Cantor Fitzgerald

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Cantor Fitzgerald, L.P.
TypePrivate
IndustryInvestment Services
Founded1945
HeadquartersNew York City, New York, U.S.
Key peopleHoward W. Lutnick (Chairman & CEO)[1]
Stuart Fraser (Vice Chairman)[2]
Shawn Matthews (CEO, Cantor Fitzgerald & Co.)[3]
ProductsFinancial Services
Investment Banking
Websitecantor.com
 
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Cantor Fitzgerald, L.P.
TypePrivate
IndustryInvestment Services
Founded1945
HeadquartersNew York City, New York, U.S.
Key peopleHoward W. Lutnick (Chairman & CEO)[1]
Stuart Fraser (Vice Chairman)[2]
Shawn Matthews (CEO, Cantor Fitzgerald & Co.)[3]
ProductsFinancial Services
Investment Banking
Websitecantor.com

Cantor Fitzgerald, L.P. is a financial services firm. Founded in 1945, Cantor is a capital markets investment bank serving more than 5,000 institutional clients. The firm specialises in institutional equity, fixed income sales and trading, and serving the middle market with investment banking services, prime brokerage, and commercial real estate financing. The firm is also active in new businesses including advisory and asset management services, gaming technology, e-commerce, and other ventures.

Cantor Fitzgerald & Co. is one of 21 primary dealers authorized to trade U.S. government securities with The Federal Reserve Bank of New York.

Cantor Fitzgerald's 1,600 employees work in over 30 locations, including major financial centers in the Americas, Europe, Asia/Pacific, and the Middle East. Together with affiliates, Cantor operates in over 60 offices in 20 countries and has over 8,500 employees.

In 2011, Cantor's affiliate BGC Partners expanded into commercial real estate services through its purchase of Newmark Knight Frank and the assets of Grubb & Ellis to form Newmark Grubb Knight Frank.

History[edit]

Cantor Fitzgerald, formed in 1945 by Bernard Gerald Cantor and John Fitzgerald, as an investment bank and brokerage business, became known for its computer-based bond brokerage[citation needed], the quality of its institutional distribution business model[citation needed], and as the market’s premier dealer of government securities.[citation needed]

In 1965, Cantor Fitzgerald began “large block” sales/trading of equities for institutional customers. Cantor Fitzgerald became the world’s first electronic marketplace for U.S. Government Securities in 1972 and shortly thereafter, the firm became the first to offer worldwide screen brokerage services in U.S. Government Securities in 1983.

In 1991, Howard Lutnick was named President & CEO of Cantor Fitzgerald and Chairman in Cantor Fitzgerald L.P. in 1996.

On September 11, 2001, the firm lost 658 of its 960 New York employees in the World Trade Center attacks. Since 9/11, the firm worked to rebuild and establish a new global headquarters in Manhattan. Two years after 9/11, Cantor Fitzgerald launched its fixed income sales and trading group.

In 2006 the U.S. Federal Reserve added Cantor Fitzgerald & Co. to its Primary Dealer list. In 2009, Cantor Fitzgerald launched Cantor Prime Services, a provider of multi-asset, Prime Brokerage platform exploiting the clearing, financing and execution capabilities of the firm.

Cantor Fitzgerald began building its real estate business with the launch of Cantor Commercial Real Estate in 2010.

September 11 attacks[edit]

One World Trade Center, the building with the antenna to the left, included the corporate headquarters of Cantor Fitzgerald.

Cantor Fitzgerald's corporate headquarters and New York City office,[4][5] on the 101st–105th floors of One World Trade Center in Lower Manhattan (2–6 floors above the impact zone of a hijacked airliner), were destroyed during the September 11, 2001 attacks. Seconds after Cantor's tower was struck by the plane, a Goldman Sachs server issued an alert saying that its trading system had gone offline because it wasn't able to connect with a Cantor server.[6][7][8] Cantor Fitzgerald lost over two-thirds of its workforce, considerably more than any of the other World Trade Center tenants or the New York City Police Department and New York City Fire Department. CEO and chairman Howard Lutnick, whose brother was among those killed, vowed to keep the company alive, and the company was able to bring its trading markets back online within a week. On September 19, Cantor Fitzgerald made a pledge to distribute 25 percent of the firm's profits for the next five years, and committed to paying for ten years of health care, for the benefit of the families of its 658 former Cantor Fitzgerald, eSpeed, and TradeSpark employees (profits which would otherwise have been distributed to the Cantor Fitzgerald partners).[9] In 2006, the company completed its promise, having paid a total of $180 million[9] (and an additional $17 million from a relief fund run by Lutnick's sister, Edie).[10]

Before the attacks, Cantor handled about one-quarter of the daily transactions in the multi-trillion dollar treasury security market. Cantor has since rebuilt its infrastructure, thanks in part to the efforts of its London office,[11] and now has its headquarters in midtown Manhattan. The company's effort to regain its footing is the subject of Tom Barbash's 2003 book On Top of the World: Cantor Fitzgerald, Howard Lutnick, and 9/11: A Story of Loss and Renewal.

On September 2, 2004, Cantor filed a civil lawsuit against the Kingdom of Saudi Arabia for allegedly providing money to the hijackers and Al Qaeda, one of a number of organizations to do so.[12] It was later joined in the suit by the Port Authority of New York.[13] Most of the claims against Saudi Arabia were dismissed on January 18, 2005.[14]

In December, 2013, Cantor Fitzgerald settled its lawsuit against American Airlines for $135 million. Cantor Fitzgerald was suing for loss of property and interruption of business, alleging the airline was negligent by allowing hijackers to board Flight 11.[15]

Philanthropy[edit]

Edie Lutnick is also the Author of An Unbroken Bond: The Untold Story of How the 658 Cantor Fitzgerald Families Faced the Tragedy of 9/11 and Beyond, in which 100% of the proceeds from the sale of the book benefit the Cantor Fitzgerald Relief Fund and the charities it assists.

Hurricane Sandy relief[edit]

The Cantor Fitzgerald Relief Fund provided $10 million to families affected by Hurricane Sandy. Howard Lutnick and the Relief Fund "adopted" 19 elementary schools in impacted areas, distributing $1,000 prepaid debit cards to each family from the schools.[16] In total $10 million in funds were given to families affected by the storm.[17]

Oklahoma tornado relief[edit]

On May 20, 2013, a tornado struck Moore, Oklahoma, killing 24 people and injuring hundreds more. Two days later, Howard Lutnick appeared on the Piers Morgan Live TV show and pledged to donate $2 million to families affected by the tornado. The donation was given out in the form of $1,000 debit cards given out to area families.[18] [19]

Charity Day[edit]

Each year, on September 11, Cantor Fitzgerald and its affiliate BGC Partners donate 100% of their revenue to charitable causes on their annual Charity Day. Charity Day was originally established to raise money for the Cantor Fitzgerald Relief Fund to assist the families of Cantor employees who perished in the World Trade Center attacks. Since Charity Day’s inception, the firm has raised $101 million for charities globally.[20][21][22][23][24][25]

Subsidiaries and affiliates[edit]

Aqua Securities[edit]

Aqua Securities is an alternative trading system for block trades, Aqua is currently used by nearly 200 institutions and brokers as an alternative to algorithmic trading of large orders. Aqua Securities provides customer access to a unique[clarification needed] method of liquidity formation in addition to a secure data model with leading order management systems.

BGC Partners[edit]

BGC Partners is a global brokerage company servicing the wholesale financial markets and commercial real estate marketplace in New York, London and dozens of financial centers around the world. BGC offers over 220 products, including commercial real estate, fixed income securities, interest rate swaps, foreign exchange, equities and equity derivatives, credit derivatives, commodities, futures and structured products. BGC Partners is named after fixed income trading innovator B. Gerald Cantor who founded Cantor Fitzgerald in 1945.

A part of BGC Partners, Newmark Grubb Knight Frank has a presence in commercial real estate. The fourth-largest real estate service provider in the U.S. with offices throughout North America as well as 250 million square feet of property under management, Newmark Grubb Knight Frank provides a complete spectrum of services including capital markets, corporate services, investment sales, tenant and landlord representation, property and facilities management, industrial engineering and appraisal and valuation services.

Cantor Exchange[edit]

Cantor Exchange is an Internet-based U.S. marketplace regulated by the U.S. Commodity Futures Trading Commission that enables professional traders and individual investors to trade futures and options products.

Cantor Commercial Real Estate[edit]

Cantor Commercial Real Estate is a real estate finance company that originates and distributes commercial real estate loans, CCRE was established to take advantage of increasing demand for new origination combined with lack of available debt capital.

Cantor Fitzgerald Investment Advisors[edit]

Cantor Fitzgerald Investment Advisors provides a customized approach for investors in Alternative Assets.

Cantor Prime Services[edit]

Cantor Prime Services is a comprehensive, multi-asset prime brokerage solution designed to support hedge funds, money managers, REITs, broker dealers, and professional traders.

Cantor Ventures[edit]

Cantor Ventures is the venture capital and enterprise development arm of Cantor Fitzgerald, which invests in companies with business models focused on the development of innovative, technology-focused products services and marketplaces. Current investments include delivery.com, Ritani, and Topline Games.

Cantor Index[edit]

Cantor Index is one of the UK’s leading spread betting providers, founded in 2000. The business offers a tax efficient way to speculate on a wide range of financial markets.

Cantor Gaming[edit]

Cantor Gaming is the first company licensed by the Nevada Gaming Commission to manufacture, distribute and operate a mobile gaming system in the state. Cantor Gaming provides casinos with a complete mobile gaming solution, including a proprietary wireless gaming system, full back-office infrastructure and a portfolio of casino games. The company now operates the sports books at The Venetian, The Palazzo, The Cosmopolitan, Palms, Hard Rock Hotel & Casino, Tropicana, M Resort Spa Casino, and Silverton Casino in the Las Vegas Valley.

CastleOak Securities[edit]

CastleOak Securities is a New York-based boutique minority-run investment bank offering services including sales and trading, capital markets and financial advisory.

Delivery.com[edit]

Delivery.com is an online destination for consumers to shop their neighborhood merchants, including local restaurants, grocers, wine and liquor stores, florists, and other retail and service providers.

Global Gaming Asset Management[edit]

Global Gaming Asset Management is an investment vehicle formed by Cantor and former executives of Las Vegas Sands to invest in, acquire, develop, manage and advise casino operators and other gaming assets including the new Solaire Resort & Casino in the Philippines until September 2013, and the Baha Mar Casino & Hotel in the Bahamas. The GGAM team has brought to the market more large-scale integrated casino resorts than any other casino operator.

Hollywood Stock Exchange[edit]

Hollywood Stock Exchange was founded in 1996. It is the world’s leading virtual entertainment stock market. Users can speculate on the outcome of the latest box office releases using virtual currency.

Helix Financial Systems[edit]

Helix Financial Systems is a leading provider of financial software systems and expertise to the dealer, asset management, securities lending, banking and insurance communities.

TopLine Game Labs[edit]

TopLine Game Labs is a technology company with a mission to revolutionize short-duration fantasy sports and entertainment-based social gaming. Headquartered in Los Angeles, TopLine Game Labs is building a platform-agnostic architecture to power game experiences for sports around the world.[26]

Management and directors[edit]

Offices[edit]

The company's global headquarters are in Midtown, New York City, while it also has an office in the Downtown Financial District. The company and its associated businesses also operate offices around the world:

North America[edit]

Europe[edit]

Asia/Pacific[edit]

Middle East[edit]

References[edit]

  1. ^ "Howard Lutnick bio". Retrieved June 15, 2012. 
  2. ^ "Stuart Fraser bio". Retrieved June 15, 2012. 
  3. ^ "Shawn Matthews bio". Retrieved June 15, 2012. 
  4. ^ "office locations." Cantor Fitzgerald. March 4, 2000. Retrieved on October 4, 2009.
  5. ^ "org/web/20010809041147/http://www.cantor.com/locations.htm office locations." Cantor Fitzgerald. August 9, 2001. Retrieved on October 4, 2009.
  6. ^ September 11, 2001 08:46:46 Arch [1612975] D ALPHA
  7. ^ McCullagh, Declan (November 25, 2009). "Egads! Confidential 9/11 Pager Messages Disclosed". Taking Liberties. CBS News Blogs. Archived from the original on November 28, 2009. Retrieved November 28, 2009. 
  8. ^ "9/11 hit home for Scott Auker". Manheim Central News. September 11, 2011. Retrieved June 25, 2012. 
  9. ^ a b http://www.msnbc.msn.com/id/39038466/ns/us_news-911_nine_years_later/ns/us_news-911_nine_years_later?GT1=43001
  10. ^ Jessica Pressler (August 27, 2011). "The Encyclopedia of 9/11: Cantor Fitzgerald: The firm that lost the most.". New York. 
  11. ^ http://www.thisislondon.co.uk/standard/article-23985273-the-city-firm-that-rose-from-the-911-ashes.do
  12. ^ WTC agency sues Saudis over 9/11, BBC News Online, September 11, 2004
  13. ^ Port Authority to Join Suit Against Saudi Arabia Over 9/11 Attack, Associated Press, September 13, 2004
  14. ^ Glovin, David (18 January 2005). "Saudi Arabia Wins Dismissal From Sept. 11 Lawsuits (Update1)". Bloomberg. Retrieved 19 October 2012. 
  15. ^ Benjamin Weiser (December 17, 2013). "Cantor Fitzgerald Settles 9/11 Suit Against American Airlines for $135 Million". The New York Times. Retrieved December 18, 2013. 
  16. ^ http://www.bloomberg.com/news/2013-03-25/cantor-fitzgerald-robin-hood-sandy-aid-tops-70-million.html#disqus_thread
  17. ^ "Cantor Fitzgerald gives $10M to victims". Crain's New York Business. Bloomberg. Retrieved 6 December 2013. 
  18. ^ Wells, Jesse. "NEW: NY group in 9/11 makes $1000 donations to May 20th storm victims". KFOR-TV. KFOR. Retrieved 6 December 2013. 
  19. ^ "$1000 gift cards given". NewsOK. NewsOK.com. 
  20. ^ http://www.looktothestars.org/news/10782-princes-break-trading-world-record-as-celebs-raise-12m-for-charity
  21. ^ http://news.yahoo.com/michael-j-fox-participates-9-11-charity-event-112705175.html
  22. ^ http://www.huffingtonpost.com/2012/09/12/ryan-lochte-cantor-fitzgerald-charity_n_1877506.html?utm_hp_ref=impact
  23. ^ http://www.huffingtonpost.com/edie-lutnick/honor-the-past-by-buildin_b_1873642.html
  24. ^ http://usatoday30.usatoday.com/news/nation/story/2012/09/11/many-use-911-anniversary-to-look-forward/57742560/1
  25. ^ http://espn.go.com/blog/playbook/trending/post/_/id/7845/venus-lochte-upton-help-911-charity-day
  26. ^ Dave, Paresh. "TopLine gets $25 million to launch short-term fantasy game platform". Los Angeles Times. Tribune. Retrieved 6 December 2013. 
  27. ^ a b c d e "MANAGEMENT TEAM". Cantor Fitzgerald. Retrieved 6 December 2013. 

External links[edit]