Court Reverses Jury Decision in eSpeed-Trading Technologies Patent Case

Business Wire, Jan 10, 2008

-- Judge Voids Jury's Finding that eSpeed Willfully Infringed Trading Technologies' Patents --

NEW YORK -- Senior District Judge James Moran of the U.S. District Court for the Northern District of Illinois has ruled that no reasonable jury could find that eSpeed, Inc. (NASDAQ: ESPD) willfully infringed Trading Technologies International's (TT) patents. In his January 3, 2008 order, the judge agreed with eSpeed's motion for a judgment as a matter of law, overturning the jury's October 10, 2007 verdict that certain versions of eSpeed's futures-trading software had infringed TT's patents. The judge also denied TT's motion for enhanced damages, which had been premised upon proof of willful infringement. It is expected the judge will issue a subsequent ruling with respect to whether the amount of the damage award, which the jury had assessed to be $3.5 million, should be reduced.

Howard W. Lutnick, Chairman, CEO and President of eSpeed, said, "This decision clearly validates eSpeed's view that there had been no willful infringement by eSpeed in the case before the court, which addressed a minor three-year old matter involving earlier versions of eSpeed's software covering only the period of August to December 2004." Mr. Lutnick noted there had been no effect on eSpeed's business or suite of products as a result of the October 2007 jury finding, and that all of eSpeed's current products have already been found to not infringe the patents that were litigated. He also noted the U.S. Patent and Trademark Office announced on August 1, 2007 that it would reexamine patents held by Trading Technologies in light of "substantial new questions of patentability", reinforcing eSpeed's view that TT's' patent claims are unsupportable.

The case in question is Trading Technologies International Inc. v. ESpeed Inc., 04cv5312, U.S. District Court for the Northern District of Illinois.

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 foreign exchange marketplaces. eSpeed's suite of marketplace tools provides end-to-end transaction solutions for the purchase and sale of financial products over eSpeed's global private network or via the Internet. eSpeed's neutral platform, reliable network, straight-through 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.

On May 29, 2007, eSpeed announced that it had entered into an Agreement and Plan of Merger, dated as of May 29, 2007 with BGC Partners, Inc. ("BGC Partners"); Cantor Fitzgerald, L.P. ("Cantor"); BGC Partners, L.P., a Delaware limited partnership; BGC Global Holdings, L.P., a Cayman Islands exempted limited partnership; and BGC Holdings, L.P., a Delaware limited partnership pursuant to which eSpeed will acquire BGC Partners through a merger of BGC Partners with and into eSpeed. For more information, see eSpeed's Report on Form 8-K dated May 29, 2007, and its preliminary proxy statement dated December 28, 2007, as well is its definitive proxy statement when it becomes available.

Important Information

In connection with the proposed Merger, the Company filed a preliminary proxy statement on December 28, 2007, and intends to file a definitive proxy statement and related materials with the U.S. Securities and Exchange Commission (the "SEC") for the meeting of stockholders to vote on the proposed Merger. BECAUSE THOSE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION, HOLDERS OF THE COMPANY'S COMMON STOCK ARE URGED TO READ THEM CAREFULLY, IF AND WHEN THEY BECOME AVAILABLE. The preliminary proxy statement and related materials are, and the definitive proxy statement, when it becomes available, will be available for free (along with any other documents and reports filed by the Company with the SEC) at the SEC's website, www.sec.gov, and at the Company's website, www.espeed.com.

Participant Information

The Company and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the Company's stockholders in connection with the proposed Merger. Certain information regarding the participants and their interests in the solicitation are set forth in the Company's Annual Report on Form 10-K/A for the year ended December 31, 2006, which was filed with the SEC on August 23, 2007, and is set forth in the preliminary proxy statement filed with the SEC on December 28, 2007, and will be set forth in its definitive proxy statement when it becomes available for the Company's meeting of stockholders to vote on the proposed Merger. Stockholders may obtain additional information regarding the proposed Merger by reading the preliminary proxy statement and the definitive proxy statement and the related materials relating to the proposed Merger when they become available.