BrokerTec also stated that its momentum has continued into the fourth quarter, with October 2002 setting a new single month total volume record of $3.8 trillion in transactions. Contributing to BrokerTec's record performance in October were strong transaction volumes in U.S. cash products, U.S. Repo and European Repo.
All of BrokerTec's transactions are fully electronic.
BrokerTec Global achieved these transaction milestones while increasing its profitability through a combination of aggressive cost containment, global customer growth and new product introduction.
In addition, BrokerTec Futures Exchange set a record for screen-traded volume this week by achieving 29,523 contracts traded. This increase represents a 60% improvement from the earlier screen-traded volume record of 18,296 contracts set in January 2002.
"We are pleased with our continued success in the intensely competitive markets for the products traded across our platform," stated Hal Hinkle, CEO and President of BrokerTec Global and BrokerTec U.S.A. "We attribute our growing momentum to expanding our customer base, increasing our product offerings, and continually improving our functionality. We also benefited from our position as a low-cost provider in the marketplace. As the recent milestones for the BrokerTec Futures Exchange demonstrate, customers are taking advantage of their ability to use BrokerTec's platform to gain valuable savings and efficiencies in both their cash and futures trading, " Mr. Hinkle concluded.
BrokerTec operates as an electronic inter-dealer broker for fixed income transactions and its mission is to provide fast, reliable, cost-effective execution and straight-through processing services to the world's fixed income trading community. BrokerTec's subsidiaries include: BrokerTec USA LLC, BrokerTec Europe Ltd, BrokerTec Futures Exchange LLC and BrokerTec Clearing Company LLC. For more information go to www.btec.com
