ESpeed, the electronic trading subsidiary of Cantor Fitzgerald, has purchased a patent which plays a critical role in the electronic trading of municipal bonds and electronic auctions of fixed income securities and interest rate products.

Referred to as the Lawrence patent, it has been purchased from Exchange Brokerage Systems. It will give eSpeed an immediate competitive advantage in the wholesale municipal bond market. Electronic auctions, called bid-wanted, currently transact for municipal bonds on the eSpeed system.