eSpeed, Inc. (NASDAQ: ESPD), a leading developer of electronic
marketplaces and related trading technology for the global capital
markets, today reported results for the first quarter ended March 31,
2007.
First Quarter Results Summary
GAAP revenues were 3% lower than in the year-ago period. GAAP net income
was $0.02 per diluted share in the first quarter of 2007 vs. $0.04 per
diluted share in the first quarter of 2006. eSpeed’s
non-GAAP operating revenue increased 6% and the Company's non-GAAP net
operating income per diluted share increased to $0.04 in the first
quarter of 2007 from $0.03 in the prior year’s
first quarter.
1Q2007 Actual 1Q2007 Outlook 1Q2006 Actual
GAAP Revenues
$41.4 MM
NA
$42.6 MM
Non-GAAP Operating Revenues
$41.1 MM
> $40 MM
$38.7 MM
GAAP Net Income Per Diluted Share
$0.02
NA
$0.04
Non-GAAP Net Operating Income Per Diluted Share
$0.04
$0.03-$0.04
$0.03
"eSpeed’s
fundamental strength was underscored by the year-over-year gains in our
U.S. treasury business and by increased screen-assisted revenue as
additional BGC desks entered our hybrid pipeline,”
said Howard W. Lutnick, eSpeed’s Chairman,
Chief Executive Officer, and President. "In
addition, eSpeed’s futures products made solid
gains. We remain optimistic about our growth prospects for 2008 and
beyond based on strong expected returns on the investments the Company
has made in our portfolio of new products.” First Quarter Earnings
eSpeed reported net income of $0.9 million, or $0.02 per diluted share,
for the first quarter of 2007 based on Generally Accepted Accounting
Principles ("GAAP”).
To reflect earnings generated from the Company's operations, eSpeed also
reported non-GAAP net operating income of $2.0 million, or $0.04 per
diluted share. The difference between non-GAAP net operating income and
GAAP net income for the quarter occurred primarily due to $0.8 million
in patent litigation costs and $0.4 million in losses from eSpeed’s
Equities Direct Access business, which is set to become a separate
company called Aqua in the second quarter and in which eSpeed will have
an equity stake. Both of these differences were net of tax.
For the first quarter of 2006, eSpeed reported GAAP net income of $2.0
million, or $0.04 per diluted share and non-GAAP net operating income of
$1.4 million, or $0.03 per diluted share. The difference between
non-GAAP net operating income and GAAP net income for the quarter was
primarily due to a gain from insurance proceeds of $2.1 million and a
settlement of a tax-related matter of $0.1 million, partially offset by
$0.7 million in accelerated amortization of capitalized software, $0.4
million in patent litigation costs, and $0.4 million in expenses
relating to the relocation of the Company’s
London office, all net of tax.
First Quarter Revenues
eSpeed reported GAAP revenues of $41.4 million and non-GAAP operating
revenues of $41.1 million for the first quarter of 2007. The difference
between GAAP and non-GAAP revenues for the first quarter of 2007
reflected eSpeed Equities Direct Access revenues of $0.3 million.
In comparison, eSpeed reported GAAP revenues of $42.6 million and
non-GAAP operating revenues of $38.7 million for the first quarter of
2006. The difference between GAAP and non-GAAP revenues for the first
quarter of 2006 was due to a $3.5 million gain from insurance proceeds
and $0.4 million in interest income related to the settlement of a
tax-related matter.
Fully electronic revenues were $17.9 million in the first quarter of
2007 compared with $16.7 million for the first quarter of 2006. Revenues
from Software Solutions in the first quarter of 2007 were $12.3 million
versus $11.3 million in the year ago period. Voice- assisted and
screen-assisted revenues totaled $8.7 million in the first quarter of
2007 compared with $8.7 million in the first quarter of 2006. Non-GAAP
pre-tax operating margin was 7.8 percent in the first quarter of 2007.
The year over year decrease in quarterly GAAP revenues and net income
were due primarily to the aforementioned gain from insurance proceeds in
the year-ago quarter partially offset by a year-over-year increase in
total transaction revenues and from Software Solutions.
See "Non-GAAP Financial Measures" below for a detailed description of
the Company’s non-GAAP financial measures.
Cash Flow & Cash
The Company generated cash flow from operations of $13.7 million during
the first quarter of 2007, compared with $5.1 million during the first
quarter of 2006.
The Company also reports free cash flow, which it defines as cash from
operations less net cash used in investing activities, including capital
expenditures. eSpeed’s free cash flow was
$5.0 million for the first quarter of 2007, compared with ($1.5) million
in the prior year period.
Excluding related party receivables and payables, free cash flow was
$2.6 million for the first quarter of 2007, compared with $4.9 million
for the first quarter of 2006.
Year-over-year improvements in cash flow from operations were due
primarily to higher receivables from related parties and other assets,
partially offset by an increase in payables to related parties and
decreased depreciation and amortization.
As of March 31, 2007, eSpeed's cash and cash equivalents were
approximately $192.6 million.
First Quarter Volume and Transactions on the eSpeed System
Fully electronic volume on the eSpeed system, excluding new products,
was $11.8 trillion for the first quarter of 2007, up 31.8 percent from
$9.0 trillion in the first quarter of 2006. eSpeed's combined
voice-assisted and screen-assisted volume for the first quarter of 2007
was $16.4 trillion, an increase of 22.3 percent from $13.4 trillion in
the first quarter of 2006. Fully electronic volume on the eSpeed system
for new products, which the Company defines as foreign exchange,
interest rate swaps, futures, credit default swaps, and repurchase
agreements, was $1.4 trillion for the first quarter of 2007, up 169.9
percent from the $524 billion reported in the first quarter of 2006.
Outlook
For the second quarter of 2007, eSpeed expects to generate non-GAAP
operating revenues in excess of $36 million and expects non-GAAP net
operating income to be approximately $0.00 per diluted share.
For the full year 2007, eSpeed now expects to generate non-GAAP
operating revenues of approximately $153 million, compared with the
Company’s previous outlook of $152 million.
eSpeed expects non-GAAP operating expenses to be in the range of $148
million to $149 million, versus the previously expected range of $146
million to $148 million. eSpeed expects full year 2007 non-GAAP net
operating income to be in the range of $0.05 to $0.06 compared to the
prior outlook of $0.05 to $0.07 per diluted share.
eSpeed expects lower revenue and non-GAAP net operating income for the
remainder of 2007 primarily due to the expiration of the Wagner patent
on February 20, 2007. eSpeed recognized $3.1 million in revenue and $1.5
million in non-GAAP net operating income related to the patent in the
first quarter of 2007.
The Company will host a conference call on Thursday, May 3, 2007 at 8:30
a.m. EDT, to discuss the above results. To listen to the call via audio
webcast, please visit www.espeed.com.
Please note: listeners must have a Real Media or Windows Media plug in
and headphones or speakers to listen to the webcast.
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 year-over-year operating
performance, eSpeed uses non-GAAP financial measures of revenues, net
income and earnings per share, which are adjusted to exclude certain
expenses and gains. In addition, the Company provides a computation of
free cash flow. 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.
For the first quarter of 2007, the difference between GAAP net income
and non-GAAP net operating income was approximately $1.2 million, net of
tax, while the difference between GAAP revenues and non-GAAP operating
revenues was $0.3 million. eSpeed considers "non-GAAP net operating
income" to be after-tax income generated from the Company's continuing
operations excluding certain non-recurring or non-core items such as,
but not limited to, asset impairments, litigation judgments, costs or
settlements, restructuring charges, costs related to potential
acquisitions, charitable contributions, insurance proceeds, business
partner securities, gains or losses on investments and similar events.
eSpeed considers "non-GAAP operating revenues”
to be net revenue excluding these same items.
The amortization of patent costs and associated licensing fees
(including those made in settlement of litigation) from such patents are
generally treated as operating items. Material judgments or settlement
amounts paid or received and impairments to all or a portion of such
assets are generally treated as non-operating items. Management does not
provide guidance of GAAP net income because certain items identified as
excluded from non-GAAP net operating income are difficult to forecast.
About eSpeed, Inc.
eSpeed, Inc. (NASDAQ: ESPD) is a 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 foreign exchange marketplaces. eSpeed's suite of marketplace
tools provides end-to-end transaction solutions for the purchase and
sale of 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 a trusted
source for electronic trading at the world's largest fixed income and
foreign exchange trading firms and major exchanges. For more
information, please visit www.espeed.com.
Discussion of Forward-Looking Statements by eSpeed, Inc.
The information in this release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended (the "Exchange Act”).
Such statements are based upon current expectations that involve risks
and uncertainties. Any statements contained herein that are not
statements of historical fact may be deemed to be forward-looking
statements. For example, words such as "may,” "will,” "should,” "estimates,” "predicts,” "potential,” "continue,” "strategy,” "believes,” "anticipates,” "plans,” "expects,” "intends”
and similar expressions are intended to identify forward-looking
statements.
Our actual results and the outcome and timing of certain events may
differ significantly from the expectations discussed in the
forward-looking statements. Factors that might cause or contribute to
such a discrepancy include, but are not limited to, our relationship
with Cantor and its affiliates, the costs and expenses of developing,
maintaining and protecting our intellectual property, including
judgments or settlements paid or received and their related costs, the
possibility of future losses and negative cash flow from operations, the
effect of overall market conditions, including trading volume and
volatility, our pricing strategy and that of our competitors, our
ability to develop new products and services, to enter new markets, to
secure and maintain market share, to enter into marketing and strategic
alliances, and other transactions, including acquisitions,
reorganizations, partnering opportunities, and joint ventures, to hire
new personnel, to expand the use of our technology, for both integrated
hybrid voice-assisted and fully electronic trading, to induce clients to
use our marketplaces and services and to effectively manage any growth
we achieve, and other factors that are discussed under "Risk
Factors” in eSpeed’s
Annual Report on Form 10-K filed with the Securities and Exchange
Commission.
We believe that all forward-looking statements are based upon reasonable
assumptions when made. However, we caution that it is impossible to
predict actual results or outcomes or the effects of risks,
uncertainties or other factors on anticipated results or outcomes and
that accordingly you should not place undue reliance on these
statements. Forward-looking statements speak only as of the date when
made and we undertake no obligation to update these statements in light
of subsequent events or developments.
eSpeed, Inc and SubsidiariesCONSOLIDATED STATEMENTS
OF FINANCIAL CONDITION(in thousands, except per share
data)
March 31, 2007
December 31, 2006
(Unaudited)
Assets
Cash and cash equivalents
$
5,333
$
21,838
Reverse repurchase agreements with related parties
187,231
166,009
Total cash and cash equivalents
192,564
187,847
Marketable securities
2,209
-
Fixed assets, net
57,483
57,207
Investments
7,802
7,780
Goodwill
12,184
12,184
Other intangible assets, net
6,203
6,949
Receivable from related parties
7,087
7,145
Other assets
12,286
13,725
Total assets
$
297,818
$
292,837
Liabilities and Stockholders' Equity
Current liabilities:
Payable to related parties
10,105
7,751
Accounts payable and accrued liabilities
26,890
25,836
Total current liabilities
36,995
33,587
Deferred income
3,971
4,075
Total liabilities
40,966
37,662
Stockholders' equity:
Preferred stock, par value $0.01 per share; 50,000 shares
authorized, none outstanding at March 31, 2007 and December 31,
2006
-
-
Class A common stock, par value $.01 per share; 200,000 shares
authorized; 36,441 and 36,407 shares issued and outstanding at
March 31, 2007 and December 31, 2006, respectively
364
364
Class B common stock, par value $.01 per share; 100,000 shares
authorized; 20,498 shares outstanding at March 31, 2007 and
December 31, 2006, convertible to Class A common stock
205
205
Additional paid-in capital
300,732
299,683
Treasury stock, at cost; 6,502 shares of Class A common stock at
March 31, 2007 and December 31, 2006
(62,597)
(62,597)
Retained earnings
18,168
17,520
Accumulated other comprehensive loss
(20)
-
Total stockholders' equity
256,852
255,175
Total liabilities and stockholders' equity
$
297,818
$
292,837
eSpeed, Inc. and SubsidiariesCONSOLIDATED STATEMENTS
OF INCOME IN ACCORDANCE WITH GAAP (unaudited)(in
thousands, except per share data)
Three Months Ended
March 31,
March 31,
2007
2006
Revenues:
Transaction revenues
Fully electronic transactions with related parties
$
16,440
$
15,681
Fully electronic transactions with unrelated parties
1,506
1,038
Total fully electronic transactions
17,946
16,719
Voice-assisted brokerage transactions with related parties
6,974
7,255
Screen-assisted open outcry transactions with related parties
1,732
1,426
Total transaction revenues
26,652
25,400
Software Solutions fees from related parties
8,725
7,491
Software Solutions and licensing fees from unrelated parties
3,564
3,799
Insurance recovery from related parties
-
3,500
Interest income
2,473
2,362
Total revenues
41,414
42,552
Expenses:
Compensation and employee benefits
14,166
13,858
Amortization of software development costs and other intangible
assets
5,334
6,890
Other occupancy and equipment
9,377
8,633
Administrative fees to related parties
3,521
3,427
Professional and consulting fees
2,895
1,910
Communications and client networks
2,103
2,027
Marketing
226
332
Amortization of non-employee securities
-
19
Other expenses
2,439
2,045
Total operating expenses
40,061
39,141
Income before income taxes
1,353
3,411
Provision for income taxes
496
1,391
Net income
$
857
$
2,020
Per share data:
Basic earnings per share
$
0.02
$
0.04
Diluted earnings per share
$
0.02
$
0.04
Basic weighted average shares of common stock outstanding
50,423
50,077
Diluted weighted average shares of common stock outstanding
51,441
51,137
eSpeed, Inc. and SubsidiariesNON-GAAP CONSOLIDATED
STATEMENTS OF INCOME (unaudited)(in thousands, except
per share data)
Three Months Ended
March 31,
March 31,
2007
2006
Revenues:
Transaction revenues
Fully electronic transactions with related parties
$
16,440
$
15,681
Fully electronic transactions with unrelated parties
1,506
1,038
Total fully electronic transactions
17,946
16,719
Voice-assisted brokerage transactions with related parties
6,974
7,255
Screen-assisted open outcry transactions with related parties
1,732
1,426
Total transaction revenues
26,652
25,400
Software Solutions fees from related parties
8,725
7,491
Software Solutions and licensing fees from unrelated parties
3,283
3,799
Interest income
2,473
1,963
Total non-GAAP revenues
41,133
38,653
Expenses:
Compensation and employee benefits
13,964
13,634
Amortization of software development costs and other intangible
assets
5,227
5,727
Other occupancy and equipment
9,009
7,989
Administrative fees to related parties
3,383
3,427
Professional and consulting fees
1,617
1,163
Communications and client networks
2,081
2,027
Marketing
226
332
Other expenses
2,408
2,046
Total non-GAAP operating expenses
37,915
36,345
Non-GAAP income before income taxes
3,218
2,308
Non-GAAP provision for income taxes
1,181
941
Non-GAAP net operating income
2,037
1,367
Non-operating (loss) income:
Amortization of non-employee securities, net of tax
-
(11)
Litigation costs, net of tax
(808)
(442)
Loss from eSpeed Equities, net of tax
(372)
-
Accelerated depreciation, net of tax
-
(689)
Office relocation cost, net of tax
-
(382)
Tax settlement, net of tax
-
104
Insurance recovery from related parties, net of tax
-
2,073
Total non-operating (loss) income
(1,180)
653
Net income
$
857
$
2,020
Per share data:
Basic non-GAAP income before income taxes per share
$
0.06
$
0.05
Basic non-GAAP provision for income taxes per share
$
0.02
$
0.02
Basic non-GAAP net operating income per share
$
0.04
$
0.03
Basic non-operating (loss) income per share
$
(0.02)
$
0.01
Basic GAAP earnings per share
$
0.02
$
0.04
Diluted non-GAAP income before income taxes per share
$
0.06
$
0.05
Diluted non-GAAP provision for income taxes per share
$
0.02
$
0.02
Diluted non-GAAP net operating income per share
$
0.04
$
0.03
Diluted non-operating (loss) income per share
$
(0.02)
$
0.01
Diluted GAAP earnings per share
$
0.02
$
0.04
Basic weighted average shares of common stock outstanding
50,423
50,077
Diluted weighted average shares of common stock outstanding
51,441
51,137
Additional data:
Non-GAAP pre-tax operating margin
7.8%
6.0%
eSpeed, Inc. & SubsidiariesCONSOLIDATED
STATEMENTS OF CASH FLOWS (unaudited)(in thousands)
Three Months Ended Three Months Ended March 31, March 31, 2007
2006
Cash flows from operating activities:
Net income
$
857
$
2,020
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
8,232
9,845
Gain on insurance recovery from related parties
-
(3,500)
Equity in net income of unconsolidated investments
(22)
(22)
Deferred income tax expense
352
1,105
Stock-based compensation
794
573
Tax benefit from stock-based compensation
22
69
Excess tax benefit from stock-based compensation
(14)
(47)
Changes in operating assets and liabilities:
Receivable from related parties
58
(608)
Other assets
193
(3,111)
Payable to related parties
2,355
(2,264)
Accounts payable and accrued expenses
1,002
1,099
Deferred income
(104)
(104)
Net cash provided by operating activities
13,725
5,055
Cash flows used in investing activities:
Purchase of fixed assets
(1,205)
(2,105)
Purchase of marketable securities
(2,229)
-
Capitalization of software development costs
(6,197)
(4,185)
Capitalization of patent defense and registration costs
(435)
(241)
Decrease in restricted cash
1,322
-
Net cash used in investing activities
(8,744)
(6,531)
Cash flows (used in) provided by financing activities:
Repurchase of Class A common stock
(373)
-
Proceeds from exercises of stock options
95
241
Excess tax benefit from stock-based compensation
14
47
Net cash (used in) provided by financing activities
(264)
288
Net increase (decrease) in cash and cash equivalents
4,717
(1,188)
Cash and cash equivalents at beginning of period
21,838
37,070
Reverse repurchase agreements with related parties at beginning of
period
166,009
141,365
Total cash and cash equivalents at beginning of period
187,847
178,435
Cash and cash equivalents at end of period
5,333
12,195
Reverse repurchase agreements with related parties at end of period
187,231
165,052
Total cash and cash equivalents at end of period
$
192,564
$
177,247
Supplemental cash information:
Cash paid for income taxes
$
35
$
-
Deemed dividend to Cantor
-
1,500
Contribution of license from Cantor
-
1,500
eSpeed, Inc. & SubsidiariesCONSOLIDATED
STATEMENTS OF FREE CASH FLOWS (unaudited)(in thousands)
Three Months Ended March 31, 2007
2006
Non-GAAP income before income taxes
$
3,218
$
2,308
Depreciation and amortization
8,232
9,845
Other non-cash and non-operating items
(1,107)
1,607
Non-GAAP income before income taxes adjusted for depreciation,
amortization and other
10,343
13,760
Provision for income taxes on non-GAAP operating income
(1,181)
(941)
Income tax benefit (provision) on non-operating (loss) income
685
(450)
Deferred income tax expense
352
1,105
Tax benefit from stock-based compensation
22
69
Income taxes paid
35
-
Increase in current income tax payable
(87)
(217)
Changes in related party receivable and payable, net
2,413
(6,372)
Changes in other operating assets and liabilities, net
1,056
(2,116)
Net cash provided by operating activities
13,725
5,055
Purchase of fixed assets
(1,205)
(2,105)
Purchase of investments
(2,229)
-
Capitalization of software development costs
(6,197)
(4,185)
Capitalization of patent defense and registration costs
(435)
(241)
Decrease in restricted cash
1,322
-
Free cash flows
4,981
(1,476)
Related party receivable and payable, net
(2,413)
6,372
Free cash flows, net of related party activity
$
2,568
$
4,896
eSpeed, Inc. and SubsidiariesRECONCILIATION of
NON-GAAP FINANCIAL MEASURES TO GAAP (unaudited)(in
thousands)
Three Months Ended March 31, 2007
2006
Total non-GAAP revenues
$
41,133
38,653
Insurance recovery (a)
-
3,500
Tax settlement (b)
-
399
eSpeed Equities revenues (c)
281
-
Total GAAP revenues
$
41,414
$
42,552
Total non-GAAP operating expenses
$
37,915
$
36,345
Amortization of business partner and non-employee securities (d)
-
19
Litigation costs (e)
1,278
747
Legal settlement (f)
-
224
Accelerated amortization (g)
-
1,162
Office relocation costs (h)
-
644
eSpeed Equities expenses (i)
868
-
Total GAAP operating expenses
$
40,061
$
39,141
Non-GAAP income before income taxes
$
3,218
$
2,308
Sum of reconciling items = (a) + (b) + (c) - (d) - (e) - (f) - (g)
- (h) - (i)
(1,865)
1,103
GAAP income before income taxes
$
1,353
$
3,411
Non-GAAP provision for income taxes
$
1,181
$
941
Income tax expense on non-operating income (j)
(685)
450
GAAP provision for income taxes
$
496
$
1,391
Non-GAAP net operating income
$
2,037
$
1,367
Sum of reconciling items = (a) + (b) + (c) - (d) - (e) - (f) - (g)
- (h) - (i) - (j)
(1,180)
653
GAAP net income
$
857
$
2,020
eSpeed, Inc. and SubsidiariesQuarterly Market
Activity Report
The following table provides certain volume and transaction count
information on the eSpeed system for the periods indicated.
% Change
% Change
1Q06
2Q06
3Q06
4Q06
1Q07
1Q07 vs 4Q06
1Q07 vs 1Q06
Volume (in billions)
Fully Electronic Volume - Excluding New Products
8,957
10,235
9,381
9,813
11,809
20.3%
31.8%
Fully Electronic Volume - New Products*
524
744
1,179
1,335
1,415
6.0%
169.9%
Total Fully Electronic Volume
9,481
10,979
10,560
11,148
13,224
18.6%
39.5%
Voice-Assisted Volume
8,093
8,618
8,217
7,933
8,884
12.0%
9.8%
Screen-Assisted Volume
5,295
5,583
5,898
6,111
7,486
22.5%
41.4%
Total Voice/Screen-Assisted Volume
13,388
14,201
14,115
14,044
16,370
16.6%
22.3%
Total Volume
22,869
25,180
24,675
25,192
29,594
17.5%
29.4%
Transaction Count
Fully Electronic Transactions - Excluding New Products
1,971,347
2,035,458
1,687,779
1,764,930
2,062,341
16.9%
4.6%
Fully Electronic Transactions - New Products*
131,700
138,421
140,539
142,239
144,378
1.5%
9.6%
Total Fully Electronic Transactions
2,103,047
2,173,879
1,828,318
1,907,169
2,206,719
15.7%
4.9%
Voice-Assisted Transactions
228,124
202,600
183,646
177,789
201,250
13.2%
(11.8%)
Screen-Assisted Transactions
70,698
68,768
66,451
62,977
92,496
46.9%
30.8%
Total Voice/Screen-Assisted Volume
298,822
271,368
250,097
240,766
293,746
22.0%
(1.7%)
Total Transactions
2,401,869
2,445,247
2,078,415
2,147,935
2,500,465
16.4%
4.1%
Trading Days
62
63
63
62
62
* New Products defined as Foreign Exchange, Interest Rate Swaps, Repos,
Futures, and Credit Default Swaps. CBOT Futures volume calculated based
on per contract notional value of $200,000 for the two year contract and
$100,000 for all others.
Global Interest Rate Futures Volume (1)
CBOT - US Treasury Contracts
127,606,543
128,443,758
126,285,125
129,828,448
161,232,523
24.2%
26.4%
CME - Euro $ Contracts
117,284,097
127,350,219
127,101,116
130,341,959
152,724,717
17.2%
30.2%
EUREX - Bund Contracts
85,217,459
88,078,646
72,591,730
74,001,534
88,987,126
20.3%
4.4%
Fed UST Primary Dealer Volume (in billions) (2)
UST Volume
34,810
33,688
32,171
30,742
34,437
12.0%
(1.1%)
Average Daily UST Volume
561
535
511
496
555
12.0%
(1.1%)
NYSE - Volume (shares traded) - in millions (3)
108,447
121,582
108,825
114,434
123,765
8.2%
14.1%
Transaction Value - in millions
4,072,426
4,627,787
3,941,583
4,316,756
4,943,056
14.5%
21.4%
Nasdaq - Volume (shares traded) - in millions (4)
128,566
134,155
116,510
121,477
131,410
8.2%
2.2%
Transaction Value - in millions
3,070,980
3,031,230
2,587,538
2,945,401
3,300,788
12.1%
7.5%
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
Trading Days
2007
Q1
Q2
Q3
Q4
62
64
63
62
2006
Q1
Q2
Q3
Q4
62
63
63
62
