eSpeed And New York Board Of Trade Announce Renegotiated Contract

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®), 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.