Document:

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                          REGISTRATION RIGHTS AGREEMENT

                                 by and between

                                  eSpeed, Inc.

                                       and

                           The Investors Named Herein

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                                TABLE OF CONTENTS

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Article I. DEMAND REGISTRATIONS...................................................................................1
   1.1   Requests for Registration................................................................................1
   1.2   Number of Demand Registrations; Expenses.................................................................1
   1.3   Effective Registration Statement.........................................................................2
   1.4   Priority on Demand Registrations.........................................................................2
   1.5   Selection of Underwriter.................................................................................2
   1.6   Limitations, Conditions and Qualifica-tions to Obligations for a Demand Registration.....................2

Article II. PIGGYBACK REGISTRATIONS...............................................................................3
   2.1   Right to Piggyback.......................................................................................3
   2.2   Piggyback Expenses.......................................................................................4
   2.3   Priority on Primary Registrations........................................................................4
   2.4   Priority on Secondary Registrations......................................................................4

Article III. HOLDBACK AGREEMENTS..................................................................................4

Article IV. REGISTRATION PROCEDURES...............................................................................5

Article V. REGISTRATION EXPENSES..................................................................................7
   5.1   Registration Expenses....................................................................................7
   5.2   Holders' Expenses........................................................................................7

Article VI. UNDERWRITTEN AND OTHER OFFERINGS......................................................................8
   6.1   Underwriting Agreement...................................................................................8
   6.2   Obligations of Participants..............................................................................8

Article VII. INDEMNIFICATION......................................................................................8
   7.1   Company's Indemnification Obligations....................................................................8
   7.2   Holder's Indemnification Obligations.....................................................................9
   7.3   Notices; Defense; Settlement............................................................................10
   7.4   Indemnity Provision.....................................................................................11

Article VIII. DEFINITIONS........................................................................................11
   8.1   Terms...................................................................................................11
   8.2   Defined Terms in Corresponding Sections.................................................................12

Article IX. MISCELLANEOUS........................................................................................13
   9.1   Amendments and Waivers..................................................................................13
   9.2   Successors and Assigns..................................................................................13
   9.3   Notices.................................................................................................13
   9.4   Headings................................................................................................14
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   9.5   Gender..................................................................................................14
   9.6   Invalid Provisions......................................................................................14
   9.7   Governing Law; Forum; Process...........................................................................15
   9.8   Counterparts............................................................................................15
   9.9   Additional Investors....................................................................................15
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         REGISTRATION RIGHTS AGREEMENT (the "Agreement"), dated as of July 30,
2001, by and among eSpeed, Inc., a Delaware corporation (the "Company"),
Deutsche Bank AG (the "Initial Investor") and such other parties that otherwise
execute a joinder agreement and become a party hereto (collectively, the
"Investors").

                                    RECITALS

         WHEREAS, the Company desires to grant to the Initial Investor
registration rights with respect to the shares (the "Shares") of Class A Common
Stock underlying the warrants to purchase shares of Class A Common Stock (the
"Warrants") issuable upon conversion or redemption of the Company's Series C
Convertible Preferred Stock of the Company (the "Preferred Stock") issued to the
Initial Investor on the date hereof, on the terms and subject to the conditions
set forth herein.

         NOW THEREFORE, in consideration of the mutual covenants and agreements
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows:

                                   Article I.
                              DEMAND REGISTRATIONS

         1.1 Requests for Registration. Subject to Sections 1.2 and 1.3 hereof,
the Initial Investor may request, in writing, registration under the Securities
Act of all of their Registrable Securities. Within 15 days after receipt of any
such request, the Company will give notice of such request to all other
Investors and to other persons holding piggyback registration rights entitling
them to have securities of the Company included within such registration ("Other
Holders"). Thereafter, the Company will use all commercially reasonable efforts
to effect the registration under the Securities Act on Form S-3 or any similar
short-form registration statement (a "Short-Form Registration"), and will
include in such registration all Registrable Securities and securities of the
Company held by the Other Holders with respect to which the Company has received
written requests for inclusion therein within 20 days after the receipt of the
Company's notice, subject to the provisions of Section 1.4. All registrations
initiated by an Initial Investor pursuant to this Section 1.1 are referred to
herein as "Demand Registrations". The Company shall not be required to effect
any Demand Registration requested by an Initial Investor if within the 12 months
preceding the receipt by the Company of such request, the Company has filed and
has had declared effective by the Commission another Registration Statement to
which the Piggyback Registration rights set forth in Article II hereof apply and
such Initial Investor had an opportunity to include all the shares requested to
be included in such Registration Statements. The rights of an Initial Investor
pursuant to this Section 1.1 shall be assignable in accordance with the
provisions of Section 9.9.

         1.2 Number of Demand Registrations; Expenses. Subject to Sections 1.1
and 1.3 hereof, the Initial Investor shall be entitled to, from and after the
five year anniversary of the date hereof, one Demand Registration; provided,
however, that all of the Preferred Stock shall have been fully converted into
Warrants. The Company will pay all Registration Expenses in connection with any
Demand Registration.

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         1.3 Effective Registration Statement. A registration requested pursuant
to Section 1.1 of this Agreement shall not be deemed to have been effected (i)
unless a Registration Statement with respect thereto has been declared effective
by the Commission, (ii) if after it has become effective, such registration is
interfered with by any stop order, injunction or other order or requirement of
the Commission or other governmental agency or court for any reason, and, as a
result thereof, the Registrable Securities covered thereby have not been sold or
(iii) the Registration Statement does not remain effective for a period of at
least 60 days beyond the effective date thereof or, with respect to an
underwritten offering of Registrable Securities, until 60 days after the
commencement of the distribution by the holders of the Registrable Securities
included in such Registration Statement (or such shorter period which will
terminate when all Registrable Securities covered by such Registration Statement
have been sold, but not prior to the expiration of the applicable period
referred to in Section 4(3) of the Securities Act and Rule 174 thereunder, if
applicable). If a registration requested pursuant to this Article I is deemed
not to have been effected as provided in this Section 1.3, then the Company
shall continue to be obligated to effect the number of Demand Registrations set
forth in Section 1.2 without giving effect to such requested registration.

         1.4 Priority on Demand Registrations. If the Company includes in any
underwritten Demand Registration any securities which are not Registrable
Securities and the managing underwriters determine in good faith and
consequently advise the Company that in their opinion the number of securities
proposed to be included in such registration exceeds the number which can be
sold in such offering and would materially and adversely affect the success of
such offering, the Company will include in such registration (i) first, the
number of Registrable Securities requested to be included which, in the opinion
of such underwriters, can be sold, by the Investor initiating the Demand
Registration, (ii) second, that number of other shares of Common Stock proposed
to be included in such registration equally between Cantor Fitzgerald Securities
and its Affiliates, and their successors and assigns ("Cantor") and (iii) third,
that number of other shares of Common Stock proposed to be included in such
registration, pro rata among any other holders exercising their respective
piggyback registration rights thereof based upon the total number of shares
which such holders propose to include in such registration.

         1.5 Selection of Underwriter. If the Company so elects, the offering of
such Registrable Securities pursuant to such Demand Registration shall be in the
form of an underwritten offering. The Company shall select one or more
nationally recognized firms of investment bankers to act as the lead managing
Underwriter or Underwriters in connection with such offering and shall select
any additional investment bankers and managers to be used in connection with the
offering.

         1.6 Limitations, Conditions and Qualifications to Obligations for a
Demand Registration. The Company shall be entitled to postpone, for a reasonable
period of time (but not exceeding 90 days), the filing of any registration
statement otherwise required to be prepared and filed by it pursuant to Section
1.1 if the Company determines, in its good faith judgment, that such
registration and offering would interfere with any material financing,
acquisition, corporate reorganization or other material transaction involving
the Company or any of its Affiliates and promptly gives the holders of

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Registrable Securities requesting registration thereof pursuant to Section 1.1
written notice of such determination, containing an approximation of the
anticipated delay. If the Company shall so postpone the filing of a registration
statement, holders of Registrable Securities requesting the Demand Registration
pursuant to Section 1.1 shall have the right to withdraw the request for
registration by giving written notice to the Company within 30 days after
receipt of the notice of postponement and, in the event of such withdrawal, such
request shall not be counted for purposes of the request for registration to
which holders of Registrable Securities are entitled pursuant to Section 1.1
hereof.

                                  Article II.
                             PIGGYBACK REGISTRATIONS

         2.1 Right to Piggyback. From and after the date which is twelve months
from the date of this Agreement, whenever the Company proposes to register any
of its equity securities under the Securities Act (other than a registration
effected in connection with a stock option or other employee benefit
arrangements of the Company or its affiliates (such as a Registration Statement
on Form S-8), a registration effected in connection with the conversion of debt
securities, a registration on any form that does not include substantially the
same information as would be required to be included in a registration statement
covering the sale of Registrable Securities (such as a Registration Statement on
Form S-4), or a registration effected in connection with an acquisition), and
the form of registration statement to be used may be used for the registration
of Registrable Securities (a "Piggyback Registration"), the Company will give
notice (the "Notice") to all Investors of its intention to effect such a
registration and will include in such registration all Registrable Securities
with respect to which the Company has received written requests for inclusion
therein, subject to the provisions of Section 2.3 and 2.4 hereof. Such requests
for inclusion shall be in writing and delivered to the Company within five
business days after the Investor's receipt of the Notice and shall specify the
number of Registrable Securities intended to be disposed of and the intended
method of distribution thereof; provided, however, that the Company will use
commercially reasonable efforts to extend the time in which the Investor must
provide such written request for inclusion to the extent that such extension
does not impede the Company's ability to have the registration statement
declared effective or otherwise move forward in the registration offering or
sale process. Any holder shall have the right to withdraw its request for
inclusion of its Registrable Securities in any Registration Statement pursuant
to this Section 2.1 by giving written notice to the Company of its request to
withdraw. The Company may withdraw a Piggyback Registration at any time prior to
the time it becomes effective. The Company is not required to include in a
registration any Registrable Securities which the holder is not then entitled to
offer to sell whether by contractual restriction or by law. If a holder decides
not to include all of its Registrable Securities in any registration statement
filed by the Company, such holder shall nevertheless continue to have the right
to include any Registrable Securities in any subsequent registration statement
or registration statements as may be filed by the Company with respect to
offerings of its securities, all upon the terms and conditions set forth herein.

         2.2 Piggyback Expenses. The Registration Expenses of the Investors will
be paid by the Company in all Piggyback Registrations.

         2.3 Priority on Primary Registrations. If a Piggyback Registration is
an underwritten primary registration on behalf of the Company, and the managing
underwriters determine in good faith and consequently advise the Company that in
their opinion the number of securities requested to be included in such
registration exceeds the number which can be sold

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in such offering and would materially and adversely affect the success of such
offering, the Company will include in such registration (i) first, the
securities the Company proposes to sell, (ii) second, that number of other
shares of Common Stock proposed to be included in such registration by Cantor
and (iii) third, that number of other shares of Common Stock proposed to be
included in such registration, pro rata among any other holders (including the
Investors) exercising their respective piggyback registration rights thereof
based upon the total number of shares which such holders (including the
Investors) propose to include in such registration.

         2.4 Priority on Secondary Registrations. If a Piggyback Registration is
an underwritten secondary registration on behalf of holders (other than the
Investors) of the Company's securities, and the managing underwriters determine
in good faith and consequently advise the Company that in their opinion the
number of securities requested to be included in such registration exceeds the
number which can be sold in such offering and would materially and adversely
affect the success of such offering, the Company will include in such
registration (i) first, the number of shares of Common Stock requested to be
included by the holders exercising their demand registration rights, (ii)
second, that number of other shares of Common Stock proposed to be included in
such registration by Cantor, (iii) third, that number of other shares of Common
Stock proposed to be included in such registration, pro rata among any other
holders (including the Investors) exercising their respective piggyback
registration rights thereof based upon the total number of shares which such
holders (including the Investors) propose to include in such registration.

                                  Article III.
                               HOLDBACK AGREEMENTS

         In the event the Company or another holder of the Company's stock
proposes to enter into an underwritten public offering, each holder of
Registrable Securities agrees to enter into an agreement with the managing
underwriters not to effect any sale or distribution of equity securities of the
Company, or any securities convertible, exchangeable or exercisable for or into
such securities, during the period beginning on the date of such offering and
extending for up to 90 days or such shorter period specified by the managing
underwriters; provided that such holders shall not be so obligated unless (x)
the Company and each of its Affiliates enter into the same or comparable lock-up
agreement for the same period and (y) either such holder then owns less than 5%
or such holder is participating in such underwritten public offering of the
outstanding Class A Common Stock.

                                  Article IV.
                             REGISTRATION PROCEDURES

         Whenever holders of Registrable Securities have requested that any
Registrable Securities be registered pursuant to this Agreement (the "Selling
Holders"), the Company will use commercially reasonable efforts to effect the
registration and the sale of such Registrable Securities in accordance with the
intended method of disposition thereof and, pursuant thereto, the Company will:

         (a) use commercially reasonable efforts to prepare and file with the
Commission a Registration Statement with respect to such Registrable Securities
as soon as

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practicably thereafter and use all commercially reasonable efforts to cause such
Registration Statement to become and remain effective until the completion of
the distribution contemplated thereby; provided, that as promptly as practicable
before filing a Registration Statement or Prospectus or any amendments or
supplements thereto, the Company will (i) furnish to the Selling Holders copies
of all such documents proposed to be filed and (ii) notify each Selling Holder
of Registrable Securities covered by such Registration Statement of (x) any
request by the Commission to amend such Registration Statement or amend or
supplement any Prospectus, or (y) any stop order issued or threatened by the
Commission, and take all commercially reasonable actions required to prevent the
entry of such stop order or to promptly remove it if entered; and provided
further that the Company shall not be required to keep such Registration
Statement effective for more than 60 days (or such shorter period which will
terminate when all Registrable Securities covered by such Registration Statement
have been sold, but not prior to the expiration of the applicable period
referred to in Section 4(3) of the Securities Act and Rule 174 thereunder, if
applicable);

         (b) (i) prepare and file with the Commission such amendments and
supplements to such Registration Statement and the Prospectus used in connection
therewith as may be necessary to keep such Registration Statement effective for
as long as such registration is required to remain effective pursuant to the
terms hereof and (ii) comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by such Registration
Statement during such period in accordance with the intended methods of
disposition by the sellers thereof set forth in such Registration Statement;

         (c) furnish to each Selling Holder, without charge, such number of
conformed copies of such Registration Statement, each amendment and supplement
thereto, the Prospectus included in such Registration Statement (including each
preliminary Prospectus) and such other documents as such seller may reasonably
request in order to facilitate the disposition of the Registrable Securities
owned by such Selling Holder;

         (d) use all commercially reasonable efforts to register or qualify such
Registrable Securities under such other securities or "blue sky" laws of such
jurisdictions in the United States in which a registration or qualification is
required as any Selling Holder thereof shall reasonably request, to keep such
registration or qualification in effect for so long as such Registration
Statement remains in effect and do any and all other acts and things which may
be reasonably necessary or advisable to enable such Selling Holder to consummate
the disposition in such jurisdictions of the Registrable Securities owned by
such Selling Holder; provided, however, that the Company will not be required to
(i) qualify generally to do business in any jurisdiction where it would not
otherwise be required to qualify but for this clause (d), (ii) subject itself to
taxation in any such jurisdiction or (iii) consent to general service of process
in any such jurisdiction;

         (e) notify each Selling Holder, at a time when a Prospectus relating
thereto is required to be delivered under the Securities Act, of the happening
of any event known to the Company as a result of which the Prospectus included
in such Registration Statement, as then in effect, contains an untrue statement
of a material fact or omits to state any fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, and, at the request of any such
Selling Holder, the

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Company will prepare and furnish such Selling Holder a reasonable number of
copies of a supplement to or an amendment of such Prospectus as may be necessary
so that, as thereafter delivered to the purchasers of such Registrable
Securities, such Prospectus shall not include an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein, in the light of the circumstances under which
they were made, not misleading;

         (f) make available for inspection by any Selling Holder, any
underwriter participating in any disposition pursuant to such Registration
Statement and any attorney, accountant or other agent retained by any such
Selling Holder or underwriter, all applicable, non-confidential due diligence
documents of the Company which are requested, and cause the Company's officers,
directors, employees and independent accountants to supply all information
reasonably requested by any such seller, underwriter, attorney, accountant or
agent in connection with such Registration Statement to enable them to conduct a
reasonable investigation within the meaning of the Securities Act, including a
customary accountant's "comfort" letter and opinion of counsel to the Company;

         (g) subject to other provisions hereof, use its commercially reasonable
efforts to cause such Registrable Securities covered by such Registration
Statement to be registered with or approved by such other governmental agencies
or authorities or self-regulatory organizations as may be necessary to enable
the Selling Holders thereof to consummate the disposition of such Registrable
Securities;

         (h) promptly notify the Selling Holders of the issuance of any stop
order by the Commission or the issuance by any state securities commission or
other regulatory authority of any order suspending the qualification or
exemption from qualification of any of the Registrable Securities under state
securities or "blue sky" laws, and use every commercially reasonable effort to
obtain the lifting at the earliest possible time of any stop order suspending
the effectiveness of any Registration Statement or of any order preventing or
suspending the use of any preliminary Prospectus; and

         (i) promptly notify the Selling Holders of the occurrence of any
pending material merger, acquisition, corporate reorganization or other material
transaction involving the Company or any of its Affiliates which makes it
imprudent for the Company to be in registration, as determined in the good faith
judgment of the Company (a "Black-Out Period"). The Company shall not impose
Black-Out Periods that, either individually or in the aggregate, exceed 90 days
during any fiscal year of the Company.

         The Company may require each Selling Holder to promptly furnish in
writing to the Company such information regarding the distribution of the
Registrable Securities as the Company may from time to time reasonably request
and such other information as may be legally required in connection with such
registration including, without limitation, all such information as may be
requested by the Commission or any regulatory authority. The Company may exclude
from such Registration Statement any holder who fails to provide such
information within a reasonable time period.

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         Each Selling Holder agrees that, upon receipt of any notice from the
Company of the happening of any event of the kind described in paragraph (a),
(e), (h) or (i) above, such Selling Holder will forthwith discontinue
disposition of Registrable Securities pursuant to the Registration Statement
covering such Registrable Securities until such Selling Holder's receipt of the
copies of the supplemented or amended prospectus contemplated by paragraph (a)
or (e) above, or in the case of a Black-Out Period until the Company notifies
the Selling Holders that the period has ended, and, if so directed by the
Company, such Selling Holder will deliver to the Company all copies, other than
permanent file copies then in such Selling Holder's possession, of the most
recent prospectus covering such Registrable Securities at the time of receipt of
such notice. The periods referred to in paragraph (a) above for maintaining the
effectiveness of the Registration Statement shall be extended for a period equal
to the period during which the disposition of the Registrable Securities is
discontinued as set forth in the immediately preceding sentence.

                                   Article V.
                              REGISTRATION EXPENSES

         5.1 Registration Expenses. All registration, qualification and filing
fees, fees and expenses of compliance with all securities or "blue sky" laws,
printing expenses, listing fees for securities to be registered on a national
securities exchange or The Nasdaq Stock Market and all independent certified
public accountants, underwriters (excluding discounts and commissions), fees and
expenses of counsel to the Company and other Persons retained by the Company
(all such expenses being herein called "Registration Expenses") will be borne by
the Company as provided in Section 1.2 and Section 2.2 of this Agreement.

         5.2 Holders' Expenses. The Company shall have no obligation to pay (i)
any underwriting discounts or commissions attributable to the sale, or potential
sale, of Registrable Securities, which expenses will be borne by all Selling
Holders of Registrable Securities included in such registration; and (ii) any
fees or expenses of counsel or others retained by the Selling Holders in
connection with the sale, or potential sale, of Registrable Securities, other
than up to $20,000 for legal fees incurred by the Selling Holders for their
retention of a single law firm in connection with the sale of Registrable
Securities in any Piggyback Registration or Demand Registration.

                                  Article VI.
                        UNDERWRITTEN AND OTHER OFFERINGS

         6.1 Underwriting Agreement. If requested by the underwriters for any
underwritten offering involving the Registrable Securities, the Company will
enter into an underwriting agreement with such underwriters for such offering,
such agreement to be reasonably satisfactory to the Company and to contain such
representations and warranties by the Company and such other terms as are
generally included in agreements of this type, including, without limitation,
indemnities customarily included in such agreements. The holders of the
Registrable Securities will cooperate in good faith with the Company in the
negotiation of the underwriting agreement.

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         6.2 Obligations of Participants. No Person may participate in any
underwritten registration hereunder unless such Person (i) agrees to sell such
Person's securities on the basis provided in any underwriting arrangements
approved by the Person or Persons entitled hereunder to approve such
arrangements and (ii) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements, escrow agreements and other
documents reasonably required under the terms of such underwriting arrangements
and consistent with the provisions of this Agreement. In addition, the Company
may require each Selling Holder to promptly furnish in writing to the Company
such information regarding the distribution of the Registrable Securities as the
Company may from time to time reasonably request and such other information as
may be legally required in connection with such registration including, without
limitation, all such information as may be requested by the Commission or the
NASD. The Company may exclude from such Registration Statement any Holder who
fails to provide such information within a reasonable time period.

                                  Article VII.
                                 INDEMNIFICATION

         7.1 Company's Indemnification Obligations. The Company agrees to
indemnify and hold harmless each of the holders of any Registrable Securities
covered by any Registration Statement referred to herein, the partners, officers
and directors of each holder, and each other Person, if any, who controls such
holder within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act (collectively, the "Holder Indemnitees"), as follows:

             (i) against any and all loss, liability, claim, damage or
reasonable expense arising out of or based upon an untrue statement or alleged
untrue statement of a material fact contained in any Registration Statement (or
any amendment or supplement thereto), including all documents incorporated
therein by reference, or in any preliminary Prospectus or Prospectus (or any
amendment or supplement thereto) or the omission or alleged omission therefrom
of a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading;

             (ii) against any and all loss, liability, claim, damage and
reasonable expense to the extent of the aggregate amount paid in settlement of
any litigation, investigation or proceeding by any governmental agency or body,
commenced or threatened, or of any claim based upon any such untrue statement or
omission or any such alleged untrue statement or omission, if such settlement is
effected with the prior written consent of the Company; and

             (iii) against any and all reasonable expense incurred by them in
connection with investigating, preparing or defending against any litigation, or
investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim based upon any such untrue statement or omission or any
such alleged untrue statement or omission, to the extent that any such expense
is not paid under clause (i) or (ii) above;

provided, that this indemnity does not apply to any loss, liability, claim,
damage or expense to the extent arising out of an untrue statement or alleged
untrue statement or omission or alleged omission made in reliance upon and in
conformity with information furnished to the Company

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by or on behalf of any holder expressly for use in the preparation of any
Registration Statement (or any amendment or supplement thereto), including all
documents incorporated therein by reference, or in any preliminary Prospectus or
Prospectus (or any amendment or supplement thereto); provided further, that
(other than in connection with an underwritten offering) the Company will not be
liable to any holder or any other Holder Indemnitee under the indemnity
agreement in this Section 7.1 with respect to any preliminary Prospectus or the
final Prospectus or the final Prospectus as amended or supplemented, as the case
may be, to the extent that any such loss, liability, claim, damage or expense of
such Holder Indemnitee results from the fact that such holder sold Registrable
Securities to a Person to whom there was not sent or given, at or prior to the
written confirmation of such sale, a copy of the final Prospectus or of the
final Prospectus as then amended or supplemented, whichever is most recent, if
the Company has previously and timely furnished copies thereof to such holder;
and provided further, that the Company will not be liable to any holder or any
other Holder Indemnitee under the indemnity agreement in this Section 7.1 to the
extent that any such loss, liability, claim or expense arises out of or is based
upon an untrue statement or omission in any Prospectus, even if an amended and
corrected Prospectus is not furnished to such holder, but only to the extent
that the holder, after being notified by the Company pursuant to paragraph (e)
of Article IV hereof, continues to use such Prospectus and in such case and to
the extent of, and with respect to, damages which arise after the holder
receives such notice.

             7.2 Holder's Indemnification Obligations. In connection with any
Registration Statement in which a holder of Registrable Securities is
participating, each such holder agrees to indemnify and hold harmless (in the
same manner and to the same extent as set forth in Section 7.1 of this
Agreement) the Company its officers and directors and each Person, if any, who
controls the Company within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act with respect to any statement or alleged
statement in or omission or alleged omission from such Registration Statement,
any preliminary, final or summary Prospectus contained therein, or any amendment
or supplement thereto, if such statement or alleged statement or omission or
alleged omission was made about such holder in reliance upon and in conformity
with information furnished to the Company by or on behalf of such holder
expressly for inclusion in such Registration Statement. The obligations of each
holder pursuant to this Section 7.2 are to be several and not joint; provided
that, with respect to each claim pursuant to this Section 7.2, each such
holder's maximum liability under this Section shall be limited to an amount
equal to the net proceeds received by such holder (after deducting any
underwriting discount) from the sale of Registrable Securities being sold
pursuant to such Registration Statement or Prospectus by such holder.

         7.3 Notices; Defense; Settlement. Promptly after receipt by an
indemnified party hereunder of written notice of the commencement of any action
or proceeding involving a claim referred to in Section 7.1 or Section 7.2 of
this Agreement, such indemnified party will, if a claim in respect thereof is to
be made against an indemnifying party, give written notice to the latter of the
commencement of such action; provided, that the failure of any indemnified party
to give notice as provided herein shall not relieve the indemnifying party of
its obligations under Section 7.1 or Section 7.2 of this Agreement except to the
extent that the indemnifying party is actually prejudiced by such failure to
give notice. In case any such action is brought against an indemnified party,
the indemnifying party will be entitled to participate in and to assume the
defense thereof, jointly with any other indemnifying party similarly notified,
to the extent that it

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may wish, with counsel reasonably satisfactory to such indemnified party, and
after notice from the indemnifying party to such indemnified party of its
election so to assume the defense thereof, the indemnifying party will not be
liable to such indemnified party for any legal or other expenses subsequently
incurred by the latter in connection with the defense thereof, unless in the
reasonable opinion of counsel to such indemnified party a conflict of interest
between such indemnified and indemnifying parties may exist in respect of such
claim, in which case the indemnifying party shall not be liable for the fees and
expenses of (i) more than one counsel for all the Selling Holders, selected by a
majority of the Selling Holders or (ii) more than one counsel for the Company in
connection with any one action or separate but similar or related actions, as
applicable. An indemnifying party who is not entitled to, or elects not to,
assume the defense of a claim will not be obligated to pay the fees and expenses
of more than one counsel for all parties indemnified by such indemnifying party
with respect to such claim, unless in the reasonable opinion of counsel to any
indemnified party a conflict of interest may exist between such indemnified
party and any other of such indemnified parties with respect to such claim, in
which event the indemnifying party shall be obligated to pay the fees and
expenses of such additional counsel or counsels. The indemnifying party will
not, without the prior written consent of each indemnified party, settle or
compromise or consent to the entry of any judgment in any pending or threatened
claim, action, suit or proceeding in respect of which indemnification may be
sought hereunder (whether or not such indemnified party or any Person who
controls such indemnified party is a party to such claim, action, suit or
proceeding), unless such settlement, compromise or consent includes an
unconditional release of such indemnified party from all liability arising out
of such claim, action, suit or proceeding. Notwithstanding anything to the
contrary set forth herein, and without limiting any of the rights set forth
above, in any event any party will have the right to retain, at its own expense,
counsel with respect to the defense of a claim.

         7.4 Indemnity Provision. The Company and each holder of Registrable
Securities requesting registration shall provide for the foregoing indemnity
(with appropriate modifications) in any underwriting agreement with respect to
any required registration or other qualification of securities under any Federal
or state law or regulation of any governmental authority.

                                  Article VIII.
                                   DEFINITIONS

         8.1 Terms. As used in this Agreement, the following defined terms shall
have the meanings set forth below:

             "Affiliate" means, with respect to any specified party, any other
individual, partnership, corporation or other organization, whether incorporated
or unincorporated, who, directly or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with,
such specified party. The term "control" means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and
policies of a party, whether through the ownership of voting securities, by
contract or otherwise; and the terms "controlling" and "controlled" have
meanings correlative of the foregoing.

                                       10
<PAGE>

             "Business Day" means a day other than Saturday, Sunday or any day
on which banks located in the State of New York are authorized or obligated to
close.

             "Class A Common Stock" means the Class A Common Stock, par value
$.01 per share, of the Company and any securities into which the Class A Common
Stock shall have been changed or any securities resulting from any
reclassification or recapitalization of the Class A Common Stock.

             "Commission" means the U.S. Securities and Exchange Commission.

             "Common Stock" means the shares of Common Stock, regardless of
designation, of the Company.

             "Exchange Act" means the Securities Exchange Act of 1934, as
amended, or any similar Federal statute then in effect, and any reference to a
particular section thereof shall include a reference to the equivalent section,
if any, of any such similar Federal statute, and the rules and regulations
thereunder.

             "NASD" means the National Association of Securities Dealers, Inc.

             "Person" means any individual, corporation, partnership,
association, trust or other entity or organization, including a government or
political subdivision or an agency or instrumentality thereof.

             "Prospectus" means the Prospectus included in any Registration
Statement (including without limitation, a Prospectus that disclosed information
previously omitted from a Prospectus filed as part of an effective Registration
Statement in reliance upon Rule 430A promulgated under the Securities Act), as
amended or supplemented by any Prospectus supplement, with respect to the terms
of the offering of any portion of the securities covered by such Registration
Statement, and all other amendments and supplements to the Prospectus, including
post-effective amendments, and all material incorporated by reference or deemed
to be incorporated by reference in such Prospectus.

             "Registrable Securities" means (i) the Class A Common Stock issued
or issuable at any time upon the exercise of the Warrants, and (ii) any
securities issued or received in respect of, or in exchange or in substitution
for any of the foregoing. Registrable Securities will continue to maintain their
status as Registrable Securities in the hands of a transferee from an Investor
of a majority of the Registrable Securities held by such Investor provided such
transferee executes a joinder agreement described by Section 9.9. After the
transfer (in one or more transactions) of a majority of the Registrable
Securities held by an Investor, any remaining Registrable Securities held by
such Investor shall cease to be Registrable Securities. As to any particular
Registrable Securities, such securities will cease to be Registrable Securities
when they (w) have been effectively registered under the Securities Act and
disposed of in accordance with the registration statement covering them, (x) may
be sold pursuant to Rule 144 under the Securities Act without volume or manner
of sale limitation (or any similar provisions then in force), (y) have been
otherwise transferred and the Company has delivered a new certificate or other
evidence of ownership for such securities not bearing a restrictive legend and
not subject to any stop order and such securities may be publicly resold by the
Person receiving such certificate

                                       11
<PAGE>

without complying with the registration requirements of the Securities Act, or
(z) have ceased to be outstanding

             "Registration Statement" means any Registration Statement of the
Company which covers any of the Registrable Securities pursuant to the
provisions of this Agreement, including the Prospectus, amendments and
supplements to such Registration Statement, including post-effective amendments,
all exhibits and all material incorporated by reference in such Registration
Statement.

             "Securities Act" means the Securities Act of 1933, as amended, or
any similar Federal statute then in effect, and any reference to a particular
section thereof shall include a reference to a comparable section, if any, of
any such similar Federal statute, and the rules and regulations thereunder.

         8.2 Defined Terms in Corresponding Sections. The following defined
terms, when used in this Agreement, shall have the meaning ascribed to them in
the corresponding Sections of this Agreement listed below:

                  "Agreement"                            --      Preamble
                  "Cantor"                               --      Section 1.4
                  "Company"                              --      Preamble
                  "Demand Registration"                  --      Section 1.1
                  "Holder Indemnitees"                   --      Section 7.1
                  "Initial Investor"                     --      Preamble
                  "Investors"                            --      Preamble
                  "Notice"                               --      Section 2.1
                  "Piggyback Registration"               --      Section 2.1
                  "Preferred Stock"                      --      Recitals
                  "Registration Expenses"                --      Section 5.1
                  "Selling Holder"                       --      Article III
                  "Short-Form Registration"              --      Section 1.1
                  "Warrants"                             --      Recitals

                                   Article IX.
                                  MISCELLANEOUS

         9.1 Amendments and Waivers. Except as otherwise provided herein, no
modification, amendment or waiver of any provision of this Agreement will be
effective against the Company or any holder of Registrable Securities, unless
such modification, amendment or waiver is approved in writing by the Company and
the Initial Investor or its transferee of a majority of the Registable
Securities pursuant to Section 9.9 hereof. The failure of any party to enforce
any of the provisions of this Agreement will in no way be construed as a waiver
of such

                                       12
<PAGE>

provisions and will not affect the right of such party thereafter to enforce
each and every provision of this Agreement in accordance with its terms.

         9.2 Successors and Assigns. All covenants and agreements in this
Agreement by or on behalf of any of the parties hereto will bind and inure to
the benefit of the respective successors and assigns of the parties hereto
whether so expressed or not.

         9.3 Notices. All notices, requests and other communications hereunder
must be in writing and will be deemed to have been duly given only if delivered
personally against written receipt or by facsimile transmission or mailed by
pre-paid registered or certified mail, return receipt requested or mailed by
overnight courier prepaid to the parties at the following addresses or facsimile
numbers:

                           If to the Company, to:

                           eSpeed, Inc.
                           One World Trade Center
                           New York, New York 10048

                           Facsimile No.: (212) 938-3620
                           Attn.: General Counsel

                           with a copy to:

                           Swidler Berlin Shereff Friedman, LLP
                           The Chrysler Building
                           405 Lexington Avenue
                           New York, New York  10174
                           Facsimile No.:  (212) 938-5000
                           Attn.: Richard Goldberg, Esq.

                           If to any Investor, to the address set forth
                           on the signature page hereto,
                           Attention: General Counsel,
                           Copy: Ralf Roth.

All such notices, requests and other communications will (i) if delivered
personally to the address as provided in this Section 9.3, be deemed given upon
delivery, (ii) if delivered by facsimile transmission to the facsimile number as
provided in this Section 9.3, be deemed given upon receipt of confirmation,
(iii) if delivered by mail in the manner described above to the address as
provided in this Section 9.3, be deemed given on the earlier of the third full
Business Day following the day of mailing or upon receipt, and (iv) if delivered
by overnight courier to the address provided in this Section 9.3, be deemed
given on the earlier of the first Business Day following the date sent by such
overnight courier or upon receipt. Any party from time to time may change its
address, facsimile number or other information for the purpose of notices to
that party by giving notice specifying such change to the other parties hereto.

         9.4 Headings. The headings used in this Agreement have been inserted
for convenience of reference only and do not define or limit the provisions
hereof.

                                       13
<PAGE>

         9.5 Gender. Whenever the pronouns "he" or "his" are used herein they
shall also be deemed to mean "she" or "hers" or "it" or "its" whenever
applicable. Words in the singular shall be read and construed as though in the
plural and words in the plural shall be construed as though in the singular in
all cases where they would so apply.

         9.6 Invalid Provisions. If any provision of this Agreement is held to
be illegal, invalid or unenforceable under any present or future law, and if the
rights or obligations of any party hereto under this Agreement will not be
materially and adversely affected thereby, (i) such provision will be fully
severable, (ii) this Agreement will be construed and enforced as if such
illegal, invalid or unenforceable provision had never comprised a part hereof,
(iii) the remaining provisions of this Agreement will remain in full force and
effect and will not be affected by the illegal, invalid or unenforceable
provision or by its severance herefrom and (iv) in lieu of such illegal, invalid
or unenforceable provision, there will be added automatically as a part of this
Agreement a legal, valid and enforceable provision as similar in terms to such
illegal, invalid or unenforceable provision as may be possible.

         9.7 Governing Law; Forum; Process. This Agreement shall be governed by
and construed in accordance with the internal laws of the State of New York,
without giving effect to principles of conflicts of law. Each of the parties
hereto hereby irrevocably and unconditionally submits to the exclusive
jurisdiction of any court of the State of New York or any federal court sitting
in the State of New York for purposes of any suit, action or other proceeding
arising out of this Agreement (and agrees not to commence any action, suit or
proceedings relating hereto except in such courts). Each of the parties hereto
agrees that service of any process, summons, notice or document by U.S.
registered mail at its address set forth herein shall be effective service of
process for any action, suit or proceeding brought against it in any such court.
Each of the parties hereto hereby irrevocably and unconditionally waives any
objection to the laying of venue of any action, suit or proceeding arising out
of this Agreement, which is brought by or against it, in the courts of the State
of New York or any federal court sitting in the State of New York and hereby
further irrevocably and unconditionally waives and agrees not to plead or claim
in any such court that any such action, suit or proceeding brought in any such
court has been brought in an inconvenient forum.

         9.8 Counterparts. This Agreement may be executed in any number of
counterparts, each of which will be deemed an original, but all of which
together will constitute one and the same instrument.

         9.9 Additional Investors. Any transferee of a majority of Registrable
Securities held by an Investor shall be entitled to the benefits of this
Agreement, upon execution by such transferee of a joinder agreement in form
reasonably satisfactory to the Company stating that such transferee agrees to be
bound by the terms hereof as an "Investor". An Investor shall no longer be
entitled to the benefits of this Agreement upon its transfer (in one or more
transactions) of a majority of the Registrable Securities held by such Investor.

                                       14
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the date first above written.

                                  COMPANY:

                                  eSPEED, INC.

                                  By: /s/ Frederick T. Varacchi
                                      -----------------------------
                                      Name:  Frederick T. Varacchi
                                      Title: President

                                  INITIAL INVESTOR:

                                  DEUTSCHE BANK AG

                                  By: /s/ Alan Burnell
                                      -----------------------------
                                      Name:    Alan Burnell
                                      Title:   Managing Director
                                      Address: 12 Taunusanlage Street
                                               60325, Frankfurt, Germany

                                  By: /s/ Ralf Roth
                                      -----------------------------
                                      Name:    Ralf Roth
                                      Title:   Director
                                      Address: 12 Taunusanlage Street
                                               60325, Frankfurt, Germany

                                       15<PAGE>

                                                                  Execution Copy
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

                  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 April 1, 2001

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

<PAGE>

                  AMENDED AND RESTATED JOINT SERVICES AGREEMENT

         This AMENDED AND RESTATED JOINT SERVICES AGREEMENT is made and entered
into as of April 1, 2001, 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 are engaged in, among other things, the
business of creating, developing and operating Marketplaces, including
Electronic Marketplaces, in and through which buyers and sellers of fixed-income
securities, futures contracts, commodities and other Financial Products and
other Products may effect transactions in those Financial Products and other
Products;

         WHEREAS, the eSpeed Parties and the Cantor Parties collaborate in
providing brokerage services to customers through existing Electronic
Marketplaces, and in creating and developing Electronic Marketplaces for new
Financial Products and other Products pursuant to the Joint Services Agreement
among the Cantor Parties and the eSpeed Parties dated as of December 15, 1999,
as amended (the "Joint Services Agreement"); and

         WHEREAS, the eSpeed Parties and the Cantor Parties wish to amend and
restate the Joint Services Agreement;

         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), 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

<PAGE>

and development for Unrelated Dealer Businesses; provided that Ancillary IT
Services does not include the provision of desktop hardware for use by Cantor
Party employees.

            "Baseline Gaming Budget" means $750,000 for each calendar quarter,
which shall be the minimum amount of costs required to be incurred by the eSpeed
Parties with respect to any quarter for Gaming Development Services and
Ancillary IT Services in connection with a Gaming Business, as requested by the
Cantor Parties.

            "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.

            "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 shall be Collaborative
Marketplaces, unless otherwise determined in accordance with this Agreement. In
no event shall the Electronic Energy 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.

            "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 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

                                                                               2

<PAGE>

include a Marketplace that is merely electronically assisted, such as screen
assisted open outcry. In no event shall the Electronic Energy 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.

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

            "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.

            "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 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, be considered a Financial Product, nor shall any product
traded in a marketplace involving a Gaming Business or an Unrelated Dealer
Business be considered a Financial Product.

            "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

                                                                               3
<PAGE>

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
eSpeed Parties in connection with developing or otherwise acquiring technology
in connection with a Gaming Business for the Cantor Parties; provided that
Gaming Development Services does not include the provision of desktop hardware
for use by Cantor Party employees.

            "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 25% 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.

            "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.

            "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 or a

                                                                               4
<PAGE>

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.

            "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.

            "Product" means any tangible or intangible asset or good, other than
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, and other than 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.

            "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

                                                                               5
<PAGE>

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 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.

        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.

            (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

                                                                               6
<PAGE>

        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.

            (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.

            (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.

                                                                               7
<PAGE>

        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 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.

            (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 (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.

            (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.

            (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.

                                                                               8
<PAGE>

         (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 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 the Gaming Revenue Share plus the excess, if any, of (i) the actual
costs in such calendar quarter of Gaming Development Services and Ancillary IT
Services incurred by the eSpeed Parties in connection with Gaming Businesses, as
requested by the Cantor Parties in writing, less the Baseline Gaming Budget,
over (ii) one-half of the difference of (x) the Gaming Revenue Share minus (y)
133% of the Baseline Gaming Budget, provided that, if (x) minus (y) is a
negative number, then it shall be considered zero for the purpose of calculating
the foregoing formula. All amounts due and payable pursuant to this Section 4(D)
shall be paid in the manner specified in Section 12 of this Agreement.

                                                                               9
<PAGE>

         (E) Notwithstanding the foregoing, in the event that a Cantor Party's
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 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 Transaction Revenues relating to a transaction described in paragraphs
(a) through (i) above (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 the Transaction Revenues 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 Transaction Revenues with
respect to a transaction (other than a Tax on net income), the cost of such tax
will be borne by the applicable eSpeed Party and the applicable Cantor Party in
the same proportion as the Transaction Revenues and service fees for such
transaction are to be shared.

        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 Gaming Development Services and
        Ancillary IT Services to the Cantor Parties with respect to Gaming
        Businesses and shall incur costs in each calendar quarter in respect of
        such services in an amount equal to the

                                                                              10

<PAGE>

        Baseline Gaming Budget for such quarter or, at the election of and in
        the sole discretion of the Cantor Parties, such larger amount as may be
        requested by the Cantor Parties in writing. For the avoidance of doubt,
        Gaming Development Services and Ancillary IT Services do not include the
        provision of desktop hardware for use by Cantor Party employees.

            (d) The Cantor Parties shall not be required to reimburse eSpeed for
        any amounts expended for the Ancillary IT Services for any Gaming
        Business or Gaming Development 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.

        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.

                                                                              11
<PAGE>

            (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.

                                                                              12
<PAGE>

        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 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

                                                                              13
<PAGE>

        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.

            (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

                                                                              14
<PAGE>

        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 or
        an Energy Product traded on the Electronic Energy 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, or (v) with
        respect to the Electronic Energy 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 specified
        therein, (iii) with respect to an Unrelated Dealer Business, (iv) with
        respect to the Electronic Energy Marketplace or (v) 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

                                                                              15
<PAGE>

        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. 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), 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.

        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 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,

                                                                              16
<PAGE>

        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;

                                                                              17
<PAGE>

                (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.

            (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.

                                                                              18
<PAGE>

            (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 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
Transaction Revenues and Gaming Transaction Revenues to eSpeed 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 Transaction Revenues to CFLP to determine whether such
allocation was based upon the procedures set forth herein. Such a review is to
be conducted at CFLP's expense.

         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

                                                                              19
<PAGE>

        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 Transaction Revenues or
        Gaming Transaction 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 Transaction Revenues, Gaming Transaction
Revenues, service fees, costs of Ancillary IT Services, Gaming Development
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.

        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

                                       20
<PAGE>

        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

                                                                              21
<PAGE>

        employee, partner or affiliate (other than solely by reason of being an
        eSpeed director) of eSpeed, CFLP or any of their respective affiliates.

            (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:

                     One World Trade Center, 105th Floor
                     New York, NY  10048
                     Attention:  General Counsel
                     Facsimile: (212) 938-3620

                (ii) If to an eSpeed Party:

                     One World Trade Center, 103rd Floor
                     New York, NY  10048
                     Attention:  General Counsel
                     Facsimile: (212) 938-3620

         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
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed or caused this
Joint Services Agreement 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 Joint Services Agreement]

                                                                              23

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