EXHIBIT 99.1
ESPEED REPORTS RECORD THIRD QUARTER 2003 FULLY TAXED OPERATING EPS OF
$0.19 AND GAAP EPS OF $0.17
PRE-TAX OPERATING EARNINGS PER SHARE OF $0.31 INCREASE 94 PERCENT AND
QUARTERLY REVENUES GROW 34 PERCENT TO $44 MILLION YEAR OVER YEAR
PRE-TAX OPERATING MARGINS EXPAND TO 40 PERCENT
COMPANY EXPECTS STRONG RESULTS FOR FULL YEAR 2004, GUIDING FULLY TAXED
OPERATING EPS OF $0.80-0.84
NEW YORK - November 12, 2003 - eSpeed, Inc. (NASDAQ:ESPD), a subsidiary of
Cantor Fitzgerald and the leading developer of electronic trading technology,
today reported results for the third quarter ended September 30, 2003.
EARNINGS
For the third quarter 2003, the Company reported fully taxed operating income of
$10.8 million, or $0.19 per diluted share. eSpeed reports net operating income
in order to reflect earnings generated from the Company's operations. In
accordance with Generally Accepted Accounting Principles (GAAP), eSpeed reported
net income of $10.0 million, or $0.17 per diluted share, for the third quarter
2003. The difference between fully taxed operating income and GAAP net income is
a $0.4 million charge for a charitable contribution to the Cantor Fitzgerald
Relief Fund related to the annual September 11th Charity Day and a $0.4 million
non-cash charge for business partner securities. For comparative purposes,
eSpeed reported pre-tax operating income of $17.7 million, or $0.31 per diluted
share, in the third quarter 2003, a 94 percent increase over the $0.16 per
diluted share reported in the third quarter 2002.
REVENUE
eSpeed's total revenues for the third quarter 2003 were $44.3 million, 34
percent higher than revenues of $33.0 million for third quarter 2002. On a
sequential basis, total revenues increased 13 percent from $39.1 million
reported in the second quarter 2003.
Third quarter 2003 fully electronic revenues increased to $32.3 million, up 42
percent compared to $22.8 million in the third quarter 2002. Total revenues from
Software Solutions in the third quarter 2003 were $6.1 million versus $4.8
million in the third quarter 2002, an increase of 27 percent.
Third quarter 2003 pre-tax operating margins grew to 39.9 percent versus 26.8
percent in the third quarter 2002 and 35.5 percent in the second quarter 2003.
VOLUME & TRANSACTIONS
Fully electronic volume for the third quarter 2003 was $9.6 trillion, a 23
percent increase over $7.8 trillion for the second quarter 2003. eSpeed's total
electronic volume, including fully electronic and voice-assisted transactions,
for the third quarter 2003 was $12.4 trillion, up 19 percent from $10.4 trillion
in the second quarter 2003. This growth compares to an 8 percent increase in US
Treasury volume as reported by the Federal Reserve.
The Company had anticipated Federal Reserve US Treasury average daily volume for
the third quarter 2003 in a range of $440 - $460 billion. Actual Federal Reserve
US Treasury average daily volume was $478 billion for the third quarter.
Howard W. Lutnick, Chairman, CEO & President of eSpeed, Inc., commented, "Our
strong results this quarter were primarily based on our unmatched position as
the leading electronic platform in the US Treasury market. eSpeed's market
position dramatically improved as evidenced by both our volume growth outpacing
that of the Federal Reserve US Treasury average daily volumes as well as the
success and continued traction of our Price Improvement (PI) product
enhancement. During the third quarter, we saw increases in both the number of PI
users as well as the number of transactions executed using Price Improvement."
eSpeed's new product roll-outs remain on schedule. Lee Amaitis, Global Chief
Operating Officer of eSpeed commented, "Our foreign exchange product has
received excellent customer feedback, and we believe it has the potential to
transform the foreign exchange market by increasing efficiency and broadening
market participation. We remain on target with the roll-outs of both our
mortgage backed securities and interest rate swaps products which will be on
traders' desktops by the end of the year."
FREE CASH FLOW & CASH
The Company generated free cash flow (excluding related party receivables and
payables) of $18.5 million during the third quarter 2003, 40 percent higher than
the $13.2 million in the second quarter 2003. Including related party
receivables and payables, free cash flow for the quarter was $17.2 million.
As of September 30, 2003, eSpeed's cash and cash equivalents increased to
approximately $217 million compared to $199 million as of June 30, 2003.
OUTLOOK
For the fourth quarter 2003, eSpeed expects average daily Federal Reserve US
Treasury volume to be between $425 and $435 billion, down from the previously
expected $440 - $460 billion. The Company anticipates that the seasonally slower
fourth quarter,
specifically due to the Thanksgiving, Christmas and New Year's holidays and two
fewer trading days, will result in comparatively lower average daily volumes.
For the fourth quarter 2003, the Company expects to generate operating income in
the range of $0.14 - $0.15 per share diluted and after-tax.
The Company maintains its full year 2003 operating income guidance in a range of
$0.65 - $0.67 per share diluted and after-tax, which includes actual third
quarter results and guidance for the fourth quarter. Full year 2003 guidance is
predicated on the expectation that average daily Federal Reserve US Treasury
volume will be between $436 and $439 billion.
For the full year 2004, eSpeed expects to generate revenue in excess of $185
million and expects its pre-tax operating margins to exceed 41 percent for the
full year. eSpeed anticipates that its incremental margins will exceed 75
percent for the full year 2004. Operating earnings for 2004 are expected to be
in a range of $0.80 and $0.84 per share diluted and after-tax. This guidance is
based on the Company's expectations that average daily Federal Reserve US
Treasury volume will be between $490 and $510 billion for the full year 2004.
In conclusion, Mr. Lutnick added, "With impressive results so far in 2003, we
are well positioned to continue our growth in 2004. We expect 2004 will be
characterized by continued US Treasury market issuance with additional US
Treasury benchmark issues being added, further traction in our Price Improvement
and Contingent Order product enhancements as well as new applications for each
of these product enhancements, and a reasonable expectation of traction in our
Foreign Exchange, Equities and other new products. We look forward to extending
our solid leadership position into 2004 and beyond."
NON-GAAP FINANCIAL MEASURES
To supplement eSpeed's consolidated financial statements presented in accordance
with GAAP and to better reflect the Company's quarter-over-quarter and
comparative first three quarters operating performance, eSpeed uses non-GAAP
financial measures of revenues, income before income tax provision, net income
and earnings per share, which are adjusted to exclude certain non-operating
expenses and gains. In addition, the Company provides a computation of free cash
flows. These non-GAAP financial measurements do not replace the presentation of
eSpeed's GAAP financial results but are provided to improve overall
understanding of the Company's current financial performance and its prospects
for the future. Specifically, eSpeed believes the non-GAAP financial results
provide useful information to both management and investors regarding certain
additional financial and business trends relating to the Company's financial
condition and results from operations. In addition, eSpeed's management uses
these measures for reviewing the Company's financial results and evaluating
eSpeed's financial performance. In the third quarter 2003, the difference
between GAAP net income and non-GAAP net operating income was $0.8 million.
ABOUT ESPEED, INC.
eSpeed, a subsidiary of Cantor Fitzgerald, is the leader in developing and
deploying electronic marketplaces and related trading technology that offers
traders access to the most liquid, efficient and neutral financial markets in
the world. eSpeed operates multiple buyer, multiple seller real-time electronic
marketplaces for the global capital markets, including the world's largest
government bond markets and other fixed income and financial marketplaces.
eSpeed's suite of marketplace tools provides end-to-end transaction solutions
for the purchase and sale of financial and non-financial products over eSpeed's
global private network or via the Internet. eSpeed's neutral platform, reliable
network, straight-through processing and superior products make it the trusted
source for electronic trading at the world's largest fixed income and foreign
exchange trading firms, major exchanges and leading natural gas and electricity
trading firms. To learn more, please visit www.espeed.com. Statements contained
in this Press Release, which are not historical facts, are forward-looking
statements, as the term is defined in the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements are subject to risks and
uncertainties which could cause actual results to differ materially from those
currently anticipated due to a number of factors, which include, but are not
limited to: the effects of the attacks on the World Trade Center, market
volatility, the limited operating history of eSpeed, Inc., and its ability to
enter into marketing and strategic alliances, to effectively manage its growth,
to expand the use of its electronic systems and to induce clients to use its
marketplaces and services, and other factors that are discussed in eSpeed's
Annual Report on Form 10-K, filed with the Securities and Exchange Commission.
CONTACTS:
INVESTORS:
Maureen Murphy
212.610.2430
MEDIA:
Tom Ryan
212.610.2425
ESPEED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- -----------------------
2003 2002 2003 2002
--------- --------- --------- ---------
Revenues:
Transaction revenues with related parties
Fully electronic transactions $ 32,300 $ 22,783 $ 82,348 $ 65,609
Voice-assisted brokerage transactions 5,153 4,649 14,959 13,479
Screen-assisted open outcry transactions 128 11 420 134
--------- --------- --------- ---------
Total transaction revenues with related parties 37,581 27,443 97,727 79,222
Software Solutions fees from related parties 3,821 3,423 11,351 9,747
Software Solutions and licensing fees from unrelated parties 2,321 1,333 6,662 2,437
Interest income 547 780 1,652 2,222
--------- --------- --------- ---------
Total revenues 44,270 32,979 117,392 93,628
--------- --------- --------- ---------
Expenses:
Compensation and employee benefits 9,790 9,113 27,873 27,748
Occupancy and equipment 8,191 6,338 22,939 18,048
Professional and consulting fees 953 1,149 2,927 4,264
Communications and client networks 1,715 1,465 5,024 4,516
Marketing 373 1,281 1,115 4,515
Administrative fees to related parties 2,579 2,292 7,747 6,579
Other 3,019 2,512 8,168 5,373
--------- --------- --------- ---------
Total operating expenses 26,620 24,150 75,793 71,043
--------- --------- --------- ---------
Pre-tax operating income 17,650 8,829 41,599 22,585
Income tax provision 6,873 123 12,323 351
--------- --------- --------- ---------
Net operating income 10,777 8,706 29,276 22,234
--------- --------- --------- ---------
Non-operating (loss) income:
Amortization of business partner and non-employee securities, net of tax (395) (541) (1,317) (1,354)
Charitable contribution Re: 9/11, net of tax (420) (500) (420) (500)
Business interruption insurance proceeds from parent -- -- -- 12,833
--------- --------- --------- ---------
Total non-operating (loss) income (815) (1,041) (1,737) 10,979
--------- --------- --------- ---------
GAAP net income $ 9,962 $ 7,665 $ 27,539 $ 33,213
========= ========= ========= =========
Per share data:
Basic pre-tax operating income per share $ 0.32 $ 0.16 $ 0.75 $ 0.41
Basic tax provision per share $ (0.12) $ (0.00) $ (0.22) $ (0.01)
--------- --------- --------- ---------
Basic net operating income per share $ 0.19 $ 0.16 $ 0.53 $ 0.40
Basic non-operating (loss) income per share $ (0.01) $ (0.02) $ (0.03) $ 0.20
--------- --------- --------- ---------
Basic GAAP earnings per share $ 0.18 $ 0.14 $ 0.50 $ 0.60
========= ========= ========= =========
Diluted pre-tax operating income per share $ 0.31 $ 0.16 $ 0.73 $ 0.40
Diluted tax provision per share $ (0.12) $ (0.00) $ (0.22) $ (0.01)
--------- --------- --------- ---------
Diluted net operating income per share $ 0.19 $ 0.15 $ 0.51 $ 0.39
Diluted non-operating (loss) earnings per share $ (0.01) $ (0.02) $ (0.03) $ 0.19
--------- --------- --------- ---------
Diluted GAAP earnings per share $ 0.17 $ 0.14 $ 0.48 $ 0.59
========= ========= ========= =========
Basic weighted average shares of common stock outstanding 55,291 54,980 55,205 54,979
========= ========= ========= =========
Diluted weighted average shares of common stock outstanding 57,730 56,499 57,171 56,683
========= ========= ========= =========
Additional data:
Pre-tax operating margin 39.9% 26.8% 35.4% 24.1%
========= ========= ========= =========
ESPEED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME IN ACCORDANCE WITH GAAP (UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------------- ----------------------------
2003 2002 2003 2002
----------- ----------- ----------- -----------
Revenues:
Transaction revenues with related parties
Fully electronic transactions $ 32,300 $ 22,783 $ 82,348 $ 65,609
Voice-assisted brokerage transactions 5,153 4,649 14,959 13,479
Screen-assisted open outcry transactions 128 11 420 134
----------- ----------- ----------- -----------
Total transaction revenues with related parties 37,581 27,443 97,727 79,222
Software Solutions fees from related parties 3,821 3,423 11,351 9,747
Software Solutions and licensing fees from unrelated parties 2,321 1,333 6,662 2,437
Business interruption insurance proceeds from parent -- -- -- 12,833
Interest income 547 780 1,652 2,222
----------- ----------- ----------- -----------
Total revenues 44,270 32,979 117,392 106,461
----------- ----------- ----------- -----------
Expenses:
Compensation and employee benefits 9,790 9,113 27,873 27,748
Occupancy and equipment 8,191 6,338 22,939 18,048
Professional and consulting fees 953 1,149 2,927 4,264
Communications and client networks 1,715 1,465 5,024 4,516
Marketing 373 1,281 1,115 4,515
Administrative fees to related parties 2,579 2,292 7,747 6,579
Amortization of business partner and non-employee securities 648 541 1,715 1,354
Other 3,706 3,012 8,855 5,873
----------- ----------- ----------- -----------
Total expenses 27,955 25,191 78,195 72,897
----------- ----------- ----------- -----------
Income before income tax provision 16,315 7,788 39,197 33,564
Income tax provision 6,353 123 11,658 351
----------- ----------- ----------- -----------
Net income $ 9,962 $ 7,665 $ 27,539 $ 33,213
=========== =========== =========== ===========
Per share data:
Basic earnings per share $ 0.18 $ 0.14 $ 0.50 $ 0.60
=========== =========== =========== ===========
Diluted earnings per share $ 0.17 $ 0.14 $ 0.48 $ 0.59
=========== =========== =========== ===========
Basic weighted average shares of common stock outstanding 55,291 54,980 55,205 54,979
=========== =========== =========== ===========
Diluted weighted average shares of common stock outstanding 57,730 56,499 57,171 56,683
=========== =========== =========== ===========
ESPEED, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP (UNAUDITED)
(IN THOUSANDS)
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------- ----------------------
2003 2002 2003 2002
--------- --------- --------- ---------
Revenues $ 44,270 $ 32,979 $ 117,392 $ 93,628
Business interruption insurance proceeds from parent [a] -- -- -- 12,833
--------- --------- --------- ---------
GAAP revenues $ 44,270 $ 32,979 $ 117,392 $ 106,461
--------- --------- --------- ---------
Operating expenses $ 26,620 $ 24,150 $ 75,793 $ 71,043
Amortization of business partner and non-employee securities [b] 648 541 1,715 1,354
Charitable contribution Re: 9/11 [c] 687 500 687 500
--------- --------- --------- ---------
GAAP expenses $ 27,955 $ 25,191 $ 78,195 $ 72,897
--------- --------- --------- ---------
Pre-tax operating income $ 17,650 $ 8,829 $ 41,599 $ 22,585
Sum of reconciling items = [a] - [b] - [c] (1,335) (1,041) (2,402) 10,979
--------- --------- --------- ---------
GAAP income before income tax provision $ 16,315 $ 7,788 $ 39,197 $ 33,564
--------- --------- --------- ---------
Income tax provision 6,873 123 12,323 351
Income tax benefit on non-operating loss [d] (520) -- (665) --
--------- --------- --------- ---------
GAAP income tax provision $ 6,353 $ 123 $ 11,658 $ 351
--------- --------- --------- ---------
Net operating income $ 10,777 $ 8,706 $ 29,276 $ 22,234
Sum of reconciling items = [a] + [b] + [c] + [d] (815) (1,041) (1,737) 10,979
--------- --------- --------- ---------
GAAP net income $ 9,962 $ 7,665 $ 27,539 $ 33,213
========= ========= ========= =========
ESPEED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(IN THOUSANDS, EXCEPT SHARE DATA)
September 30, 2003 December 31, 2002
-------------------- ---------------------
(unaudited)
Assets
Cash and cash equivalents $ 216,985 $ 187,999
Fixed assets, net 28,563 26,383
Investments 11,476 11,175
Intangible assets, net 19,288 19,528
Receivable from related parties 2,467 5,266
Other assets 6,776 2,360
-------------------- ---------------------
Total assets $ 285,555 $ 252,711
-------------------- ---------------------
Liabilities and Stockholders' Equity
Liabilities:
Payable to related parties $ 3,546 $ 18,857
Accounts payable and accrued liabilities 26,889 15,399
-------------------- ---------------------
Total liabilities 30,435 34,256
-------------------- ---------------------
Stockholders' Equity:
Preferred stock, par value $0.01 per share; 50,000,000 shares authorized,
8,000,750 shares issued and outstanding 80 80
Class A common stock, par value $.01 per share; 200,000,000 shares
authorized; 30,276,299 and 29,783,682 shares issued 303 298
Class B common stock, par value $.01 per share; 100,000,000 shares
authorized; 25,362,809 and 25,388,814 shares issued and outstanding 254 254
Additional paid-in capital 280,040 270,656
Unamortized expense of business partner and non-employee securities (1,643) (3,252)
Treasury stock, at cost; 186,399 and 24,600 shares of Class A common stock (2,094) (222)
Accumulated deficit (21,820) (49,359)
-------------------- ---------------------
Total stockholders' equity 255,120 218,455
-------------------- ---------------------
Total liabilities and stockholders' equity $ 285,555 $ 252,711
==================== =====================
ESPEED, INC. & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(IN THOUSANDS)
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------------- ----------------------------
2003 2002 2003 2002
----------- ----------- ----------- -----------
Cash flows from operating activities:
Net income $ 9,962 $ 7,665 $ 27,539 $ 33,213
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization 4,604 4,644 13,044 10,037
Amortization of business partner and non-employee securities 648 541 1,715 1,353
Equity in net loss of unconsolidated investments 41 114 80 202
Deferred income tax expense 928 -- 3,481 --
Tax benefit from employee stock option exercises 1,778 -- 3,110 --
Issuance of securities under employee benefit plan 30 -- 160 55
Changes in operating assets and liabilities:
Receivable from related parties (1,650) 1,694 2,800 1,694
Insurance claim receivable from parent -- 12,833 -- --
Other assets 991 1,636 (730) 359
Payable to related parties 393 2,970 (15,311) (864)
Accounts payable and accrued liabilities 6,289 7,695 7,884 10,908
----------- ----------- ----------- -----------
Net cash provided by operating activities 24,014 39,792 43,772 56,957
----------- ----------- ----------- -----------
Cash flows from investing activities:
Purchase of premises and equipment (2,569) (1,135) (4,471) (6,400)
Sale of premises and equipment -- -- 2,752 --
Capitalization of software development costs (3,183) (2,784) (9,596) (5,963)
Capitalization of patents and related defense costs (1,018) (8,470) (3,671) (10,231)
----------- ----------- ----------- -----------
Net cash used in investing activities (6,770) (12,389) (14,986) (22,594)
----------- ----------- ----------- -----------
Cash flows from financing activities:
Repurchase of Class A common stock -- -- (1,872) --
Proceeds from exercises of stock options 5,158 -- 6,137 32
Receivable from broker on stock option exercises (4,065) -- (4,065) --
----------- ----------- ----------- -----------
Net cash provided by financing activities 1,093 -- 200 32
----------- ----------- ----------- -----------
Net increase in cash and cash equivalents 18,337 27,403 28,986 34,395
----------- ----------- ----------- -----------
Cash and cash equivalents, beginning of period 198,648 166,891 187,999 159,899
----------- ----------- ----------- -----------
Cash and cash equivalents, end of period $ 216,985 $ 194,294 $ 216,985 $ 194,294
=========== =========== =========== ===========
ESPEED, INC. & SUBSIDIARIES
COMPUTATION OF CONSOLIDATED FREE CASH FLOWS (UNAUDITED)
(IN THOUSANDS)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------- --------------------------
2003 2002 2003 2002
----------- ----------- ----------- -----------
Pre-tax operating income $ 17,650 $ 8,829 $ 41,599 $ 22,585
Depreciation and amortization 4,604 4,644 13,044 10,037
Other non-cash items 71 114 240 256
----------- ----------- ----------- -----------
Pre-tax operating income adjusted for depreciation,
amortization and other 22,325 13,587 54,883 32,878
----------- ----------- ----------- -----------
Income tax provision on operating income (6,873) (122) (12,323) (350)
Income tax benefit on non-operating loss 520 -- 665 --
Deferred income tax expense 928 -- 3,481 --
Tax benefit from employee stock option exercises 1,778 -- 3,110 --
Income taxes paid 3,360 -- 3,360 --
----------- ----------- ----------- -----------
Increase in current income tax payable (287) (122) (1,707) (350)
Changes in related party receivable and payable, net (1,257) 4,664 (12,511) 830
Changes in other operating assets and liabilities, net 3,920 9,330 3,794 11,266
Charitable contribution Re: 9/11 (687) (500) (687) (500)
Insurance claim receivable from parent -- 12,833 -- 12,833
----------- ----------- ----------- -----------
Net cash provided by operating activities 24,014 39,792 43,772 56,957
----------- ----------- ----------- -----------
Purchase of premises and equipment (2,569) (1,135) (4,471) (6,400)
Capitalization of software development costs (3,183) (2,784) (9,596) (5,963)
Capitalization of patents and related defense costs (1,018) (8,470) (3,671) (10,231)
----------- ----------- ----------- -----------
Free cash flows 17,244 27,403 26,034 34,363
----------- ----------- ----------- -----------
Related party receivable and payable, net 1,257 (4,664) 12,511 (830)
Insurance claim receivable from parent -- (12,833) -- (12,833)
----------- ----------- ----------- -----------
Free cash flows, net of related party activity $ 18,501 $ 9,906 $ 38,545 $ 20,700
=========== =========== =========== ===========
ESPEED, INC. AND SUBSIDIARIES
QUARTERLY MARKET ACTIVITY REPORT
TREND
----------------------------------------------------------------
3Q02 4Q02 1Q03 2Q03
----------------------------------------------------------------
VOLUME (IN BILLIONS)
Fully Electronic Volume 7,241 6,796 6,778 7,781
Voice-Assisted Volume 2,442 2,495 2,592 2,662
----------------------------------------------------------------
Total Electronic Volume 9,683 9,291 9,369 10,443
================================================================
ELECTRONIC TRANSACTION COUNT
Fully Electronic Transactions 1,092,106 1,060,814 1,079,595 1,194,625
Voice-Assisted Transactions 159,074 128,648 151,770 148,223
----------------------------------------------------------------
Total Transactions 1,251,180 1,189,462 1,231,365 1,342,848
================================================================
Trading Days 64 62 61 63
Global Interest Rate Futures Volume (1)
CBOT - US Treasury Contracts 58,920,377 55,710,144 60,743,312 71,290,686
CME - Euro $ Contracts 53,434,652 42,085,021 44,124,452 55,958,592
EUREX - Bund Contracts 55,962,133 45,319,604 65,864,492 63,455,364
Fed Quarterly UST Volume for Quarter End (in billions) (2)
UST Volume 25,164 23,637 23,740 28,319
Average Daily UST Volume 393 381 389 450
NYSE - Volume (shares traded) - in millions (3) 99,189 93,353 86,585 92,981
- Transaction Value - in millions 2,627,565 2,410,169 2,173,033 2,497,359
NASDAQ - Volume (shares traded) - in millions (4) 110,226 105,200 88,636 112,524
- Transaction Value - in millions 1,495,032 1,583,382 1,390,364 1,739,506
% Change % Change
--------------------------------------------------------
3Q03 3Q03 vs 2Q03 3Q03 vs 3Q02
---------------
VOLUME (IN BILLIONS)
Fully Electronic Volume 9,610 23.5% 32.7%
Voice-Assisted Volume 2,825 6.1% 15.7%
--------------------------------------------------------
Total Electronic Volume 12,435 19.1% 28.4%
========================================================
ELECTRONIC TRANSACTION COUNT
Fully Electronic Transactions 1,465,263 22.7% 34.2%
Voice-Assisted Transactions 157,901 6.5% (0.7%)
--------------------------------------------------------
Total Transactions 1,623,164 20.9% 29.7%
========================================================
Trading Days 64
Global Interest Rate Futures Volume (1)
CBOT - US Treasury Contracts 83,851,953 17.6% 42.3%
CME - Euro $ Contracts 56,273,797 0.6% 5.3%
EUREX - Bund Contracts 63,377,019 (0.1%) 13.2%
Fed Quarterly UST Volume for Quarter End (in billions) (2)
UST Volume 30,590 8.0% 21.6%
Average Daily UST Volume 478 6.3% 21.6%
NYSE - Volume (shares traded) - in millions (3) 87,303 (6.1%) (12.0%)
- Transaction Value - in millions 2,475,689 (0.9%) (5.8%)
NASDAQ - Volume (shares traded) - in millions (4) 110,672 (1.6%) 0.4%
- Transaction Value - in millions 1,896,887 9.0% 26.9%
Sources: (1) Futures Industry Association - Monthly Volume Report -
(www.cbot.com, www.cme.com, www.eurexchange.com)
(2) www.ny.frb.org/pihome/statistics/dealer - Federal Reserve Bank
(3) NYSE - www.nyse.com
(4) NASDAQ - www.marketdata.nasdaq.com
-------------------------------------------------------------------------------------------------------------------------------
Fiscal Year 2002 Jan'02 Feb'02 Mar'02 Apr'02 May'02 Jun'02 Jul'02 Aug'02 Sep'02
Volume Data (in billions)
Fully Electronic 1,992 1,811 2,158 1,953 2,169 2,119 2,630 2,482 2,129
Voice 731 677 642 622 608 601 800 737 904
Total 2,723 2,488 2,800 2,575 2,777 2,720 3,430 3,219 3,033
Transaction Count
Fully Electronic 311,319 269,697 305,905 289,150 305,115 321,257 390,803 364,202 337,101
Voice 53,828 50,038 47,803 54,733 59,580 43,436 56,216 50,863 51,995
Total 365,147 319,735 353,708 343,883 364,695 364,693 447,019 415,065 389,096
Trading Days 21 19 20 22 22 20 22 22 20
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Fiscal Year 2003 Jan'03 Feb'03 Mar'03 Apr'03 May'03 Jun'03 Jul'03 Aug'03 Sep'03
Volume Data (in billions)
Fully Electronic 2,309 1,906 2,564 2,070 2,871 2,840 3,428 2,952 3,230
Voice 864 810 917 761 956 944 992 733 1,100
Total 3,173 2,716 3,481 2,831 3,827 3,784 4,419 3,686 4,330
Transaction Count
Fully Electronic 370,992 305,296 403,307 338,281 425,213 431,131 512,447 453,324 499,492
Voice 49,801 48,449 53,520 44,767 49,946 53,510 55,258 44,804 57,839
Total 420,793 353,745 456,827 383,048 475,159 484,641 567,705 498,128 557,331
Trading Days 21 19 21 21 21 21 22 21 21
-------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------
Trading Days
----------------------------------------------------------------------
2003
----
Q1 Q2 Q3 Q4
-- -- -- --
61 63 64 62
2002
----
Q1 Q2 Q3 Q4
-- -- -- --
60 64 64 62
----------------------------------------------------------------------
