eSpeed to Hold Special Meeting of Stockholders to Vote on Merger with BGC

  
    
  
  
    
      eSpeed, Inc. (NASDAQ: ESPD), a leading developer of electronic 
      marketplaces and related trading technology for the global capital 
      markets, today announced that it will hold a special meeting of 
      stockholders on Friday, March 14, 2008, at 10:00 a.m. EST at its 
      executive offices on the 3rd floor of 499 Park 
      Avenue in New York City.
    
    
      At this special meeting, eSpeed will ask its stockholders to adopt the 
      merger agreement with BGC Partners Inc., and the related transactions 
      contemplated thereby, as well as to consider the matters described in 
      the definitive proxy statement and related materials filed on February 
      11, 2008 with the U.S. Securities and Exchange Commission. The 
      definitive proxy statement and related materials are 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.
    
    
      Investors wishing to attend the meeting in person should RSVP to Nneoma 
      Njoku in eSpeed Investor Relations by 5 PM EST on March 13, 2008, by 
      calling 212-610-2297 or by emailing her at [e-mail] 
      with “merger meeting” 
      in the subject line.
    
    
      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 definitive proxy 
      statement dated February 11, 2008.
    
    
      About BGC
    
    
      BGC is a leading inter-dealer broker, providing integrated voice and 
      electronic execution and other brokerage services to banks, brokerage 
      houses and investment banks for a broad range of global financial 
      products including fixed income securities, foreign exchange, equity 
      derivatives, credit derivatives, futures, structured products and other 
      instruments. This is complemented by market data products for selected 
      financial instruments. Named after fixed income trading innovator B. 
      Gerald Cantor, BGC has offices in London, New York, Copenhagen, 
      Istanbul, Nyon, Paris, Mexico City, Toronto, Hong Kong, Seoul, 
      Singapore, Sydney, Tokyo, Beijing (representative office). To learn 
      more, please visit www.bgcpartners.com.
    
    
      Important Information
    
    
      In connection with the proposed Merger, the Company filed a definitive 
      proxy statement on February 11, 2008 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 CONTAIN IMPORTANT INFORMATION, HOLDERS OF THE COMPANY’S 
      COMMON STOCK ARE URGED TO READ THEM CAREFULLY. The definitive proxy 
      statement and related materials are 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 definitive proxy 
      statement filed with the SEC on February 11, 2008 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 definitive proxy statement and the related materials relating to the 
      proposed Merger.
    
    
      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 and 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 eSpeed’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 in the definitive proxy statement filed with the SEC on 
      February 11, 2008.
    
    
      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.