Terry Smith’s ambition appears to have been completely thwarted following the decision by Cantor Fitzgerald, eSpeed’s effective parent, to merge the trading technology vendor with its other, mainly voice broking subsidiary BGC.
“Dat showed dat Terry Smith, the f&*kin’ clown,” you could almost hear the management of Cantors/BGC/eSpeed saying.
What made the news surprising to many was that BGC had filed for an IPO. So, at face value, it seems that Howard Lutnick, who is basically the boss of all three companies, has been forced into making the move merely to see off Tulletts.
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