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
Cantor Cuts Ties to eSpeed, BGC
Howard Lutnick, chairman of Cantor Fitzgerald, eSpeed, and BGC Partners   (Business Week)

(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. (Read more Cantor Fitzgerald stories.)

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