Newly-Formed Inter-Dealer Voice Broker, BGC Partners, Commences Trading

London, UK — 01 October 2004 — BGC Partners, L.P., created through the spin-off of the global inter-dealer voice brokerage operations of Cantor Fitzgerald, commenced trading today from its offices in the US, Europe and Asia. Over 400 voice brokers work for BGC and its affiliates, making it a major participant in the fixed income, interest rate, foreign exchange and derivative markets worldwide. The partnership also benefits from access to the electronic trading services of eSpeed, Inc. (NASDAQ: ESPD) the leading developer of electronic marketplaces and trading technology. The intention to spin-off this business into a separate partnership was announced 17 August 2004.

Over the past three years, Cantor Fitzgerald, particularly in the US, has diversified increasingly into institutional equities, fixed income and asset management, making separation of the wholesale broking business an increasingly apparent way to enable both operations to realise their full potential.

Lee Amaitis, Chairman and CEO of BGC Partners said, “The management of BGC is passionate about this opportunity to focus our attention on inter-dealer broking – reestablishing operations in the US that were devastated by the attacks of September 11th and expanding our leading European and Asian operations around the globe. We will use our guiding principles of uncompromising customer service and innovation, and this new beginning to shape our business for the 21stcentury.”

Mr Amaitis continued, “Trading activity in non-equity markets continues to increase dramatically and the use of voice brokers has remained constant, even as electronic trading for the most liquid products has taken hold. BGC will offer unparalleled pricing and execution, as well as access to fully electronic and voice assisted trading via eSpeed.”

About BGC Partners, L.P.
BGC Partners, L.P., named in honor of fixed income brokerage innovator B. Gerald Cantor, provides brokerage services to wholesale fixed income, interest rate, foreign exchange, and derivative markets worldwide, as well as access to electronic trading services and technology support via eSpeed, Inc. (NASDAQ: ESPD), a leading developer of electronic marketplaces and trading technology.

The partners of BGC will participate in conjunction with Cantor Fitzgerald L.P. in Cantor Fitzgerald’s pledge to donate 25% of its profits through 2006 for the benefit of the families of the Cantor Fitzgerald, eSpeed and TradeSpark employees lost on September 11, 2001. BGC will have offices in London, New York, Tokyo, Hong Kong, Singapore, Geneva and Milan. The spin-off of Cantor Fitzgerald’s global voice brokerage business to create BGC Partners, L.P. will commence October 1, 2004. To learn more, please visit www.bgcpartners.com

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