Former Navy Secretary John H. Dalton and Realty, Financial Leader M. Anthony Fisher Join Cantor Exchange Board.

NEW YORK--(BUSINESS WIRE)--Feb. 10, 1999--The Cantor Exchange (CX), the nation's first full-time electronic exchange for trading U.S. Treasury futures, today announced the appointment of former Secretary of the Navy John H. Dalton and prominent real estate developer and financier M. Anthony Fisher to its Board of Directors. Mr. Dalton and Mr. Fisher join Susan M. Phillips, former member of The Board of Governors of the Federal Reserve System and Chairman of the Commodity Futures Trading Commissioner, as public directors of the CX. The CX is jointly operated by Cantor Fitzgerald, L.P. and the New York Board of Trade (NYBOT).

Commenting on the appointments, Howard Lutnick, CEO and President of Cantor Fitzgerald, L.P., said: "The addition of two such distinguished public figures and business leaders to the Cantor Exchange Board represents another strong endorsement of this cutting-edge electronic venue for the efficient trading of Treasury futures and its continuing growth as a major futures marketplace."

Mr. Dalton, who was appointed Secretary of the Navy in July of 1993, served through November 1998. He has served with distinction in both the public and private sectors. No stranger to the financial world, he was with the investment banking firm of Stephens Inc. before joining the Clinton administration. Prior to that, he was with the merchant banking firms of Mason Best Company and Best Associates.

Secretary Dalton has also been a Chairman of the Federal Home Loan Bank Board and previously was President of the Government National Mortgage Association (Ginnie Mae). He began his professional career with the investment banking firm of Goldman Sachs & Company in Texas.

"I am very pleased to join the Board of the Cantor Exchange, and I look forward to working with the other outside directors and those who are associated with Cantor Fitzgerald and the New York Board of Trade. I believe this exchange is an exciting new opportunity to enhance the efficiency of the marketplace," Secretary Dalton said of his new appointment.

M. Anthony Fisher is a senior partner with Fisher Brothers, one of the nation's oldest and largest privately-held realty and investment groups. In addition to extensive realty holdings, Mr. Fisher currently serves on the boards of several other companies including The Vitamin Shoppe chain and CBP Resources. He is also a General Partner of FdG Associates, a large buyout firm.

Commenting on his appointment, Mr.Fisher said: "I have long been a believer and a proponent of the efficiencies of the electronic marketplace. I welcome this opportunity to work with the innovators at the Cantor Exchange, the New York Board of Trade and Cantor Fitzgerald to help develop this marketplace in new and dynamic ways."

The two new CX Board members will join current members: Co-Chairman Howard W. Lutnick, President and CEO, Cantor Fitzgerald; Co-Chairman Albert M. Weis, A.M. Weis & Co. Inc; Treasurer Marc A. Brenner, New York Board of Trade; President Joe O'Neill, Executive Vice President and President of Financial Products, New York Board of Trade; Woods E. Eastland, Staplcotn; Douglas B. Gardner, Senior Managing Director, Cantor Fitzgerald; Paul Tudor Jones, Tudor Investment Company; Secretary Stephen M. Merkel, Senior Vice President and General Counsel, Cantor Fitzgerald; Susan Phillips, Dean and Professor of Finance, School of Business and Public Management, George Washington University; Joseph P. Shea, Senior Managing Director, Cantor Fitzgerald; Jan-Willem van der Dorpel, NYAM Options Trading, Inc.; Debra Walton-Collings, Managing Director, Cantor Fitzgerald.

The CX, owned by the NYBOT and its members, is the first electronic exchange for US Treasury futures contracts. CX is operated jointly by the NYBOT and Cantor Fitzgerald. The NYBOT is responsible for oversight and clearing of all trades executed on the CX. Cantor Fitzgerald operates the trading platform, utilizing the trading and distribution systems that have been perfected in Cantor Fitzgerald's highly liquid U.S. Treasury cash market.

The NYBOT 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 (NYFE) affiliates, NYCE offers a wide variety of agricultural, financial and stock-index products to market participants. NYCE trades a number of products on its complimentary 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 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.

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.