:49up to what you saw in 2025.
02:51We're just hoping to keep that momentum going.
02:53You know, Cantor Fitzgerald is really made up of three companies.
02:56Cantor, the private investment bank, which is where we are today.
02:58And BGC is the world's largest wholesale exchange.
03:02And Numark, which is a leading real estate commercial brokerage firm.
03:05Those three companies have been performing extraordinarily well.
03:08You know, because we are a private partnership, we're able to be, you know, nimble and entrepreneurial.
03:13And with Cantor, for example, we were a first mover in the digital asset space.
03:17And we're just really hoping to keep that momentum going with everything in emerging technologies, especially AI.
03:22You know, the prediction market space is super exciting.
03:25You know, BGC has doubled its revenue every single year since 2022 in terms of inter-dealer brokers.
03:30It's number one in terms of revenue.
03:32And finally, like prediction markets, BGC just announced a great deal of fanatics to launch prediction markets.
03:38And Numark is doing incredibly well as well.
03:40Double-digit growth in all of our major areas.
03:42We found a huge stride in the AI infrastructure space.
03:45When you put all three companies together, especially on that front, you get the power of the platform.
03:50You get power, land, and capital.
03:52And Brandon and I have been really excited about the opportunities there as we all work together.
03:56Well, I do have to ask you, Kyle.
03:57I mean, you're the chief strategy officer for Numark.
04:00But we should point out the CEO is going to step down at the end of the year.
04:03I know a search is going to start.
04:05Are you going to be CEO of Kyle Letnick anytime soon?
04:09I'm going to be CEO.
04:10Okay.
04:10I'm having a great time as chief strategy officer.
04:12The opportunities ahead are very exciting as we get our data in position to start looking at what the future
04:20holds
04:20in terms of predicting values of buildings and leases
04:23and then utilizing AI for the benefit of our clients to better serve them.
04:28Our talent is exceptional, and I'm very excited for the future ahead.
04:31You mentioned prediction markets.
04:33You obviously have the partnership you're doing with Calci.
04:35It's relatively new.
04:36Give me a sense as to what you want it to be, Brandon.
04:38So, Cantor is looking to just help institutions move into the predictive market space.
04:44We believe in the space for sure.
04:45I think, you know, the companies are doing extraordinarily well.
04:48Great leadership across, you know, Calci, Polymarket, Fanatics, you know, Robinhood as well.
04:53We're just helping to bring our clients, the biggest institutions, into that space we think should be great for both
04:58sides.
04:58I do have to ask you, I think the last time we were here a year ago, we did talk
05:02a lot about some of your push into the digital crypto space.
05:07Obviously, crypto has been on the back foot for the last few months.
05:10That strategy, that treasury strategy, is that something you're still pursuing?
05:13If you've been in crypto for long enough, you know it ebbs and flows.
05:17And the truth is, though, we're still big believers in the space.
05:20The reason we launched into it is because we believe it's a real-world value use case.
05:25You know, the market goes to the best technologies, stable coins allow for cross-border payments, you know, tokenization allows
05:33for 24-7 trading of stocks.
05:35So, I think this is a natural progression for the market to go to, and that's why we believe in
05:39it.
05:39That O'Connor hedge fund platform now transferring in, I'm curious just about the structure of the business going forward.
05:45Is there sort of this effort to have more just sort of fee-generating revenue?
05:49I mean, what is sort of the construction of Cantor Fitzgerald for the future?
05:53Much more diversified or maybe a little bit narrower?
05:58I think it's that we really believe in the asset management space.
06:01You know, we've had this team for a long time, and we really believe in the O'Connor platform.
06:04We have great leadership here, and we really believed it was just a great buy for us.
06:08We're integrating it well, and I'm super excited for the future ahead of there.
06:11I do just want to just turn back to the charity day here, the amount of money that the relief
06:17fund has raised and continues to raise.
06:19If we're both fortunate to still be here 25 years from now and we're sitting here, is the commitment that
06:26your father made 25 years ago and that Edie has carried on through those years, is that commitment still going
06:31to be there?
06:31We watched the previous generation show up and show up continually, and the instinct to show up will not fade,
06:38but what has grown and who we take care of is growing.
06:41And we want to try to continue that promise for forever.
06:45That culture is stitched into this firm, and you can see it here behind us.
06:49Everyone here is bought into that vision.
06:51And, again, all of those ones that the family members, those that were lost, that come and work here, they
06:56love working here.
06:57It's part of them.
06:58It's part of us.
07:00And everything we do going forward is for the benefit of remembering those that we lost here, and that's incredibly
07:05important for us.
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