Cantor Fitzgerald Strengthens Equities Trading Execution Capabilities

Cantor Fitzgerald & Co. today announced that it is strengthening
its equities trading business with the appointment of Edward Laux,
currently Head of Listed Trading, to the new role as Head of Trading
in the U.S. In addition, William Clark, senior OTC trader, along with
Michael Ferry, who is joining Cantor, have been named to the new
positions of Co-heads of OTC Trading. Tony Manzo, who has served as
Managing Director of OTC Trading, is retiring from that position, and
will continue to serve Cantor's equities trading team in a consulting
role.

In announcing the appointments, Philip Marber, President and CEO
of Cantor Fitzgerald Equity Capital Markets, said, "Ed Laux's deep
knowledge of the marketplace and unwavering commitment to outstanding
service and execution, combined with his leadership strengths, make
him an ideal choice to take on his new role as Head of Trading in the
U.S. We look forward to Ed's further contributions in meeting our
clients' needs and driving the growth of our business."

Mr. Marber added, "We are indebted to Tony for his deep
commitment, passion and vigor in growing our business over the past
six years. His work in re-building the OTC Desk after 9/11 is a
testament to his dedication and skill."

"As we marshal our resources in new ways to create greater
efficiencies in serving our clients," Mr. Marber said, "Billy Clark
will leverage his proven trading skills in the new role as Co-head of
OTC Trading. In Billy's six years with Cantor, he's demonstrated time
and again the ability to help clients achieve their strategic
objectives. Adding further to our team, we're also delighted to
welcome Michael Ferry to Cantor as Co-head of OTC Trading. Mike brings
a strong record of outstanding client service and exceptional
effectiveness in trading execution."

About Cantor Fitzgerald, L.P.

The Equity Capital Markets business of Cantor Fitzgerald & Co., a
leading global financial services firm, is one of the world's largest
third-market brokers. Known for efficiency and effectiveness of
execution and cross-ratios, Cantor Fitzgerald Equity Capital Markets
offers clients trading services in exchange-traded and
over-the-counter cash equities, equity and index options, convertible
and structured products, and risk arbitrage, program trading, and
stock lending services. Combined with Cantor's broad distribution
network and global trading platform, our U.S. equity research adds
value and visibility to small and mid-cap companies in key sectors of
the economy.

The Cantor Fitzgerald franchise includes institutional equity and
fixed income sales and trading, investment banking, private equity,
and asset management, as well as other businesses and ventures. For
nearly 60 years, Cantor Fitzgerald, a proven and resilient leader, has
been committed to delivering a unique brand of unparalleled product
expertise, innovative technology and customer service to its clients
around the world.

For more information, please visit www.cantor.com.

Note to Editors: Cantor Fitzgerald, L.P. is the parent company of
Cantor Fitzgerald & Co.