New York, NY/London, UK – December 13, 2005 – BGC, a leading inter-dealer brokerage firm providing integrated voice and electronic services to wholesale fixed income, interest rate, foreign exchange and derivatives markets worldwide, today announced that it will be launching the first integrated voice and electronic U.S. Dollar repo trading platform for the primary dealer community. BGC intends to go live with the platform early in the first quarter of 2006.
During the initial roll-out phase of BGC’s integrated U.S. Dollar repo trading platform, primary dealers will be able to execute and process Overnight and Term Specials, Treasury Bills, and Off-The-Run Treasury repo trades either electronically or through voice broking capabilities. Later in the year, BGC will begin phase two of its roll-out, which will enable primary dealers to execute voice or electronic trades for additional repo asset classes, including General Collateral and Mortgage-Backed Securities. BGC’s integrated U.S. Dollar repo trading platform will be powered by eSpeed, Inc (NASDAQ: ESPD), a leading developer of electronic marketplaces and trading technology for the global capital markets.
Philip Norton, Head of eCommerce for BGC, said, “Launching an integrated voice and electronic U.S. Dollar repo trading platform for the primary dealer community makes perfect sense, as it is a complex market with high volumes requiring fast execution and trade processing. BGC’s proven capability as an inter-dealer voice broker coupled with eSpeed’s leading proprietary trading technology will provide the primary dealer community with a significant value proposition.”
Paul Saltzman, Chief Operating Officer of eSpeed, commented, “Having worked closely with the primary dealer community both here at eSpeed as well as at the Bond Market Association for many years, I understand first hand the important role primary dealers play in the funding markets. eSpeed’s innovative and leading proprietary technology will assist BGC in providing an additional liquidity source to the dealer community and will help to facilitate their funding needs.”
BGC is a leading inter-dealer broker, providing integrated voice and electronic services for wholesale market participants worldwide. BGC is active in the global fixed income, interest rate, foreign exchange and derivative markets, offering both telephone and screen-based price discovery, trade execution, straight-through processing and access to electronic trading services from eSpeed, Inc. (Nasdaq: ESPD). The firm, named after fixed income trading innovator B. Gerald Cantor, has offices in London, New York, Paris, Tokyo, Sydney, Hong Kong, Singapore, Nyon and Milan.
About eSpeed, Inc.
eSpeed, Inc. (NASDAQ: ESPD) is the 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 equities marketplaces. eSpeed’s suite of marketplace tools provides end-to-end transaction solutions for the purchase and sale of financial and non-financial products over eSpeed’s global private network or via the Internet. eSpeed’s neutral platform, reliable network, straight-though 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.
The information in this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of
historical fact may be deemed to be forward-looking statements. Our actual results and the timing of certain events may differ significantly from the results discussed in the forward-looking statements. Factors that might cause or contribute to such a discrepancy include, but are not limited to, the costs and expenses of developing, maintaining and protecting our intellectual property, including judgments or settlements paid or received and their related costs, the possibility of future losses and negative cash flow from operations, the effect of market conditions, including trading volume and volatility, our pricing strategy and that of our competitors, our ability to develop new products and services, to enter new markets, to secure and maintain market share, to enter into marketing and strategic alliances, to hire new personnel, to expand the use of our electronic system, to induce clients to use our marketplaces and services and to effectively manage any growth we achieve, the effects of the attacks on the World Trade Center on September 11, 2001, and other factors that are discussed under “Risk Factors” in eSpeed’s Annual Report on Form 10-K filed with the Securities and Exchange Commission. We believe that all forward-looking statements are based upon reasonable assumptions when made; however, we caution that it is impossible to predict actual results or outcomes or the effects of risks, uncertainties or other factors on anticipated results or outcomes and that, accordingly, you should not place undue reliance on these statements. Forwardlooking statements speak only as of the date when made, and we undertake no obligation to update these statements in light of subsequent events or developments. Actual results and outcomes may differ materially from anticipated results or outcomes discussed in forward-looking statements.
Michael Geller – New York
Timo Kindred – London