Cantor Fitzgerald

Cantor Fitzgerald is an American financial services firm founded in 1945 by Bernard Gerald Cantor and John Fitzgerald. It began as an investment bank and brokerage business and developed a major presence in institutional securities, particularly the trading and distribution of United States government securities. The firm pioneered large-block equity trading for institutional customers in 1965, introduced an electronic marketplace for U.S. government securities in 1972, and later expanded screen-based government-securities brokerage internationally. Cantor Fitzgerald became one of the best-known primary dealers and institutional intermediaries in the Treasury market. It is also associated with electronic trading through eSpeed, a platform that became publicly traded in 1999, and with a broader group of financial and real-estate businesses operated through affiliates. Its activities have included fixed-income sales and trading, investment banking, equity research, prime brokerage, asset management-related services, commercial real estate, corporate venture investing, and special-purpose acquisition company underwriting. The firm’s history was profoundly shaped by the September 11, 2001 attacks. Its headquarters occupied floors 101 through 105 of the North Tower of the World Trade Center, directly above the aircraft impact zone. Every employee who was present in those offices that morning was killed; 658 Cantor Fitzgerald employees were among the victims, along with contractors, visitors, and service workers. Chief executive Howard Lutnick was absent from the office, while his brother Gary Lutnick died in the attack. Lutnick committed to rebuilding the business, and Cantor restored its trading operations within approximately a week, aided in part by its London office and other surviving operations. Following the attacks, Cantor pledged a share of future profits to the families of the deceased employees and funded health-care coverage for affected families. The firm and its affiliated businesses also established an annual Charity Day on September 11, during which revenue is donated to charitable organizations. The event expanded from a memorial initiative into a global fundraising program supporting disaster relief, health, education, and other causes. Cantor expanded its business after 2001. It launched a dedicated fixed-income sales and trading group in 2003, was designated a Federal Reserve primary dealer in 2006, and introduced Cantor Prime Services in 2009. Its real-estate activities grew through Cantor Commercial Real Estate and through affiliates connected with BGC Partners and Newmark. The wider corporate network has included publicly traded BGC Group and Newmark Group, while Cantor Ventures has invested in technology, media, consumer, and entertainment companies. Cantor remains a private financial-services brand with international operations and a significant institutional-market orientation. Its businesses serve professional investors, corporations, governments, financial institutions, and other wholesale-market participants. The firm is particularly identified with government-securities dealing, electronic brokerage, investment banking, and its post-September 11 philanthropic and memorial work. In 2025, Howard Lutnick left day-to-day leadership after becoming U.S. secretary of commerce, with leadership transferred to members of the Lutnick family and a management structure that included Brandon Lutnick as chair and Pascal Bandelier, Sage Kelly, and Christian Wall as co-chief executives.

Cantor Fitzgerald was established in 1945 by Bernard Gerald Cantor and John Fitzgerald as an investment bank and brokerage firm. Its early business centered on securities intermediation, but the company later developed a particularly strong position in institutional trading and U.S. government securities. In 1965, it introduced large-block equity sales and trading for institutional clients. In 1972, it created what is described as the first electronic marketplace for U.S. government securities, and in 1983 it became an early provider of worldwide screen-based brokerage in that market. Bernie Cantor led the business for decades. Howard Lutnick joined the firm’s senior leadership and became president and chief executive officer in 1991. He became chairman after Cantor’s death in 1996. Under Lutnick, the firm invested in electronic trading and related market infrastructure. Its eSpeed electronic bond-trading platform became publicly traded in 1999, helping establish a separate technology and marketplace dimension to Cantor’s business. The company’s New York headquarters were located on floors 101 through 105 of the North Tower of the World Trade Center. On September 11, 2001, American Airlines Flight 11 struck the tower below Cantor’s offices. The impact and resulting destruction made escape impossible for employees in the affected floors. A total of 658 Cantor employees present in New York were killed or missing, and 46 contractors, visitors, and service workers in the offices also died. Howard Lutnick was not in the building, but his brother Gary was among those killed. Lutnick pledged to preserve the firm and support the victims’ families. Cantor committed 25 percent of profits for five years to families and agreed to provide health-care support for a decade. By 2006, the company reported completing the principal commitment with $180 million distributed, supplemented by funds raised through a related relief effort. The company rebuilt its trading systems, relying partly on surviving international operations, and resumed market activity within about a week. Its recovery became the subject of books and the documentary Out of the Clear Blue Sky. The post-attack period also brought extensive litigation and public-relief activity. Cantor joined a civil action against Saudi Arabia in 2004 over alleged support for the hijackers and al-Qaeda, although most claims were dismissed in 2005. In 2013, the firm settled its claims against American Airlines for $135 million. Cantor’s relief organization later provided assistance after Hurricane Sandy and the Moore, Oklahoma tornado. Its annual Charity Day, held on September 11, directs revenue from Cantor and affiliated businesses to charitable causes around the world. Operationally, Cantor launched a fixed-income sales and trading group in 2003 and was added to the Federal Reserve Bank of New York’s primary-dealer list in 2006. Cantor Prime Services was introduced in 2009 to provide multi-asset prime-brokerage, clearing, financing, and execution services. The firm entered commercial real estate through Cantor Commercial Real Estate in 2010, while affiliate BGC Partners expanded its real-estate activities through acquisitions involving Newmark Knight Frank and Grubb & Ellis. Cantor has also participated actively in investment banking and SPAC underwriting. Sage Kelly joined the firm in 2016 as senior managing director and head of investment banking. The firm was reported to have led the banking sector in SPAC underwriting activity in both 2018 and 2019. Its wider affiliate network has included BGC Group, Newmark Group, Cantor Ventures, the Hollywood Stock Exchange, and other technology and entertainment investments. In 2025, Howard Lutnick left the firm’s leadership after becoming U.S. secretary of commerce in the second Donald Trump administration. Brandon Lutnick became chairman, while Pascal Bandelier, Sage Kelly, and Christian Wall were identified as co-chief executives. Reporting also raised questions about possible conflicts between Lutnick’s public responsibilities and initiatives that could benefit his family’s financial interests. The company remains an active private financial-services firm with operations serving institutional and wholesale-market clients across multiple regions.

1. 2025Leadership passes to the next generation

   Howard Lutnick leaves firm leadership after becoming commerce secretary; Brandon Lutnick becomes chairman and a co-CEO structure is announced.

   Source
2. 2016Sage Kelly joins investment-banking leadership

   Sage Kelly joins Cantor as senior managing director and head of investment banking.

   Source
3. 2013Settlement with American Airlines

   Cantor settles litigation connected with losses arising from the September 11 destruction of its offices.

   Source
4. 2010Real-estate business begins expansion

   Cantor begins building a commercial real-estate business through Cantor Commercial Real Estate.

   Source
5. 2009Cantor Prime Services introduced

   The firm launches a multi-asset prime-services platform combining clearing, financing, brokerage, and execution capabilities.

   Source
6. 2006Designated a Federal Reserve primary dealer

   Cantor Fitzgerald & Co. is added to the Federal Reserve Bank of New York’s primary-dealer list.

   Source
7. 2003Fixed-income sales and trading group launched

   Cantor establishes a dedicated fixed-income sales and trading group during its rebuilding period.

   Source
8. 2001September 11 attacks destroy New York headquarters

   The firm loses 658 employees and numerous contractors and visitors when its World Trade Center offices are destroyed.

   Source
9. 1999eSpeed becomes publicly traded

   Cantor’s electronic bond-trading platform eSpeed becomes a public company.

   Source
10. 1991Howard Lutnick becomes chief executive

    Howard Lutnick is appointed president and chief executive officer.

    Source
11. 1983Worldwide screen brokerage launched

    Cantor becomes an early provider of worldwide screen-based brokerage for U.S. government securities.

    Source
12. 1972Electronic government-securities marketplace introduced

    The firm launches an electronic marketplace for U.S. government securities.

    Source
13. 1965Large-block institutional trading begins

    Cantor begins large-block equity sales and trading for institutional customers.

    Source
14. 1945Firm founded

    Bernard Gerald Cantor and John Fitzgerald establish Cantor Fitzgerald as an investment bank and brokerage business.

    Source

A technology-oriented institutional financial intermediary combining wholesale brokerage, government-securities expertise, investment banking, and affiliated capital-markets and real-estate businesses.

• Institutional brokerageBrokerage1945

  Cantor Fitzgerald’s institutional brokerage business serves professional investors and other wholesale-market participants. The firm is historically associated with large-block equity transactions, institutional distribution, and intermediation across securities markets. Its model emphasizes execution, market access, research, and relationships with institutional clients rather than consumer financial products.

• U.S. government securitiesFixed income1972

  Government-securities dealing is one of Cantor Fitzgerald’s defining capabilities. The firm pioneered electronic and screen-based trading in U.S. government securities and became a major dealer in the Treasury market. Its activities include sales, trading, distribution, and market-making for institutional customers and other eligible counterparties.

• Fixed-income sales and tradingCapital markets2003

  Cantor’s fixed-income business provides sales and trading services across debt-market products, with a particular historical strength in government securities. The dedicated fixed-income group launched in 2003 as part of the firm’s post-September 11 rebuilding and broader institutional-market expansion.

• Investment bankingInvestment banking

  The investment-banking business provides capital-markets and advisory services to corporate and institutional clients. It has included equity and debt offerings, strategic advice, research support, and underwriting activity. Cantor has also been active in special-purpose acquisition company underwriting, particularly during the high-volume SPAC market of 2018 and 2019.

• Cantor Prime ServicesPrime brokerage2009

  Cantor Prime Services was introduced as a multi-asset platform for prime brokerage, clearing, financing, and execution. It was designed to use the firm’s institutional infrastructure across multiple asset classes and to serve professional trading firms, hedge funds, and other market participants.

• Electronic trading platformsFinancial technology1972

  Electronic trading has been central to Cantor Fitzgerald’s identity since its early government-securities systems. Its eSpeed platform provided electronic bond trading and became publicly traded in 1999. The firm’s technology orientation supports automated market access and electronic execution for institutional markets.

• Commercial real estate servicesReal estate finance and services2010

  Cantor expanded into commercial real estate through Cantor Commercial Real Estate and related affiliates. The wider network became connected with BGC Partners and Newmark, which provide brokerage, advisory, and other real-estate services in major markets.

• 2013Moore tornado relief

  United States

  Following the Moore, Oklahoma tornado, Howard Lutnick pledged assistance for affected families through the relief fund.

  Outcome. The reported $2 million contribution was distributed to families through prepaid debit cards.

  Source
• 2012Hurricane Sandy relief

  United States

  The Cantor Fitzgerald Relief Fund provided assistance to families affected by Hurricane Sandy and adopted 19 elementary schools in impacted areas.

  Outcome. Families received prepaid debit-card assistance, with reported total relief funding of $10 million.

  Source
• 2002Annual Charity Day

  Global

  Cantor Fitzgerald and affiliated businesses donate their revenue on September 11 to charitable organizations, commemorating employees lost in the attacks.

  Outcome. The event became an annual global fundraising initiative supporting disaster relief, health, education, and community causes.

  Source
• 2001Cantor Fitzgerald Relief Fund

  United States

  Created after the September 11 attacks to support families of Cantor Fitzgerald employees who died and to provide broader disaster assistance.

  Outcome. The relief effort distributed substantial financial support to affected families and later expanded into wider charitable programs.

  Source

• 2025Leadership transition following Howard Lutnick’s government appointmentOther

  Howard Lutnick became U.S. secretary of commerce and therefore left the firm’s operating leadership.

  What changed. Brandon Lutnick became chairman, while Pascal Bandelier, Sage Kelly, and Christian Wall took co-chief executive roles.

  Aftermath. Cantor continued under next-generation family and professional management, amid public scrutiny concerning possible conflicts of interest.

  Source
• 2009Launch of Cantor Prime ServicesProduct launch

  Cantor sought to extend its clearing, financing, brokerage, and execution capabilities beyond its traditional fixed-income franchise.

  What changed. The firm introduced a multi-asset prime-services platform for professional trading clients.

  Aftermath. The launch broadened Cantor’s institutional offering into prime brokerage and related market infrastructure.

  Source
• 2001Decision to rebuild after September 11Strategy

  The destruction of the World Trade Center headquarters killed most employees working in the New York office and severely disrupted the firm.

  What changed. Howard Lutnick committed to keeping Cantor Fitzgerald operating, rebuilding systems and offices, and supporting victims’ families through profit-sharing and health-care commitments.

  Aftermath. The firm restored trading activity within about a week and later expanded its post-attack businesses.

  Profit contribution pledged to victims’ families. 25% of firm profits for five years (2001–2006)

  Source
• 1972Launch of an electronic U.S. government-securities marketplaceProduct launch

  Traditional government-securities dealing was largely conducted through voice and relationship-based brokerage.

  What changed. Cantor introduced an electronic marketplace for U.S. government securities, establishing an early technology-led position in fixed income.

  Aftermath. The initiative helped define Cantor as an electronic and institutional-market specialist.

  Source

• 2025Conflict-of-interest questions involving Howard Lutnick’s government roleControversy

  After Howard Lutnick became U.S. secretary of commerce, reporting and commentary questioned whether government initiatives promoted during his tenure could benefit his family and Cantor-related financial interests. The issue concerns potential conflicts between public office and private-sector relationships; the available material does not establish a legal finding of wrongdoing.

  Source

• 2025Howard Lutnick transfers Cantor Fitzgerald leadership after joining the U.S. government

  After becoming U.S. secretary of commerce, Howard Lutnick handed leadership responsibilities to the next generation of the Lutnick family and a co-CEO structure.

  Leadership changeOther
  Source
• 2013Cantor Fitzgerald settles litigation with American Airlines

  The firm reached a settlement concerning property loss and business interruption claims related to American Airlines Flight 11.

  Lawsuit
  Source
• 2004Cantor Fitzgerald and other plaintiffs sue Saudi Arabia

  Cantor and other organizations filed civil claims alleging that Saudi Arabia supported the September 11 hijackers and al-Qaeda; most claims were later dismissed.

  Lawsuit
  Source
• 2001Cantor Fitzgerald loses 658 employees in the September 11 attacks

  The destruction of the firm’s World Trade Center offices caused the largest loss of life suffered by a single organization in the attacks.

  Other
  Source
• 2001Cantor Fitzgerald commits future profits and health-care support to victims’ families

  The firm pledged a portion of profits for five years and long-term health-care support for families of employees killed in the attacks.

  Other
  Source
• 2001Cantor Fitzgerald restores trading operations after September 11

  The company rebuilt critical infrastructure and resumed its trading markets within about a week of the attacks.

  Other
  Source

1. Cantor Fitzgerald