on january 12 , 2016 , we completed the merger with gfi by acquiring 100 % of gfi 's outstanding shares ( see acquisition of gfi group , inc. ) . during 2016 , we also completed the purchase of rudesill-pera multifamily , the cre group , inc. ( cre group ) , perimeter markets , inc. , certain assets of the john buck company , llc and buck management group llc , continental realty ltd , newmark grubb mexico city , the businesses of sunrise brokers group , and walchle lear multifamily advisors . by adding these leading companies to our platform , we have greatly broadened the scope and depth of services we can provide to our clients across our consolidated business . we have also continued to make key hires around the world and integrate our recent acquisitions onto our global platform . we expect these additions to increase our revenues and earnings per share going forward . these investments underscore bgc 's ongoing commitment to make accretive acquisitions and profitable hires . confidential submission of draft registration statement for proposed initial public offering on february 9 , 2017 , we announced that we had confidentially submitted a draft registration statement on form s-1 with the u.s. securities and exchange commission ( the sec ) relating to the proposed initial public offering of the class a common stock of a newly formed subsidiary that will hold our real estate services business , which operates as newmark grubb knight frank or ngkf. the number of class a shares to be offered and the price range for the proposed offering have not yet been determined . the initial public offering is part of our plan to separate our real estate services business into a separate public company . following some period after the expected offering , we may , subject to market and other conditions , distribute the shares that we will hold of the newly formed subsidiary pro rata to our stockholders in a manner intended to qualify as tax-free for u.s. federal income tax purposes . 79 lucera acquisition on november 4 , 2016 , we acquired from cantor the 80 % of the lucera business ( also known as lfi holdings , llc or lfi ) not already owned by us . the aggregate purchase price paid by the company to cantor consisted of approximately $ 24.2 million in cash plus a $ 4.8 million post-closing adjustment . lucera is a technology infrastructure provider tailored to the financial sector headquartered in new york . this transaction has been determined to be a combination of entities under common control that resulted in a change in the reporting entity . accordingly , our financial results have been retrospectively adjusted to include the financial results of lucera in the current and prior periods as if lucera had always been consolidated . the following tables summarize the impact of the transaction to our quarterly and annual consolidated statements of operations for the periods indicated ( in thousands , except per share amounts ) : replace_table_token_4_th replace_table_token_5_th 80 acquisition of gfi group , inc. gfi is a leading intermediary and provider of trading technologies and support services to the global otc and listed markets . gfi serves institutional clients in operating electronic and hybrid markets for cash and derivative products across multiple asset classes . on february 26 , 2015 , we successfully completed our tender offer to acquire shares of common stock , par value $ 0.01 per share , of gfi for $ 6.10 per share in cash and accepted for purchase 54.3 million shares tendered to us pursuant to the offer . the tendered shares , together with the 17.1 million shares already owned by us , represented approximately 56 % of the then-outstanding shares of gfi . we issued payment for the tendered shares on march 4 , 2015 in the aggregate amount of $ 331.1 million . on april 28 , 2015 , we purchased from gfi approximately 43.0 million new shares at that date 's closing price of $ 5.81 per share , for an aggregate purchase price of $ 250 million . the purchase price was paid to gfi in the form of a note due on june 19 , 2018 that bore an interest rate of libor plus 200 basis points . the new shares and the note are eliminated in consolidation . following the issuance of the new shares , we owned approximately 67 % of gfi 's outstanding common stock , which gave us control over the timing and process for the completion of a back-end merger ( the back-end mergers ) pursuant to the tender offer agreement . on january 12 , 2016 , we completed our acquisition ( the jpi merger ) of jersey partners , inc. ( jpi ) . the jpi merger occurred pursuant to a merger agreement , dated as of december 22 , 2015. shortly following the completion of the jpi merger , a subsidiary of bgc merged with and into gfi pursuant to a short-form merger under delaware law , with gfi continuing as the surviving entity . the back-end mergers allowed bgc to acquire the remaining approximately 33 % of the outstanding shares of gfi common stock that bgc did not already own . following the closing of the back-end mergers , bgc and its affiliates now own 100 % of the outstanding shares of gfi 's common stock . in total , approximately 23.5 million shares of bgc class a common stock were issued and $ 111.2 million in cash will be paid with respect to the closing of the back-end mergers , inclusive of adjustments ( $ 89.9 million has been paid as of december 31 , 2016 ) . story_separator_special_tag the accord , which will continue to be phased in over the coming years , will force most large banks in g-20 nations to hold approximately three times as much tier 1 capital as is required under the previous set of rules . these capital rules make it more expensive for banks to hold non-sovereign debt assets on their balance sheets , and as a result , analysts say that banks have reduced or will reduce their trading activity in corporate and asset-backed fixed income securities as well as in various other otc cash and derivative instruments . we believe that this has further reduced overall industry volumes in many of the products we broker , particularly in credit . on september 1 , 2016 , the u.s. and japan implemented phase i of the basel committee 's edict for initial margin and variation margins to be exchanged bilaterally between participants transacting in non-centrally cleared derivatives . phase i adversely impacted trading activity at our large sell-side institutional clients during the third quarter of 2016 as they worked through arranging documentation to support the exchange of margins with each other . some clients remain unable to deal with major counterparties . in addition , uncertainty around compliance globally has affected derivatives pricing . although regulators in europe , hong kong , singapore and australia previously announced delays to the phase i implementation date , most uncleared bilateral rates , fx and credit derivatives trading with u.s. counterparties has necessarily included initial margin , resulting in a general widening of bid-offer spreads with subsequent reduced turnover . while there has been some substitution with trades in nearly similar products being submitted for central clearing so as to be out of scope for the new rule , these transactions did not replace the withdrawn volumes . the first tranche of this rule application in the eu will occur in the middle of the first quarter of 2017 , and similar disruption may occur as the aftermath may be spread across a wider set of participants . phases ii and iii ,  which cover midsize and smaller institutions , are expected to be implemented over the next four years . during the year ended december 31 , 2016 , industry volumes were generally mixed year-over-year for the otc and listed products we broker in rates , credit , fx , equities , energy and commodities . below is an expanded discussion of the volume and growth drivers of our various financial services brokerage product categories . rates volumes and volatility our rates business is influenced by a number of factors , including global sovereign issuances , secondary trading and the hedging of these sovereign debt instruments . while the amount of global sovereign debt outstanding remains high by historical standards , the level of secondary trading and related hedging activity remained somewhat muted for most of 2016. for example , according to trax , total european fixed income volumes were down 2 % during 2016 as compared with a year earlier . in addition , according to bloomberg and the federal reserve bank of new york , the average daily volume of various u.s. treasuries , excluding treasury bills , among primary dealers was flat during 2016 as compared with a year earlier . additionally , interest rate volumes were up 3 % at eurex , and up 12 % for both ice and the cme group inc. ( cme ) , all according to credit suisse research . in comparison , our overall rates revenues were approximately flat as compared to a year earlier . our rates revenues , like the revenues for most of our financial services products , are not totally dependent on market volumes and therefore do not always fluctuate consistently with industry metrics . this is largely because our voice , hybrid , and fully electronic desks in rates often have volume discounts built into their price structure , which results in our rates revenues being less volatile than the overall industry volumes . overall , analysts and economists expect the absolute level of sovereign debt outstanding to remain at elevated levels for the foreseeable future as governments finance their future deficits and roll over their sizable existing debt . for example , the organization for economic cooperation and development ( the oecd ) , which includes almost all of the advanced and developed economies of the world , reported that general government debt as a percentage of gdp is estimated to remain at 73 % for the entire oecd in 2018. this would represent a slight increase from 71 % in 2015 , but up considerably from the 39 % figure in 2007. meanwhile , economists expect that the effects of various forms of quantitative easing will continue to negatively impact financial markets , as economic growth remains weak in most oecd countries . as a result , we expect long-term tailwinds in our rates business from continuing high levels of government debt , but continued near-term headwinds due to the current low interest rate environment and continued accommodative monetary policy of many major central banks . 84 foreign exchange volumes and volatility global fx volumes were generally down during 2016 , as the year was impacted by decreased market volatility due to increased uncertainty around global macro events , including upcoming brexit negotiations . thus , spot fx at thomson reuters was down 10 % during the year , overall fx volumes were down 6 % for ebs , while fx futures at cme were down 2 % . in comparison , our overall fx revenues decreased by 6.6 % to $ 303.3 million , primarily related to the challenging market conditions described above . credit volumes the cash portion of our credit business is impacted by the level of global corporate bond issuance , while both the cash and credit derivatives sides of this business are impacted by sovereign and corporate issuance . the

liquidity analysis we consider our liquidity to be comprised of the sum of cash and cash equivalents , reverse repurchase agreements , and marketable securities , which have not been financed , and securities owned . the discussion below describes the key components of our liquidity analysis , including earnings , dividends and distributions , net investing and funding activities , including repurchases and redemptions of class a common stock and partnership units , security settlements , changes in securities held and marketable securities , and changes in our working capital . we consider the following in analyzing changes in our liquidity . our liquidity analysis includes a comparison of our consolidated net income ( loss ) adjusted for certain non-cash items ( e.g. , grants of exchangeability ) as presented on the cash flow statement . dividends and distributions are payments made to our holders of common shares and limited partnership interests and are related to earnings from prior periods . these timing differences will impact our cash flows in a given period . our investing and funding activities represent a combination of our capital raising activities , including short-term borrowings and repayments , issuances of shares under our controlled equity offerings ( net ) , class a common stock repurchases and partnership unit redemptions , purchases and sales of securities , dispositions , and other investments ( e.g . acquisitions , forgivable loans to new brokers and capital expendituresall net of depreciation and amortization ) . our securities settlement activities primarily represent deposits with clearing organizations . in addition , when advantageous , we may elect to facilitate the settlement of matched principal transactions by funding failed trades , which results in a temporary secured use of cash and is economically beneficial to us . other changes in working capital represent changes primarily in receivables and payables and accrued liabilities that impact our liquidity . changes in reverse repurchase agreements , securities owned and marketable securities may result from additional cash investments or sales , which will be offset by a corresponding change in cash and cash equivalents and accordingly will not result in a change in our liquidity .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity analysis we consider our liquidity to be comprised of the sum of cash and cash equivalents , reverse repurchase agreements , and marketable securities , which have not been financed , and securities owned . the discussion below describes the key components of our liquidity analysis , including earnings , dividends and distributions , net investing and funding activities , including repurchases and redemptions of class a common stock and partnership units , security settlements , changes in securities held and marketable securities , and changes in our working capital . we consider the following in analyzing changes in our liquidity . our liquidity analysis includes a comparison of our consolidated net income ( loss ) adjusted for certain non-cash items ( e.g. , grants of exchangeability ) as presented on the cash flow statement . dividends and distributions are payments made to our holders of common shares and limited partnership interests and are related to earnings from prior periods . these timing differences will impact our cash flows in a given period . our investing and funding activities represent a combination of our capital raising activities , including short-term borrowings and repayments , issuances of shares under our controlled equity offerings ( net ) , class a common stock repurchases and partnership unit redemptions , purchases and sales of securities , dispositions , and other investments ( e.g . acquisitions , forgivable loans to new brokers and capital expendituresall net of depreciation and amortization ) . our securities settlement activities primarily represent deposits with clearing organizations . in addition , when advantageous , we may elect to facilitate the settlement of matched principal transactions by funding failed trades , which results in a temporary secured use of cash and is economically beneficial to us . other changes in working capital represent changes primarily in receivables and payables and accrued liabilities that impact our liquidity . changes in reverse repurchase agreements , securities owned and marketable securities may result from additional cash investments or sales , which will be offset by a corresponding change in cash and cash equivalents and accordingly will not result in a change in our liquidity .
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 Suspicious Activity Report : on january 12 , 2016 , we completed the merger with gfi by acquiring 100 % of gfi 's outstanding shares ( see acquisition of gfi group , inc. ) . during 2016 , we also completed the purchase of rudesill-pera multifamily , the cre group , inc. ( cre group ) , perimeter markets , inc. , certain assets of the john buck company , llc and buck management group llc , continental realty ltd , newmark grubb mexico city , the businesses of sunrise brokers group , and walchle lear multifamily advisors . by adding these leading companies to our platform , we have greatly broadened the scope and depth of services we can provide to our clients across our consolidated business . we have also continued to make key hires around the world and integrate our recent acquisitions onto our global platform . we expect these additions to increase our revenues and earnings per share going forward . these investments underscore bgc 's ongoing commitment to make accretive acquisitions and profitable hires . confidential submission of draft registration statement for proposed initial public offering on february 9 , 2017 , we announced that we had confidentially submitted a draft registration statement on form s-1 with the u.s. securities and exchange commission ( the sec ) relating to the proposed initial public offering of the class a common stock of a newly formed subsidiary that will hold our real estate services business , which operates as newmark grubb knight frank or ngkf. the number of class a shares to be offered and the price range for the proposed offering have not yet been determined . the initial public offering is part of our plan to separate our real estate services business into a separate public company . following some period after the expected offering , we may , subject to market and other conditions , distribute the shares that we will hold of the newly formed subsidiary pro rata to our stockholders in a manner intended to qualify as tax-free for u.s. federal income tax purposes . 79 lucera acquisition on november 4 , 2016 , we acquired from cantor the 80 % of the lucera business ( also known as lfi holdings , llc or lfi ) not already owned by us . the aggregate purchase price paid by the company to cantor consisted of approximately $ 24.2 million in cash plus a $ 4.8 million post-closing adjustment . lucera is a technology infrastructure provider tailored to the financial sector headquartered in new york . this transaction has been determined to be a combination of entities under common control that resulted in a change in the reporting entity . accordingly , our financial results have been retrospectively adjusted to include the financial results of lucera in the current and prior periods as if lucera had always been consolidated . the following tables summarize the impact of the transaction to our quarterly and annual consolidated statements of operations for the periods indicated ( in thousands , except per share amounts ) : replace_table_token_4_th replace_table_token_5_th 80 acquisition of gfi group , inc. gfi is a leading intermediary and provider of trading technologies and support services to the global otc and listed markets . gfi serves institutional clients in operating electronic and hybrid markets for cash and derivative products across multiple asset classes . on february 26 , 2015 , we successfully completed our tender offer to acquire shares of common stock , par value $ 0.01 per share , of gfi for $ 6.10 per share in cash and accepted for purchase 54.3 million shares tendered to us pursuant to the offer . the tendered shares , together with the 17.1 million shares already owned by us , represented approximately 56 % of the then-outstanding shares of gfi . we issued payment for the tendered shares on march 4 , 2015 in the aggregate amount of $ 331.1 million . on april 28 , 2015 , we purchased from gfi approximately 43.0 million new shares at that date 's closing price of $ 5.81 per share , for an aggregate purchase price of $ 250 million . the purchase price was paid to gfi in the form of a note due on june 19 , 2018 that bore an interest rate of libor plus 200 basis points . the new shares and the note are eliminated in consolidation . following the issuance of the new shares , we owned approximately 67 % of gfi 's outstanding common stock , which gave us control over the timing and process for the completion of a back-end merger ( the back-end mergers ) pursuant to the tender offer agreement . on january 12 , 2016 , we completed our acquisition ( the jpi merger ) of jersey partners , inc. ( jpi ) . the jpi merger occurred pursuant to a merger agreement , dated as of december 22 , 2015. shortly following the completion of the jpi merger , a subsidiary of bgc merged with and into gfi pursuant to a short-form merger under delaware law , with gfi continuing as the surviving entity . the back-end mergers allowed bgc to acquire the remaining approximately 33 % of the outstanding shares of gfi common stock that bgc did not already own . following the closing of the back-end mergers , bgc and its affiliates now own 100 % of the outstanding shares of gfi 's common stock . in total , approximately 23.5 million shares of bgc class a common stock were issued and $ 111.2 million in cash will be paid with respect to the closing of the back-end mergers , inclusive of adjustments ( $ 89.9 million has been paid as of december 31 , 2016 ) . story_separator_special_tag the accord , which will continue to be phased in over the coming years , will force most large banks in g-20 nations to hold approximately three times as much tier 1 capital as is required under the previous set of rules . these capital rules make it more expensive for banks to hold non-sovereign debt assets on their balance sheets , and as a result , analysts say that banks have reduced or will reduce their trading activity in corporate and asset-backed fixed income securities as well as in various other otc cash and derivative instruments . we believe that this has further reduced overall industry volumes in many of the products we broker , particularly in credit . on september 1 , 2016 , the u.s. and japan implemented phase i of the basel committee 's edict for initial margin and variation margins to be exchanged bilaterally between participants transacting in non-centrally cleared derivatives . phase i adversely impacted trading activity at our large sell-side institutional clients during the third quarter of 2016 as they worked through arranging documentation to support the exchange of margins with each other . some clients remain unable to deal with major counterparties . in addition , uncertainty around compliance globally has affected derivatives pricing . although regulators in europe , hong kong , singapore and australia previously announced delays to the phase i implementation date , most uncleared bilateral rates , fx and credit derivatives trading with u.s. counterparties has necessarily included initial margin , resulting in a general widening of bid-offer spreads with subsequent reduced turnover . while there has been some substitution with trades in nearly similar products being submitted for central clearing so as to be out of scope for the new rule , these transactions did not replace the withdrawn volumes . the first tranche of this rule application in the eu will occur in the middle of the first quarter of 2017 , and similar disruption may occur as the aftermath may be spread across a wider set of participants . phases ii and iii ,  which cover midsize and smaller institutions , are expected to be implemented over the next four years . during the year ended december 31 , 2016 , industry volumes were generally mixed year-over-year for the otc and listed products we broker in rates , credit , fx , equities , energy and commodities . below is an expanded discussion of the volume and growth drivers of our various financial services brokerage product categories . rates volumes and volatility our rates business is influenced by a number of factors , including global sovereign issuances , secondary trading and the hedging of these sovereign debt instruments . while the amount of global sovereign debt outstanding remains high by historical standards , the level of secondary trading and related hedging activity remained somewhat muted for most of 2016. for example , according to trax , total european fixed income volumes were down 2 % during 2016 as compared with a year earlier . in addition , according to bloomberg and the federal reserve bank of new york , the average daily volume of various u.s. treasuries , excluding treasury bills , among primary dealers was flat during 2016 as compared with a year earlier . additionally , interest rate volumes were up 3 % at eurex , and up 12 % for both ice and the cme group inc. ( cme ) , all according to credit suisse research . in comparison , our overall rates revenues were approximately flat as compared to a year earlier . our rates revenues , like the revenues for most of our financial services products , are not totally dependent on market volumes and therefore do not always fluctuate consistently with industry metrics . this is largely because our voice , hybrid , and fully electronic desks in rates often have volume discounts built into their price structure , which results in our rates revenues being less volatile than the overall industry volumes . overall , analysts and economists expect the absolute level of sovereign debt outstanding to remain at elevated levels for the foreseeable future as governments finance their future deficits and roll over their sizable existing debt . for example , the organization for economic cooperation and development ( the oecd ) , which includes almost all of the advanced and developed economies of the world , reported that general government debt as a percentage of gdp is estimated to remain at 73 % for the entire oecd in 2018. this would represent a slight increase from 71 % in 2015 , but up considerably from the 39 % figure in 2007. meanwhile , economists expect that the effects of various forms of quantitative easing will continue to negatively impact financial markets , as economic growth remains weak in most oecd countries . as a result , we expect long-term tailwinds in our rates business from continuing high levels of government debt , but continued near-term headwinds due to the current low interest rate environment and continued accommodative monetary policy of many major central banks . 84 foreign exchange volumes and volatility global fx volumes were generally down during 2016 , as the year was impacted by decreased market volatility due to increased uncertainty around global macro events , including upcoming brexit negotiations . thus , spot fx at thomson reuters was down 10 % during the year , overall fx volumes were down 6 % for ebs , while fx futures at cme were down 2 % . in comparison , our overall fx revenues decreased by 6.6 % to $ 303.3 million , primarily related to the challenging market conditions described above . credit volumes the cash portion of our credit business is impacted by the level of global corporate bond issuance , while both the cash and credit derivatives sides of this business are impacted by sovereign and corporate issuance . the

