Sal Trani Joins BGC Partners, L.P. As Executive Managing

NEW YORK, NY – October 6, 2005 – BGC Partners, L.P., a leading inter-dealer brokerage firm providing integrated voice and electronic services to wholesale fixed income, interest rate, foreign exchange and derivatives markets worldwide, announced today that Sal Trani has joined the Firm as Executive Managing Director. In his new role, Mr. Trani will be responsible for overseeing BGC’s corporate, credit default swap, mortgage backed securities, and equity derivatives desks.

Mr. Trani is a seasoned veteran with over 40 years of experience in the inter-dealer brokerage business and has had a long, distinguished and influential career on Wall Street. Over the span of his career, Mr. Trani has played a leading role in the development and subsequent globalization of the inter-dealer brokerage business from its nascent days of voice brokerage, the establishment of screen based trading and ultimately through the technology of the Internet.

Mr. Trani began his professional career at Stern, Lauer and Co. and later joined Mabon, Nugent and Co. where he was responsible for the development of the Firm’s inter-dealer brokerage operations. Following the renaming of Mabon to Cedar Street Securities Corp, Mr. Trani was appointed Chairman and under his guidance Cedar Street became one of the preeminent inter-dealer brokerage firms in corporate debt securities. Following the acquisition of Mabon by Istituto Mobiliare Italiano (IMI) in 1991, Mr. Trani was appointed Chairman and CEO and later helped to pave the way for the formation of Garban Corporates LLC.

Commenting on Mr. Trani’s appointment, Daniel LaVecchia, President of BGC for North America said, “Sal’s in-depth knowledge of the capital markets coupled with his extensive experience in the inter-dealer brokerage business will be extremely valuable to BGC as we remain focused on expanding our business and providing clients with the best execution and service possible.”

Regarding his appointment, Mr. Trani said, “I am impressed with BGC’s team and the successful relationships its brokers have developed in the capital markets worldwide. This is a great opportunity and I look forward to working closely with BGC to strengthen new and existing relationships within the inter-dealer brokerage community.”

Mr. Trani has an extensive background in community affairs having formerly served as Chairman of the Specialty Firms Committee of the New York Stock Exchange, Inc. and Chairman of the Corporate Bond Division of the Bond Market Association. Mr. Trani is a member of the Board of Trustees of New York University Hospital as well as a member of the Board of the New York City Police and Firefighters Widows and Orphans Fund. He is also a member of the Cardinal’s Committee of the Laity.

Mr. Trani holds both a BS and an MBA from New York University.

About BGC Partners, L.P.

BGC Partners 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, Tokyo, Hong Kong, Singapore, Nyon and Milan. To learn more, please visit

Michael Geller

Timo Kindred