Cantor Fitzgerald Readies Screens for Start of Electronic Futures Trading.

NEW YORK CITY--(BUSINESS WIRE)--Aug. 6, 1998--In preparation for the launch, by September 8, 1998, of electronic U.S. Treasury futures trading on the new Cantor Financial Futures Exchange (CFFE), Cantor Fitzgerald said today it has completed a system-wide conversion of its U.S. Treasury screens to accommodate real-time data on the new CFFE futures contracts. The changes will enable thousands of Cantor Fitzgerald's proprietary "Speed Screens" to immediately display information on CFFE futures contracts as soon as trading begins.

"With this new screen format in place, real-time prices on U.S. Treasury futures contracts will instantly be available to all customers of the CFFE," said Debra Walton, managing director. "This will help to ensure a highly liquid market for CFFE contracts from day one."

"Cantor Fitzgerald's U.S. Treasury cash customers wishing to trade U.S. Treasury futures on the CFFE will easily and conveniently see cash and futures prices side by side on the screens. They will be able to execute cash and futures trades with a single phone call," added Stuart Fraser, executive managing director of Cantor Fitzgerald.

Earlier this year the Board of Trade of the City of New York, applied to the Commodity Futures Trading Commission (CFTC) for approval to use the Cantor Fitzgerald electronic trading platform to start a new electronic futures exchange, the CFFE, to initially trade U.S. Treasury futures. This week, the CFFE announced that, subject to CFTC approval, it will commence trading by Tuesday, September 8, 1998.

The Board of Trade of the City of New York is the parent company of the Coffee, Sugar & Cocoa Exchange (CSCE) and the New York Cotton Exchange (NYCE). Founded in 1870, the NYCE is the oldest futures exchange in New York. With its Citrus Associates, FINEX and New York Futures Exchange affiliates, NYCE offers a wide variety of agricultural, financial and stock-index products to market participants. NYCE trades a number of products on its complementary trading floor in Dublin. Founded in 1882, the CSCE is the world's leading marketplace for futures trading in coffee, sugar and cocoa and, since 1993, an innovator in futures and options trading in dairy products.

Cantor Fitzgerald provides a broad spectrum of institutional brokerage and execution services to the global financial markets. It operates the world's largest electronic marketplace for G-10 sovereign debt, emerging markets, and Eurobonds and is also one of the largest "third-market" equity operations in the U.S. stock market. Headquartered in New York City, Cantor Fitzgerald currently employs more than 2,200 people in offices throughout the U.S., Canada, Europe, and Asia, serving the world's largest banks and securities houses.

Sample copies of new screen format are available by calling Murlet Henry at The Dilenschneider Group [phone].

CONTACT: Debra Walton-Collings Art Gormley

Cantor Fitzgerald, L.P. The Dilenschneider Group

[phone] [phone]

Terence Gordon

The Board of Trade

of the City of New York

[phone]