Cantor Fitzgerald names Joseph Shea Senior Managing Director.

NEW YORK--(BUSINESS WIRE)--March 26, 1997--Cantor Fitzgerald L.P. today announced the appointment of Joseph Shea, 42, to the position of Senior Managing Director.

Mr. Shea, who joined Cantor Fitzgerald in August, l989 as a managing director, guided its very successful corporate bond brokerage business, which tripled in volume under his stewardship.

In his new position, he will assume additional management responsibilities for the firm's expanding interest rate derivatives, mortgage-backed securities, and equity screen brokering businesses.

Commenting on the appointment, Cantor Fitzgerald President Howard W. Lutnick said: "Joe Shea is one of our top skilled professionals who played a central role in the dramatic growth of Cantor Fitzgerald during the l990s as the firm moved more aggressively into new financial market sectors from its base as the world's leading U.S. government securities brokerage firm."

A graduate of Georgetown University where he earned a Bachelor of Science degree in marketing, Mr. Shea began his Wall Street career with KMS Corporate Brokers of New York City, rising to the position of managing director before joining Cantor Fitzgerald. He resides in Pelham Manor, New York with his wife and four children.

Cantor Fitzgerald L.P. provides a broad spectrum of institutional 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 one of the largest equity third market firms in the U.S. The firm also actively brokers mortgage-backed, municipal and corporate fixed income securities as well as emerging markets and futures. Headquartered in New York City, Cantor Fitzgerald currently employs over 2,200 people in offices throughout the U.S., Europe, and Asia.

CONTACT: Debra Walton-Collings

Cantor Fitzgerald, L.P.

212/938-7235