Espeed reports drop in total transaction volume

Espeed reports drop in total transaction volume

ESpeed, the electronic trading arm of Cantor Fitzgerald, is reporting a four per cent drop in third quarter total electronic transaction volume.

The company, which lost 180 staff during the 11 September attacks on the World Trade Centre, reports that fully electronic volume was $4.4 trillion in the third quarter 2001, a 26 percent increase versus $3.5 trillion for the same period last year. In July and August of 2001, fully electronic volume increased 49 percent and 48 percent, respectively compared to July and August of 2000. During September 2001, fully electronic volume decreased 8 percent versus 49 and 48 per cent spikes in the traditionallly quiet summer months of July and August.

ESpeed's third quarter 2001 total electronic volume was $7.5 trillion, with more than 830,000 transactions executed. The total electronic volume decreased 4 percent versus the third quarter 2000 while total electronic transaction count increased by 13 percent during the same period.

Howard Lutnick, chairman, CEO and president of eSpeed, comments: "In spite of the tragic events of September 11th, eSpeed remains the dominant player in many electronic trading markets."

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