Willow Creek Capital became the second hedge fund in less than two weeks to criticise Cantor Fitzgerald for undervaluing its electronic trading platform eSpeed and creating an unfair voting structure.

In a letter to Cantor Fitzgerald chairman and chief executive officer Howard Lutnick, shareholder WC Capital claimed that eSpeed's share value could be 28% to 70% greater than its current valuation of $9.40 per share or $475m (€355m) for the entire business.