Document:

<Page>

                                                                     EXHIBIT 4.2

NUMBER
_______                                                                   SHARES

                             TAILWIND FINANCIAL INC.
              INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE
                                  COMMON STOCK

                                                                 SEE REVERSE FOR
                                                             CERTAIN DEFINITIONS

THIS CERTIFIES THAT                                           CUSIP: 874023 10 4

IS THE OWNER OF

       FULLY PAID AND NON-ASSESSABLE SHARES OF THE PAR VALUE OF $0.01 EACH
                             OF THE COMMON STOCK OF

                             TAILWIND FINANCIAL INC.

TRANSFERABLE ON THE BOOKS OF THE COMPANY IN PERSON OR BY DULY AUTHORIZED
ATTORNEY UPON SURRENDER OF THIS CERTIFICATE PROPERLY ENDORSED. THIS CERTIFICATE
IS NOT VALID UNLESS COUNTERSIGNED BY THE TRANSFER AGENT AND REGISTERED BY THE
REGISTRAR. WITNESS THE SEAL OF THE COMPANY AND THE FACSIMILE SIGNATURES OF ITS
DULY AUTHORIZED OFFICERS.

DATED:

                             TAILWIND FINANCIAL INC.
                                    CORPORATE
                                    DELAWARE
                                      SEAL
                                      2006

By:
    --------------------------------         --------------------------------
          President                                 Assistant Secretary

By:
    --------------------------------
          [Transfer Agent]

<Page>

The following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenants in common     UNIF GIFT MIN ACT - ______ Custodian ______
TEN ENT - as tenants by the entireties                 (Cust)           (Minor)
JT TEN  - as joint tenants with                         under Uniform Gifts to
          right of survivorship and                     Minors Act ___________
          not as tenants in common                                  (State)

     Additional Abbreviations may also be used though not in the above list.

                             TAILWIND FINANCIAL INC.

     Tailwind Financial Inc. (the "Company") will furnish without charge to each
stockholder who so requests the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock or series
thereof of the Company and the qualifications, limitations, or restrictions of
such preferences and/or rights. This certificate and the shares represented
thereby are issued and shall be held subject to all the provisions of the
Amended and Restated Certificate of Incorporation and all amendments thereto and
resolutions of the Board of Directors providing for the issue of shares of
Preferred Stock (copies of which may be obtained from the assistant secretary of
the Company), to all of which the holder of this certificate by acceptance
hereof assents.

     FOR VALUE RECEIVED, ___________________________ HEREBY SELL, ASSIGN AND
TRANSFER UNTO

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

___________________________________

___________________________________

________________________________________________________________________________
  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

________________________________________________________________________________

________________________________________________________________________________

_____________________________________________________________________ SHARES OF
THE CAPITAL STOCK REPRESENTED BY THE WITHIN CERTIFICATE, AND DO HEREBY
IRREVOCABLY CONSTITUTE AND APPOINT ____________________ ATTORNEY TO TRANSFER THE
SAID STOCK ON THE BOOKS OF THE WITHIN NAMED CORPORATION WITH FULL POWER OF
SUBSTITUTION IN THE PREMISES.

DATED:
       --------------

<Page>

                                       NOTICE: The signature to this assignment
                                       must correspond with the name as written
                                       upon the face of the certificate in every
                                       particular, without alteration or
                                       enlargement or any change whatever.

Signature(s) Guaranteed:

--------------------------------------------
THE SIGNATURE(S) MUST BE GUARANTEED BY AN
ELIGIBLE GUARANTOR INSTITUTION (BANKS,
STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS
AND CREDIT UNIONS WITH MEMBERSHIP IN AN
APPROVED SIGNATURE GUARANTEE MEDALLION
PROGRAM, PURSUANT TO SECURITIES AND EXCHANGE
COMMISSION. RULE 17Ad-15).

     The holder of this certificate shall be entitled to receive funds from the
trust account only in the event of the Company's liquidation upon failure to
consummate a business combination or if the holder seeks to convert his
respective shares into cash upon a business combination which he voted against
and which is actually completed by the Company. In no other circumstances shall
the holder have any right or interest of any kind in or to the trust account.<Page>

                                                                     EXHIBIT 4.3

NUMBER                     (SEE REVERSE SIDE FOR LEGEND)                WARRANTS
___________ - (THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO
                 5:00 P.M. NEW YORK CITY TIME,_____________,2010

                             TAILWIND FINANCIAL INC.
                                   874023 11 2
                                     WARRANT

THIS CERTIFIES THAT, for value received ________________________________________
is the registered holder of a Warrant or Warrants expiring _____________, 2010
(the "WARRANT") to purchase one fully paid and non-assessable share of Common
Stock, par value $.01 per share ("SHARES"), of Tailwind Financial Inc., a
Delaware corporation (the "COMPANY"), for each Warrant evidenced by this Warrant
Certificate. The Warrant entitles the holder thereof to purchase from the
Company, commencing on the later of (i) the Company's acquisition of one or more
assets or operating businesses through a merger, capital stock exchange, asset
or stock acquisition, exchangeable share transaction or other similar business
combination, and (ii) ___________________________, 2007, such number of Shares
of the Company at the price of [$6.00/$7.20] per share, upon surrender of this
Warrant Certificate accompanied by the annexed duly executed subscription form
and payment of the Warrant Price at the office or agency of American Stock
Transfer & Trust Company (the "WARRANT AGENT") (such payment to be made by check
payable to the Warrant Agent), but only subject to the conditions set forth
herein and in the warrant agreement between the Company and American Stock
Transfer & Trust Company (the "WARRANT AGREEMENT"). The Warrant Agreement
provides that upon the occurrence of certain events the Warrant Price and the
number of Warrant Shares purchasable hereunder, set forth on the face hereof,
may, subject to certain conditions, be adjusted. The term Warrant Price as used
in this Warrant Certificate refers to the price per Share at which Shares may be
purchased at the time the Warrant is exercised.

     No fraction of a Share will be issued upon any exercise of a Warrant. If
the holder of a Warrant would be entitled to receive a fraction of a Share upon
any exercise of a Warrant, the Company shall, upon such exercise, round up to
the nearest whole number the number of Shares to be issued to such holder.

     Upon any exercise of the Warrant for less than the total number of full
Shares provided for herein, there shall be issued to the registered holder
hereof or his assignee a new Warrant Certificate covering the number of Shares
for which the Warrant has not been exercised.

     Warrant Certificates, when surrendered at the office or agency of the
Warrant Agent by the registered holder hereof in person or by attorney duly
authorized in writing, may be exchanged in the manner and subject to the
limitations provided in the Warrant Agreement, but without payment of any
service charge, for another Warrant Certificate or Warrant Certificates of like
tenor and evidencing in the aggregate a like number of Warrants.

     Upon due presentment for registration of transfer of the Warrant
Certificate at the office or agency of the Warrant Agent, a new Warrant
Certificate or Warrant Certificates of like tenor and evidencing in the
aggregate a like number of Warrants shall be issued to the transferee in
exchange for this Warrant Certificate, subject to the limitations provided in
the Warrant Agreement, without charge except for any applicable tax or other
governmental charge.

     The Company and the Warrant Agent may deem and treat the registered holder
as the absolute owner of this Warrant Certificate (notwithstanding any notation
of ownership or other writing hereon made by anyone), for the purpose of any
exercise hereof, of any distribution to the registered holder, and for all other
purposes, and neither the Company nor the Warrant Agent shall be affected by any
notice to the contrary.

     This Warrant does not entitle the registered holder to any of the rights of
a stockholder of the Company.

     The Company reserves the right to call the Warrant at any time prior to its
exercise, with a notice of call in writing to the holders of record of the
Warrant, giving thirty (30) days' prior written notice of such call at any time
after the Warrant becomes exercisable if the last sale price of the Shares has
been at least $11.50 per share (the "TRIGGER PRICE") on any twenty (20) trading
days within any thirty (30) trading day period ending on the third business day
prior to the date on which notice of such call is given. The Warrant may not be
called unless the Warrant and the Shares are covered by an effective
registration statement from the beginning of the measurement

<Page>

period through the date fixed for redemption. The call price of the Warrants is
to be $.01 per Warrant. Any Warrant either not exercised or tendered back to the
Company by the end of the date specified in the notice of call shall be canceled
on the books of the Company and have no further value except for the $.01 call
price. The Trigger Price is subject to adjustments as provided in the Warrant
Agreement.

By :

---------------------------------          -------------------------------------
President                                  Assistant Secretary

                                        2
<Page>

                                SUBSCRIPTION FORM

      To Be Executed by the Registered Holder in Order to Exercise Warrants

The undersigned Registered Holder irrevocably elects to exercise _________
Warrants represented by this Warrant Certificate, and to purchase the shares of
Common Stock issuable upon the exercise of such Warrants, and requests that
Certificates for such shares shall be issued in the name of

________________________________________________________________________________
                     (PLEASE TYPE OR PRINT NAME AND ADDRESS)

________________________________________________________________________________
                 (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

and be delivered to ____________________________________________________________
                     (PLEASE PRINT OR TYPE NAME AND ADDRESS)

________________________________________________________________________________
______________________ of the Warrants and, if such number of Warrants shall not
be all the Warrants evidenced by this Warrant Certificate, that a new Warrant
Certificate for the balance of such Warrants be registered in the name of, and
delivered to, the Registered Holder at the address stated below:

Dated:
      -------------------------           --------------------------------------
                                          (SIGNATURE)

                                          --------------------------------------
                                          (ADDRESS)

                                          --------------------------------------

                                          --------------------------------------
                                          (TAX IDENTIFICATION NUMBER)

                                   ASSIGNMENT
       To Be Executed by the Registered Holder in Order to Assign Warrants

     For Value Received, _____________ hereby sell, assign, and transfer unto

________________________________________________________________________________
                     (PLEASE TYPE OR PRINT NAME AND ADDRESS)

________________________________________________________________________________
                 (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

and be delivered to
________________________________________________________________________________
                     (PLEASE PRINT OR TYPE NAME AND ADDRESS)

____________________ of the Warrants represented by this Warrant Certificate,
and hereby irrevocably constitute and appoint _________________________ Attorney
to transfer this Warrant Certificate on the books of the Company, with full
power of substitution in the premises.

Dated:
      ---------------------                        -----------------------
                                                   (SIGNATURE)

THE SIGNATURE TO THE ASSIGNMENT OF THE SUBSCRIPTION FORM MUST CORRESPOND TO THE
NAME WRITTEN UPON THE FACE OF THIS WARRANT CERTIFICATE IN EVERY PARTICULAR,
WITHOUT ALTERATION OR ENLARGEMENT OR ANY

                                        3
<Page>

CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY
OR A MEMBER FIRM OF THE AMERICAN STOCK EXCHANGE, NEW YORK STOCK EXCHANGE,
PACIFIC STOCK EXCHANGE OR CHICAGO STOCK EXCHANGE.

                                        4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}]]