Cantor Fitzgerald’s Institutional Equities Division Names Director Of Listed Trading

NEW YORK, NY, January 28, 2003 – Cantor Fitzgerald, the leading financial intermediary in the fixed income and equity markets with operating units involved in a variety of market-based business initiatives, today announced that its Institutional Equities Division has named Mr. Edward J. Laux Senior Vice President, Head of Listed Trading. The Division also named Mr. Paul Leddy Senior Sales Trader. Both appointments are effective immediately. [br][br]As Director of Listed Trading at Cantor Fitzgerald, Mr. Laux will be responsible for all listed trading operations as well as developing new institutional client relationships. Mr. Laux is a twenty-two year veteran of institutional equity trading, most recently serving as a Partner and Head of Trading at Kevin Dann & Partners. From 1995 to 2001, Mr. Laux served as Head of Equity Trading at ABN Amro, following its acquisition of Chicago Corp., where he was credited with establishing a successful institutional equities trading operation in New York. Prior to ABN Amro, Mr. Laux held various positions in the Equities Division of Kidder Peabody, including Co-Head of Institutional Trading. [br][br]As Senior Sales Trader, Mr. Leddy will focus on developing equity sales from Cantor Fitzgerald’s Shrewsbury, New Jersey location. Before joining Cantor Fitzgerald’s Institutional Equities Division, Mr. Leddy was a top wwwucer at Morgan Stanley, where he worked for eleven years as an equities trader. [br][br]Philip Marber, President and CEO of Cantor Fitzgerald’s Institutional Equities, noted, “We are pleased to continue to rebuild our trading operations with the highest caliber of seasoned financial professionals. The deep client relationships and extensive listed trading experience that Messrs. Laux and Leddy bring to Cantor Fitzgerald’s Institutional Equities Division will be integral to our further expansion of equity execution capabilities.” [br][br]Cantor Fitzgerald’s Institutional Equities Division is one of the largest third market trading firms on Wall Street, with a global client base of over 4,000 major institutional investors and corporations. [br][br]About Cantor Fitzgerald[br][br]Cantor Fitzgerald is a financial services firm with operating units that are involved in a variety of marketbased business initiatives. From its position as a leading financial intermediary in the equity and fixed income markets, Cantor has expanded the scope of its business to include investment banking, energy brokerage, telecom brokerage, CO2 emissions trading and electronic trading technology. Cantor’s experience and expertise in the financial markets and its legacy of innovation in technology benefit institutional investors and traders around the world. For the next five years, Cantor Fitzgerald will share 25% of its profits with the families of the Cantor, eSpeed and TradeSpark colleagues that were lost on September 11, 2001. These profit distributions, that would have otherwise been distributed to the partners, will cover 10 years of health insurance costs for all families and provide each of those families with an additional minimum payment of $100,000 each. [br][br]Media Contact: [br][br]Tom Ryan Cantor Fitzgerald 212-610-2425

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