And so here it is...

FXCM reported on July 22 that revenue for the three-month period ending on June 30 was $66.5 million and EBITDA of $25.3 million. These are consolidated results for FXCM Holdings, Forex Trading, Forex Capital Markets Llc, Forex Capital Markets Ltd, FXCM Asia and FXCM Canada. For the first half of 2008, FXCM posted revenue of $128.6 million and EBITDA of $50.5 million, which it accredits to the steady growth of its business and increased market volatility during the first quarter.

The New York-based company said the primary driver of growth was FXCM's core business of serving retail traders and that, while volatility fell sharply in the second quarter, it did not see a drop in client flow from the first quarter. As of January 2008, average monthly notional volumes traded on FXCM trading platforms have totalled $350 billion. FXCM said it continues to see financial benefits, unlike other volatility-dependent businesses, which it says is due to its business model - specifically its agency execution system.

The CME Group, meanwhile, reported its total revenues increased 71% to $563 million and net income increased 60% to $201 million for the second quarter 2008 compared with Q2 2007. Diluted earnings per share rose 3% to $3.67. CME chief executive Craig Donohue said the increased revenues and earnings posted reflect the strength and stability of its business model and the continued success of its global growth plan.

However, during a conference call to discuss the results, Rick Redding, managing director and head of products and services, gave a more sombre update on his company's joint-venture platform with Reuters, FXMarketSpace. "FXMS has been a disappointment to us - we thought we'd be further along by now than where we are. However, we still think opportunities exist on the over-the-counter FX side, and we are working with FXMS management to come up with a revised offering," he said.

When asked if this meant the current offering should be considered on hold and that the group is looking at ways to revise participation in that market, he said: "We are looking at all alternatives at this point."