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Average daily trading volume for Faro that year was more than 30 times its 2002 level.
Schwab reported lower trading volume for May and said volume in June had fallen further.
"The reality is that we didn't expect to have any big trading volume for the first few months," he said.
Third, trading volume for small firms in December and January is not different from other months, implying that traders are not actively arbitraging the anomaly.
The volume limitations are the greater of 1% of the outstanding shares or the average weekly trading volume for the four weeks prior to the week in which the sale is taking place.
Still, the company has grown rapidly, claiming 11.3 percent of average daily trading volume for American stocks and 3.1 percent of American options by the end of last year.
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The warning to firms and investors follows the explosion in trading volumes for telephone and internet broking firms which began early last month, around the time the stock exchange opened its Techmark market for technology-based shares.
On that count, peripheral euro-zone governments should heed the record low trading volumes for their bonds, rather than cast jealous glances at neighbours, whose return to the markets should be welcomed.
Mr. Vinciquerra said that in the fourth quarter of 2003, trading volumes for the leading seven online brokerage companies -- E*Trade, Charles Schwab, Ameritrade, TD Waterhouse, Fidelity, Scottrade and Harris Direct -- improved 40percentt from the same period a year earlier, whereas Nasdaq trading volume increased about 6percentt.
Here are the trading volumes for the various contracts: FTSE Index Futures – 2,058 Sterling Futures – 15,600 Long Gilt – 9,717 Medium Gilt – 0 Short Gilt – 0 Euribor – 6,224 In an average day, Liffe would handle around 500,000 contracts on Short Sterling Futures, and approximately 1 million contracts for Euribor futures.
That fact has bumped up trading volumes for all the major firms.
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