Cantor Spins eSpeed
NEWS RETRIEVAL
Cantor Fitzgerald (www.cantor.com) plans to spin off eSpeed (www.espeed.com), its electronic broking system for cash bonds, futures and repos. According to a recent SEC filing, Cantor expects to raise about $160 million through the sale of 8.5 million shares. If successful, the sale will return up to$50 million to its parent. eSpeed posted a net loss of $6.6 million on revenues of $24 million between March and September 1999, according to the SEC filing.
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