Cantor Fitzgerald Announces New Global Markets Strategies Division; GTS.

NEW YORK--(BUSINESS WIRE)--April 1, 1997--Cantor Fitzgerald today announced the formation of the Global Trading Strategies Division ("GTS") and the appointment of Philip Ginsberg to the position of President, GTS.

The GTS Division will acquire the fixed income dealer businesses from Cantor Fitzgerald including ISG, the firm's Investment Strategies Group.

"In the 12 years since its inception, Cantor Fitzgerald has created a highly-regarded, fixed income sales and trading division serving institutional investors in the U.S., Europe and, more recently, in Asia. In keeping with its growth we have re-organized the unit and given it an independent management structure," said Howard Lutnick, President of Cantor Fitzgerald L.P.

"With the benefit of a separate and dedicated senior management team, GTS will be able to focus exclusively on building its services as a fixed income broker/dealer and the Cantor Fitzgerald management team will dedicate itself entirely to its brokerage operations," added Lutnick.

Phil Ginsberg, formerly Senior Vice President of Cantor Fitzgerald & Co., based in Los Angeles, has returned to New York and will oversee GTS' operations. Ginsberg's global management team includes Chad Elson and Gary Lutnick in New York, Steve Williams, Jerry Levy, Charles Avis in London, Masa Yasuda and John Delaney in Tokyo, Bud Flodeen managing Chicago operations and Greg Richards in structured products services.

Under the re-organization, all Cantor Fitzgerald fixed income dealer personnel will become part of GTS. In New York, GTS will move to its new headquarters at 90 Washington Street.

"GTS's focus will be entirely on fixed income sales and trading activities. With 70 sales people in New York, Chicago, Dallas, London and Tokyo, we are well positioned to give customers round-the clock advice and access to virtually any fixed income market in which they wish to trade," commented Phil Ginsberg, President of GTS.

GTS will clear all trades through various Cantor Fitzgerald entities, which are wholly owned subsidiaries of Cantor Fitzgerald L.P.

In the U.S., GTS is a division of Cantor Fitzgerald & Co.; in Tokyo, a division of Cantor Fitzgerald Shoken Kaisha Ltd.; and in London, GTS is a division of Cantor Fitzgerald International, an SFA regulated entity.

Cantor Fitzgerald L.P. provides a broad spectrum of brokerage and execution services to the global financial markets. Cantor Fitzgerald is the world's largest broker of U.S. Government securities, Eurobonds and sovereign debt and is one of the largest third market equity firms in the United States. The firm also has created wholesale marketplaces for mortgage-backed, municipal and corporate fixed income securities as well as a global presence in emerging markets debt and equities. Headquartered in New York City, Cantor Fitzgerald L.P. employs over 2,200 people in offices throughout the U.S., Europe and Asia.

CONTACT: Cantor Fitzgerald

Debra Walton-Collings, 212/938-7235