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January 6, 2005

eSpeed to remove price improvement feature

Electronic bond trading system eSpeed Inc. has removed its "price improvement" feature for its marketplaces as part of a strategy aimed at facilitating the use of its system.

By CBR Staff Writer

The move may affect the firm’s short-term revenues as shares in the Cantor Fitzgerald unit fell 7.18% this week, but eSpeed anticipates that the exclusion of Price Improvement (PI) will gradually boost its market volumes and bring additional revenue to the company.

Price Improvement offered traders the opportunity to advance their position by slightly improving their bid or offer on the quoted market. Its removal will occur in 30-year Treasuries this week and be eliminated for all other US Treasuries next week.

As a result of extensive discussions and feedback from our clients, we have decided to remove Price Improvement from the eSpeed marketplace, said Paul Saltzman, COO of eSpeed. Removing Price Improvement clears the way for our singular focus on speed of execution, liquidity, and on client service that is second to none.

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