|Industry||Banking, Financial services|
|Headquarters||New York City|
| Howard W. Lutnick (Chairman and CEO) |
Anshu Jain (President, Cantor Fitzgerald & Co.)
|Products|| Financial services |
Cantor Fitzgerald is an American financial services firm that was founded in 1945. It specializes in institutional equity, fixed income sales and trading, and serving the middle market with investment banking services, prime brokerage, and commercial real estate financing. It is also active in new businesses, including advisory and asset management services, gaming technology, and e-commerce. It has more than 5,000 institutional clients.
Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual managers and some government-sponsored enterprises. Financial services companies are present in all economically developed geographic locations and tend to cluster in local, national, regional and international financial centers such as London, New York City, and Tokyo.
An Investment bank is a financial services company or corporate division that engages in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by underwriting or acting as the client's agent in the issuance of securities. An investment bank may also assist companies involved in mergers and acquisitions (M&A) and provide ancillary services such as market making, trading of derivatives and equity securities, and FICC services. Most investment banks maintain prime brokerage and asset management departments in conjunction with their investment research businesses. As an industry, it is broken up into the Bulge Bracket, Middle Market, and boutique market.
Prime brokerage is the generic name for a bundled package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return. The prime broker provides a centralized securities clearing facility for the hedge fund so the hedge fund's collateral requirements are netted across all deals handled by the prime broker. These two features are advantageous to their clients.
Cantor Fitzgerald is one of 22 primary dealers that are authorized to trade US government securities with the Federal Reserve Bank of New York.
A primary dealer is a firm that buys government securities directly from a government, with the intention of reselling them to others, thus acting as a market maker of government securities. The government may regulate the behavior and number of its primary dealers and impose conditions of entry. Some governments sell their securities only to primary dealers; some sell them to others as well. Governments that use primary dealers include Australia, Belgium, Brazil, Canada, China, France, Hong Kong, India, Italy, Japan, Singapore, Spain, the United Kingdom, and the United States.
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, New York. It is responsible for the Second District of the Federal Reserve System, which encompasses New York State, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U.S. Virgin Islands. Working within the Federal Reserve System, the Federal Reserve Bank of New York implements monetary policy, supervises and regulates financial institutions and helps maintain the nation's payment systems.
Cantor Fitzgerald's 1,600 employees work in more than 30 locations, including financial centers in the Americas, Europe, Asia-Pacific, and the Middle East. Together with its affiliates, Cantor Fitzgerald operates in more than 60 offices in 20 countries and has more than 8,500 employees.
The Americas comprise the totality of the continents of North and South America. Together, they make up most of the land in Earth's western hemisphere and comprise the New World.
Europe is a continent located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere. It is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west, Asia to the east, and the Mediterranean Sea to the south. It comprises the westernmost part of Eurasia.
Asia-Pacific or Asia Pacific is the part of the world in or near the Western Pacific Ocean. The Asia-Pacific varies in area depending on which context, but it typically includes much of East Asia, South Asia, Southeast Asia, and Oceania.
In 2011, Cantor's affiliate, BGC Partners, expanded into commercial real estate services by its purchase of Newmark Knight Frank and the assets of Grubb & Ellis, to form Newmark Grubb Knight Frank.
BGC Partners is an American global financial services company based in New York City. Originally formed as part of the larger Cantor Fitzgerald organization, BGC Partners became its own entity in 2004.
Cantor Fitzgerald was formed in 1945 by Bernard Gerald Cantor and John Fitzgerald as an investment bank and brokerage business. It later became known for its computer-based bond brokerage, for the quality of its institutional distribution business model, and for being the market's premier dealer of government securities.
Bernard Gerald Cantor was the founder and chairman of securities firm Cantor Fitzgerald.
In 1965, Cantor Fitzgerald began "large block" sales/trading of equities for institutional customers. It became the world's first electronic marketplace for US government securities in 1972 and in 1983, it was the first to offer worldwide screen brokerage services in US government securities.
In 1991, Howard Lutnick was named president and CEO of Cantor Fitzgerald; he became chairman of Cantor Fitzgerald, L.P., in 1996.
Howard William Lutnick is an American billionaire businessman, who succeeded Bernard Gerald Cantor as the head of Cantor Fitzgerald. Lutnick is the chairman and CEO of Cantor Fitzgerald and BGC Partners. After losing 658 employees, including his brother, in the September 11 attacks, Lutnick has become known for his charity efforts through the Cantor Fitzgerald Relief Fund, which helps to aid families of the attacks and natural disasters.
Cantor Fitzgerald's corporate headquarters and New York City office, a.m., six seconds after the tower was struck by the plane, a Goldman Sachs server issued an alert saying that its trading system had gone offline because it was unable to connect with the server. Cantor Fitzgerald lost 658 of its New York employees, 68% of its workforce, which was considerably more than any of the other World Trade Center tenants or the New York City Police Department, the Port Authority of New York and New Jersey Police Department, the New York City Fire Department, or the United States Department of Defense. Lutnick's brother was among those killed as the stairwells below them were destroyed or blocked by the plane crash. Lutnick vowed to keep the company alive, and the company was able to bring its trading markets back online within a week.on the 101st to the 105th floors of One World Trade Center in Lower Manhattan (2 to 6 floors above the impact zone of a hijacked airliner), were destroyed during the September 11, 2001 attacks. At 8:46:46
On September 19, Cantor Fitzgerald made a pledge to distribute 25% of the firm's profits for the next five years, and it 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 that would otherwise have been distributed to the Cantor Fitzgerald partners). million (and an additional $17 million from a relief fund run by Lutnick's sister, Edie).In 2006, the company had completed its promise, having paid a total of $180
Until the attacks, Cantor had handled about a quarter of the daily transactions in the multitrillion-dollar treasury security market. Cantor Fitzgerald has since rebuilt its infrastructure, partly by the efforts of its London office,and it now has its headquarters in Midtown Manhattan. The company's effort to regain its footing was 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 as well as a 2012 documentary, Out of the Clear Blue Sky.
On September 2, 2004, Cantor and other organizations filed a civil lawsuit against Saudi Arabia for allegedly providing money to the hijackers and Al Qaeda.It was later joined in the suit by the Port Authority of New York. Most of the claims against Saudi Arabia were dismissed on January 18, 2005.
In December 2013, Cantor Fitzgerald settled its lawsuit against American Airlines for $135 million. Cantor Fitzgerald had been suing for loss of property and interruption of business by alleging the airline to have been negligent by allowing hijackers to board Flight 11.
In 2003, the firm launched its fixed income sales and trading group.
In 2006, the Federal Reserve added Cantor Fitzgerald & Co. to its list of primary dealers.
In 2009, the firm launched Cantor Prime Services, a provider of multi-asset, perimeter brokerage prime brokerage platforms to exploit its clearing, financing, and execution capabilities.
Cantor Fitzgerald began building its real estate business with the launch of CCRE in 2010.
On December 5, 2014, two Cantor Fitzgerald analysts were said to be in the top 25 analysts on TipRanks.
Edie wrote An Unbroken Bond: The Untold Story of How the 658 Cantor Fitzgerald Families Faced the Tragedy of 9/11 and Beyond. All proceeds from the sale of the book benefit the Cantor Fitzgerald Relief Fund and the charities that it assists.
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 by distributing $1,000 prepaid debit cards to each family from the schools.A total of $10 million in funds was given to families affected by the storm.
Two days after the 2013 Moore tornado struck Moore, Oklahoma, killing 24 people and injuring hundreds, Lutnick 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 families.
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, which was originally established to raise money to assist the families of the Cantor employees who died in the World Trade Center attacks.Since its inception, Charity Day has raised $110 million for charities globally.
The firm has many subsidiaries and affiliates such as the following:
An employee, Venetia Thompson, published, in February 2008, an article in The Spectator about her and her colleagues' behavior, with an emphasis on the drinking culture.She was subsequently fired for gross misconduct. She responded in 2010 by publishing a book, Gross Misconduct: My Year of Excess in the City, about her experiences.
Citigroup Inc. or Citi is an American multinational investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998; Travelers was subsequently spun off from the company in 2002. Citigroup owns Citicorp, the holding company for Citibank, as well as several international subsidiaries. Citi is incorporated in NY.
Fidelity Investments Inc., commonly referred to as Fidelity, earlier as Fidelity Management & Research or FMR, is an American multinational financial services corporation based in Boston, Massachusetts.
Franklin Resources Inc. is an American holding company that, together with its subsidiaries, is referred to as Franklin Templeton Investments; it is a global investment firm founded in New York City in 1947 as Franklin Distributors, Inc. It is listed on the New York Stock Exchange under the ticker symbol BEN, in honor of Benjamin Franklin, for whom the company is named, and who was admired by founder Rupert Johnson, Sr. In 1973 the company's headquarters moved from New York to San Mateo, California. As of March 2017, Franklin Templeton Investments had US$740 billion in assets under management (AUM) on behalf of private, professional and institutional investors.
Jefferies Group LLC is an American multinational independent investment bank and financial services company that is headquartered in New York City. The firm provides clients with capital markets and financial advisory services, institutional brokerage, securities research, and asset management. This includes mergers and acquisitions, restructuring, and other financial advisory services.
TD Ameritrade is a broker that offers an electronic trading platform for the trade of financial assets including common stocks, preferred stocks, futures contracts, exchange-traded funds, options, cryptocurrency, mutual funds, and fixed income investments. It also provides margin lending, and cash management services.
Tom Barbash is an American writer of fiction and nonfiction, educator and critic. He is the author of the novel The Last Good Chance, a collection of short stories Stay Up With Me, and the bestselling nonfiction work On Top of the World: Cantor Fitzgerald, Howard Lutnick & 9/11: A Story of Loss & Renewal. His fiction has been published in Tin House, Story magazine, The Virginia Quarterly Review and The Indiana Review. His criticism has appeared in the New York Times and the San Francisco Chronicle.
EFG Hermes Holding S.A.E. is an Egyptian investment bank present in the Middle East and North Africa (MENA) region and specializes in securities brokerage, asset management, investment banking, private equity and research. EFG Hermes serves a range of clients including sovereign wealth funds, endowments, corporations, financial institutions, high-net-worth clients and individual customers. EFG Hermes is listed on the Egyptian Exchange (EGX) and London (LSE) stock exchanges. EFG Hermes has offices in Egypt, the United Arab Emirates (UAE), the Kingdom of Saudi Arabia (KSA), Qatar, Oman, Kuwait, Jordan and Lebanon with over 800 people from 25 nationalities. They serve clients from the Middle East, North Africa, Europe and the United States. EFG Hermes owns a 63.7% majority stake in the Lebanese commercial bank, Credit Libanais.
Oppenheimer Holdings is an American multinational independent investment bank and financial services company offering investment banking, financial advisory services, capital markets services, asset management, wealth management, and related products and services worldwide. The company, which once occupied the One World Financial Center building in Manhattan, now bases its operations at 85 Broad Street and world headquarters at 125 Broad Street in New York City.
The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. In December of that year, Bernie Madoff, the former NASDAQ Chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme.
Newmark Group Inc. is an American company and a major commercial real estate advisory firm. It operates by Newmark Knight Frank and is listed on the NASDAQ Global Select Market under the symbol "NMRK".
Prudential Securities, also formerly known as Prudential Securities Incorporated (PSI), was the financial services arm of the insurer, Prudential Financial. In 2003, Prudential Securities was merged into Wachovia Securities, a division of Wachovia Bank.
GFI Group Inc. (GFI) through its subsidiaries provides brokerage services, trade execution, market data, trading platforms and other software products. Clients are institutional customers in markets for a range of fixed income, financial, equity and Commodity instruments. GFI is headquartered in New York City and operates from New York, London, Paris, Tokyo, Hong Kong, Singapore and 15 other smaller financial centres such as Dublin, Nyon, Bogota and Tel Aviv.
Merrill, legally Merrill Lynch, Pierce, Fenner & Smith Incorporated and previously branded as Merrill Lynch, is an American investing and wealth management division of Bank of America. Along with BofA Securities, the investment banking arm, both firms engage in prime brokerage and broker-dealer activities. The firm is headquartered in New York City, and occupies the entire 34 stories of 250 Vesey Street, part of the Brookfield Place complex in Manhattan. Merrill employs over 14,000 financial advisors and manages $2.3 trillion in client assets. The company also operates Merrill Edge, an electronic trading platform.
Amy Nauiokas is the founder and president of Anthemis Group, the digital financial services investment and advisory firm, and the founder and chair of Archer Gray, the media production, finance, and investment company, Until 2008, she was the CEO of Barclays Stockbrokers.
Jeffrey Gural is a New York real estate developer.
Lee M. Amaitis is an American businessman and philanthropist. He is the former chairman and chief executive officer of BGC Partners in London. He also serves as the founder, president and chief executive officer of CG Technology, a gambling subsidiary based in Las Vegas, Nevada.
An estimated $110 million of art was lost in the September 11 attacks: $100 million in private art and $10 million in public art.