Cantor Fitzgerald L.P. Nov 10
Standard & Poors, November 2010
Abstract
Solid and improving franchise. Moderate risk profile. Highly variable cost structure. Reliance on wholesale funding. Key-man risk. Growth focus. Partnership capital structure with limited retention of earnings. Standard & Poor's Ratings Services' rating on Cantor Fitzgerald L.P. (Cantor) is based on the company's solid and improving franchise as a midtier institutional securities firm, its good financial profile highlighted by a highly variable cost structure, moderate risk profile, and adequate capital. However, the wholesale nature of Cantor's funding structure, its partnership structure, and its fairly aggressive expansion plans are negatives for the rating. Cantor has built a strong franchise serving clients in debt and equity capital markets, and a premier global interdealer brokerage business-BGC Partners Inc. (in part publicly owned). Cantor's...
Companies mentioned in this report are: Cantor Fitzgerald L.P.,BGC Partners Inc.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Cantor Fitzgerald L.P.,BGC Partners Inc.
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