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| [December 02, 2004] |
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eSpeed and New York Board of Trade Announce Renegotiated Contract
NEW YORK --(Business Wire)-- Dec. 2, 2004 -- eSpeed, Inc.(Nasdaq: ESPD), a leading developer of electronic marketplaces and trading technology for the global capital markets, and the Board of Trade of the City of New York, Inc. (NYBOT((R))), New York's original futures exchange, announced today the renegotiation of an agreement that originated between Cantor Fitzgerald and the New York Cotton Exchange in 1997.
Under the new agreement, which was executed in the third quarter of 2004 and which will continue through 2017, all previous agreements between the NYBOT/New York Clearing Corporation companies and Cantor Fitzgerald/eSpeed companies have been terminated. As a result of the new agreement, NYBOT is entitled to enter into contracts, combinations, alliances and ventures of any kind with any entity, other than arrangements involving the electronic trading of treasury futures.
Also as a result of the renegotiation, eSpeed is the sole owner of the Cantor Financial Futures Exchange and the Commodity Futures Clearing Corporation of New York. Additionally, NYBOT and eSpeed have agreed that NYBOT will provide processing services for futures contracts or options on futures contracts listed on the Cantor Financial Futures Exchange or other exchange designated by eSpeed. NYBOT made a payment to eSpeed in connection with the transaction and is obligated to make certain subsequent anniversary payments.
About eSpeed, Inc.
eSpeed, Inc. (NASDAQ: ESPD) is a 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.
About NYBOT
The New York Board of Trade(R) is New York's original futures exchange, where the world trades food, fiber and financial products. For well over a century, the New York Board of Trade(R) has provided reliability, integrity and security in a global marketplace for cocoa, coffee, cotton, ethanol, orange juice and sugar, as well as currency and index futures and options. Information about the New York Board of Trade(R) can be found at www.nybot.com and www.nybotlive.com.
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