Cantor Fitzgerald Named Top Broker of Caps, Floors, Swaptions in Annual Global Polling By Leading Derivatives Trade Publication.

NEW YORK--(BUSINESS WIRE)--Oct. 13, 1997--Cantor Fitzgerald's global leadership in brokering U.S. dollar-denominated caps, floors, and swaptions has been formally certified in the l997 annual polling results just announced by an international trade publication covering the derivatives markets.

U.K.-based Risk Magazine reports Cantor Fitzgerald was voted "best broker in U.S.$ caps/floors/swaptions" in the publication's annual ranking of banks, brokers, and derivative dealers around the globe. The criterion for the award was "overall excellence" across the range of currencies in a specific product or group of products. JP Morgan was named the top dealer in the same category.

More than 300 banks, brokers, and dealers, worldwide, were polled by Risk in this year's rankings. For each instrument and currency, voters were asked to rank the top three banks and the best broker based on specific criteria including tight pricing, market-making reliability and liquidity (especially in volatile markets), innovation, and speed of transaction. Respondents could not vote for themselves.

Cantor Fitzgerald's first-place finish was particularly notable, according to the publication, since the firm only entered this highly-competitive derivatives sector less than two years ago.

Commenting on the award, John Bocchi, who heads up the desk brokering caps, floors, and swaptions at Cantor Fitzgerald Securities with Peter Rogers, said: "We continuously strive to provide the best possible prices and trade execution for our institutional clients. The depth of our product knowledge and a commitment to building long-term relationships with those clients is what enables us to consistently maintain this level of service."

Cantor Fitzgerald, L.P. provides a broad spectrum of institutional brokerage and execution services to the global financial markets. It is the world's largest broker of U.S. government securities, Eurobonds, and international sovereign debt and is one of the largest third-market equity firms in the U.S. The firm also actively brokers mortgage-backed, municipal and corporate fixed income securities as well as emerging markets debt, futures and options. Headquartered in New York City, Cantor Fitzgerald currently employs more than 2,300 people in offices throughout the U.S., Europe, and Asia.

CONTACT: Cantor Fitzgerald, L.P., New York

Debra Walton-Collings, 212/938-7235