eSpeed (Nasdaq: ESPD), which operates global marketplaces where financial institutions can trade securities and currencies, also cashed in on the business-to-business frenzy on Friday. The company went public at $22 a share, above its range of $16 to $18. The stock nearly doubled on its first day of trading, rising 21-15/16 to 43-15/16.
eSpeed, a spinoff of financial services firm Cantor Fitzgerald, could be a keeper. eSpeed is in a huge growth market that is revolutionizing the way securities are traded. The company’s marketplaces currently process transactions worth more than $150 billion each day.