29 April, 1999


NEWPORT RI, APRIL 29, 1999 - - The U.S. Naval War College and Cantor Fitzgerald will hold an economic security planning workshop on Monday, May 3rd, in New York City. The focus of the one-day exercise attended by government and private sector representatives will be to explore and discuss the potential impact on the global financial markets that may result from international aspects of the Y2K computer issue and related events surrounding the millennial date-change event.

The event is the third in a series of exercises organized by the Naval War College in conjunction with Cantor Fitzgerald for the purpose of exploring the link between national security and economic issues and enhancing communication between the military, the government and the financial sector. The first two exercises took place in October 1997 and June 1998.

"We are pleased to facilitate the continuation of this important dialogue between the government and the private sector," said Howard Lutnick, President and Chief Executive Officer of Cantor Fitzgerald, and Vice Admiral Arthur K. Cebrowski, President of the U.S. Naval War College in a joint statement.

The Naval War College was founded in 1884 to enhance the abilities of its students to make sound decisions in command, staff, and management positions and to develop a sound undertaking of strategy to include naval, joint and combined campaigns. The college is the Navy’s senior educational institution, and has a student body composed of U.S. military officers, civilian employees of the federal government, and international naval officers. In addition to its programs of instruction, the Naval War College conducts research into a wide range of topics related to national security. It is the oldest continuously operating institution in the world devoted to advanced military studies.

Cantor Fitzgerald provides a broad spectrum of institutional brokerage and execution services to the global financial markets. It operates the world’s largest electronic marketplace for G-10 sovereign debt, emerging markets, and Eurobonds and is also one of the largest "third-market" equity operations in the U.S. stock market. In 1998, in partnership with the New York Board of Trade, Cantor Fitzgerald started the Cantor Exchange, the first full-time electronic exchange for U.S. Treasury futures. Headquartered in New York City, Cantor Fitzgerald currently employs more than 2,200 people in offices throughout the U.S., Canada, Europe and Asia, serving the world’s largest banks and security houses.

For further information please contact CDR Gary Shrout, USN, Public Affairs Officer, U.S. Naval War College, Newport RI, (401) 841-2220, (401) 841-6309 (fax), or Mr. Chris Staszak at Cantor Fitzgerald at (212) 938-3712 or (212) 938-2464(fax).


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