Day Trading Solutions

eSpeed Reports Second Quarter 2004 Results

Company Provides Guidance for Third Quarter and Full Year 2004

NEW YORK--(BUSINESS WIRE)--Aug. 5, 2004--eSpeed, Inc. (NASDAQ:ESPD), the leading developer of electronic trading technology, today reported results for the second quarter ended June 30, 2004.
Earnings

eSpeed reported net income of $9.0 million, or $0.16 per diluted share, for the second quarter 2004 on a Generally Accepted Accounting Principles (GAAP) basis. To reflect earnings generated from the Company's operations, eSpeed also reports operating income. For the same period, the Company reported fully taxed operating income of $9.1 million, or $0.16 per diluted share. The difference between fully taxed operating income and GAAP net income was a less than $0.1 million non-cash charge for business partner securities. For comparative purposes, eSpeed reported operating income of $8.3 million, or $0.15 per diluted share, in the second quarter of 2003.

Revenues

eSpeed's total revenues for the second quarter 2004 were $42.8 million, compared to total revenues of $39.1 million for the second quarter 2003. Second quarter 2004 fully electronic revenues were $29.2 million compared to $27.5 million in the second quarter 2003. Total revenues from Software Solutions in the second quarter 2004 were $7.6 million versus $6.1 million in the second quarter 2003.

Second quarter 2004 pre-tax operating margins were 35.0 percent versus 35.5 percent in the second quarter 2003.

Volume & Transactions

Fully electronic volume was $8.0 trillion for the second quarter 2004, compared to $7.8 trillion reported by the Company in the second quarter 2003. eSpeed's total electronic volume, including fully electronic and voice-assisted transactions, for the second quarter 2004 was $11.1 trillion, up from $10.4 trillion in the second quarter 2003. Average daily Federal Reserve US Treasury volume was $522 billion for the second quarter 2004. eSpeed had expected average daily Federal Reserve US Treasury volume to be between $515 and $520 billion for this period.

Fully electronic notional volume for new products, which eSpeed defines as mortgage-backed securities, foreign exchange, interest rate swaps, futures and repos, was $199 billion in the second quarter 2004, compared to $133 billion in the first quarter 2004. Volume for the eSpeed Equities direct access product was 102 million shares in the second quarter 2004, up from 85 million shares in the first quarter 2004.

Free Cash Flow & Cash

The Company generated free cash flow of $4.8 million for the second quarter 2004. Excluding related party receivables and payables, free cash flow for the second quarter of 2004 was $6.0 million. As of June 30, 2004, eSpeed's cash and cash equivalents was approximately $240 million.

From July 2, 2004, to-date, eSpeed repurchased approximately 1.6 million shares of the Company's stock for a total of $19.5 million in cash, at an average price of $12.18 per share. Today, eSpeed's Board of Directors announced a new share repurchase authorization of $100 million, to replace the remaining $20.5 million authorization from the prior plan.

Outlook

For the third quarter 2004, eSpeed expects operating earnings to be in the range of $0.09 to $0.10 per share diluted and after-tax. This guidance is based on the Company's expectations that the average daily Federal Reserve US Treasury volume will be between $445 and $465 billion for the third quarter 2004.

eSpeed expects to generate operating revenues in excess of $163 million and expects its pre-tax operating margins to be in excess of 30 percent for the full year 2004. Operating earnings after tax for 2004 are expected to be in a range of $0.53 to $0.55 per diluted share. This guidance is based on the Company's expectations that average daily Federal Reserve US Treasury volume will be between $480 and $490 billion for the full year 2004.

Howard W. Lutnick, Chairman and CEO of eSpeed, commented, "For the remainder of 2004, eSpeed will focus on growing volume and revenue in our core business, adding clients in new products by aggressively investing in our sales efforts, and rolling out additional proprietary software enhancements. We remain confident and committed to our long term strategy and the growth of our Company in 2005."

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 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 second quarter 2004, the difference between GAAP net income and non-GAAP net operating income was less than $0.1 million.

About eSpeed, Inc.

eSpeed, Inc. (NASDAQ:ESPD) 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 equities 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 and major exchanges. 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.

eSpeed, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(in thousands, except per share data)

Three Months Ended Six Months Ended
June 30, June 30,
-------------------- ------------------
2004 2003 2004 2003
---------- --------- -------- -------

Revenues:
Transaction revenues with
related parties
Fully electronic
transactions $ 29,154 $ 27,538 $ 59,681 $ 50,048
Voice-assisted
brokerage
transactions 5,190 4,645 11,216 9,806
Screen-assisted open
outcry transactions 158 243 389 292
---------- --------- -------- --------
Total transaction
revenues with related
parties 34,502 32,426 71,286 60,146
Software Solutions fees
from related parties 4,475 3,881 8,587 7,530
Software Solutions and
licensing fees from
unrelated parties 3,107 2,209 6,105 4,341
Interest income 761 563 1,505 1,105
---------- --------- -------- --------
Total revenues 42,845 39,079 87,483 73,122
---------- --------- -------- --------

Expenses:
Compensation and employee
benefits 9,768 9,239 19,083 18,083
Occupancy and equipment
Amortization of software
development costs 2,396 1,832 4,651 3,510
Other occupancy and equipment 6,073 5,739 12,300 11,238
Professional and consulting
fees 865 863 1,798 1,974
Communications and client
networks 1,595 1,714 3,208 3,309
Marketing 379 408 765 742
Administrative fees to
related parties 3,212 2,590 6,169 5,168
Other 3,569 2,830 6,516 5,149
---------- --------- -------- --------
Total operating
expenses 27,857 25,215 54,490 49,173
---------- --------- -------- --------

Pre-tax operating income 14,988 13,864 32,993 23,949

Income tax provision 5,860 5,545 12,899 5,450
---------- --------- -------- --------
Net operating income 9,128 8,319 20,094 18,499
---------- --------- -------- --------

Non-operating loss:
Amortization of business
partner and non-employee
securities, net of tax (87) (217) (358) (922)
---------- --------- -------- --------
Total non-operating
loss (87) (217) (358) (922)
---------- --------- -------- --------

GAAP net income $ 9,041 $ 8,102 $19,736 $17,577
========== ========= ======== ========


Per share data:

Basic pre-tax operating
income per share $ 0.27 $ 0.25 $ 0.59 $ 0.43

Basic tax provision per
share $ (0.10) $ (0.10) $ (0.23) $ (0.10)
---------- --------- -------- --------

Basic net operating income
per share $ 0.16 $ 0.15 $ 0.36 $ 0.34

Basic non-operating loss
per share $ (0.00) $ (0.00) $ (0.01) $ (0.02)
---------- --------- -------- --------

Basic GAAP earnings per
share $ 0.16 $ 0.15 $ 0.35 $ 0.32
========== ========= ======== ========


Diluted pre-tax operating
income per share $ 0.26 $ 0.25 $ 0.57 $ 0.42

Diluted tax provision per
share $ (0.10) $ (0.10) $ (0.22) $ (0.10)
---------- --------- -------- --------

Diluted net operating
income per share $ 0.16 $ 0.15 $ 0.35 $ 0.33

Diluted non-operating loss
per share $ (0.00) $ (0.00) $ (0.01) $ (0.02)
---------- --------- -------- --------

Diluted GAAP earnings per
share $ 0.16 $ 0.14 $ 0.34 $ 0.31
========== ========= ======== ========


Basic weighted average
shares of common stock
outstanding 56,153 55,056 56,114 55,076
========== ========= ======== ========

Diluted weighted average
shares of common stock
outstanding 57,958 56,447 58,161 56,819
========== ========= ======== ========

Additional data:

Pre-tax operating margin 35.0% 35.5% 37.7% 32.8%
========== ========= ======== ========

eSpeed, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME IN ACCORDANCE WITH GAAP (unaudited)
(in thousands, except per share data)

Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------------
2004 2003 2004 2003
-------- --------- -------- --------

Revenues:
Transaction revenues with
related parties
Fully electronic
transactions $ 29,154 $ 27,538 $ 59,681 $ 50,048
Voice-assisted
brokerage
transactions 5,190 4,645 11,216 9,806
Screen-assisted open
outcry transactions 158 243 389 292
--------- --------- -------- --------
Total transaction revenues
with related parties 34,502 32,426 71,286 60,146
Software Solutions fees from
related parties 4,475 3,881 8,587 7,530
Software Solutions and
licensing fees from
unrelated parties 3,107 2,209 6,105 4,341
Interest income 761 563 1,505 1,105
--------- --------- -------- --------
Total revenues 42,845 39,079 87,483 73,122
--------- --------- -------- --------

Expenses:
Compensation and employee
benefits 9,768 9,239 19,083 18,083
Occupancy and equipment
Amortization of software
development costs 2,396 1,832 4,651 3,510
Other occupancy and
equipment 6,073 5,739 12,300 11,238
Professional and consulting
fees 865 863 1,798 1,974
Communications and client
networks 1,595 1,714 3,208 3,309
Marketing 379 408 765 742
Administrative fees to
related parties 3,212 2,590 6,169 5,168
Amortization of business
partner and non-employee
securities 142 362 586 1,067
Other 3,569 2,830 6,516 5,149
--------- --------- -------- --------
Total expenses 27,999 25,577 55,076 50,240
--------- --------- -------- --------

Income before income tax
provision 14,846 13,502 32,407 22,882

Income tax provision 5,805 5,400 12,671 5,305
--------- --------- -------- --------

Net income $ 9,041 $ 8,102 $19,736 $17,577
========= ========= ======== ========


Per share data:

Basic earnings per share $ 0.16 $ 0.15 $ 0.35 $ 0.32
========= ========= ======== ========

Diluted earnings per share $ 0.16 $ 0.14 $ 0.34 $ 0.31
========= ========= ======== ========

Basic weighted average
shares of common stock
outstanding 56,153 55,056 56,114 55,076
========= ========= ======== ========

Diluted weighted average
shares of common stock
outstanding 57,958 56,447 58,161 56,819
========= ========= ======== ========

eSpeed, Inc. and Subsidiaries
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP (unaudited)
(in thousands)

Three Months Ended Six Months Ended
June 30, June 30,
----------------------- --------------------
2004 2003 2004 2003
------------ ---------- ---------- ---------


Revenues $ 42,845 $ 39,079 $ 87,483 $ 73,122
------------ ---------- ---------- ---------
GAAP revenues $ 42,845 $ 39,079 $ 87,483 $ 73,122
------------ ---------- ---------- ---------

Operating expenses $ 27,857 $ 25,215 $ 54,490 $ 49,173
Amortization of business
partner and non-employee
securities (a) 142 362 586 1,067
------------ ---------- ---------- ---------
GAAP expenses $ 27,999 $ 25,577 $ 55,076 $ 50,240
------------ ---------- ---------- ---------

Pre-tax operating
income $ 14,988 $ 13,864 $ 32,993 $ 23,949
Sum of reconciling
items = - (a) (142) (362) (586) (1,067)
------------- --------- ---------- ---------
GAAP income before
income tax provision $ 14,846 $ 13,502 $ 32,407 $ 22,882
------------- --------- ---------- ---------

Income tax provision $ 5,860 $ 5,545 $ 12,899 $ 5,450
Income tax benefit on
non-operating loss (b) (55) (145) (228) (145)
------------- --------- ---------- ---------
GAAP income tax
provision $ 5,805 $ 5,400 $ 12,671 $ 5,305
------------- --------- ---------- ---------

Net operating income $ 9,128 $ 8,319 $ 20,094 $ 18,499
Sum of reconciling
items = (a) + (b) (87) (217) (358) (922)
------------- --------- ---------- ---------
GAAP net income $ 9,041 $ 8,102 $ 19,736 $ 17,577
============= ========= ========== =========

eSpeed, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands, except share data)


June 30, December 31,
2004 2003
----------- ------------
(Unaudited)
Assets
Cash and cash equivalents $ 34,115 $ 55,318
Reverse repurchase agreements with related
parties 205,483 173,182
-------------- -----------
Total cash and cash equivalents 239,598 228,500
Fixed assets, net 44,012 34,467
Investments 12,355 11,449
Intangible assets, net 18,821 18,927
Receivable from related parties 1,125 1,518
Other assets 2,687 2,707
-------------- -----------
Total assets $ 318,598 $ 297,568
============== ===========

Liabilities and Stockholders' Equity
Liabilities:
Payable to related parties $ 3,557 $ 6,323
Accounts payable and accrued liabilities 20,282 19,560
-------------- -----------
Total liabilities 23,839 25,883
-------------- -----------


Stockholders' Equity:
Preferred stock, par value $0.01 per share;
50,000,000 shares authorized, 600 and
8,000,600 shares issued and outstanding
at June 30, 2004 and December 31, 2003,
respectively - 80
Class A common stock, par value $.01 per
share; 200,000,000 shares authorized;
32,471,603 and 30,953,867 shares issued
at June 30, 2004 and December 31, 2003,
respectively 324 310
Class B common stock, par value $.01 per
share; 100,000,000 shares authorized;
23,889,270 and 25,139,270 shares issued
and outstanding at June 30, 2004 and
December 31, 2003, respectively 239 251
Additional paid-in capital 290,420 287,593
Unamortized expense of business partner and
non-employee securities (606) (1,192)
Treasury stock, at cost: 186,399 shares of
Class A common June 30, 2004 and
December 31, 2003, respectively (2,094) (2,094)
Retained earnings (accumulated deficit) 6,476 (13,263)
-------------- -----------
Total stockholders' equity 294,759 271,685
-------------- -----------

Total liabilities and stockholders' equity $ 318,598 $ 297,568
============== ===========

eSpeed, Inc. & Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(in thousands)

Three Months Ended Six Months Ended
June 30, June 30,
2004 2003 2004 2003
---------- --------- --------- ---------
Cash flows from operating
activities:
Net income $ 9,041 $ 8,102 $ 19,736 $ 17,577
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and
amortization 5,755 4,477 11,131 8,440
Amortization of business
partner and non-employee
securities 142 362 586 1,067
Equity in net loss of
unconsolidated investments 39 6 10 39
Deferred income tax expense 545 2,553 608 2,553
Tax benefit from stock
option and warrant
exercises 144 1,332 935 1,332
Issuance of securities
under employee benefit
plan 30 30 60 130

Changes in operating assets and
liabilities:
Receivable from related
parties (369) 9,261 393 4,450
Other assets (29) (542) (1,479) (1,721)
Payable to related parties 1,493 425 (2,766) (15,704)
Accounts payable and
accrued expenses (2,254) 3,753 118 1,595
---------- --------- --------- ---------
Net cash provided by
operating activities 14,537 29,759 29,332 19,758
---------- --------- --------- ---------

Cash flows from investing
activities:
Purchase of fixed assets (2,104) (1,266) (9,330) (1,902)
Sale of premises and
equipment - 2,752
Capitalization of software
development costs (4,551) (3,209) (8,447) (6,413)
Capitalization of patent
defense and registration
costs (1,923) (2,367) (2,800) (2,653)
Purchase of investment - (360)
---------- --------- --------- ---------
Net cash used in investing
activities (8,578) (6,842) (20,937) (8,216)
---------- --------- --------- ---------

Cash flows from financing
activities:
Repurchase of Class A
common stock - (1,872)
Proceeds from exercises of
stock options and warrants 258 616 1,753 979
Receivable from broker on
stock option exercises 393 - 950 0

---------- --------- --------- ---------
Net cash provided by (used
in) financing activities 651 616 2,703 (893)
---------- --------- --------- ---------

Net increase in cash and
cash equivalents 6,610 23,533 11,098 10,649
---------- --------- --------- ---------

Cash and cash equivalents at
beginning of period 232,988 175,115 228,500 187,999
---------- --------- --------- ---------

Cash and cash equivalents at
end of period $239,598 $198,648 $239,598 $198,648
========== ========= ========= =========

eSpeed, Inc. & Subsidiaries
COMPUTATION OF CONSOLIDATED FREE CASH FLOWS (unaudited)
(in thousands)


Three Months Six Months
Ended Ended
June 30, June 30,
2004 2003 2004 2003
---------- --------- --------- ---------

Pre-tax operating income $ 14,988 $ 13,864 $ 32,993 $ 23,949

Depreciation and amortization 5,755 4,477 11,131 8,440
Other non-cash items 69 36 70 169
---------- --------- --------- ---------
Pre-tax operating income
adjusted for depreciation,
amortization and other 20,812 18,377 44,194 32,558
---------- --------- --------- ---------

Income tax provision on
operating income (5,860) (5,545) (12,899) (5,450)
Income tax benefit on non-
operating loss 55 145 228 145
Deferred income tax expense 545 2,553 608 2,553
Tax benefit from stock option
and warrant exercises 144 1,332 935 1,332
Income taxes paid 9,585 63 11,186 63
---------- --------- --------- ---------
Decrease (increase) in
current income tax payable 4,469 (1,452) 58 (1,357)

Changes in related party
receivable and payable, net 1,124 9,686 (2,373) (11,254)
Changes in other operating
assets and liabilities, net (11,868) 3,148 (12,547) (189)
---------- --------- --------- ---------
Net cash provided by
operating activities 14,537 29,759 29,332 19,758
---------- --------- --------- ---------

Purchase of fixed assets (2,104) (1,266) (9,330) (1,902)
Sale of fixed assets - - - 2,752
Capitalization of software
development costs (4,551) (3,209) (8,447) (6,413)
Capitalization of patent
defense and registration
costs (1,923) (2,367) (2,800) (2,653)
Purchase of investment - - (360) -
---------- --------- --------- ---------
Free cash flows 5,959 22,917 8,395 11,542
---------- --------- --------- ---------

Related party receivable and
payable, net (1,124) (9,686) 2,373 11,254
---------- --------- --------- ---------
Free cash flows, net of
related party activity $ 4,835 $ 13,231 $ 10,768 $ 22,796
========== ========= ========= =========

eSpeed, Inc. and Subsidiaries
Quarterly Market Activity Report

------------------------------
2Q03 3Q03 4Q03(b)
------------------------------
Volume (in billions)
----------------
Fully Electronic Volume - Excluding
New Products 7,781 9,610 7,535
Fully Electronic Volume - New Products(a) N/A N/A 21
Voice-Assisted Volume 2,662 2,825 2,756
------------------------------
Total Electronic Volume 10,443 12,435 10,312
==============================

Electronic Transaction Count
----------------------------
Fully Electronic Transactions -
Excluding New Products 1,194,625 1,465,263 1,208,331
Fully Electronic Transactions -
New Products(a) N/A N/A 6,242
Voice-Assisted Transactions 148,223 157,901 149,181
------------------------------
Total Transactions 1,342,848 1,623,164 1,363,754
==============================

------------------------------
eSpeed Equities Direct Access (Number of
Shares Traded In Millions) N/A N/A 56
==============================

Trading Days 63 64 62



% Change % Change
--------------------------------------
2Q04 vs 2Q04 vs
1Q04 2Q04 1Q04 2Q03
--------------------
Volume (in billions)
--------------------
Fully Electronic Volume -
Excluding New Products 8,209 7,791 (5.1%) 0.1%
Fully Electronic Volume -
New Products (a) 133 199 49.8% -
Voice-Assisted Volume 3,586 3,070 (14.4%) 15.3%
--------------------------------------
Total Electronic Volume 11,928 11,061 (7.3%) 5.9%
======================================

Electronic Transaction Count
----------------------------
Fully Electronic Transactions -
Excluding New Products 1,264,612 1,252,654 (0.9%) 4.9%
Fully Electronic Transactions -
New Products(a) 23,996 38,369 59.9% -
Voice-Assisted Transactions 175,036 165,906 (5.2%) 11.9%
--------------------------------------
Total Transactions 1,463,644 1,456,929 (0.5%) 8.5%
======================================

--------------------------------------
eSpeed Equities Direct Access
(Number of Shares Traded In
Millions) 85 102 19.6% -
======================================

Trading Days 62 62

(a) New Products defined as Mortgage-Backed Securities, Foreign
Exchange, Interest Rate Swaps, Repos and Futures. CBOT Futures
volume calculated based on per contract notional value of $200,000
for the two year contract and $100,000 for all others.

(b) Modification in our calculation based on recognition of new
product volume.

------------------------------
2Q03 3Q03 4Q03(b)
------------------------------

Global Interest Rate
Futures Volume (1)
CBOT - US Treasury Contracts 71,290,686 83,851,953 72,558,944
CME - Euro $ Contracts 55,958,592 56,273,797 52,414,323
EUREX - Bund Contracts 63,455,364 63,377,019 51,717,399

Fed UST Volume (in billions) (2)
UST Volume 28,319 30,590 26,189
Average Daily UST Volume 450 478 422


NYSE - Volume (shares traded) -
in millions (3) 92,981 87,303 85,529
Transaction Value - in millions 2,497,359 2,475,689 2,546,235

NASDAQ - Volume (shares traded) -
in millions (4) 112,524 110,672 112,636
Transaction Value - in millions 1,739,506 1,896,887 2,030,335



%Change %Change
-------------------------------------
2Q04 2Q04
vs vs
1Q04 2Q04 1Q04 2Q03
----------------------
Global Interest Rate
Futures Volume (1)
CBOT - US Treasury Contracts 85,432,539 97,809,197 14.5% 37.2%
CME - Euro $ Contracts 59,434,778 80,289,683 35.1% 43.5%
EUREX - Bund Contracts 62,145,662 57,280,434 (7.8%) (9.7%)

Fed UST Volume (in billions)(2)
UST Volume 29,843 32,379 8.5% 14.3%
Average Daily UST Volume 481 522 8.5% 16.2%


NYSE - Volume (shares traded) -
in millions (3) 95,386 90,818 (4.8%) (2.3%)
Transaction Value - in millions 2,970,628 2,881,358 (3.0%) 15.4%

NASDAQ - Volume (shares traded)
- in millions (4) 126,314 108,328 (14.2%) (3.7%)
Transaction Value - in millions 2,312,291 2,120,171 (8.3%) 21.9%

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 2003 Jan'03 Feb'03 Mar'03 Apr'03 May'03 Jun'03

Volume Data (in billions)
Fully Electronic 2,309 1,906 2,564 2,070 2,871 2,840
Voice 864 810 917 761 956 944
Total 3,173 2,716 3,481 2,831 3,827 3,784

Transaction Count
Fully Electronic 370,992 305,296 403,307 338,281 425,213 431,131
Voice 49,801 48,449 53,520 44,767 49,946 53,510
Total 420,793 353,745 456,827 383,048 475,159 484,641

Trading Days 21 19 21 21 21 21
----------------------------------------------------------------------

----------------------------------------------------------------------
Fiscal Year 2004 Jan'04 Feb'04 Mar'04 Apr'04 May'04 Jun'04

Volume Data (in billions)
Fully Electronic 2,982 2,464 2,897 2,912 2,550 2,528
Voice 1,144 1,146 1,296 1,058 1,019 994
Total 4,126 3,610 4,192 3,970 3,569 3,522

Transaction Count
Fully Electronic 449,197 379,084 460,327 460,211 417,503 413,309
Voice 57,178 54,485 63,373 56,948 55,533 53,425
Total 506,375 433,569 523,700 517,159 473,036 466,734

Trading Days 20 19 23 21 20 21
----------------------------------------------------------------------

Trading Days
2004
----

Q1 Q2 Q3 Q4
-- -- -- --
62 62 64 62

2003
----
Q1 Q2 Q3 Q4
-- -- -- --
61 63 64 62


Contacts


Investors:
Maureen Murphy, 212-610-2430
OR
Media:
Tom Ryan, 212-610-2425

[ Comment, Edit or Article Submission ]