Revenues at eSpeed, the electronic bond exchange, fell $4.5m (€3.5m) in the three months to September 30 as rival exchanges continued to eat into its once-dominant position in US Treasuries.

The firm, which issued a profits warning in July, said revenues for the three months were $39.8m, compared to $44.3m for the same period last year. Profits were $5.7m compared with $10.8m in the same period last year.