ESpeed, the bond dealing network operated by money broker Cantor Fitzgerald, made a net loss of $1.5m (€1.2m) in the three months to June 30 after making profits of $9m for the same period last year. Costs rose following a failed bid to buy bond exchange MTS.

The firm's electronic trading revenues plunged 35% to $18.8m, despite an 11.4% rise in volumes. Sales of software rose from $7.6m a year ago to $10.4m.