ESpeed, the online bond network in which moneybroker Cantor Fitzgerald has a 47% stake, is set to announce weaker than expected second quarter performance due to competitive pricing pressure and lower European market volumes.

The company said revenue for the quarter would be in the range of $42m (€34.6m) to $43m compared with $44.6m in the first quarter and $39.1m for the second quarter of last year. Analysts expected revenue to be 9.2% higher at $46.4m.