Cantor Fitzgerald and Affiliates Reaffirm Commitment to Business Ethics.

Paul M. Pion Is Named Chief Ethics Officer

NEW YORK -- Cantor Fitzgerald and its affiliates, eSpeed, Inc. (NASDAQ:ESPD) and BGC Partners, have announced that Paul M. Pion, Senior Managing Director, has been appointed to the new role of Chief Ethics Officer, reaffirming the firms' strong commitment to business ethics and integrity of the highest order. Mr. Pion will report directly to Howard W. Lutnick, Chairman and Chief Executive Officer of Cantor Fitzgerald, L.P and Chairman, Chief Executive Officer, and President of eSpeed, Inc., and to Lee Amaitis, Chairman and Co-Chief Executive of BGC Partners.

In making the announcement, Mr. Lutnick said, "Our unwavering commitment to excellence in client service is matched by the fundamental value we place on best-in-class ethics and compliance. Our success depends in great measure on the confidence that our clients, regulators, and the global capital markets have in our reputation for integrity and accountability. I've worked closely with Paul for several years, and am extremely confident that his personal and professional values make him a superb choice for this important new role."

Mr. Pion said, "This role builds upon our culture of integrity, and on the strong fundamentals that are in place, including our code of conduct and business ethics, whistleblower hotline, and other procedures and processes, as we seek to maintain a reputation in the global financial markets for unquestionable integrity and a highly ethical work environment."

Mr. Pion joined Cantor Fitzgerald in 2002, after serving for approximately fourteen years with Deloitte & Touche, most recently as an Audit and Assurance partner focusing on financial services clients. He previously was responsible for directing eSpeed's compliance with the Sarbanes-Oxley Act regarding internal processes and controls, and in addition to his new role, will continue to serve as head of global internal audit for eSpeed. Mr. Pion has been active in professional organizations, and received a B.S. in accounting from the State University of New York at Albany.

Cantor Fitzgerald

Cantor Fitzgerald, L.P. is a leading financial services provider to the institutional equity and fixed income markets, with products and services including sales and trading, investment banking, and asset management. For nearly 60 years, Cantor Fitzgerald, a proven and resilient leader, has been committed to delivering a unique brand of unparalleled trading and distribution services, product expertise, innovative technology and customer service to its clients around the world. For more information, please visit www.cantor.com.

BGC Partners, Inc.

BGC Partners, Inc. ("BGC") is an inter-dealer broker, providing integrated voice and electronic execution and other brokerage services to banks, brokerage houses and investment banks for a broad range of global financial products, including fixed income securities, foreign exchange, equity derivatives, credit derivatives, futures, structured products and other instruments, as well as market data products for selected financial instruments. BGC has offices in New York, Chicago, Los Angeles, London, Toronto, Hong Kong, Paris, Nyon, Milan, Tokyo, Beijing, Singapore, Mexico City, Copenhagen, Melbourne, and Sydney.

eSpeed, Inc.

eSpeed, Inc. (NASDAQ: ESPD) is a leader in developing and deploying electronic marketplaces and related trading technology that offers traders access to the most liquid, efficient and neutral financial markets in the world. eSpeed operates multiple buyer, multiple seller real-time electronic marketplaces for the global capital markets, including the world's largest government bond markets and other fixed income and foreign exchange marketplaces. eSpeed's suite of marketplace tools provides end-to-end transaction solutions for the purchase and sale of financial products over eSpeed's global private network or via the Internet. eSpeed's neutral platform, reliable network, straight-through processing and superior products make it the trusted source for electronic trading at the world's largest fixed income and foreign exchange trading firms and major exchanges. To learn more, please visit www.espeed.com.