Document:

EXHIBIT 4.10

NEITHER THIS WARRANT NOR THE SHARES OF CLASS A COMMON STOCK ISSUABLE UPON
EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AND NEITHER THIS WARRANT NOR SUCH SHARES MAY BE SOLD, ENCUMBERED OR OTHERWISE
TRANS-FERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH
ACT OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENT, AND, IF AN EXEMPTION
SHALL BE APPLICABLE, THE HOLDER SHALL HAVE DELIVERED AN OPINION OF COUNSEL
ACCEPTABLE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

Void after 5:00 p.m. Eastern Standard Time, on February 24, 2011.

                    WARRANT TO PURCHASE CLASS A COMMON STOCK

                                       OF

                                  eSPEED, INC.

          FOR VALUE RECEIVED, eSPEED, INC. (the "Company"), a Delaware
corporation, hereby certifies that IDT HORIZON GT, INC. (the "Initial Holder"),
or its permitted assigns, is entitled to purchase from the Company, at any time
or from time to time commencing on the date hereof and prior to 5:00 P.M.,
Eastern Standard Time, on February 24, 2011 a total of 312,937 fully paid and
non-assessable shares of Class A Common Stock, par value $.01 per share, of the
Company for a purchase price of $8.87 per share. (Hereinafter, (i) said Class A
Common Stock, together with any other equity securities which may be issued by
the Company with respect thereto or in substitution therefor, is referred to as
the "Class A Stock," (ii) the shares of the Class A Stock purchasable hereunder
are referred to as the "Warrant Shares," (iii) the aggregate purchase price
payable hereunder for the Warrant Shares is referred to as the "Aggregate
Warrant Price," (iv) the price payable hereunder for each of the Warrant Shares
is referred to as the "Per Share Warrant Price," (v) this Warrant, and all
warrants hereafter issued in exchange or substitution for this Warrant are
referred to as the "Warrant" and (vi) the holder of this Warrant is referred to
as the "Holder.") The number of Warrant Shares and the securities (if
applicable) for which this Warrant is exercisable and the Per Share Warrant
Price are subject to adjustment as hereinafter provided under Section 3.

     1. EXERCISE OF WARRANT. This Warrant may be exercised, in whole at any time
or in part from time to time, commencing on the date hereof and prior to 5:00
P.M., Eastern Standard Time, on February 24, 2011 by the Holder of this Warrant
by the surrender of this Warrant (with the subscription form at the end hereof
duly executed) at the address set forth in Section 9(a) hereof, together with
proper payment of the Aggregate Warrant Price, or the proportionate part thereof
if this Warrant is exercised in part. The Aggregate Warrant Price or Per Share
Warrant Price shall be paid in cash,

via wire transfer to an account designated by the Company, or by certified or
official bank check payable to the order of the Company.

          If this Warrant is exercised in part, the Holder shall be entitled to
receive a new Warrant covering the number of Warrant Shares in respect of which
this Warrant has not been exercised and setting forth the proportionate part of
the Aggregate Warrant Price applicable to such Warrant Shares. Upon the
surrender of this Warrant, for an exercise of this Warrant in part, the Company
will (a) issue and deliver a certificate or certificates in the name of the
Holder for the shares of the Class A Stock to which the Holder shall be entitled
for such partial exercise, and (b) issue and deliver a Warrant in the name of
the Holder for the remaining number of Warrant Shares in respect of which this
Warrant has not been exercised, pursuant to the provisions of this Warrant.

          If this Warrant is exercised in whole, upon surrender of this Warrant,
the Company will issue a certificate or certificates in the name of the Holder
for the shares of the Class A Stock to which the Holder shall be entitled,
pursuant to the provisions of this Warrant.

          No fractional shares shall be issued upon the exercise of this
Warrant. With respect to any fraction of a share called for upon any exercise
hereof, the Company shall pay to the Holder an amount in cash equal to such
fraction multiplied by the fair market value of a share as reasonably determined
by the Company's Board of Directors.

     2. RESERVATION OF WARRANT SHARES. The Company agrees that, prior to the
expiration of this Warrant, the Company from and as of the date hereof, will
have authorized and in reserve, and will keep available, solely for issuance or
delivery upon the exercise of this Warrant, the shares of the Class A Stock as
from time to time shall be receivable upon the exercise of this Warrant.

     3. ADJUSTMENTS FOR CORPORATE EVENTS. The number and kind of securities
issuable upon the exercise of this Warrant, the Per Share Warrant Price and the
number of Warrant Shares for which this Warrant may be exercised shall be
subject to adjustment from time to time in accordance with the following
provisions:

          (a) Reorganization, Reclassification. In the event of a
reorganization, share exchange, or reclassification, other than a change in par
value, or from par value to no par value, or from no par value to par value or a
transaction described in subsection (b) or (c) below, this Warrant shall, after
such reorganization, share exchange or reclassification, be exercisable into the
kind and number of shares of stock or other securities or other property of the
Company which the holder of this Warrant would have been entitled to receive if
the holder had held the Warrant Shares issuable upon exercise of this Warrant
immediately prior to such reorganization, share exchange, or reclassification.
The provision of this Section 3(a) shall similarly apply to successive
reorganizations and reclassifications.

          (b) Merger, Consolidation or Sale of All or Substantially All Assets.
In the event of a merger or consolidation to which the Company is a party or the
sale of

                                       2

all or substantially all of the assets of the Company, this Warrant shall, after
such merger, consolidation or sale, be exercisable for the kind and number of
shares of stock and/or other securities, cash or other property which the holder
of this Warrant would have been entitled to receive if the holder had held the
Warrant Shares issuable upon exercise of this Warrant immediately prior to such
merger, consolidation or sale. The provision of this Section 3(b) shall
similarly apply to successive mergers and sales.

          (c) Subdivision or Combination of Shares. In case outstanding shares
of Class A Stock shall be subdivided, the Per Share Warrant Price shall be
proportionately reduced as of the effective date of such subdivision, or as of
the date a record is taken of the holders of Class A Stock for the purpose of so
subdividing, whichever is earlier. In case outstanding shares of Class A Stock
shall be combined, the Per Share Warrant Price shall be proportionately
increased as of the effective date of such combination, or as of the date a
record is taken of the holders of Class A Stock for the purpose of so combining,
whichever is earlier.

          (d) Stock Dividends. In case shares of Class A Stock are issued as a
dividend or other distribution on the Class A Stock, then the Per Share Warrant
Price shall be adjusted, as of the date a record is taken of the holders of
Class A Stock for the purpose of receiving such dividend or other distribution
(or if no such record is taken, as at the earliest of the date of such
declaration, payment or other distribution), to that price determined by
multiplying the Per Share Warrant Price in effect immediately prior to such
declaration, payment or other distribution by a fraction (i) the numerator of
which shall be the number of shares of Class A Stock outstanding immediately
prior to the declaration or payment of such dividend or other distribution, and
(ii) the denominator of which shall be the total number of shares of Class A
Stock outstanding immediately after the declaration or payment of such dividend
or other distribution. In the event that the Company shall declare or pay any
dividend on the Class A Stock payable in any right to acquire Class A Stock for
no consideration, then, for purposes of calculating such adjustment, the Company
shall be deemed to have made a dividend payable in Class A Stock in an amount of
shares equal to the maximum number of shares issuable upon exercise of such
rights to acquire Class A Stock.

          (e) Adjustment of Aggregate Number of Warrant Shares Issuable. Upon
each adjustment of the Per Share Warrant Price under the provisions of this
Section 3, the aggregate number of Warrant Shares issuable upon exercise of this
Warrant shall be adjusted to an amount determined by multiplying the number of
Warrant Shares issuable prior to such adjustment by a fraction (x) the numerator
of which is the Per Share Warrant Price in effect immediately prior to the event
causing such adjustment (y) the denominator of which is the adjusted Per Share
Warrant Price.

          (f) Minimum Adjustment. No adjustment of the Per Share Warrant Price
shall be made if the amount of any such adjustment would be an amount less than
1% of the Per Share Warrant Price then in effect, but any such amount shall be
carried forward and an adjustment in respect thereof shall be made at the time
of and together with any subsequent adjustment which, together with such amount
and any other amount or amounts so carried forward, shall aggregate an increase
or decrease of 1% or more.

                                       3

          (g) Treasury Shares. The number of shares of Class A Stock at any time
outstanding shall not include any shares thereof then directly or indirectly
owned or held by or for the account of the Company.

          (h) Notices. If at any time, (x) the Company shall declare a stock
dividend (or any other distribution except for cash dividends) on its Class A
Stock; (y) there shall be any capital reorganization or reclassification of the
Class A Stock, or any consolidation or merger to which the Company is a party,
or any sale or transfer of all or substantially all of the assets of the
Company; or (z) there shall be a voluntary or involuntary dissolution,
liquidation or winding-up of the Company; then, in any one or more of such
cases, the Company shall give written notice to the Holder, not less than 10
days before any record date or other date set for definitive action, or of the
date on which such reorganization, reclassification, sale, consolidation,
merger, dissolution, liquidation or winding up shall take place, as the case may
be. Such notice shall also set forth such facts as shall indicate the effect of
such action (to the extent such effect may be known at the date of such notice)
on the current Per Share Warrant Price and the kind and amount of Class A Stock
and other securities and property deliverable upon exercise of this Warrant.
Such notice shall also specify the date (to the extent known) as of which the
holders of the Class A Stock of record shall be entitled to exchange their Class
A Stock for securities or other property deliverable upon such reorganization,
reclassification, sale, consolidation, merger, dissolution, liquidation or
winding up, as the case may be. In addition, whenever the aggregate number of
Warrant Shares issuable upon exercise of this Warrant and Per Share Warrant
Price are adjusted as herein provided, the Chief Financial Officer of the
Company shall compute the adjusted number of Warrant Shares and Per Share
Warrant Price in accordance with the foregoing provisions and shall prepare a
written certificate setting forth such adjusted number of Warrant Shares and Per
Share Warrant Price, and such written instrument shall promptly be delivered to
the recordholder of this Warrant.

     4. FULLY PAID STOCK; TAXES. The Company agrees that the shares of the Class
A Stock represented by each and every certificate for Warrant Shares delivered
on the proper exercise of this Warrant shall, at the time of such delivery, be
validly issued and outstanding, fully paid and non-assessable, AND NOT SUBJECT
TO PREEMPTIVE RIGHTS, and the Company will take all such actions as may be
necessary to assure that the par value or stated value, if any, per share of the
Class A Stock is at all times equal to or less than the then Per Share Warrant
Price. The Company further covenants and agrees that it will pay, when due and
payable, any and all federal and state stamp, original issue or similar taxes
that may be payable in respect of the issuance of any Warrant Shares or
certificates therefor. The Holder covenants and agrees that it shall pay, when
due and payable, all of its federal, state and local income or similar taxes
that may be payable in respect of the issuance of any Warrant Shares or
certificates therefor, if any.

     5. TRANSFER.

          (a) Securities Laws. Neither this Warrant nor the Warrant Shares
issuable upon the exercise hereof have been registered under the Securities Act
of 1933, as amended (the "Securities Act"), or under any state securities laws
and unless so

                                       4

registered may not be transferred, sold, pledged, hypothecated or otherwise
disposed of unless an exemption from such registration is available. In the
event the Holder desires to transfer this Warrant or any of the Warrant Shares
issued in accordance with the terms hereof, the Holder must give the Company
prior written notice of such proposed transfer including the name and address of
the proposed transferee, unless such transfer is a transfer of the Warrant
Shares pursuant to an effective registration statement. Such transfer may be
made only either (i) upon publication by the Securities and Exchange Commission
(the "Commission") of a ruling, interpretation, opinion or "no action letter"
based upon facts presented to said Commission, or (ii) upon receipt by the
Company of an opinion of counsel acceptable to the Company to the effect that
the proposed transfer will not violate the provisions of the Securities Act, the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), or the rules
and regulations promulgated under either such Act, or to the effect that the
Warrant or Warrant Shares to be sold or transferred have been registered under
the Securities Act of 1933, as amended, and that there is in effect a current
prospectus meeting the requirements of Section 10(a) of the Securities Act,
which is being or will be delivered to the purchaser or transferee at or prior
to the time of delivery of the certificates evidencing the Warrant or Warrant
Shares to be sold or transferred.

          (b) Swap or Hedging Transactions. Without the prior written consent of
the Company, the Holder may not enter into any swap or other hedging transaction
relating to this Warrant, the Warrant Shares (prior to the issuance thereof), or
any interest therein. In no event shall the restrictions contained in this
paragraph apply to any Warrant Shares that have been issued.

          (c) Transfer. Without the prior written consent of the Company,
neither this Warrant, nor any interest herein, may be sold, assigned,
transferred, pledged, encumbered or otherwise disposed of. Any sale, assignment,
transfer, pledge, encumbrance or other disposition of this Warrant attempted
contrary to the provisions of this Warrant, or any levy of execution, attachment
or other process attempted upon the Warrant, shall be null and void and without
effect. The provision of this Section 5(c) shall not be applicable to the
Warrant Shares.

          (d) Legend and Stop Transfer Orders. Unless the Warrant Shares have
been registered under the Securities Act or eligible for resale pursuant to Rule
144(k) under the Securities Act, upon exercise of any part of the Warrant and
the issuance of any of the Warrant Shares, the Company shall instruct its
transfer agent to enter stop transfer orders with respect to such shares, and
all certificates representing Warrant Shares shall bear on the face thereof
substantially the following legend, insofar as is consistent with Delaware law:

          "The shares of Class A Common Stock represented by this certificate
          have not been registered under the Securities Act of 1933, as amended,
          and may not be sold, offered for sale, assigned, transferred or
          otherwise disposed of unless registered pursuant to the provisions of
          that Act or an opinion of counsel to the Company

                                       5

          is obtained stating that such disposition is in compliance with an
          available exemption from such registration."

     6. LOSS, ETC. OF WARRANT. Upon receipt of evidence satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant, and of
indemnity reasonably satisfactory to the Company, if lost, stolen or destroyed,
and upon surrender and cancellation of this Warrant if mutilated, the Company
shall execute and deliver to the Holder a new Warrant of like date, tenor and
denomination.

     7. WARRANT HOLDER NOT SHAREHOLDER. Except as otherwise provided herein,
this Warrant does not confer upon the Holder any right to vote or to consent to
or receive notice as a shareholder of the Company, as such, in respect of any
matters whatsoever, or any other rights or liabilities as a shareholder, prior
to the exercise hereof.

     8. COMMUNICATION. No notice or other communication under this Warrant shall
be effective unless the same is in writing and is sent by overnight courier,
delivered in person or mailed by first-class mail, postage prepaid, addressed
to:

          (a) the Company at 110 East 59th Street, 7th Floor, New York, NY
10022, Attention: General Counsel, or such other address as the Company has
designated in writing to the Holder, or

          (b) the Holder c/o IDT Corporation, 520 Broad Street, Newark, NJ
07102, or such other address as the Holder has designated in writing to the
Company.

     9. HEADINGS. The headings of this Warrant have been inserted as a matter of
convenience and shall not affect the construction hereof.

     10. APPLICABLE LAW. This Warrant shall be governed by and construed in
accordance with the law of the State of New York without giving effect to the
principles of conflict of laws thereof.

     11. COMPLIANCE WITH OTHER INSTRUMENTS. The Company represents and warrants
to Holder that the execution and delivery of this Warrant are not, and the
issuance of the Warrant Shares upon exercise of this Warrant in accordance with
the terms hereof will not be, inconsistent with the Company's charter or bylaws,
do not and will not contravene any law, governmental rule or regulation,
judgment or order applicable to the Company, and do not and will not conflict
with or contravene any provision of, or constitute a default under, any
indenture, mortgage, contract or other instrument of which the Company is a
party or by which it is bound or require the consent or approval of, the giving
of notice to, the registration or filing with or the taking of any action in
respect of or by, any federal, state or local government authority or agency or
other person, except for the filing of notices pursuant to federal and state
securities laws, which filings will be effected by the time required thereby.

                                       6

     12. REPRESENTATIONS AND WARRANTIES OF THE INITIAL HOLDER. The Initial
Holder, by acceptance hereof, represents and warrants to the Company that:

          (a) Knowledge and Experience. The Initial Holder has sufficient
knowledge and experience in financial and business matters to be capable of
evaluating the merits and risks of an unregistered, non-liquid investment such
as an investment in the Company and has evaluated the merits and risks of such
an investment. The Initial Holder understands that the offer and sale of the
Warrant and the Warrant Shares have not been approved or disapproved by the
Commission or any other governmental entity.

          (b) No Other Representations or Warranties. No representations or
warranties have been made to the Initial Holder by the Company or any director,
officer, employee, agent or affiliate of the Company, other than the
representations of the Company set forth herein, and the decision of the Initial
Holder to acquire this Warrant is based on the information contained herein and
the Initial Holder's own independent investigation of the Company. The Initial
Holder acknowledges and agrees that the Company may now, or in the future, be in
negotiations with respect to, or enter into, arrangements, agreements or
understandings relating to other business opportunities and that the Company
does not have now, nor will it have at any time after execution of this Warrant,
any obligation to provide the Initial Holder with any information, other than
that which is contained in this Warrant and that which is disclosed in reports,
schedules, forms, registration statements, proxy statements and other documents
filed by the Company with the Commission.

          (c) Ability to Withstand Loss of Investment. The Initial Holder
understands that a total loss of the value of this Warrant is possible. The
Initial Holder acknowledges that it is capable of bearing a complete loss of the
value of this Warrant.

          (d) No Public Solicitation. The Initial Holder acknowledges that
neither the Company nor any person or entity acting on its behalf has offered to
sell any of the Warrants or the Warrant Shares to the Initial Holder by means of
any form of general solicitation or advertising, including without limitation
(i) any advertisement, article, notice or other communication published in any
newspaper, magazine or similar media, or broadcast over television or radio, and
(ii) any seminar or meeting whose attendees have been invited by any general
solicitation or general advertising.

          (e) Accredited Investor Status. The Initial Holder is an "accredited
investor" within the meaning of Rule 501 of Regulation D promulgated under the
Securities Act.

          (f) Acquiring for Investment Purposes. The Initial Holder is acquiring
this Warrant and the Warrant Shares solely for its own account, for investment
purposes only, and not with a view towards their resale or distribution.

          (g) No Brokers, Finders, etc. The Initial Holder has not employed any
broker, financial advisor or finder, or incurred any liability for any brokerage
fees,

                                       7

commissions, finder's or other similar fees or expenses in connection with the
transactions contemplated by this Warrant.

          (h) No Action Taken to Invalidate Private Placement. The Initial
Holder has not taken any action that would result in the offering of this
Warrant and the Warrant Shares pursuant to this Warrant being treated as a
public offering and not a valid private offering under applicable law.

     13. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

          (a) Organization and Good Standing. The Company is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware.

          (b) Power and Authority. The Company has all requisite corporate power
and authority to execute, deliver and perform its obligations under this
Warrant.

          (c) Authorization, Execution and Enforceability. The execution and
delivery of this Warrant, and the issuance of the Warrant Shares upon exercise
hereof, have been duly authorized by all necessary corporate action on the part
of the Company. No consent of, notice to, or filing with any Governmental Body
(as defined below) or any other person, is required to be made or obtained in
connection with the execution and delivery of this Warrant, and the issuance of
the Warrant Shares upon exercise hereof, or as a condition to the legality,
validity or enforceability of this Warrant or the Warrant Shares. The Warrant
Shares issuable upon exercise of this Warrant have been duly authorized and
reserved for issuance and, when issued upon due exercise of this Warrant, will
be validly issued, fully paid and nonassessable. There are no restrictions on
transfer of this Warrant or the Warrant Shares other than those imposed by the
Securities Act and any applicable state securities laws. "Governmental Body"
means any branch of any federal, state or local government, domestic or foreign,
and any agency, bureau, commission, court, department or other instrumentality
thereof.

          (d) Consents. Based upon the Initial Holder's representations in
Section 12, except for SEC reporting which may be required pursuant to Item 3.02
of Form 8-K, Item 2 of Form 10-Q or Item 10 of Form 10-K, no consent of, notice
to, or filing with any Governmental Body or any other person, including any
creditor or stockholder of the Company, is required to be made or obtained in
connection with the execution, delivery and performance by the Company of this
Warrant, or the issuance of the Warrant Shares pursuant hereto, or as a
condition to the legality, validity or enforceability of this Warrant.

          (e) No Conflicts. The execution and delivery by the Company of this
Warrant, and the issuance by the Company of the Warrant Shares, will not,
directly or indirectly (with or without notice or lapse of time): (i) breach any
provision of the articles of incorporation or by-laws of the Company; (ii)
breach, or give any Governmental Body the right to challenge any of the
transactions contemplated by this Warrant or to exercise any remedy or obtain
any relief under, any law or order to which the Company or its

                                       8

assets may be subject; (iii) contravene, conflict with or result in a violation
or breach of any of the terms or requirements of, or give any Governmental Body
the right to revoke, withdraw, suspend, cancel, terminate or modify, any
Governmental Authorization (as defined below) that is held by the Company or
that otherwise relates to the Company or its business; (iv) breach any provision
of, or give any person the right to declare a default or exercise any remedy
under, or to accelerate the maturity or performance of, or payment under, or to
cancel, terminate or modify, any agreement, contract or arrangement, written or
oral, to which the Company is a party or by which its assets are bound; or (v)
result in the imposition or creation of any lien upon or with respect to the
Company's assets. "Governmental Authorization" means any consent, license,
registration or permit issued, granted, given or otherwise made available by or
under the authority of any Governmental Body or pursuant to any Law.

          (f) Compliance with Securities Laws. Based in part on the Initial
Holder's representations and warranties in Section 12, the offer and sale of the
Warrant Shares pursuant to this Warrant is exempt from the registration and
prospectus delivery requirements of the Securities Act. Neither the Company nor
anyone acting on its behalf has offered or sold or will offer or sell any
securities or has taken or will take any other action that would subject the
offer and sale of the Warrant Shares pursuant to the terms of this Warrant to
the registration requirements of the Securities Act.

     14. MODIFICATION AND WAIVER. This Warrant and any provision hereof may be
changed, waived, discharged or terminated only by an instrument in writing
signed by the Company and the holder of this Warrant.

     15. BINDING EFFECT ON SUCCESSORS. This Warrant shall be binding upon any
entity succeeding the Company by merger, consolidation or acquisition of all or
substantially all of the Company's assets, and all of the obligations of the
Company relating to the Warrant Shares issuable upon the exercise of this
Warrant shall survive the exercise and termination of this Warrant and all of
the covenants and agreements of the Company shall inure to the benefit of the
successors and permitted assigns of the holder hereof.

                                       9

     IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by a
duly authorized officer as of this 24th day of February, 2006.

                                       ESPEED, INC.

                                       By:  /s/ Stephen M. Merkel
                                            -------------------------------
                                            Name:  Stephen M. Merkel
                                            Title: Executive Vice President,
                                                   General Counsel and Secretary

ACCEPTED AND AGREED to:

IDT HORIZON GT, INC.

By:   /s/ Alan Schwab
   -------------------------------------
   Name:  Alan Schwab
   Title: Chief Executive Officer

                       [Signature Page for eSpeed Warrant]

                                       10

                                  SUBSCRIPTION

     The undersigned, __________________________________________, pursuant to
the provisions of the foregoing Warrant, hereby agrees to subscribe for the
purchase of _________________________ shares of the Class A Common Stock of
eSPEED, INC. covered by said Warrant, and makes payment therefor in full at the
price per share provided by said Warrant.

Dated
      -------------------------------------------

Signature
          ---------------------------------------

Address
        -----------------------------------------

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

                                   ASSIGNMENT

     FOR VALUE RECEIVED _________________________ hereby sells, assigns and
transfers unto _________________________ the foregoing Warrant and all rights
evidenced thereby, and does irrevocably constitute and appoint
_________________________, attorney, to transfer said Warrant on the books of
eSPEED, INC.

Dated
      -------------------------------------------

Signature
          ---------------------------------------

Address
        -----------------------------------------

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

                               PARTIAL ASSIGNMENT

     FOR VALUE RECEIVED _________________________ hereby assigns and transfers
unto _________________________ the right to purchase _________________________
shares of the Class A Common Stock of eSPEED, INC. by the foregoing Warrant, and
a proportionate part of said Warrant and the rights evidenced hereby, and does
irrevocably constitute and appoint _________________________, attorney, to
transfer that part of said Warrant on the books of eSPEED, INC.

Dated
      -------------------------------------------

Signature
          ---------------------------------------

Address
        -----------------------------------------

        -----------------------------------------Exhibit
10.16

	
	
	
	
	

AMENDED AND RESTATED JOINT
SERVICES AGREEMENT

between

CANTOR
FITZGERALD, L.P.,

 On behalf of itself and its direct and
indirect, current and future, subsidiaries,
 other than eSpeed, Inc.
and its direct and indirect, current and future,
subsidiaries
and

eSPEED, INC.,

 On behalf of itself
and its direct and indirect, current and future, subsidiaries
 Dated
as of October  1,  2005

	
	
	
	
	

AMENDED AND RESTATED JOINT SERVICES
AGREEMENT

This AMENDED AND RESTATED JOINT SERVICES AGREEMENT is
made and entered into as of October  1,  2005, among Cantor
Fitzgerald, L.P., a Delaware limited partnership
(‘‘CFLP’’), on behalf of itself
and its direct and indirect, current and future, subsidiaries, other
than eSpeed, Inc. and its direct and indirect, current and future,
subsidiaries (the ‘‘Cantor
Parties’’), on the one hand, and eSpeed, Inc., a
Delaware corporation
(‘‘eSpeed’’), on behalf of
itself and its direct and indirect, current and future, subsidiaries
(the ‘‘eSpeed Parties’’), on the
other hand. All capitalized terms used in this Agreement and not
otherwise defined shall have the meanings ascribed to such terms in
Section 1 of this Agreement. Each direct and indirect subsidiary of
CFLP and eSpeed will automatically become a party to this Agreement,
unless it becomes a party to a substantially identical separate
agreement, provided, however, that this Agreement
shall not apply to any subsidiary, division or business unit of CFLP at
such time as it is no longer controlled by CFLP or one of its direct or
indirect subsidiaries, subject to reasonable arrangements and services
provided during reasonable transitional periods, unless such entity
contemporaneously with such change of control otherwise agrees in
writing to be governed hereby.

W I T N E S S E T
H:

WHEREAS, the eSpeed Parties and the Cantor Parties wish
to amend and restate the Amended and Restated Joint Services Agreement
among the Cantor Parties and the eSpeed Parties dated as of May
12,  2003;

NOW, THEREFORE, in consideration of the premises
contained herein, it is agreed as follows:

1.    Defined
Terms.    For purposes of this Agreement, the following terms
have the meanings specified or referred to in this Section 1:

‘‘Ancillary IT
Services’’ means technology support services (other
than in respect of the Electronic Energy Marketplace and the Electronic
Emissions Marketplace), including, but not limited to, (i) systems
administration, (ii) internal network support, (iii) support and
procurement for desktops of Cantor Party end-user equipment, (iv)
operations and disaster recovery services, (v) voice communications,
(vi) support and development of systems for Clearance, Settlement and
Fulfillment Services, (vii) systems support for Cantor Party brokers,
and (viii) electronic applications systems and network support and
development for Unrelated Dealer Businesses; provided that Ancillary IT
Services does not include (i) the provision of desktop hardware for use
by Cantor Party employees or (ii) the eSpeed Equity Order Routing
Business.

‘‘BGC’’ means BGC
Partners, L.P. and BGC International and their respective subsidiaries,
including, but not limited to, BGC Financial Inc. (formerly Maxcor
Financial Inc.) and BGC Brokers Inc. (formerly Euro Brokers Inc.).

‘‘Cantor Exchange’’
means Cantor Financial Futures Exchange, Inc. and any successor thereto
or to the operations thereof.

‘‘Cantor Services’’
means any one of, or any combination of, Voice Assisted Brokerage
Services, Clearance, Settlement and Fulfillment Services and Related
Services.

‘‘Clearance, Settlement
and Fulfillment Services’’ means all such services
as are necessary to clear, settle and fulfill, or arrange settlement or
fulfillment as a name give-up or other intermediary of, in accordance
with customary market practice and taking into account applicable
regulatory requirements, a purchase and sale of a particular Product,
including, but not limited to, collection of money; arrangement of
delivery of Products; receipt, delivery and maintenance of margin and
collateral, if appropriate; dealing with issues relating to failures to
receive or deliver payments or Products; and collection and payment of
transfer or similar taxes, to the extent applicable to such Product.
Clearance, Settlement and Fulfillment Services may include, but are not
limited to, acting as a riskless principal or other intermediary
between the buyer and the seller of a Product.

‘‘CO2e’’
means CO2e.com, LLC and its subsidiaries.

‘‘Collaborative
Marketplace’’ means an Electronic Marketplace that
is operated by a Cantor Party and an eSpeed Party in collaboration
pursuant to Section 3 of this Agreement. All Marketplaces 

2

shall be Collaborative Marketplaces, unless
otherwise determined in accordance with this Agreement. In no event
shall the Electronic Energy Marketplace, the Electronic Emissions
Marketplace or a marketplace involved in a Gaming Business or an
Unrelated Dealer Business be deemed to be a Collaborative Marketplace
for purposes of this Agreement.

‘‘Collective Net
Revenues’’ means Transaction Revenues, eSpeed
Equity Order Routing Business Net Revenues, EGB Transaction Net
Revenues, FX Transaction Net Revenues, Less-Established Electronic
Product Net Transaction Revenues and Private Label Net Transaction
Revenues.

‘‘Collective
Revenues’’ means Transaction Revenues, Gaming
Transaction Revenues, eSpeed Equity Order Routing Business Revenues,
EGB Transaction Revenues, FX Transaction Revenues, Less-Established
Electronic Product Transaction Revenues and Private Label Transaction
Revenues.

‘‘Convention’’ means
the United Nations Framework Convention on Climate Change.

‘‘Electronic Brokerage
Services’’ means the effecting of transactions in,
and purchases and sales of, a Product on an Electronic Marketplace in
and through the operation of an Electronic Trading System. Electronic
Brokerage Services include, but are not limited to, the provision and
operation of network distribution systems, transaction processing
systems and customer interface systems, in each case that are related
to the effecting of transactions in, and purchases and sales of, a
Product on an Electronic Marketplace. Electronic Brokerage Services do
not include Voice Assisted Brokerage Services, Clearance, Settlement
and Fulfillment Services, Information Services or Related Services.

‘‘Electronic Emissions
Marketplace’’ means the marketplace and affiliated
web portal sponsored by CO2e on or through which wholesale transactions
in, and purchases and sales of, GHG Emission Reduction Units and
derivatives thereof, including futures contracts and options on futures
contracts involving GHG Emission Reduction Units (and related services)
may be effected in whole or in part electronically.

‘‘Electronic Gaming
Marketplace’’ means a marketplace in which
transactions constituting all or a portion of a Gaming Business may be
effected in whole or in part electronically, but does not include a
marketplace involving a Gaming Business that is merely electronically
assisted, such as screen assisted phone betting.

‘‘Electronic
Marketplace’’ means a Marketplace on which
transactions in, and purchases and sales of, Products may be effected
in whole or in part electronically, but does not include a Marketplace
that is merely electronically assisted, such as screen assisted open
outcry. In no event shall the Electronic Energy Marketplace, the
Electronic Emissions Marketplace or a marketplace involved in a Gaming
Business or an Unrelated Dealer Business be deemed to be an Electronic
Marketplace for purposes of this Agreement.

‘‘Electronic Energy
Marketplace’’ means the marketplace and affiliated
web portal sponsored by TradeSpark on or through which North American
wholesale transactions in, and purchases and sales of, Energy Products
and derivatives thereof, including futures contracts and options on
futures contracts involving Energy Products (and related services) may
be effected in whole or in part electronically. Only transactions that
are to be executed, settled and delivered in North America shall be
effected on or through the Electronic Energy Marketplace.

‘‘Electronic Trading
System’’ means, as to any Electronic Marketplace,
the hardware, software, network infrastructure and other similar assets
that are used to effect purchases and sales in that Electronic
Marketplace.

‘‘Emissions Government
Agency’’ means any national, international,
federal, provincial, state, municipal, county, regional or local
government or authority, and includes: (i) any department, commission,
bureau, board, administrative agency or regulatory body of any
government; (ii) an Emissions International Agency; (iii) any person or
corporation acting as a Registrar in connection with a GHG Emission
Reductions Registry; or (iv) any person or corporation acting as an
agent for an Emissions Governmental Agency.

3

‘‘Emissions
International Agency’’ means any international
commission, bureau, board, administrative agency or regulatory body
responsible for measures to achieve objectives of the Convention.

‘‘Energy Products’’
means natural gas, electricity, coal, sulphur dioxide and nitrogen
oxides emissions allowances, and weather financial products.

‘‘eSpeed Equity Order Routing
Business’’ means those activities that shall be
conducted from time to time by the eSpeed Parties in connection with
electronic execution of equity trade orders that are transmitted for
the Cantor Parties on behalf of their customers directly to an
unaffiliated exchange or electronic communications network (ECN).

‘‘eSpeed Equity Order Routing Business
Net Revenues’’ means eSpeed Equity Order Routing
Business Revenues, less all marketing costs, help
desk/customer support costs, sales costs (including all sales
commissions), clearing fees and all other direct third-party costs,
each as incurred by the eSpeed Parties or the Cantor Parties.

‘‘eSpeed Equity Order Routing Business
Revenues’’ means the fees, commissions, spreads,
markups or other similar amounts received, directly or indirectly by
the eSpeed Parties or the Cantor Parties, from a customer in
consideration for the provision of services connected with the eSpeed
Equity Order Routing Business.

‘‘eSpeed
Marketplace’’ means a Marketplace (i) in which an
eSpeed Party renders Electronic Brokerage Services and (ii) that is not
a Collaborative Marketplace. In no event shall a marketplace involved
in a Gaming Business or an Unrelated Dealer Business be deemed an
eSpeed Marketplace for the purposes of this Agreement.

‘‘European Government Bond
Products’’ means European government bonds and
related products which are traded in a Marketplace.

‘‘European Government Bond Transaction
Net Revenues’’ means European Government Bond
Transaction Revenues, less all electronic
business-related broker payouts and other related compensation costs,
including taxes, insurance, and similar compensation expenses, each as
incurred by the Cantor Parties, which aggregate broker payouts,
commissions, and other related compensation costs shall not exceed
50% of the European Government Bond Transaction Revenues.

‘‘European Government Bond Transaction
Revenues’’ means the customary fees, commissions,
spreads, markups or other similar customary amounts received, from a
customer in connection with effecting trading of European Government
Bond Products in a Marketplace.

‘‘Exchange Act’’
means the U.S. Securities Exchange Act of 1934, as amended.

‘‘Financial
Product’’ means any financial asset or financial
instrument, any intangible commodity or any tangible fungible
commodity, including, but not limited to, any security, futures
contract, foreign exchange transaction, swap transaction, credit
derivative, repurchase or reverse repurchase obligation, currency or
swap (as currently defined in the Federal Bankruptcy Code of 1978) or
any option or derivative on any of the foregoing; provided that in no
event shall (x) any Energy Product traded on the Electronic Energy
Marketplace or any derivative thereof, including futures contracts and
options on futures contracts involving Energy Products traded on the
Electronic Energy Marketplace or (y) any GHG Emission Reduction Unit
traded on the Electronic Emissions Marketplace or any derivative
thereof, including futures contracts and options on futures contracts
involving GHG Emission Reduction Units traded on the Electronic
Emissions Marketplace, be considered a Financial Product, or (z) any
product traded in a marketplace involving a Gaming Business or an
Unrelated Dealer Business be considered a Financial Product.

‘‘Foreign Exchange
Products’’ means the purchase or sale of cash
currency pairs which are traded in a Marketplace.

‘‘Foreign Exchange Net Transaction
Revenues’’ means Foreign Exchange Transaction
Revenues, less all costs of any customer revenue share,
rebate program, commission cap, finder or promotional benefit or other
similar arrangement parties relating to the Foreign Exchange Products

4

traded electronically in an Electronic
Marketplace and all third-party costs of Clearance, Settlement and
Fulfillment Services as set forth in Section 4(E).

‘‘Foreign Exchange Transaction
Revenues’’ means the customary fees, commissions,
spreads, markups or other similar customary amounts received, from a
customer in connection with effecting trading of Foreign Exchange
Products.

‘‘Gaming
Business’’ means the current business conducted by
Cantor Index Holdings, L.P. (‘‘CIH’’) or a
subsidiary thereof, which consists of financial spread betting and
equity contracts for difference, and those activities described in
clauses (i) through (iv) below that shall be conducted from time to
time in the future by CIH or any of its subsidiaries controlled by CIH,
directly or through its subsidiaries. Gaming Business shall also mean
activities that the Cantor Parties may irrevocably designate in writing
from time to time, primarily with individual customers, directly or
indirectly, wherever located and however conducted, currently and in
the future, that involve (i) receiving or negotiating bets or
conducting pool betting operations or the provision of services in
connection therewith; (ii) organizing or conducting gaming or the
provision of services in connection therewith; (iii) organizing or
conducting the distribution of prizes by lot or chance or the provision
of services in connection therewith; and (iv) activities similar or
related to the foregoing activities, including without limitation
activities commonly known as fantasy games, hypothetical or virtual
betting and spread betting, contracts for differences, gambling, odds
making, lotteries, gaming, wagering, staking, drawing or casting lots;
provided, however, that Gaming Business shall also
include, to the extent and only to the extent designated by the Cantor
Parties separately and in writing, those activities that would be
gaming activities except for the fact that they are not conducted with
individual customers, directly or indirectly, to the extent to which
they are part of, ancillary to or substantially connected with the
activities described in clauses (i) and/or (ii) above;
provided, further, that Gaming Business does not
include a Multi-dealer Futures Business. For the purposes of this
definition, ‘‘bet’’ means entering into a
contract by which each party undertakes to pay or forfeit to the other
money or other value if an issue, in doubt at the time of the contract,
is determined in accordance with the other party’s forecast;
‘‘gaming’’ means the playing of a game of
chance for winnings in money or other value; and ‘‘game of
chance’’ includes a game of chance and skill combined and a
pretended ‘‘game of chance.’’

‘‘Gaming Development
Services’’ means the services provided by the
Cantor Parties in connection with developing or otherwise acquiring
technology in connection with a Gaming Business for the Cantor
Parties.

‘‘Gaming
Product’’ means any intangible asset, good or
interest that can be bought or sold or otherwise is the subject of an
activity constituting a Gaming Business.

‘‘Gaming Revenue
Share’’ means 12.5% of Gaming Transaction
Revenues.

‘‘Gaming Transaction
Revenues’’ means the net trading revenues (as
determined by the Cantor Parties in a manner consistent with their
customary business practices) and all other net fees (including without
limitation participation fees, commissions, spreads, markups or other
similar amounts) received from a customer in connection with
participation by such customer in activities constituting a Gaming
Business.

‘‘GHG
Emissions’’ means carbon dioxide, methane, nitrous
oxide, hydrofluorocarbons, perflurocarbons and any other gas substance
that is the subject of the Convention and related protocols, treaties,
agreements and instruments, or other gases, tradable renewable energy
instruments, and other tradable environmental instruments subject to
domestic, regional, or international regulation.

‘‘GHG Emission
Reductions’’ means a reduction in GHG
Emissions.

‘‘GHG Emission Reduction
Units’’ means all rights, benefits, title and
interest related, in whole or in part, to GHG Emission Reductions, or
derivatives thereof, including futures contracts and options on futures
contracts involving GHG Emission Reduction Units, whether in existence
as of the date of this Agreement or arising in the future, without
limitation: (i) any credit issued or granted by an Emissions Government
Agency in connection with GHG Emission Reductions; (ii) any tradable

5

allowance or allocated pollution right issued
or granted in connection with GHG Emission Reductions; (iii) the sole
right to claim credit in any reporting program established or
maintained by any Emissions Government Agency for creation of GHG
Emission Reductions; (iv) the sole right to bank GHG Emission
Reductions in any registry system established or maintained by any
Emissions Government Agency or non-governmental organization or entity
(a ‘‘GHG Emission Reductions
Registry’’); (v) the sole right to any form of
acknowledgment by an Emissions Governmental Agency that actions have
been taken by a party or parties in connection with GHG Emission
Reductions that result in the reduction, avoidance, sequestration or
mitigation of GHG Emissions; (vi) the sole right to use GHG Emission
Reductions; (vii) the sole right to any form of acknowledgment by an
Emissions Government Agency to claim reduction from an emissions
baseline when that baseline can be used for establishing a tradable GHG
Emission allowance allocation, and that beneficial ownership in this
reduction, avoidance, sequestration or mitigation or related tradable
allowances can be; (viii) banked for credit in the event of regulation
requiring a party to reduce, avoid, compensate for or otherwise
mitigate GHG Emissions; (ix) claimed by a party for credit against that
party’s compliance requirement; (x) put to any other sanctioned
use; or (xi) transferred to another party for any reason; (xii) the
sole right to any form of acknowledgment by an Emissions International
Agency in respect of GHG Emission Reductions including that the GHG
Emission Reductions constitute tradable emissions reduction units; and
(xiii) the sole right to any offset of anthropogenic GHG Emissions
caused wholly or in part by the GHG Emission Reductions.

‘‘Information’’
means information relating to bids, offers or trades, or any other
information, that is input into, created by or otherwise resides on an
Electronic Trading System or is created in connection with a Gaming
Business or an Unrelated Dealer Business.

‘‘Information
Services’’ means the provision of Information to a
Person with respect to a Marketplace, a Gaming Business or an Unrelated
Dealer Business as a separate service not in connection with
transactions by such Person on such Marketplace or in connection with a
Gaming Business or an Unrelated Dealer Business. Information Services
shall not include the provision of Information to purchasers and
sellers of a Product incident to the provision of Electronic Brokerage
Services and/or Voice Assisted Brokerage Services to such
customers.

‘‘Initial EGB
Threshold’’ has the meaning given to such term in
Section 4(A)(a)(A).

‘‘Less-Established Electronic
Products’’ means all Financial Products traded in a
Marketplace electronically from time to the time by the Cantor Parties
which are not Well-Established Electronic Products and for which no
Cantor Party provides Voice Assisted Brokerage Services.

‘‘Less-Established Electronic Product
Net Transaction Revenues’’ means Less-Established
Electronic Product Transaction Revenues, less all
electronic business-related broker payouts, commissions and other
related compensation costs, including taxes, insurance, and similar
compensation expenses, each as incurred by the Cantor Parties, which
aggregate broker payouts, commissions and related compensation costs
shall not exceed 50% of Less-Established Electronics Product
Transaction Revenues for such Product.

‘‘Less-Established Electronic Product
Transaction Revenues ’’ means the customary
fees, commissions, spreads, markups or other similar customary amounts
received from a customer in connection with effecting trading of
Less-Established Electronic Products in a Marketplace.

‘‘Marketplace’’
means a marketplace operated or to be operated by the Cantor Parties
and/or the eSpeed Parties in and through which buyers and sellers of a
Product may effect transactions in the Product. In no event shall the
Electronic Energy Marketplace, the Electronic Emissions Marketplace or
a marketplace involved in a Gaming Business or an Unrelated Dealer
Business be deemed to be a Marketplace for purposes of this
Agreement.

‘‘Multi-dealer Futures
Business’’ means activities with respect to futures
contracts and options on futures contracts in marketplaces which, with
respect to activities in such futures contracts and options on futures
contracts, permit prices to be regularly offered by more than four
market making entities (‘‘dealers’’) that trade
such futures contracts or options on futures contracts with multiple
buyers and sellers.

6

‘‘New Market
Notice’’ means, with respect to a Marketplace, a
written notice describing with reasonable specificity the anticipated
nature, general level of volume and trading needs of that
Marketplace.

‘‘North
America’’ means the United States, Canada and
Mexico.

‘‘Person’’ means any
corporation, general or limited partnership, limited liability company,
joint venture, estate, trust, association, organization or other entity
or governmental or regulatory authority or agency.

‘‘Private Label
System’’ means the provision of an Electronic
Trading System from time to time by eSpeed to the Cantor Parties other
than BGC as a separately-branded ‘‘white
label’’ or private label Electronic Trading System.

‘‘Private Label Net Transaction
Revenues’’ means Private Label Transaction
Revenues, less all electronic business-related broker
payouts, commissions and other related compensation costs, including
taxes, insurance, and similar expenses, each as incurred by the Cantor
Parties, which aggregate broker payouts, commissions and other related
compensation costs shall not exceed 50% of the Private Label
Transaction Revenues.

‘‘Private
Label Transaction Revenues’’ means the customary
fees, commissions, spreads, markups or other similar amounts received
from a customer in connection with effecting trading of Products over
the Private Label System.

‘‘Product’’ means
any tangible or intangible asset or good, other than (x) an Energy
Product traded on the Electronic Energy Marketplace or any derivative
thereof, including futures contracts and options on futures contracts
involving Energy Products traded on the Electronic Energy Marketplace,
(y) a GHG Emission Reduction Unit traded on the Electronic Emissions
Marketplace or any derivative thereof, including futures contracts and
options on futures contracts involving GHG Emission Reduction Units
traded on the Electronic Emissions Marketplace or (z) a product traded
in a marketplace involving a Gaming Business or an Unrelated Dealer
Business.

‘‘Product or Pricing
Decisions’’ means, as to an Electronic Marketplace
for a particular Product, (i) the definition of the Product, (ii) the
hours of operation of the Marketplace, (iii) the rules relating to
trading priority, incentives and other trading related issues and (iv)
the rates and schedules of commissions and other Transaction Revenues
for the Marketplace, including any variation thereof for particular
customers or classes of customers.

‘‘Related Services’’
includes (i) credit and risk management services, (ii) services related
to sales positioning of Products, (iii) oversight of customer
suitability and regulatory compliance and (iv)  such other
services customary to brokerage operations as are agreed to by CFLP and
eSpeed.

‘‘Start
Date’’ has the meaning given to such term in
Section 4(A)(a)(B).

‘‘TradeSpark’’ means
TradeSpark, L.P.

‘‘Transaction
Revenues’’ means the standard fees, commissions,
spreads, markups or other similar standard amounts received from a
customer in connection with effecting transactions in a
Marketplace.

‘‘Unrelated Dealer
Businesses’’ means (i) the equity businesses of the
Cantor Parties as they may exist from time to time, (ii) the money
market instruments and securities lending divisions of the Cantor
Parties as they may exist from time to time, (iii) any business or
portion thereof or activity in which a Cantor Party acts as a dealer or
otherwise takes market risk or positions, including in the process of
executing matched principal transactions, providing the services of a
specialist or market maker or providing trading or arbitrage
operations, (iv) any activities that are not within the definition of
Gaming Business but would be if so designated by a Cantor Party, as set
forth in the definition of Gaming Business herein, and (v) any business
not involving operating a Marketplace, other than a Gaming
Business.

‘‘Voice Assisted Brokerage
Services’’ means the effecting of transactions in,
and purchases and sales of, a Product on an Electronic Marketplace in
and through a broker or other human 

7

intermediary, in each case who is an employee
of, or providing services to, a Cantor Party. Voice Assisted Brokerage
Services include the entry of an order by a broker or other human
intermediary into the Electronic Trading System.

‘‘Well-Established Electronic
Products’’ means benchmark U.S. treasury
securities, spot Foreign Exchange Products and European government
bonds traded electronically in an Electronic Marketplace.

2.    Term. The term of this Agreement shall be in
effect perpetually, unless sooner ended by the mutual agreement, in
writing, of CFLP and eSpeed (the
‘‘Term’’).

3.    Joint Services in Collaborative Marketplaces.

(a)    Subject to the terms and conditions
stated herein, the Cantor Parties and the eSpeed Parties intend to
collaborate in providing brokerage services to customers in and through
Electronic Marketplaces. In any case in which the Cantor Parties and
the eSpeed Parties do so collaborate, the Marketplace shall be a
Collaborative Marketplace and the respective authority,
responsibilities and obligations of the parties shall be governed by
this Section 3.

(b)    In the case of each
Collaborative Marketplace, any Product or Pricing Decision shall be
made jointly by the Cantor Parties and the eSpeed Parties. If the
parties are unable to agree on a particular Product or Pricing Decision
after good faith efforts to do so, then the final Product or Pricing
Decision shall be made by (i) a Cantor Party, in the case of a
Marketplace or the portion thereof in which or for which a Cantor Party
provides any Voice Assisted Brokerage Services, and (ii) an eSpeed
Party, in the case of a fully electronic Marketplace (that is, a
Marketplace in which no Cantor Party provides Voice Assisted Brokerage
Services) or the portion of a Marketplace that is fully electronic;
provided, however, that no Product and Pricing
Decision made by an eSpeed Party with respect to a fully electronic
Marketplace shall result in the Cantor Party’s share of
Transaction Revenues for the transactions effected in the Marketplace
being less than the amount necessary to cover the Cantor Party’s
actual costs of providing Cantor Services in connection with such
Marketplace.

(c)    In the case of each
Collaborative Marketplace, the applicable eSpeed Party (i) shall own
and operate the Electronic Trading System associated with the
Electronic Marketplace, (ii) shall be responsible, as between the
parties, for the provision of Electronic Brokerage Services to
customers and (iii) except as provided above with respect to Product or
Pricing Decisions, shall have reasonable discretion as to the manner
and means of operating the Electronic Trading System and providing
Electronic Brokerage Services to customers and Cantor brokers in
connection therewith. Such responsibility shall include the right and
obligation of the eSpeed Parties to manage and assume financial
responsibility beginning on May  20,  2005 for certain
employees of Cantor Parties acquired in the BGC acquisition of Maxcor
and Eurobrokers which are engaged in the development and operation of
the Electronic Trading System and other technology and provision of
Electronic Brokerage Services and Voice Assisted Brokerage
Services.

(d)    In the case of each
Collaborative Marketplace, the applicable Cantor Party (i) shall be
responsible, as between the parties, for the provision of Cantor
Services to customers and (ii)  except as provided above with
respect to Product or Pricing Decisions, shall have reasonable
discretion as to the manner and means of providing the Cantor Services.
The applicable Cantor Party shall be responsible for maintenance of
books and records and compliance with applicable securities laws, rules
and regulations, as determined by the applicable Cantor Party. Cantor
Parties that are U.S. registered broker-dealers pursuant to the
Exchange Act shall be responsible for compliance with the reporting
requirements under Regulation ATS and related provisions of the
Exchange Act. In that regard, such Cantor Parties that are U.S.
registered broker-dealers each will be the broker for all transactions
in the systems, and each will determine the various non-discretionary
parameters under which transactions are executed in their respective
systems. eSpeed Parties that are U.S. registered broker-dealers
pursuant to the Exchange Act shall cooperate with the Cantor Parties
that are U.S. registered broker-dealers in all regulatory compliance
matters and, if applicable, in complying with Regulation ATS.

8

(e)    Without
limiting the authority of the parties in their respective areas of
responsibility pursuant to paragraphs (c) and (d), the parties
recognize the importance of providing an integrated and seamless
service to customers. Accordingly, the parties shall consult diligently
and in good faith, as and as often as necessary, to ensure that their
respective services are properly integrated.

(f)    All information and data, other than
Information, created, developed, used in connection with or relating to
the operation of and effecting of transactions in any Marketplace or in
connection with a Gaming Business or an Unrelated Dealer Business
(‘‘Data’’) shall constitute the
sole property of the Cantor Parties or the eSpeed Parties, as
applicable, on the following basis: (i) if the Data relate to Financial
Products, a Gaming Business or an Unrelated Dealer Business, the Data
shall belong solely to the Cantor Parties, (ii) if the Data relate to a
Collaborative Marketplace in which only Products that are not Financial
Products are traded, the ownership of the Data shall be determined by
the Cantor Parties and the eSpeed Parties on a case-by-case basis based
on good faith negotiations, (iii) if the Data relate to an eSpeed
Marketplace in which only Products that are not Financial Products are
traded, the Data shall belong solely to the eSpeed Parties and (iv) if
the Data relate to a non-Collaborative Marketplace that is not an
eSpeed Marketplace and in which Financial Products are traded, the Data
shall belong solely to the Cantor Parties. All Information relating to
Financial Products transmitted and disseminated on or through the
Electronic Marketplace or relating to a Gaming Business or an Unrelated
Dealer Business shall be the sole property of the Cantor Parties and,
as between the parties, the Cantor Parties shall have the sole and
exclusive right to use, publish and be compensated for Information
Services in connection with or relating to such Information;
provided, however, in the case of each Collaborative
Marketplace, that the eSpeed Parties shall have the right (without any
obligation to pay the Cantor Parties therefor) to use such Information
in connection with the execution of transactions in the applicable
Collaborative Marketplace. With respect to Information and Data
revenues generated from any regulated futures or options contract(s)
consisting of or related to Commodity Futures Trading Commission
regulated futures or options contract(s) that are related to movies,
music or any other aspect of the entertainment business and sponsored
by CIH, or a subsidiary thereof, then the applicable eSpeed Party will
receive the aggregate revenues resulting from the publication or sale
of such Information and Data and will pay the applicable Cantor Party
65% of such revenues.

(g)    To such
extent as is consistent with the Cantor Parties’ own businesses
of providing Electronic Brokerage Services in Marketplaces that are not
Collaborative Marketplaces, the Cantor Parties shall promote and market
eSpeed Marketplaces for effecting transactions in Financial Products,
and shall refer customers and prospective customers to the applicable
eSpeed Parties in an effort to cause such customers to effect
transactions in Financial Products in eSpeed Marketplaces.

4.    Sharing of Transaction Revenues.    (A) The
Cantor Parties and the eSpeed Parties agree to share Transaction
Revenues with regard to transactions effected through Collaborative
Marketplaces in the following manner:

(a)    If (i) the Electronic Marketplace is a
Collaborative Marketplace, (ii) the transaction relates to a Financial
Product (other than a Financial Product that is traded on the Cantor
Exchange) and (iii) no Cantor Party provides Voice Assisted Brokerage
Services in connection with the transaction to which the Transaction
Revenues relate (that is, the transaction is fully electronic), then
(A) management of the applicable eSpeed Party shall be entitled, in
their sole discretion, from time to time, to pay directly to Cantor
Party employees up to 10% of the gross revenue received by the
applicable eSpeed Party with respect to increased trading revenue in
Well-Established Electronic Products generated by such employee, and
then (B) the applicable eSpeed Party will receive the remaining
aggregate Transaction Revenues and will pay to the applicable Cantor
Party a service fee equal to 35% of such Transaction
Revenues.

Notwithstanding the foregoing, the
following revenue shares shall apply with respect to the specific
Products set forth below:

9

			
		(A) 	Beginning
July  1,  2005, if such Financial Product is a European
Government Bond Product for which no Cantor Party provides Voice
Assisted Brokerage Services in connection with the transaction to which
the Transaction Revenues relate (that is, the transaction is fully
electronic), then the applicable eSpeed Party will receive (i) the
aggregate European Government Bond Transaction Revenues and will pay to
the applicable Cantor Party a service fee equal to 35% of the
European Government Bond Transaction Revenues with respect to the first
$1,500,000 of European Government Bond Transaction Revenues in a
calendar year (‘‘Initial EGB Threshold’’); (ii)
from July  1,  2005 through June  30,  2009, the
applicable eSpeed Party will receive the European Government Bond
Transaction Net Revenues and will pay to the applicable Cantor Party a
service fee equal to 50% of European Government Bond Transaction
Net Revenues derived from EGB Transaction Revenues in excess of the
Initial EGB Threshold; and (iii)  after June  30,  2009,
the applicable eSpeed Party will receive the European Government Bond
Transaction Net Revenues and will pay to the applicable Cantor Party a
service fee of 35% of such European Government Bond Transaction
Net Revenues derived from EGB Transaction Revenues in excess of the
Initial EGB Threshold.

			
		(B) 	If such Financial Product
is a Less-Established Electronic Product in which no Cantor Party
provides Voice Assisted Brokerage Services in connection with a
transaction to which the Less-Established Electronic Product
Transaction Revenues relate (that is, the particular transaction is
fully electronic), then (i) for a period of four years from the Start
Date, the applicable eSpeed Party will receive the aggregate
Less-Established Electronic Product Net Transaction Revenues and will
pay to the applicable Cantor Party a service fee equal to 50% of
the Less-Established Electronic Product Net Transaction Revenues and
(ii) thereafter, the applicable eSpeed Party will receive the aggregate
Less-Established Electronic Product Net Transaction Revenues and will
pay to the applicable Cantor Party a service fee equal to 35% of
the Less-Established Electronic Product Net Transaction Revenues. For
each Less-Established Electronic Product, the ‘‘Start
Date’’ shall occur on the first date that a customer of a
Cantor Party enters an order with respect to a particular
Less-Established Electronic Product into an Electronic Marketplace on a
divisional basis or the date of the delivery of a written notice to an
eSpeed Party from Cantor in the case of a Financial Product for which a
Cantor Party provides Voice Assisted Brokerage Services on the date
hereof.

			
		(C) 	Beginning on
October  20,  2004, if such Financial Product is a Foreign
Exchange Product, for which no Cantor Party provides Voice Assisted
Brokerage Services in connection with the transaction to which the
Transaction Revenues relate (that is, the transaction is fully
electronic), then the applicable eSpeed Party will receive (i)
the aggregate Foreign Exchange Net Transaction Revenues and will pay to
the applicable Cantor Party a service fee equal to 35% of the
Foreign Exchange Net Transaction Revenues.

			
		(D) 	If such Financial Product
is a Private Label System, then the applicable Cantor Party will
receive the aggregate Private Label Transaction Revenues and will pay
to the applicable eSpeed Party (i) for a period of four years from the
Private Label Start Date for such Product with respect to each customer
of Cantor using a Private Label System, a service fee equal to
50% of the Private Label Net Transaction Revenues; and (ii)
thereafter, a service fee equal to 65% of the Private Label Net
Transaction Revenues. For each Cantor customer, the
‘‘Private Label Start Date’’ shall occur on the
first date that such customer of a Cantor Party enters an order on the
Private Label System.

(b)    If (i) the
Electronic Marketplace is a Collaborative Marketplace, (ii) the
transaction relates to U.S. Treasury securities and U.S.
federally-sponsored agency securities involving that certain eSpeed
business unit generally known as eSpeed Online, or any successor
thereof, and 

10

(iii) a Cantor Party provides Voice Assisted
Brokerage Services through any of the employees of such eSpeed Online
business unit or successor thereof in connection with the transaction
to which the Transaction Revenues relate, then the applicable eSpeed
Party will receive the aggregate Transaction Revenues and will pay to
the applicable Cantor Party a service fee equal to 35% of the
Transaction Revenues.

(c)    If (i) the
Electronic Marketplace is a Collaborative Marketplace, (ii) the
transaction relates to a Financial Product (other than a Financial
Product that is traded on the Cantor Exchange) and (iii) a Cantor Party
provides Voice Assisted Brokerage Services in connection with the
transaction to which the Transaction Revenues relate, then the
applicable Cantor Party will receive the aggregate Transaction Revenues
and will pay to the applicable eSpeed Party a service fee equal to
7% of the Transaction Revenues.

(d)    If (i) the Electronic Marketplace is a
Collaborative Marketplace, (ii) the transaction relates to a Product
that is traded on the Cantor Exchange and (iii) no Cantor Party
provides Voice Assisted Brokerage Services in connection with the
transaction to which the Transaction Revenues relate (that is, the
transaction is fully electronic), then the applicable eSpeed Party will
receive the aggregate Transaction Revenues and will pay to the
applicable Cantor Party a service fee equal to 20% of the
Transaction Revenues. With respect to exchange fees on any regulated
futures or options contract(s) consisting of or related to Commodity
Futures Trading Commission regulated futures or options contract(s)
that are related to movies, music or any other aspect of the
entertainment business and sponsored by CIH, or a subsidiary thereof,
the applicable eSpeed Party will receive the aggregate exchange fees
and will pay to the applicable Cantor Party a fee equal to 50%
of the exchange fees.

(e)    If (i) the
Electronic Marketplace is a Collaborative Marketplace, (ii) the
transaction relates to a Product that is traded on the Cantor Exchange
and (iii) a Cantor Party provides Voice Assisted Brokerage Services in
connection with the transaction to which the Transaction Revenues
relate, then the applicable eSpeed Party will receive the aggregate
Transaction Revenues and will pay to the applicable Cantor Party a
service fee equal to 55% of the Transaction Revenues. With
respect to exchange fees on any regulated futures or options
contract(s) consisting of or related to Commodity Futures Trading
Commission regulated futures or options contract(s) that are related to
movies, music or any other aspect of the entertainment business and
sponsored by CIH, or a subsidiary thereof, the applicable eSpeed Party
will receive the aggregate exchange fees and will pay to the applicable
Cantor Party a fee equal to 50% of the exchange fees.

(f)    If (i) the Electronic Marketplace is a
Collaborative Marketplace and (ii) the transaction relates to a Product
that (x) is not a Financial Product and (y) is not traded on the Cantor
Exchange, then the applicable Cantor Party and the applicable eSpeed
Party will share Transaction Revenues in such manner as they shall
agree.

(B)    The Cantor Parties and the eSpeed Parties agree
to share Transaction Revenues with regard to transactions effected
through eSpeed Marketplaces in the following manner:

(a)    If (i) the Electronic Marketplace is an
eSpeed Marketplace and (ii) the transaction relates to a Financial
Product, then the applicable eSpeed Party will receive the aggregate
Transaction Revenues and will pay to CFLP a service fee equal to
20% of the Transaction Revenues.

(b)    If (i) the Electronic Marketplace is an
eSpeed Marketplace and (ii) the transaction relates to a Product other
than a Financial Product, then the applicable eSpeed Party will receive
and retain all of the Transaction Revenues.

(C)    The Cantor
Parties and the eSpeed Parties agree to share Transaction Revenues with
regard to transactions effected through other Marketplaces, other than
in connection with a Gaming Business or an Unrelated Dealer Business,
in the following manner:

(a)    If (i) a
transaction is effected in an Electronic Marketplace that is not a
Collaborative Marketplace and is not an eSpeed Marketplace, but that is
a Marketplace in which Cantor 

11

provides Electronic Brokerage Services, and
(ii) the transaction relates to a Financial Product, then the
applicable Cantor Party will receive the aggregate Transaction Revenues
and pay to eSpeed a service fee equal to 30% of the amount
eSpeed would have received pursuant to Section 4(a) or 4(c) of this
Agreement if the Marketplace had been a Collaborative Marketplace. For
purposes of this paragraph (i), the Transaction Revenues shall be
reduced by the costs incurred or paid by a Cantor Party to a third
party to provide or arrange for the provision of Electronic Brokerage
Services.

(b)    If a transaction (i) is
not effected through an Electronic Marketplace, but (ii) is
electronically assisted (by way of example, but not limited to, a
screen-assisted open outcry transaction), then the applicable Cantor
Party will receive the aggregate Transaction Revenues and will pay to
the applicable eSpeed Party 2.5% of the Transaction
Revenues.

(D)    Each of the Cantor Parties and the eSpeed
Parties agree to share Gaming Transaction Revenues in connection with
Gaming Businesses in the following manner, such amount to be determined
on a quarterly basis as provided in Section 12 hereof. The applicable
Cantor Party shall be responsible for and shall collect 100% of
all Gaming Transaction Revenues and shall pay over to eSpeed with
respect to any applicable calendar quarter as follows: eSpeed shall
receive (X) the Gaming Revenue Share plus (Y)
100% of the actual costs in such calendar quarter of all direct
costs incurred by the eSpeed Parties for items solely dedicated to the
Gaming Businesses, and only to the extent dedicated, as requested and
approved by the Cantor Parties in advance and in writing, which items
shall include exclusively hardware, machinery, personnel, consultants,
voice communication line expense and similar items. All amounts due and
payable pursuant to this Section 4(D) shall be paid in the manner
specified in Section 12 of this Agreement.

(E)    Notwithstanding the foregoing, in the event that a Cantor
Party’s average direct costs payable to third parties (other
than the Cantor Parties and their affiliates) for providing Clearance,
Settlement and Fulfillment Services with respect to transactions in a
Collaborative Marketplace with respect to any Financial Product for any
month exceed the average direct costs incurred by the Cantor Parties to
clear and settle cash transactions in United States Treasury securities
for such month, the cost of such excess shall be borne pro rata by the
applicable Cantor Party and the applicable eSpeed Party in the same
proportion as the Transaction Revenues and service fees for such
transactions are to be shared.

(F)    For any month, for any
Product for which sales and purchases during such month are effected
both through fully electronic transactions and through voice-brokered
transactions, Transaction Revenues earned with respect to such Product
shall be allocated between fully electronic transactions and
voice-brokered transactions as follows: the amount of Transaction
Revenues attributable to fully electronic transactions or
voice-brokered transactions, as the case may be, for such Product
during such month in a Marketplace shall be equal to (x) total
Transaction Revenues for such Product for such month in such
Marketplace multiplied by (y) a fraction, the numerator of which is the
notional volume (by currency) of all transactions in such specific
Product type for such month in such Marketplace effected by fully
electronic transactions or voice-brokered transactions, as the case may
be, and the denominator of which is the notional volume (by currency)
of all transactions in such specific Product type for such month in
such Marketplace.

(G)    In the event that a customer does
not pay, or pays only a portion of, the Collective Revenues, as the
case may be, relating to a transaction described in paragraphs (A)
through (D), (F) and (J) (a ‘‘Loss
Event’’), then the relevant Cantor Party and the
relevant eSpeed Party each shall bear its respective share of the loss
arising from the Loss Event in the same proportion as such Collective
Revenues, as the case may be, and service fees for such transaction are
to be shared.

(H)    All amounts due and payable to a Cantor
Party or an eSpeed Party by the other pursuant to this Section 4 shall
be paid in the manner specified in Section 12 of this Agreement.

(I)    In the event that any tax is imposed on any of the
Collective Revenues, as the case may be, with respect to a transaction
(other than a Tax on net income), the cost of such tax will be borne by

12

the applicable eSpeed Party and the
applicable Cantor Party in the same proportion as such component of the
Collective Revenues, as the case may be, and service fees for such
transaction are to be shared.

(J)    All marketing costs,
help desk/customer support costs, sales costs (including all sales
commissions), clearing fees and all other direct third-party costs,
each as incurred by the eSpeed Parties or the Cantor Parties, including
any such unpaid costs from previous calendar months shall be paid out
of any eSpeed Equity Order Routing Business revenues collected by the
eSpeed Parties or the Cantor Parties, as the case may be. Following
such payment, each of the Cantor Parties and the eSpeed Parties agree
to share eSpeed Equity Order Routing Business Net Revenues in
connection with the provision of eSpeed Equity Order Routing Business
services in the following manner: the applicable eSpeed Party shall
receive 50% of the eSpeed Equity Order Routing Business Net
Revenues and the applicable Cantor Party shall receive 50% of
the eSpeed Equity Order Routing Business Net Revenues.

5.    Ancillary IT Services and Gaming Development
Services.

(a)    During the Term, the
eSpeed Parties shall provide Ancillary IT Services to the Cantor
Parties.

(b)    CFLP shall pay to eSpeed in
consideration for the Ancillary IT Services an amount equal to the
direct and indirect costs, including overhead, that the eSpeed Parties
incur in performing those services other than in connection with a
Gaming Business.

(c)    The eSpeed Parties
shall provide to the Cantor Parties (A) full and complete access to all
of its business and property including, without limitation,
intellectual property, technology, hardware and software, as well as
the opportunity for the Cantor Parties to develop, modify and use such
business and property in connection with the Gaming Business and (B)
Ancillary IT Services to the Cantor Parties with respect to the Gaming
Businesses which Gaming Business-related Ancillary IT Services shall be
consistent with the Ancillary IT Services provided by eSpeed with
respect to the Gaming Businesses prior to the date hereof and all such
reasonable replacement Ancillary IT Services.

(d)    The Cantor Parties shall not be required
to reimburse eSpeed for any amounts expended for the Gaming
Business-related Ancillary IT and the eSpeed Parties shall not be
entitled to charge or allocate to the Cantor Parties any costs or
charges for Gaming Business-related Ancillary IT Services pursuant to
this Section 5, it being understood that the eSpeed Parties are being
compensated for such services and expenses solely by the amounts earned
by the eSpeed Parties hereunder pursuant to Section 4(D).

(e)    Notwithstanding any prior agreement or
arrangement between or among the parties hereto, the eSpeed Parties and
the Cantor Parties agree that they do not owe any monies to each other
for the provisions of Ancillary IT Services, Gaming Development
Services, Gaming Revenue Share or otherwise with respect to any Gaming
Business prior to the date of this Agreement.

(f)    If any direct or indirect subsidiary,
division or business unit of a Cantor Party becomes no longer
controlled by CFLP or one of its direct or indirect subsidiaries
(including any successors or assigns of such direct or indirect
subsidiary, division or business unit, the
‘‘Separating Business’’),
contemporaneously with such change of control any such Separating
Business shall have the right, in its sole discretion, to agree in
writing to be governed by this Agreement; provided,
however, that in the event that the Separating Business does
not choose to be governed by this Agreement, the eSpeed Parties agree,
if requested by CFLP, to (i) provide reasonable transition services for
a reasonable period of time to the Separating Business and (ii) (x)
transfer (at cost) or (y) license on a non-exclusive basis (for a fee
that, in the discretion of eSpeed, reasonably approximates cost), at
eSpeed’s option, any assets (or their functional equivalent, at
eSpeed’s discretion) that may be reasonably requested by the
Separating Business in order for it to continue operating its business
without the benefit of the services contemplated by this Agreement.

13

6.    Representations and
Warranties.

(a)    Organization
and Good Standing.

(i)    CFLP is duly
organized, validly existing and in good standing under the laws of the
state of Delaware and has the requisite power and authority to execute,
deliver and perform this Agreement and to consummate the transactions
contemplated hereby.

(ii)    eSpeed is duly
organized, validly existing and in good standing under the laws of
Delaware and has the requisite power and authority to execute, deliver
and perform this Agreement and to consummate the transactions
contemplated hereby.

(b)    Authority;
Binding Effect; No Conflicts.

(i)    CFLP has
taken all necessary actions to authorize the execution and delivery of
this Agreement and to perform all of its obligations under, and to
consummate the transactions contemplated by, this Agreement. This
Agreement has been duly and validly executed by CFLP. This Agreement
constitutes the valid and binding obligation of CFLP enforceable
against CFLP in accordance with its terms, subject to the effect of
reorganization, bankruptcy, insolvency, moratorium, fraudulent
conveyance and other similar laws relating to or affecting
creditors’ rights generally and court decisions with respect
thereto, and subject to the application of equitable principles and the
discretion of the court (regardless of whether the enforceability is
considered in a proceeding in equity or at law). The execution,
delivery and performance by CFLP of this Agreement shall not, with or
without the giving of notice or the lapse of time or both, (x) violate
any provision of any federal, state, local or foreign law, statute,
rule or regulation to which CFLP is subject, (y) violate any
injunction, order, judgment, ruling, decree or settlement applicable to
CFLP or (z) conflict with, or result in a breach or violation of, any
provision of the certificate of incorporation, by-laws, partnership
agreement or similar governing document of CFLP or any lease, contract,
agreement, instrument, undertaking or covenant by which CFLP is
bound.

(ii)    eSpeed has taken all necessary
corporate actions to authorize, execute and deliver this Agreement and
to perform all of its obligations under, and to consummate the
transactions contemplated by, this Agreement. This Agreement has been
duly and validly executed by eSpeed. This Agreement constitutes the
valid and binding obligation of eSpeed enforceable against eSpeed in
accordance with its terms, subject to the effect of reorganization,
bankruptcy, insolvency, moratorium, reorganization, fraudulent
conveyance and other similar laws relating to or affecting
creditors’ rights generally and court decisions with respect
thereto, and subject to the application of equitable principles and the
discretion of the court (regardless of whether the enforceability is
considered in a proceeding in equity or at law). The execution,
delivery and performance by eSpeed of this Agreement will not, with or
without the giving of notice or the lapse of time or both, (x) violate
any provision of any federal, state or local law, statute, rule or
regulation to which eSpeed is subject, (y) violate any injunction,
order, judgment, ruling, decree or settlement applicable to eSpeed, or
(z) conflict with, or result in a breach or violation of, any provision
of the certificate of incorporation or by-laws of eSpeed or any lease,
contract, agreement, instrument, undertaking or covenant by which
eSpeed is bound.

(c)    Litigation; No
Undisclosed Liabilities.    Except as disclosed in the
documents filed by eSpeed with the Securities and Exchange Commission
pursuant to the Exchange Act, there is no litigation pending or, to
eSpeed’s or CFLP’s knowledge, threatened, which questions
the validity or enforceability of this Agreement or seeks to enjoin the
consummation of any of the transactions contemplated hereby.

7.    New Marketplaces; Non-competition; Strategic
Alliances.

(a)    If a Cantor Party
wishes to create a new Marketplace for a Financial Product, then such
Cantor Party may, by providing a New Market Notice to eSpeed, require
eSpeed to provide, or 

14

cause another eSpeed Party to provide,
Electronic Brokerage Services with respect to that Marketplace. In such
a case, eSpeed shall use commercially reasonable efforts to develop an
Electronic Trading System for, and to render Electronic Brokerage
Services with respect to, that Marketplace under the terms of this
Agreement. If eSpeed is able to develop and put into operation an
Electronic Trading System for the Marketplace within 180 days, then the
Marketplace shall be a Collaborative Marketplace and the operation
thereof shall be subject to the provisions of Section 3 of this
Agreement. If, after diligent effort, eSpeed is unable to develop and
put into operation an Electronic Trading System for the Marketplace
within 180 days, then (i) eSpeed shall have no liability to any Cantor
Party for its failure to provide an Electronic Trading System, (ii) the
Cantor Party may create and operate the Marketplace in any manner that
the Cantor Party deems to be acceptable and (iii) the Marketplace shall
not be a Collaborative Marketplace. CFLP agrees that its proposal to
create a new Marketplace and the requirements relating thereto will be
commercially reasonable in scope and that CFLP or another Cantor Party
will diligently pursue the development of such Marketplace in a
meaningful way and that failure to do so within two years of the
provision of the New Market Notice will cause any rights of the eSpeed
Parties and the Cantor Parties in this Section 7 and Section 8 of this
Agreement to revert to their original status.

(b)    If a Cantor Party wishes to create a new
Marketplace for a Financial Product that will involve the provision of
Electronic Brokerage Services and the Cantor Party does not require
eSpeed to operate an Electronic Trading System and to provide
Electronic Brokerage Services for that Marketplace pursuant to
paragraph (a) of this Section 7, then the Cantor Party shall provide to
eSpeed a New Market Notice relating thereto and eSpeed shall have a
right of first refusal to provide Electronic Brokerage Services with
respect to that Marketplace under the terms of this Agreement. If
eSpeed notifies the Cantor Party that it wishes to provide Electronic
Brokerage Services with respect to the new Marketplace, then eSpeed
shall use commercially reasonable efforts to develop and put into
operation an Electronic Trading System for the Marketplace within 180
days. If eSpeed is able to develop and put into operation an Electronic
Trading System for the Marketplace within 180 days, then the
Marketplace shall be a Collaborative Marketplace and the operation
thereof shall be subject to Section 3 of this Agreement. If, after
diligent effort, eSpeed is unable to develop and put into operation an
Electronic Trading System for the Marketplace within 180 days, or
eSpeed notifies the Cantor Party that it does not wish to provide
Electronic Brokerage Services with respect to the new Marketplace, then
(i) the applicable Cantor Party may provide or obtain from a third
party Electronic Brokerage Services for that Marketplace in any manner
that the Cantor Party deems to be acceptable and (ii) the Marketplace
shall not be a Collaborative Marketplace. CFLP agrees that its proposal
to create a new Marketplace and the requirements relating thereto will
be commercially reasonable in scope and that CFLP or another Cantor
Party will diligently pursue the development of such Marketplace in a
meaningful way and that failure to do so within two years of the
provision of the New Market Notice will cause any rights of the eSpeed
Parties and the Cantor Parties in this Section 7 and Section 8 of this
Agreement to revert to their original status.

(c)    If a Cantor Party wishes to create a new
Electronic Marketplace for a Product that is not a Financial Product,
then the Cantor Party shall provide to eSpeed a New Market Notice
relating thereto. eSpeed or another eSpeed Party shall have the
opportunity to offer to provide Electronic Brokerage Services with
respect to the new Marketplace, which offer the Cantor Party shall
review and negotiate in good faith, but may accept or reject in its
reasonable discretion. If the Cantor Party accepts the eSpeed
Party’s negotiated terms of proposed offer to provide Electronic
Brokerage Services, then the Marketplace shall be a Collaborative
Marketplace and the operation thereof shall be subject to Section 3 of
this Agreement on such terms as the applicable Cantor Party and the
applicable eSpeed Party shall agree. If the Cantor Party rejects the
eSpeed Party’s negotiated terms of proposed offer to provide
Electronic Brokerage Services, then (i) the Marketplace shall not be a
Collaborative Marketplace and (ii) the Cantor Party may create and
operate the Marketplace in any manner that the Cantor Party deems to be
acceptable.

15

(d)    If an eSpeed
Party wishes to create a new Electronic Marketplace for a Financial
Product, then the eSpeed Party shall provide to CFLP a New Market
Notice relating thereto and CFLP or another Cantor Party shall have a
right of first refusal to provide the applicable Cantor Services with
respect to that Marketplace under the terms of this Agreement. If,
within 30 days of receiving the New Market Notice, CFLP or another
Cantor Party notifies the eSpeed Party that it wishes to provide such
Cantor Services with respect to the new Marketplace, then the
Marketplace shall be a Collaborative Marketplace and the operation
thereof shall be subject to Section 3 of this Agreement. If (i) CFLP
notifies the eSpeed Party that it does not wish to provide such Cantor
Services or (ii) CFLP fails to notify the eSpeed Party within the
30-day time period that it wishes to provide such Cantor Services with
respect to the new Marketplace, then the eSpeed Party may provide or
obtain from a third party those services for that Marketplace in any
manner that the eSpeed Party deems to be acceptable, and the
Marketplace shall be an eSpeed Marketplace for purposes of this
Agreement.

(e)    If an eSpeed Party wishes
to create a new Electronic Marketplace for a Product that is not a
Financial Product, then the eSpeed Party shall provide to CFLP a New
Market Notice relating thereto. CFLP or another Cantor Party shall have
the opportunity to offer to provide Cantor Services with respect to the
new Marketplace if, within 30 days of receiving the New Market Notice,
CFLP or another Cantor Party notifies the eSpeed Party that it wishes
to provide such Cantor Services with respect to the new Marketplace.
The eSpeed Party shall review and negotiate the offer of CFLP or the
other CFLP Party in good faith, but may accept or reject that offer in
its reasonable discretion. If the eSpeed Party accepts a Cantor
Party’s negotiated terms of proposed offer to provide Cantor
Services, then the Marketplace shall be a Collaborative Marketplace and
the operation thereof shall be subject to Section 3 of this Agreement
on such terms as the applicable Cantor Party and the applicable eSpeed
Party shall agree. If the eSpeed Party rejects the Cantor
Party’s negotiated terms of proposed offer to provide Cantor
Services, then (i) the Marketplace shall not be a Collaborative
Marketplace and (ii) the eSpeed Party may create and operate the
Marketplace in any manner that the eSpeed Party deems to be
acceptable.

(f)    No eSpeed Party shall,
directly, indirectly or in connection with a third Person, engage in
any activities competitive with a business activity now or hereafter
conducted by a Cantor Party or provide or assist any other Person in
providing any Cantor Service, other than (i) in collaboration with a
Cantor Party pursuant to Section 3 of this Agreement, (ii) with respect
to a new Marketplace involving a Financial Product, after CFLP (x) has
indicated that it is unable or unwilling to provide such Cantor Service
or (y) fails to indicate to the eSpeed Party within the prescribed
30-day period that it does wish to provide such Cantor Service with
respect to that Marketplace in accordance with paragraph (d) of this
Section 7, (iii) with respect to a new Marketplace involving a Product
that is not a Financial Product, an Energy Product traded on the
Electronic Energy Marketplace or a GHG Emission Reduction Unit traded
on the Electronic Emissions Marketplace in accordance with paragraph
(c) or paragraph (e) of this Section 7, (iv)  with respect to an
Unrelated Dealer Business in which an eSpeed Party develops and
operates a fully electronic Marketplace, (v) with respect to the
Electronic Energy Marketplace, or (vi) with respect to the Electronic
Emissions Marketplace. No eSpeed Party shall, directly, indirectly or
in connection with a third Person, engage in or otherwise provide
services for any Gaming Business, or engage in or otherwise provide
services for any activities that are not within the definition of
Gaming Business but would be if so designated by a Cantor Party, as set
forth in the definition of Gaming Business herein, without the prior
written consent of CFLP.

(g)    No Cantor
Party shall, directly, indirectly or in connection with a third Person,
provide or assist any other Person in providing Electronic Brokerage
Services, other than (i) in collaboration with eSpeed pursuant to
Section 3 of this Agreement, (ii) with respect to a new Marketplace,
after eSpeed (x) has indicated that it is unable to develop and put
into operation an Electronic Trading System with respect to that new
Marketplace in accordance with paragraph (a)  of this Section 7 or
(y) has declined to exercise its right of first refusal or is unable to
develop and put into operation an Electronic Trading System with
respect to that new Marketplace in accordance with paragraph (b) of
this Section 7, including, without limitation, the time period

16

specified therein, (iii) with respect to an
Unrelated Dealer Business, (iv) with respect to the Electronic Energy
Marketplace, (v) with respect to the Electronic Emissions Marketplace
or (vi)  with respect to a Gaming Business.

(h)    Notwithstanding the foregoing and
anything to the contrary in this Section 7, the Unrelated Dealer
Businesses and Gaming Businesses are expressly excluded from
eSpeed’s rights of first refusal under paragraph (b) and the
conduct by any Cantor Party either directly, or indirectly with or
through another Person, of any of the Unrelated Dealer Businesses and
Gaming Businesses shall not be deemed to be a violation of this Section
7.

(i)    The Cantor Parties and the eSpeed
Parties shall be entitled to and may enter into strategic alliances,
joint ventures, partnerships or similar arrangements with Persons and
consummate Business Combinations with Persons (all of the foregoing,
collectively, ‘‘Alliance
Opportunities’’) on the following basis only. If an
Alliance Opportunity (i) relates to a Person that directly or
indirectly provides Cantor Services and engages in business operations
that do not involve Electronic Brokerage Services, then any Cantor
Party shall be entitled to consummate a transaction with respect to
such an Alliance Opportunity, (ii) relates to a Person that directly or
indirectly provides Electronic Brokerage Services and engages in
business operations that do not involve any Cantor Service, then any
eSpeed Party shall be entitled to consummate a transaction with respect
to such an Alliance Opportunity and (iii) is an Alliance Opportunity
with respect to a Person other than those described in clauses (i) and
(ii) above, then the Cantor Parties and the eSpeed Parties shall
cooperate to jointly pursue and consummate a transaction with respect
to such Alliance Opportunity on mutually agreeable terms, provided,
however that any Alliance Opportunity with TradeSpark with respect to
the Electronic Energy Marketplace shall not be considered an Alliance
Opportunity and any such Alliance Opportunity with TradeSpark with
respect to the Electronic Energy Marketplace shall be specifically
permitted in accordance with the terms and conditions agreed to by any
eSpeed Party or any Cantor Party, and any Alliance Opportunity with
CO2e with respect to the Electronic Emissions Marketplace shall not be
considered an Alliance Opportunity and any such Alliance Opportunity
with CO2e with respect to the Electronic Emissions Marketplace shall be
specifically permitted in accordance with the terms and conditions
agreed to by any eSpeed Party or any Cantor Party. For purposes of this
paragraph, a ‘‘Business
Combination’’ shall mean, with respect to any
Person (other than TradeSpark with respect to the Electronic Energy
Marketplace and other than CO2e with respect to the Electronic
Emissions Marketplace), a transaction initiated by and/or in which a
Cantor Party or an eSpeed Party is the acquiror involving (i) a merger,
consolidation, amalgamation or combination, (ii) any sale, dividend,
split or other disposition of any capital stock or other equity
interests (or securities convertible into or exchangeable for or
options or warrants to purchase any capital stock or other equity
equivalents) of the Person, (iii) any tender offer (including without
limitation a self-tender), exchange offer, recapitalization,
liquidation, dissolution or similar transaction, (iv) any sale,
dividend or other disposition of a significant portion of the assets
and properties of the Person (even if less than all or substantially
all of such assets or properties), and (v) entering into of any
agreement or understanding, or the granting of any rights or options,
with respect to any of the foregoing.

(j)    Notwithstanding anything else contained
herein to the contrary, in no event shall eSpeed’s or
CFLP’s direct or indirect relationship with CO2e with respect to
the Electronic Emissions Marketplace be deemed to be a violation of
this Agreement.

8.    Exclusive Patent Licenses.

(a)    Subject to the second following
sentence, the Cantor Parties hereby grant to the eSpeed Parties an
exclusive, perpetual, irrevocable, worldwide, royalty-free right and
license, with the right to sublicense to its subsidiaries, under all
patents, patent applications and inventions of the Cantor Parties
related to Electronic Marketplaces and Electronic Gaming Marketplaces,
now known and existing, including all provisionals, divisionals,
continuations, continuations-in-part, reissues and extensions derived
therefrom, as well as all foreign patents and patent applications now
known or pending and other counterparts thereof (the
‘‘Patent Rights’’). The Cantor
Parties 

17

agree to take all commercially reasonable
actions requested by the eSpeed Parties, at the sole expense of the
eSpeed Parties, to cause the Patent Rights to remain in full force and
effect to the extent permitted by law. In the event that eSpeed (x) has
indicated that it is unable to develop and put into operation an
Electronic Trading System with respect to a new Marketplace in
accordance with paragraph (a) of Section 7 or (y) has declined to
exercise its right of first refusal with respect to a new Marketplace
in accordance with paragraph (b) of Section 7, then the Cantor Parties
shall have a limited right to use the Patent Rights solely in
connection with the operation of that new Marketplace. The Cantor
Parties shall cooperate with the eSpeed Parties, at the eSpeed
Parties’ sole expense, in any attempt by the eSpeed Parties to
prevent or otherwise seek remedies or damages which, in any case, shall
inure to the eSpeed Parties for any third party infringement of the
Patent Rights that are the subject of the license granted to the eSpeed
Parties pursuant to this Section 8 or to defend against any third party
claim relating to the Patent Rights.

(b)    The Cantor Parties hereby grant to the
eSpeed Parties a non-exclusive, perpetual, irrevocable, worldwide,
royalty-free right and license, with the right to sublicense to its
subsidiaries and affiliates, to use such trademarks and servicemarks as
now or hereinafter may be used (collectively, the
‘‘Trademark Rights’’), in all
media now known or hereinafter developed, in connection with Electronic
Marketplaces and Electronic Gaming Marketplaces. The Cantor Parties
agree to take all commercially reasonable actions requested by the
eSpeed Parties, at the sole expense of the eSpeed Parties, to cause the
Trademark Rights to remain in full force and effect to the extent
permitted by law. The eSpeed Parties acknowledge that the applicable
Cantor Parties own the Trademark Rights, including all goodwill now or
hereafter associated therewith, and that all goodwill and improved
reputation generated by the eSpeed Parties’ use of the Trademark
Rights shall inure to the benefit of the applicable Cantor Parties. In
order to preserve the inherent value of the Trademark Rights, the
eSpeed Parties agree to use reasonable efforts to ensure that the
products and services in connection with which the eSpeed Parties use
the Trademark Rights shall be at least equal to the standard prevailing
in the operation of the Electronic Marketplaces and in connection with
Gaming Businesses immediately prior to the date of the Agreement.

9.    Indemnification.

(a)    CFLP’s Indemnification
Obligations. Subject to the terms and conditions of this Section
9, CFLP agrees to defend, indemnify and hold eSpeed, the other eSpeed
Parties and their respective officers, directors, affiliates, agents,
attorneys, employees and representatives harmless from and against any
and all liabilities, losses, costs, damages, expenses, penalties, fines
and taxes, including, without limitation, reasonable legal and other
expenses (collectively,
‘‘Damages’’), directly or
indirectly arising out of, resulting from or relating to:

(i)    any breach of any covenant, agreement or
obligation of any Cantor Party contained in this Agreement; and

(ii)    any liability resulting from CFLP
broker errors and errors arising in connection with the provision by
any Cantor Party of Clearance, Settlement and Fulfillment Services.

(b)    eSpeed’s Indemnification
Obligations. Subject to the terms and conditions of this Section
9, eSpeed agrees to defend, indemnify and hold CFLP, the other Cantor
Parties and their respective officers, directors, affiliates, agents,
attorneys, employees and representatives harmless from and against any
and all Damages directly or indirectly arising out of, resulting from
or relating to:

(i)    any breach of any
covenant, agreement or obligation of any eSpeed Party contained in this
Agreement;

(ii)    any liability resulting
from failures of eSpeed’s technology and errors caused by the
technology of the Electronic Marketplaces; and

(iii)    any liability resulting from any
claims asserted against Cantor with respect to an eSpeed Party’s
exercise of its Patent Rights.

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(c)    Claims
for Indemnification; Defense of Indemnified Claims. For purposes
of this Section, the party entitled to indemnification shall be
referred to as the ‘‘Indemnified Party’’ and
the party required to indemnify shall be referred to as the
‘‘Indemnifying Party.’’ In the event that the
Indemnifying Party shall be obligated to the Indemnified Party pursuant
to this Section 9 or in the event that a suit, action, investigation,
claim or proceeding is begun, made or instituted as a result of which
the Indemnifying Party may become obligated to the Indemnified Party
hereunder, the Indemnified Party shall give prompt written notice to
the Indemnifying Party of the occurrence of such event, specifying the
basis for such claim or demand, and the amount or estimated amount
thereof to the extent then determinable (which estimate shall not be
conclusive of the final amount of such claim or demand);
provided, however, that the failure to give such
notice shall not constitute a waiver of the right to indemnification
hereunder unless the Indemnifying Party is actually prejudiced in a
material respect thereby. The Indemnifying Party agrees to defend,
contest or otherwise protect the Indemnified Party against any such
suit, action, investigation, claim or proceeding at the Indemnifying
Party’s own cost and expense with counsel of its own choice, who
shall be, however, reasonably acceptable to the Indemnified Party. The
Indemnifying Party may not make any compromise or settlement without
the prior written consent of the Indemnified Party (which will not be
unreasonably withheld or delayed) and the Indemnified Party shall
receive a full and unconditional release reasonably satisfactory to it
pursuant to such compromise or settlement. The Indemnified Party shall
have the right but not the obligation to participate at its own expense
in the defense thereof by counsel of its own choice. If requested by
the Indemnifying Party, the Indemnified Party shall (at the
Indemnifying Party’s expense) (i) cooperate with the
Indemnifying Party and its counsel in contesting any claim or demand
which the Indemnifying Party defends, (ii) provide the Indemnifying
Party with reasonable access during normal business hours to its books
and records to the extent they relate to the condition or operation of
a Marketplace and are requested by the Indemnifying Party to perform
its indemnification obligations hereunder, and to make copies of such
books and records, and (iii) make personnel available to assist in
locating any books and records relating to a Marketplace or whose
assistance, participation or testimony is reasonably required in
anticipation of, preparation for or the prosecution and defense of, any
claim subject to this Section 9. In the event that the Indemnifying
Party fails timely to defend, contest or otherwise protect the
Indemnified Party against any such suit, action, investigation, claim
or proceeding, the Indemnified Party shall have the right to defend,
contest or otherwise protect the Indemnified Party against the same and
may make any compromise or settlement thereof and recover the entire
cost thereof from the Indemnifying Party, including, without
limitation, reasonable attorneys’ fees, disbursements and all
amounts paid as a result of such suit, action, investigation, claim or
proceeding or compromise or settlement thereof.

(d)    Payments; Non-Exclusivity. Any
amounts due an Indemnified Party under this Section 9 shall be due and
payable by the Indemnifying Party within fifteen (15) business days
after (x) in the case of a claim which does not involve any third
party, receipt of written demand therefor and (y) in the case of a
claim which involves a third party, the final disposition of such claim
or demand, provided that reasonable legal and other out-of-pocket costs
and expenses are reimbursed currently within 15 business days after
demand therefor. The remedies conferred in this Section 9 are intended
to be without prejudice to any other rights or remedies available at
law or equity to the Indemnified Parties, now or hereafter.

10.    Relationship of the Parties.

(a)    The relationship of the Cantor Parties
on the one hand and the eSpeed Parties on the other hand is that of
independent contractors. Pursuant to this Agreement, the Cantor Parties
and the eSpeed Parties intend to render separate but related services
to customers and to divide certain of the revenues arising from those
services, but the parties do not intend to share profits or losses or
to enter into or create any partnership, and no partnership or other
like arrangement shall be deemed to be created hereby. None of the
Cantor Parties or eSpeed Parties shall have any claim against the
others or right of contribution with respect to any uninsured loss
incurred 

19

by any of them nor shall any of them have a
claim or right against the others with respect to any loss that is
deemed to be included within the deductible, retention or self-insured
portion of any insured risk.

(b)    eSpeed
agrees to execute a separate agreement that is substantially identical
to this Agreement with respect to any discrete line of business or
businesses and/or with any company or companies that are Cantor Parties
at CFLP’s request.

11.    Audit.    eSpeed
may request a review, by those certified public accountants who examine
CFLP’s books and records, of CFLP’s allocation of
Collective Revenues to determine whether such allocation was based upon
the procedures set forth herein. Such a review is to be conducted at
eSpeed’s expense. CFLP may request a review, by those certified
public accountants who examine eSpeed’s books and records, of
eSpeed’s allocation of Collective Net Revenues, to CFLP to
determine whether such allocation was based upon the procedures set
forth herein.

12.    Invoicing and Billing; Payment of
Service Fees.

(a)    Except with
respect to a Gaming Business, the eSpeed Parties and the Cantor Parties
shall pay to the other, within 30 days of the end of each calendar
month, the amounts owed to the Cantor Parties or the eSpeed Parties, as
the case may be (determined in the manner provided in Section 4 of this
Agreement), during that calendar month. The eSpeed Parties shall
invoice the Cantor Parties for charges for Ancillary IT Services
provided pursuant hereto on a monthly basis as incurred, such invoices
to be delivered to CFLP by eSpeed within 15 days after the end of each
calendar month. The Cantor Parties shall pay to the eSpeed Parties the
aggregate charge for Ancillary IT Services provided under this
Agreement in arrears within 30 days after the end of each calendar
month.

(b)    Each of the Cantor Parties
shall pay to the eSpeed Parties, within 30 days of the end of each
calendar quarter, the amounts due to the eSpeed Parties with respect to
Gaming Businesses (determined in the manner provided in Section 4(D) of
this Agreement) during that calendar quarter.

(c)    Amounts due by one party to another
under this Agreement shall be settled against amounts due by the second
party to the first under this or any other agreement. All payments to
be made pursuant to this Agreement shall be exclusive of United Kingdom
Value Added Tax which, if applicable to any payments hereunder, shall
be added to the amount of, and be paid in addition to, such
payments.

(d)    Amounts paid to eSpeed in
respect of any of the Collective Revenues, for which the payments by a
customer to a Cantor Party under applicable bankruptcy or insolvency
laws are deemed voidable preference payment or similar voidable
payment, and for which a Cantor Party has been required to refund or
pay-over to such bankrupt or insolvent customer or debtor’s
estate, may be deducted by the Cantor Parties from the amounts
otherwise due to an eSpeed Party in the month following the month in
which such amounts are returned to the customer or the debtor’s
estate.

13.    Documentation.    All Collective
Revenues, Collective Net Revenues, service fees, costs of Ancillary IT
Services, Gaming Development Services, eSpeed Equity Order Routing
Business services and other benefits hereunder shall be substantiated
by and payments thereof shall be preceded or accompanied by, as
applicable, appropriate schedules, invoices or other documentation.

14.    Force Majeure.    Any failure or omission by a
party in the performance of any obligation under this Agreement shall
not be deemed a breach of this Agreement or create any liability if the
same arises from any cause or causes beyond the control of such party,
including, but not limited to, the following, which, for purposes of
this Agreement shall be regarded as beyond the control of each of the
parties hereto: acts of God, fire, storm, flood, earthquake,
governmental regulation or direction, acts of the public enemy, war,
rebellion, insurrection, riot, invasion, strike or lockout;
provided, however, that such party shall resume the
performance whenever such causes are removed.

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15.    Post-Termination
Payments.    Notwithstanding any provision herein to the
contrary, all payment obligations hereof shall survive the happening of
any termination of this Agreement until all amounts due hereunder have
been paid.

16.    Confidentiality.

(a)    CFLP and its affiliates agree to treat
as confidential and not to disclose to any person (other than to CFLP
employees who have a need to know the same for purposes of
CFLP’s performing its obligations hereunder) or use the same for
its own benefit or for any purpose other than performing its
obligations hereunder, all confidential or proprietary information,
trade secrets, information related to, and all subject matter covered
by, any pending patent applications, data, plans, strategies,
projections, budgets, reports, research, financial information, files,
reports, software, agreements and other materials and information
(individually and collectively, ‘‘Confidential
Information’’) it receives, obtains or learns about eSpeed
and its affiliates, an Electronic Marketplace or any other program,
service, software or system eSpeed and/or CFLP develops in connection
with this Agreement. CFLP shall notify those of its employees who
perform services for eSpeed and its affiliates of this covenant and
shall, to the extent practical, secure their agreement to abide by its
terms.

(b)    eSpeed and its affiliates
agree, during the term of this Agreement, to treat as confidential and
not to disclose to any person (other than to eSpeed employees who have
a need to know the same for purposes of eSpeed’s performing its
obligations hereunder) or use the same for its own benefit or for any
purpose other than performing its obligations hereunder, all
Confidential Information it receives, obtains or learns about CFLP and
its affiliates or any other program, service, software or system CFLP
and/or eSpeed develops in connection with this Agreement. eSpeed shall
notify those of its employees who perform services under this Agreement
of this covenant and shall, to the extent practical, secure their
agreement to abide by its terms.

(c)    Notwithstanding the foregoing, neither
party shall be obligated with respect to confidential or proprietary
information that it can document: (i) is or has become readily publicly
available through no fault of its own or that of its affiliates,
employees or agents; or (ii) is received from a third party lawfully in
possession of such information and lawfully empowered to freely
disclose such information to it; or (iii) was lawfully in its
possession, without restriction, after the date hereof.

17.    Miscellaneous.

(a)    This Agreement and all the covenants
herein contained shall be binding upon the parties hereto, their
respective heirs, successors, legal representatives and assigns. No
party shall have the right to assign all or any portion of its rights,
obligations or interests in this Agreement or any monies which may be
due pursuant hereto without the prior written consent of the other
affected parties and which consent may not be unreasonably withheld,
provided, however, that CFLP may make such assignment
to any of its direct or indirect, current or future, subsidiaries,
other than eSpeed and its direct or indirect, current or future
subsidiaries, such assignment shall relieve CFLP of its obligations
hereunder with respect to such assignment and following such assignment
the eSpeed Parties shall not have recourse to CFLP with respect to such
assignment.

(b)    No waiver by any party
hereto of any of its rights under this Agreement shall be effective
unless in writing and signed by an officer of the party waiving such
right. No waiver of any breach of this Agreement shall constitute a
waiver of any subsequent breach, whether or not of the same nature.
This Agreement may not be modified except by a writing signed by
officers of each of the parties hereto; provided,
however, that each amendment, modification and/or waiver
hereof or hereunder must be approved by a majority of the outside
directors of eSpeed or the applicable eSpeed Party. For purposes of
this Agreement, an outside director shall mean a director who is not an
employee, partner or affiliate (other than solely by reason of being an
eSpeed director) of eSpeed, CFLP or any of their respective
affiliates.

21

(c)    This
Agreement constitutes the entire Agreement of the parties with respect
to the services and benefits described herein, and cancels and
supersedes any and all prior written or oral contracts or negotiations
between the parties with respect to the subject matter hereof.

(d)    This Agreement shall be strictly
construed as independent from any other agreement or relationship
between the parties.

(e)    This Agreement
is made pursuant to and shall be governed and construed in accordance
with the laws of the State of New York, without regard to the
principles of conflict of laws thereof.

(f)    The descriptive headings of the several
sections hereof are inserted for convenience only and shall not control
or affect the meaning or construction of any of the provisions
hereof.

(g)    Any notice, request or other
communication required or permitted in this Agreement shall be in
writing and shall be sufficiently given if personally delivered or if
sent by registered or certified mail, postage prepaid, addressed as
follows:

			
		(i) 	If to a Cantor
Party:

110 East 59th Street
New
York, NY 10022
Attention: General Counsel
Facsimile: (212)
829-4708

			
		(ii) 	If to an eSpeed
Party:

110 East 59th Street
New
York, NY 10022
Attention: General Counsel
Facsimile: (212)
829-4708

The address of any party hereto may be changed
on notice to the other parties hereto duly served in accordance with
the foregoing provisions.

[Signature Pages to
Follow]

22

IN WITNESS WHEREOF, the parties
hereto have executed or caused this Amended and Restated Joint Services
Agreement dated as of October 1, 2005 to be executed in their
respective names by their respective officers thereunto duly
authorized, as of the date first written above.

											
	 		CANTOR FITZGERALD, L.P., on behalf of
itself and its direct and indirect, current and future, subsidiaries,
other than eSpeed, Inc. and its direct and indirect, current and
future, subsidiaries
	 		By:		CF Group
Management, Inc.
its Managing General Partner
	 		By:		    /s/ Howard W. Lutnick
	 		 		Name:    Howard W. Lutnick
	 		 		Title:      President
	 		ESPEED, INC., on
behalf of itself and its direct and indirect, current and future,
subsidiaries
	 		By:		    /s/ Howard W. Lutnick
	 		 		Name:    Howard W. Lutnick
	 		 		Title:      Chairman and Chief Executive
Officer
	

[Signature Page for
Amended and Restated Joint Services Agreement dated as of October
1, 2005]

23

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