Cantor Fitzgerald Acquires Leading Municipal Bond Broker; U.S. Municipal Bond Business Will Migrate to eSpeed Trading Platform.Business Editors NEW YORK--(BUSINESS WIRE)--July 6, 2000 Cantor Fitzgerald Cantor Fitzgerald L.P. is a global financial services firm specializing in bond trading, as well as investment banking, asset management, market data and brokerage services. Partners today announced it has signed an agreement to acquire for cash certain assets of Municipal Partners, Inc. (MPI MPI - Message Passing Interface ), a New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of based broker-dealer specializing in the brokerage of U.S. municipal bonds. In addition, eSpeed, Inc., whose electronic trading platform powers all of Cantor Fitzgerald's markets, has agreed to issue MPI Class A Common Stock to facilitate the transaction and as an incentive to migrate the business to the eSpeed electronic trading platform. Closing of the transaction is expected to occur in several weeks. "The strategic acquisition of Municipal Partners, Inc. increases our share of the U.S. municipal bond market and expands our product line," said Joseph Shea, Executive Managing Director of Cantor Fitzgerald. "MPI's market strengths strongly complement our own position and we expect this acquisition will serve to broaden our market share," Mr. Shea added. Frederick T. Varacchi, eSpeed President and COO said, "We believe by aiding in the execution of this strategic acquisition we, together with Cantor Fitzgerald, will create a stronger presence in the municipal bond market and will advance our plan to migrate the Cantor Fitzgerald municipal bond business to the eSpeed system." eSpeed, Inc. is a leading provider of real-time business-to-business electronic marketplaces. Brian Kelly, President of Municipal Partners, Inc. said, "We are pleased to be part of a deal that joins us with the history and market expertise of Cantor Fitzgerald and the industry leading technology of the eSpeed trading platform. Municipal Partners has established a commanding reputation in the municipal bond business and we're proud to join our record of success with the proven leadership of Cantor Fitzgerald." Municipal Partners currently has offices in New York, Los Angeles and Boca Raton, Fla. The staff in New York and Los Angeles are expected to relocate to Cantor Fitzgerald's offices in those cities. The office in Florida will continue to operate in its present location. About Cantor Fitzgerald Cantor Fitzgerald is a global financial services firm, providing a broad spectrum of institutional brokerage and execution services to the financial markets. Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , Cantor Fitzgerald currently employs more than 1,700 people in offices throughout the U.S., Canada, Europe and Asia, serving the world's largest banks and securities houses. For more information on Cantor Fitzgerald visit http://www.cantor.com/. Cantor Fitzgerald & Co., one of the Cantor Fitzgerald group of companies, is one of the largest "third market" equity operations in the United States. The Institutional Sales & Trading Department (ITD ITD Idaho Transportation Department ITD Information Technology Division (at NRL) ITD Information Technology Division (MMDS) itd I Tak Dalej (Polish: And So On) ) enables institutional investors to access listed and over-the-counter equity markets in the United States, Europe, the Far East and Latin America. ITD also provides outstanding execution services for participants in the equities and convertible securities markets. The Global Lending & Finance Department of Cantor Fitzgerald & Co. enables financial institutions to use their assets more effectively by providing comprehensive and flexible finance and lending services. Cantor Fitzgerald & Co. is a member of NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). and SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. . About eSpeed, Inc. eSpeed, Inc. (Nasdaq:ESPD ESPD Enfants En Situation Particulièrement Difficile (French) ESPD Engine Shutdown Protective Device ) operates multiple buyer/multiple seller real-time B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business electronic marketplaces. eSpeed's suite of marketplace tools provides end-to-end transaction solutions for the purchase and sale of products via the Internet or over eSpeed's global private network. eSpeed currently provides the infrastructure for most of the world's fixed income marketplaces, transacting over $150 billion of financial instruments daily. eSpeedSM technology also powers the Cantor ExchangeSM, the first fully electronic futures exchange Futures Exchange Traditionally, a term referring to a central marketplace where futures contracts and options on futures contracts are traded. More recently, with the growth in electronic trading, it is also used to describe the activity of futures trading itself. in the United States. eSpeed is headquartered in New York. Additional information on eSpeed is available via the Internet at http://www.espeed.com. Statements contained in this Press Release which are not historical facts are forward-looking statements, as the term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to: the limited operating history of eSpeed, Inc., its expected incurrence of future losses and negative cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses for the foreseeable future, its ability to enter into marketing and strategic alliances, to effectively manage its growth, to expand the use of its electronic systems, and to induce customers to use its marketplaces and services and other factors that are discussed in eSpeed's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion