Cantor Fitzgerald EBS

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cantor fitzgerald ebs (cf ebs) was a division of Cantor Fitzgerald, a leading investment and brokerage services company in the United States. While Cantor Fitzgerald is based in New York City, CF EBS was based in Los Angeles, California. It is now CantorCO2e, based in both Great Britain and California. As emissions caps are set for companies and enforcement is strengthening, a novel business has emerged: emissions trading. If a company cannot reach emissions levels at or below the cap, it can purchase the right to have the difference of emissions (or credit) from a company with a lower emissions rate. In effect, the company exceeding emissions is fined, while the company with lower emissions receives a financial benefit.

Bernie Cantor and John Fitzgerald established Cantor Fitzgerald as a bond brokerage firm in 1945. The company expanded with a division of Equity Capital Markets 20 years later. In 1972, Cantor Fitzgerald provided the first electronic marketplace to manage U.S. government securities by developing the field of screen brokerage. That same year, the company acquired a controlling interest in the smaller company, Telerate.

As screen brokerage continued to develop, Cantor Fitzgerald opened an office in London in 1983, offering screen brokerage to clients around the globe. The following year, they opened an office in Japan, managing the brokering of Eurobonds. Cantor Fitzgerald acts as a mediator between buyer and seller for the purchase of Eurobonds, which are in a currency of a specific country, but are traded and regulated outside of that county in a different currency. To specify the initial country's currency, the name of that currency is found in the name of the Eurobond. For example, a Eurobond in Japanese currency is called a Euroyen. In 1998, Cantor Fitzgerald traded U.S. Treasury futures via electronic exchange. Two years later, a new branch of investment banking was created. The company continued in its pioneering of electronic services by staging the first wireless bond trade, using a BlackBerry® handheld device.

Cantor Fitzgerald offers multiple financial services, including brokerage services, investment services, sales and trading, news distribution, and mobile gaming, whereby patrons of a casino can use a personal digital assistant (PDA) to gamble outside of the casino in approved areas such as the casino pool. In the brokerage services sector, Cantor Fitzgerald offers Cantor Clearing Services (CCS), CantorCO2e, Cantor LifeMarkets, Cantor Fitzgerald Telecom Services (Cantor Telecom), and Cantor Spectrum & Tower Exchange (CS&TE). CCS deals with equities, fixed income, and futures transactions.

Cantor LifeMarkets, established in 2004, deals with life insurance and its benefits to the financial sector. For example, Cantor LifeMarkets manages an online marketplace for life insurance policy trading. Cantor Telecom deals with wire line telecommunications as well as wireless communication. CS&TE brokers unused radio frequencies, along with rooftop space and other goods in communications infrastructure. CantorCO2e is the current version of what was initially Cantor Fitzgerald EBS.

CF EBS began making headlines in 2006 when it joined the market for crude oil products. Then, in 2007, CF EBS joined with LLC, becoming CantorCO2e. CantorCO2e headquarters are in London as well as San Francisco, California. The company has partnered with Price Waterhouse Coopers to create the website This website serves as a carbon marketplace accessible around the clock, as well as access to Cantor associates who act as consultants to help companies blueprint their emissions reduction investment plans.

Brokerage services offered by CF EBS include brokerage of emissions, as well as biodiesel, ethanol, and renewable energy; these latter three are considered new forms of energy. Additionally, CF EBS brokers renewable energy certificates, and runs an Institutional Trading Department for brokerage of energy securities. CF EBS also provides consulting services to clients looking to switch to cleaner technology. For example, CF EBS works with clients that produce biodiesel and are looking to establish the infrastructure to sell this biodiesel as fuel. The slogan of CantorCO2e is "Energy. Environment. Innovation." On October 3, 2007, CantorCO2e established an online marketplace for global CO2 emissions trading, allowing clients around the globe to trade emissions voluntarily.

SEE ALSO: Carbon Dioxide; Emissions, Baseline; Emissions, Trading.

BIBLIOGRAPHY. Ricardo Bayon et al., Voluntary Carbon Markets: An International Business Guide to What They Are and How They Work (Earthscan Publications Ltd., 2007); Bernd Hansj├╝rgens, ed., Emissions Trading for Climate Policy: U.S. and European Perspectives (Cambridge University Press, 2005); T.H. Tietenberg, Emissions Trading: Principles and Practice (Resources for the Future Press, 2006).

Claudia Winograd University of Illinois at Urbana-Champaign

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