BGC Partners, the Cantor Fitzgerald-controlled brokerage firm that was expected to list in the US this year, reported losses of $40m (€31.2m) in the year to December 2005.

Losses at the UK-based company rose tenfold in the 12-month period, up from less than $4m in 2004. According to documents filed at Companies House, the brokerage's revenues fell from $199m in 2004 to $173m last year.