Buy-Side Traders in Both Listed and Nasdaq Stocks Rank Cantor Fitzgerald's "Morning News" No.1; Independent Study by Reuters Puts "Cantor's Morning News" on Top

Business Wire, August 2, 1999

NEW YORK--(BUSINESS WIRE)--Aug. 2, 1999--

The 1999 Reuters Survey of the 150 largest institutional investors in large cap equities has announced that "Cantor Fitzgerald The Morning News" (CF Morning News) was rated the No.1 daily information sheet by buy-side traders in both listed and Nasdaq equities. "CF Morning News" is an information service that distills and summarizes key market data, trends and news likely to impact global stock and bond markets. "Cantor Fitzgerald The Morning News" draws much of its unique content from Cantor Fitzgerald's Equity Institutional Sales and Trading Division, one of the largest "third market" equity operations in the U.S. stock market.

Sponsored by Reuters and compiled by Tempest Consultants, Inc., the survey was conducted from April to June of this year. The nearest information sheet ranked by traders of listed equities was almost 12 percentage points behind "Cantor Fitzgerald The Morning News". On the Nasdaq side of the survey, the nearest competitor of "CF Morning News" was more than 17 percentage points behind. "CF Morning News" combines information from a variety of real-time and historical market sources to provide customers with information and analytics they need to make quality trading decisions.

"CF Morning News" has been distributed every business morning since 1995 via fax to over 1,000 fund managers, analysts, portfolio managers and institutional traders. It can also be accessed through the Internet for a fee at www.mornnews.com. "CF Morning News" includes the following:

- Summaries of information from leading financial publications;

- Detailed investment commentary by Cantor Fitzgerald's in-house

analysts featuring Bill Meehan, the Firm's highly respected Chief

Market Strategist and one of the most often quoted analysts on

Wall Street;

- International equities coverage provided by Steven Nagourney,

Cantor Fitzgerald's equally respected International Equities

Strategist.

- Expected earnings (provided by respected industry sources) and

summaries of economic data, company earnings releases and major

stock index benchmarks;

- Rankings of current and upcoming IPOs based on surveys of

institutional supply and demand preferences;

- a listing of all major investment meetings, analyst meetings,

conference calls and trade shows for the day;

- Summaries of overnight earnings announcements, enabling

subscribers to assess the positive or negative impact of any

developments before the market opens;

- An overview of U.S. government securities trading activity and

reactions to breaking stories and economic releases.

Anyone interested in subscribing to "CF Morning News" should contact Gary Lambert of Cantor Fitzgerald at 1-888-777-0180. The publication is produced by Cantor Fitzgerald & Co. and edited by Steve Montano.

Cantor Fitzgerald provides a broad spectrum of institutional brokerage and execution services to the global financial markets. It operates the world's largest electronic marketplace for G10 sovereign debt, emerging markets, and Eurobonds. It is also one of the largest "third market" equity operations in the U.S. stock market. The Cantor Exchange (CX) is a joint venture of Cantor Fitzgerald and the New York Board of Trade. Cantor Fitzgerald operates the trading platform for CX, utilizing the trading and distribution systems that have been developed in Cantor Fitzgerald's highly liquid U.S. Treasury cash market.

Cantor Fitzgerald & Co. is a member of NASD and SIPC.