Overview of the Proposed Combination of BGC

Partners Inc. and eSpeed Inc.

2

Disclosures

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. You should carefully read the disclosure section entitled “Discussion of Forward-

Looking Statements”, as well as other important information as contained in the Form 8-K filed by

eSpeed Inc. with the U.S. Securities and Exchange Commission (the “SEC”) on May 30, 2007.

Important

Information

In

connection

with

the

proposed

merger,

eSpeed

intends

to

file

a

proxy

statement

and

related

materials

with

the

SEC

for

the

shareholders’

meeting

to

vote

on

the

merger.

Because

those

documents will contain important information, holders of eSpeed’s common stock are urged to read

them carefully, if and when they become available.  When filed with the SEC, the proxy statement and

related materials will be available for free (along with any other documents and reports filed by

eSpeed with the SEC) at the SEC’s website, www.sec.gov, and at eSpeed’s website,

www.espeed.com. 

Participant

Information

eSpeed

and

its

directors

and

executive

officers

may

be

deemed

to

be

participants

in

the

solicitation

of proxies from eSpeed’s shareholders in connection with the proposed merger.  Certain information

regarding the participants and their interests in the solicitation are set forth in eSpeed’s Annual

Report

on

Form

10-K

for

the

year

ended

December

31,

2006,

which

was

filed

with

the

SEC

on

March

15, 2007, and will be set forth in the proxy statement for the meeting of shareholders to vote

on the merger.  shareholders may obtain additional information regarding the merger by reading the

proxy statement and the related materials relating to the proposed merger, if and when they become

available.

3

On Today’s Call

Howard Lutnick –

Chairman and Co-CEO of Combined Company

•

Chairman, Chief Executive Officer and President of eSpeed since 1999

•

President and CEO of Cantor Fitzgerald since 1991, Chairman since 1996.

Lee Amaitis –

Co-CEO of Combined Company

•

Chairman and Chief Executive Officer of BGC Partners since 2004

•

Vice-Chairman of eSpeed since 2004

•

Global Chief Operating Officer of eSpeed from 2001 to 2004

Shaun Lynn –

President of Combined Company

•

President of the BGC Group since 2004

•

Various senior management positions at Cantor

since 1989

Robert West –

CFO of Combined Company

•

Chief Financial Officer of BGC Partners since May 1, 2007

•

CFO of Thomas Weisel Partners for 6 years

Paul Saltzman –

Executive MD, Electronic Trading Chief Operating Officer

of eSpeed since 2004

•

Executive Vice President and General Counsel for The Bond Market

Association for 9

years

4

Strategic Rationale for Transaction

Shared vision for the future of voice, hybrid and electronic trading

BGC’s enormous growth has been the significant revenue pipeline for eSpeed

eSpeed’s technology is the fuel for BGC’s growth in hybrid and electronic

trading

Strengthens competitive market position for both firms

Revenue growth will happen sooner and easier

•

Both companies will have shared objectives

•

Better coordination to introduce electronic trading to BGC’s global platform

•

Better cross sales and marketing

5

Strategic Rationale for Major Stakeholders in eSpeed

Customers benefit:  Streamlines product development, sales,

advances in technology, and superior service and execution

Employees benefit:  motivate and retain best people

•

Employees-owners will have a significant equity stake in the combined

company

eSpeed investors benefit: maximizes shareholder value

•

Significantly accretive

•

Shareholders own shares in larger and faster-growing company

•

Significant expected earnings and cash flow

•

Termination of Joint Services Agreement

•

Greater opportunities, advantages, and synergies

6

Additional Benefits for eSpeed shareholders

Strong underlying IDB industry fundamentals

Leading inter-dealer broker in key products and geographies

•

Combined entity expected to have over $1.1B revenue in 2008

•

Stronger balance sheet and resources

Full scale global voice, hybrid, and electronic brokerage platform

Accelerating momentum in new high growth product areas

BGC’s track record of successful acquisitions and integration

Ability to attract and retain key talent

Experienced management team

7

Transaction Summary

Name:  BGC Partners, Inc

•

NASDAQ:  BGCP

Structure of transaction

Fully Diluted ESPD shares outstanding  = 51.56 MM

To acquire BGC eSpeed will issue in merger

•

An aggregate of 133.86 MM shares of common stock and rights to acquire

shares of its common stock

Based on the closing price of eSpeed's Class A common stock on May 29,

2007,  BGC is valued at approximately $1.23 B

In the transaction, eSpeed’s shares are being valued at $9.75 per share, a

6.09% premium to the closing price of eSpeed’s Class A common stock on

May 29, 2007.

eSpeed, Inc. (NASDAQ: eSpeed), a leader in electronic 

marketplaces and related trading technology for the

global capital markets

9

eSpeed’s Competitive Advantages

eSpeed’s global securities marketplaces are among the world’s largest real-

time, all the time, multiple buyer and seller trading venues

eSpeed’s proprietary technology and priceless desktop real estate are built,

paid for, and protected across multiple markets

Massive infrastructure, technology, and continuous innovations extend into

multiple markets

Proprietary network connected to the world’s largest banks, investments

banks, and other parts of the global financial community

Concurrent, redundant, robust and global data centers, software,

infrastructure, and hardware

10

eSpeed’s Existing and Potential Revenue

1Q07 fully-electronic notional volume on eSpeed system, excluding

new products: up 31.8% year-over-year

•

Overall fully electronic volume up 39.5% over same timeframe; total

eSpeed volume up 29.4%

Many asset classes traded on the eSpeed system have fully

electronic volume

•

Primarily U.S. Treasuries

•

Also FX Options, Spot FX, European and Canadian Sovereigns,

European CDS, Repos

•

Emerging Markets, IRDs, U.S. CDS expected to have fully electronic

volume soon

•

Pipeline of revenue from existing BGC liquidity pools

eSpeed is well positioned to benefit from growth of computer-based

and algorithmic trading

eSpeed’s evolving technology enables entry into new markets

BGC Partners, Inc. (“BGC”), one of the largest and

fastest growing inter-dealer brokers of financial

instruments for wholesale market participants worldwide

12

BGC : Global Leader in Voice And Electronic

1,180 brokers across 125

brokerage desks

Leverage from strong broker

relationships

Proprietary network

Product categories: Credit,

Rates, FX, Equities, and

Commodity Markets

Top global banks and investment

banks are key  customers

Voice/Hybrid Brokerage

Real time data market data

derived from BGC & eSpeed

Broad array of distribution

channels, including Bloomberg,

CQG, Reuters and Thomson ILX

Customized and advanced

analytics tools for key customers

Market Data

$249 mm revenue

Q1 2007

1,667 employees

13

Building a Leading Inter-Dealer Broker

BGC has experienced rapid growth since announcing separation from

Cantor in October 2004

Expansion of

global

operations

has

provided

scale,

product

depth

and

geographic footprint

Since October 2004, BGC has grown from 483 brokers to 1,180 brokers as

of March 31, 2007

•

Expanded from 58 desks in October 2004 to 125 desks in March 2007

•

Asian operations grew from 51 brokers as of January 2005 to 242

brokers as of March 31, 2007

•

U.S. grew from 34 employees at the beginning of 2004 to 365 by March

31, 2007

14

Significantly Higher Growth Than Overall Industry

Sources:  BGC and eSpeed; overall industry data created  by adding the combined full-year revenues as reported in

the public filings made by the four other large, publicly traded

pure-play Inter-Dealer Brokers:  ICAP PLC, Compagnie

Financière Tradition, Tullett Prebon, and GFI Group Inc using historically appropriate exchange rates.

-10%

0%

10%

20%

30%

40%

50%

60%

2003 - 2006

2004 - 2006

2005 - 2006

15

Leading Hybrid Service and Execution

Established voice relationships combined with innovative technologies

Hybrid model provides a choice of voice managed and/or electronic trade

execution

Proprietary pre-

and post-trade applications support price discovery and

provide related price data

BGC deploys a universal trading platform that handles multiple markets

while facilitating user interaction through product specific front ends

Established electronic

connections

to

mainstream

clearing

houses

and

third party processing hubs

eSpeed + BGC = a global leader in voice, hybrid, and fully

electronic brokerage with cutting-edge technology, market data,

and analytics solutions for the capital markets.

+

17

Strong Overall Industry Growth Trends

Interest Rate Derivatives

$0

$40,000

$80,000

$120,000

$160,000

$200,000

$240,000

$280,000

$320,000

$360,000

Dec 01

Dec 02

Dec 03

Dec 04

Dec 05

Dec 06

OTC

Exchange

Foreign Exchange Options

Equity Linked Derivatives

OTC Credit Derivative

$0

$7,000

$14,000

$21,000

$28,000

$35,000

$42,000

Dec 01

Dec 02

Dec 03

Dec 04

Dec 05

Dec 06

OTC

Exchange

$0

$3,000

$6,000

$9,000

$12,000

$15,000

Dec 01

Dec 02

Dec 03

Dec 04

Dec 05

Dec 06

OTC

Exchange

Note:  Figures are notional principal amounts of outstanding contracts.

Source:  ISDA for Credit Derivatives, Bank for International Settlements for all else

$0

$6,000

$12,000

$18,000

$24,000

$30,000

$36,000

Dec 01

Dec 02

Dec 03

Dec 04

Dec 05

Dec 06

18

Full

Range

of

Asset Classes and Services

Trade

Voice

Screen / voice assisted

Fully electronic

Pre-Trade

Price discovery

Price streaming

Pre-trade analytics

Post Trade /

Back Office

Confirmation

Clearing

Settlement

Equity derivatives

Index futures

Commodities and energy derivatives

Equities, Commodities, & Other Asset Classes

Credit derivatives

Asset-backed

Convertibles

Corporate

High yield

Credit

Foreign Exchange Options

G10

Emerging Market

Cross

Exotic options

FX

Government debt

Interest rate swaps

Interest rate options

Rates

19

Ability to Attract and Retain Key Talent

Partnership is a key tool in attracting and

retaining key producers

Significant number of key employees have

sizable and restricted equity stakes

Fundamental alignment of employees’

interests with shareholders

Structure combines best aspect of private

partnership with public ownership

20

Executive Management of Combined Company

125+ Years of Experience

Howard W. Lutnick

Co-CEO, Chairman

(24 years)

Lee M. Amaitis

Co-CEO

(30 years )

Stephen Merkel

EVP,

General Counsel,

Secretary

(22 years)

Shaun Lynn

President

(27 years)

Bob West

Chief Financial

Officer

(25 years)

21

Business Management -

Another 290 + Years

Danny LaVecchia

Executive Managing

Director for BGC North

America

Keith Reihl

Chief Operating Officer for

BGC North America

Sal Trani

Executive Managing

Director for BGC North

America

Mark Webster

Co-Executive Managing

Director for BGC Asia-

Pacific

Mark Spring

Co-Executive Managing

Director for BGC Asia-

Pacific

Robin Clark

Executive Managing

Director for BGC Derivatives

and Rates in the UK

Nick Ruddell

Senior Managing Director

For BGC in the UK

Jean Pierre Aubin

Executive Managing

Director for BGC

Continental Europe and

Listed Products

U.K.

Continental Europe

Asia-Pacific

(Industry experience: 22 years)

(Industry experience: 22 years)

(Industry experience: 24 years)

(Industry experience: 17 years)

Paul Saltzman

Executive Managing

Director of Electronic

Trading

(Industry Experience: 

22 years)

(Industry experience: 33 years)

(Industry experience: 42 years)

(Industry experience: 26 years)

(Industry experience: 21 years)

North America

Sean

Windeatt

Executive Managing

Director & Vice

President

(Industry experience: 10 years)

Philip

Norton

Executive Managing

Director for BGC

e-Commerce

Bernard

Weinstein

Executive Managing

Director for BGC

Market Data

Yvette

Tienery

Chief Information

Officer for BGC

Global

(Industry experience: 21 years)

(Industry experience: 27 years)

(Industry experience: 16 years)

22

Track

Record

of

Successful

Expansion

325 brokers

Principal offices in

New York, London

and Tokyo

Reestablished strong U.S.

operations

Leadership in fixed income,

money market and derivative

products

BGC acquires

Maxcor/EuroBrokers

(May 2005)

BGC acquires

ETC Pollak

(September 2005)

BGC’s

Asia -

Pacific

Expansion

Since 2005

BGC acquires

Aurel Leven

(November 2006)

72 brokers

Based in Paris

Establish presence in an attractive

brokerage market

Expertise in wide range of OTC and

exchange traded products

From 51 brokers in

1/2005 to 242 brokers as

of 3/2007

Build out of operations in

Hong Kong, Singapore,

Seoul, Istanbul, and

Tokyo

Asia is emerging as a key growth

region

Substantially strengthened BGC

platform

60 brokers

Based in Paris

Enhances presence in a key market

Expertise in equity derivatives

Description

Strategic Rationale

eSpeed + BGC = Strong revenue growth, sound finances, scalable

businesses

+

24

Solid Financial Results for BGC Stand-alone

BGC had pre-tax profit in 1Q2007 of $24MM

(a)

BGC has strong momentum into 2Q2007, with projected full

year pre-tax profit in excess of $93MM

(a)

Improvements in operating metrics

Significant margin expansion expected

(a) After the

effects

of

the

full

formation

and

final

separation

from

Cantor

and

excluding

cost

associated

with

the

formation, separation and merger transactions

25

BGC Stand-alone Pre-tax Profit Trend

($150)

($100)

($50)

$0

$50

$100

$150

2004

2005

2006

1Q07 (a)

2007 (a)

2008 (a)

(a) After the

effects

of

the

full

formation

and

final

separation

from

Cantor

and

excluding

cost

associated with the formation, separation and merger transactions

26

BGC Stand-alone Revenue Trend

$0

$250

$500

$750

$1,000

2004

2005

2006

2007(a)

2008 (a)

(a) After the

effects

of

the

full

formation

and

final

separation

from

Cantor

and

excluding

cost

associated with the formation, separation and merger transactions

27

BGC Stand-alone Compensation Ratio

56%

57%

77%

59%

69%

$0

$100

$200

$300

$400

$500

$600

$700

2004

2005

2006

2007 (a)

2008 (a)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Total Compensation ($MM)

Total Compensation Expense as a % of Total Revenues

(a) After the

effects

of

the

full

formation

and

final

separation

from

Cantor

and

excluding

cost

associated with the formation, separation and merger transactions

28

BGC Stand-alone Improving Broker Productivity

720

683

575

579

587

0

200

400

600

800

1000

1200

1400

2004

2005

2006

2007 (a)

2008 (a)

$0

$100

$200

$300

$400

$500

$600

$700

$800

Average number of brokers

Revenue per broker

(a) After the

effects

of

the

full

formation

and

final

separation

from

Cantor

and

excluding

cost

associated with the formation, separation and merger transactions

29

Strong Growth Outlook

Projected Income Statement for 2008 on a Combined Basis

(in millions)

Target Margin

2008

2008

Revenues

Fully electronic

$95

+

Voice brokerage

925

+

Market data and software

40

+

Corporate, interest income and other

40

+

Total Revenues

1,100

+

Expenses

Compensation expenses

615

+/-

56%

Non-compensation expenses

340

Total Expenses

955

+/-

Pre-tax operating income

145

+

13%

Income tax *

37

After-tax operating income

$108

+

10%

* Effective tax

rate

is

projected

to

be

18%

and

26%

for

2007

and

2008,

respectively.

The

effective

tax

rates

include

the

effect

of

the

NOL's.

eSpeed + BGC –

Conclusion

+

31

Strategic Rationale for Transaction

Shared vision for the future of voice, hybrid and electronic trading

Strengthens market position for both firms

eSpeed investors gain: maximizes long term shareholder value

Customers gain:  streamlines product development, advances in

technology, and superior service and execution

Employees gain:  motivate and retain best people

Q&A

Appendix:  Additional Information for Analysts and

Investors

34

Strong Combined Company Balance Sheet

Pro Forma Balance Sheet at Transaction Close

(in millions)

Combined Company

Cash and cash equivalents

$250

Debt

$150

Stockholders equity*

$400

* ignores the effect of minority interest holders and assumes full consolidation of underlying limited partnerships.

35

Combined Company Ownership

Public Investors

16%

BGC Founding Partners (a)

19%

Cantor Fitzgerald, L.P. (b)

65%

Total

100%

Cantor Fitzgerald, L.P. Expected Distribution (over next 2-3 years)

BGC Founding  Partners (c)

-3%

Distribution to Cantor Partners (c)

-17%

Cantor Fitzgerald, L.P. (b)

45%

(a) Partnership interests (b) Exchangeable partnership interests (c) Common stock

Note:  Excludes Stock Options

36

Structure Intent: Employee Retention and Lower

Effective Tax Rate

Public shareholders

Cantor Fitzgerald, L.P.

•

Class A common stock

•

Class  A & B common stock

BGC Partners, Inc.

•

Limited Partnership

Interests

•

General Partner Interests

(controlling interest)

•

Special Voting Limited Partnership

Interest

•

Limited Partnership

Interests

BGC Holdings, L.P.

Founding Partners

U.S Opco

Global Opco

•

General Partner Interest (controlling

interest)

•

Special Voting Limited Partnership

Interest

•

Limited Partnership Interests

*

•

General Partner Interest (controlling

interest)

•

Special Voting Limited Partnership

Interest

•

Limited Partnership Interests

*

•

Limited Partnership

Interests

•

Exchangeable

Limited Partnership

Interests

•

Exchangeable

Limited Partnership

Interests

*Note: These units are held by a corporation wholly owned by BGC Partners, Inc.

37

Multiple Product Offerings

12%

29%

6%

4%

5%

44%

Credit

Rates

FX

Other Asset Classes

Market Data/Software

Corporate

1Q 2007 ESPD Revenue

2%

3%

8%

51%

14%

22%

Credit

Rates

FX

Other Asset Classes

Market Data/Software

Corporate

1Q 2007 BGC Revenue

3

12%

4%

19%

12%

50%

Credit

Rates

FX

Other Asset Classes

Market Data/Software

Corporate

1Q 2007 Combined Revenue

38

Strong Industry Growth Trends –

Geographies

Europe

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

Dec 01

Dec 02

Dec 03

Dec 04

Dec 05

Dec 06

Other

(a)

$0

$100

$200

$300

$400

$500

$600

$700

Dec 01

Dec 02

Dec 03

Dec 04

Dec 05

Jun 06

Note:  Outstanding notional principal amounts of futures/options

traded on exchanges. 

(a)  All markets except North America, Europe and Asia/ Pacific.

Source:  Bank of International Settlements.

Asia and Pacific

$0

$1,000

$2,000

$3,000

$4,000

$5,000

Dec 01

Dec 02

Dec 03

Dec 04

Dec 05

Dec 06

North America

$0

$10,000

$20,000

$30,000

$40,000

$50,000

Dec 01

Dec 02

Dec 03

Dec 04

Dec 05

Dec 06

39

A Leading Provider of Market Data and Analytics

BGC Market Data develops and markets

real-time, indicative and historical Fixed

Income, Foreign Exchange and

Derivative market data services based on

price data from eSpeed and BGC. The

G3 product provides a real-time, 3D

graphical view of the US Treasury cash

and futures market

Distribution channels include Bloomberg,

CQG, DTN, eSignal, eSpeed, Quick

Financial, Reuters, and Thomson ILX in

addition to direct distribution

Packaged data solutions to meet specific

clients’

needs

Interest Rate Swaps

Options

U.S. Treasuries

European Government Bond

FX

Interest Rate

Current Products

Interest Options

CDS

FX Spot

Derivatives

Emerging Markets Bonds

Emerging Markets Derivatives

Potential New Products

40

Los Angeles

Chicago

Toronto

New York

Mexico City

London

Paris

Copenhagen

Milan

Nyon

Turkey

Hong Kong

Singapore

Tokyo

Sydney

Beijing

Melbourne

South Korea

Global Presence and Revenue Contribution

66%

3%

31%

1Q 2007 ESPD Revenue

54%

16%

30%

1Q 2007 BGC Revenue

36%

14%

50%

1Q 2007 Combined Revenue

US

EUROPE

ROW

41

Recognized Market Leader in Multiple Products

Market recognized leadership in several

products:

•

16 1st places in IR category (Risk ‘05)

•

Top 2 spots in currency categories

•

Joint first in euro/yen cross currency

swaps

•

First in US dollar/yen vanilla options

Recent Asia Risk survey showed:

•

BGC came 1st in 45 products within the

interest rate swaps, currency derivatives,

equity derivatives and credit derivatives

categories

•

BGC came in 2nd within 12 products and

•

3rd within 14 products

#1 broker in Asian credit derivatives

•

30 1

st

place positions