Court Rules in Favor of eSpeed in Trading Technologies Patent Case

In a Court ruling that has major implications for global futures markets, the U.S. District Court for the Northern District of Illinois ruled on June 20, 2007 that the current and most recent generations of eSpeed, Inc.’s (NASDAQ:ESPD) futures-trading software do not infringe any of the patents being asserted by Trading Technologies International. Although the trial has not yet begun, the court granted summary judgment of non-infringement, which is appropriate when no reasonable jury could find that the patents were infringed by the accused products. The order covers the Dual Dynamic and espeedometer versions of the eSpeed and ECCO products. Howard W. Lutnick, Chairman, CEO and President of eSpeed, said, "In another clear victory for our customers and the broader markets, the Court has again supported our belief that our eSpeed and ECCO products do not infringe the Trading Technologies patents. Our futures business is in a stronger position to satisfy customers’ needs with a suite of innovative new products. We look forward to resolution of the remaining issues, including those related to whether Trading Technologies’ patents are valid.” "With the major portion of Trading Technologies’ tiresome litigation behind us, eSpeed and ECCO are now better positioned to provide customers with even greater flexibility and a variety of user interfaces with which to conduct futures transactions,” said Paul Saltzman, Chief Operating Officer of eSpeed. This ruling follows the Court’s October 31, 2006 claim construction decision, where it rejected Trading Technologies’ interpretation of various terms in the asserted patents. Both the Court’s ruling, and its earlier claim construction decision, support eSpeed’s consistent view that its futures products are not covered by the Trading Technologies patents. 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, 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. Discussion of Forward-Looking Statements The information in this release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as "may,” "will,” "should,” "estimates,” "predicts,” "potential,” "continue,” "strategy,” "believes,” "anticipates,” "plans,” "expects,” "intends” and similar expressions are intended to identify forward-looking statements. The actual results of eSpeed, BGC or the combined company in the merger ("we”, "our” or the "combined company”) and the outcome and timing of certain events may differ significantly from the expectations discussed in the forward-looking statements. Factors that might cause or contribute to such a discrepancy for eSpeed, BGC and/or the combined company include, but are not limited to, the combined company’s relationship with Cantor and its affiliates and any related conflicts of interests, competition for and retention of brokers and other managers and key employees, pricing and commissions and market position with respect to any of our products, and that of the combined company’s respective competitors, the effect of industry concentration and consolidation, and market conditions, including trading volume and volatility, as well as economic or geopolitical conditions or uncertainties. Results may also be impacted by the extensive regulation of our respective businesses and risks relating to compliance matters, as well as factors related to specific transactions or series of transactions, including credit, performance and unmatched principal risk as well as counterparty failure. Factors may also include the costs and expenses of developing, maintaining and protecting intellectual property, including judgments or settlements paid or received in connection with intellectual property or employment or other litigation and their related costs, and certain financial risks, including the possibility of future losses and negative cash flow from operations, risks of obtaining financing and risks of the resulting leverage, as well as interest and currency rate fluctuations. Discrepancies may also result from such factors as the ability to enter new markets or develop new products, trading desks, marketplaces or services and to induce customers to use these products, trading desks, marketplaces or services, to secure and maintain market share, to enter into marketing and strategic alliances, and other transactions, including acquisitions, dispositions, reorganizations, partnering opportunities, and joint ventures, and the integration of any completed transactions, to hire new personnel, to expand the use of technology for screen-assisted, voice-assisted and fully electronic trading and to effectively manage any growth that may be achieved. Results are also subject to risks relating to the proposed Merger, separation of the BGC businesses and the relationship between the various entities, financial reporting, accounting and internal control factors, including identification of any material weaknesses in our internal controls, our ability to prepare historical and pro forma financial statements and reports in a timely manner, and other factors, including those that are discussed under "Risk Factors” in each of eSpeed’s Annual Report on Form 10-K for the year ended December 31, 2006 filed with the SEC on March 15, 2007 and BGC’s Registration Statement on Form S-1 filed with the SEC on February 8, 2007 (Registration No. 333-140531) to the extent applicable. We believe that all forward-looking statements are based upon reasonable assumptions when made. However, we caution that it is impossible to predict actual results or outcomes or the effects of risks, uncertainties or other factors on anticipated results or outcomes and that accordingly you should not place undue reliance on these statements. Forward-looking statements speak only as of the date when made and we undertake no obligation to update these statements in light of subsequent events or developments.