Cantor Exchange Activates Keyboard Access

Signaling a major milestone in the transformation of the exchange markets to the electronic arena, Cantor Exchange (CX) on April 6 activated keyboard access to the Cantor Exchange. The New Interactive Cantor Speed system is the first electronic trading system to provide simultaneous electronic access to both the U.S. Treasury cash and futures markets. Authorized traders may now execute U.S. Treasury futures on the Cantor Exchange and U.S. Treasury cash at Cantor Fitzgerald via the same electronic keyboard. Direct keyboard access will not replace Terminal Operators. Instead, CX will provide a choice of electronic or voice access, or a unique combination of the two. Regardless of the mode of execution, all trades are executed in a single efficient liquidity pool. The electronic trading access was activated by United States Congresswoman Carolyn Maloney (D-NY) in a ceremonial "electronic ribbon cutting". Congresswoman Maloney said, "The Cantor Exchange ensures that the United States stays at the cutting edge of the financial industry and makes certain that no matter what the rest of the world does, New York City will still be it's financial center." One of the first fully electronic trades was executed today at International Trading Group (ITG), a Northfield, Illinois based proprietary trading firm specializing in markets that can be electronically accessed. This trade was transmitted live via video link from ITG in Northfield to Cantor Fitzgerald headquarters in New York. Cantor Speed is available from CX as a stand-alone terminal, or via an Application Programming Interface (API) which enables the Direct Access Trader to integrate the application into their own desktop. Cantor Exchange is also working with third party vendors to integrate Cantor Speed access, via the API, into their systems. Current certified vendors include Automated Securities Clearance Ltd., a Sungard data systems company and QV Trading Systems, Inc. "The Cantor Speed API offers Clearing Members a unique opportunity to package CX access with their own proprietary desktops and offer it to their customers," said Howard Lutnick, Co-Chairman of the Cantor Exchange and President and CEO of Cantor Fitzgerald. "This offers Clearing Members the ability to significantly enhance customer access and speed of execution while at the same time rationalizing costs," added Lutnick. Clearing Members and FCM's can make electronic access available to their customers over their proprietary network or the Internet. Customers wishing to trade electronically should contact their FCM or visit the Cantor Exchange website at cx.cantor.com. Albert M.Weis, Co-Chairman of the Cantor Exchange and Chairman of the New York Board of Trade said, "Starting today, significant cost savings can be realized from futures execution on CX by clearing members using electronic or voice access." The Cantor Exchange is owned by the New York Board of Trade (NYBOT) and its members. The NYBOT is responsible for self-regulatory oversight and clearing of all trades executed on CX. Cantor Fitzgerald operates the trading platform for CX, utilizing the trading and distribution systems that have been perfected in Cantor Fitzgerald's highly liquid US Treasury cash market.