Kevin Foley, who as President of eSpeed, played a significant role in creating and expanding electronic marketplaces and products, will drive this initiative as President and CEO of Aqua and relinquish his role at eSpeed.

Howard W Lutnick, Chairman, Chief Executive Officer and President of eSpeed, said, "Our innovative, proprietary trading technology, and the experience that Kevin and his team bring to the equities market, represents a powerful combination of assets. I am pleased that Kevin is leading this new thrust in yet another example of our commitment to create solutions that meet our clients' needs." Mr Lutnick will assume the title of President of eSpeed.

Mr Foley said, "The marketplace is telling us in no uncertain terms that there continues to be demand for new ways to access block liquidity. Institutions and brokers the world over are attracted by the opportunity to access unique, untapped pools of new liquidity, and Aqua will deliver what the marketplace wants."

eSpeed and its affiliate, Cantor Fitzgerald, are contributing financial, professional, and technology assets to the new business, which will be owned by Cantor Fitzgerald and eSpeed. The Aqua team consists of seasoned equity professionals from eSpeed as well as others who previously worked with Mr Foley. M Foley indicated that Aqua expects to offer selected strategic business partners the opportunity to invest in the company. Aqua also is expected to seek necessary regulatory approvals globally to operate an alternative trading system.

At eSpeed, Mr Foley has focused on developing new products. From 1995 to 2004 he was CEO of Bloomberg Tradebook, an innovative global institutional electronic brokerage he founded. He also served as Global Head of Electronic Trading for Bloomberg, responsible for electronic trading applications for equities, fixed income, energy and foreign exchange markets. Previously, Mr. Foley was a US government bond trader for Drexel Burnham Lambert.