WALL STREET MUGGER

WALL STREET MUGGER

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Espeed Inc., the electronic bond trading system that Cantor Fitzgerald is spinning off in a partial IPO, proves yet again that old-timers in this business can continue to give birth to some valuable babies. According to the prospectus for the IPO, due this week, Espeed Inc. would have a market valuation of more than $1 billion, based on an estimated $18 per share. Espeed is selling six million shares in the offering, with Cantor retaining 2.5 million. Espeed will receive between $98 million and

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