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Cantor Cuts Ties to eSpeed, BGC

Bond trading firm moves to settle conflict-of-interest complaints of investors

By Ben Worthen,  Newser User

Posted May 30, 2007 11:41 AM CDT
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(Newser) – Cantor Fitzgerald, following conflict-of-interest complaints from investors, is planning to distance itself from the brokerage and online trading firms it controls. The deal will create a new company, a merger of eSpeed and BGC Partners. 

Cantor, the bond-trading firm that lost hundreds of employees on 9/11, will retain voting control over the new company, but lose profit-sharing that has been a sticking point with investors.

Howard Lutnick, chairman of Cantor Fitzgerald, eSpeed, and BGC Partners
Howard Lutnick, chairman of Cantor Fitzgerald, eSpeed, and BGC Partners   (Business Week)
Robert Chapman Jr., the activist stockholder who is pushing Cantor to cut its ties with eSpeed and BGC
Robert Chapman Jr., the activist stockholder who is pushing Cantor to cut its ties with eSpeed and BGC   (Michael Justice, Wall Street Journal)
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investors • Cantor Fitzgerald • online trading • merger • bond trading • eSpeed • BGC Partners

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