eSpeed Base Case

By Baselinemag  |  Posted 2001-10-29 Email Print this article Print
 
 
 
 
 
 
 

Company: eSpeed subsidiary of Cantor Fitzgerald

Temporary headquarters: 299 Park Ave., New York, NY

Electronic Address: www.espeed.com

Business: eSpeed provides business-to-business electronic marketplace services, primarily in bond trading. The company operates a private trading network, connected to more than 700 financial institutions. Under a joint operating agreement, it also provides all technology services for Cantor Fitzgerald.

Chief Information Officer: Joseph C. Noviello

Financials in 2000: $110.6 million in revenue, with a net loss of $60.4 million

Challenge: Restore the business at a New Jersey mirror site in time for the opening of the U.S. bond markets at 8 a.m. on Sept. 13, 47 hours after the destruction of the company's primary data center at One World Trade Center and the loss of 180 of eSpeed's employees

Baseline Goals:

  • Restore customer connections to eSpeed's trading systems
  • Replace systems for trade settlement and clearance via banks
  • Recover data lost at the World Trade Center site
  • Find space and equipment for 306 surviving eSpeed employees
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