Table of Contents During the year ended December 31, 2004, we reduced the valuation allowance by $46.2 million to $18.1 million based on management’s reassessment of the factors impacting the valuation allowance previously recorded.
Such factors include seven consecutive quarters of profitable operations in the U. S.  and six consecutive quarters of profitable operations in the U. K. , management’s expectation of our continuing profitable future operations, management’s anticipation that we would be able to utilize certain net operating loss carryforwards in 2004 and our ability to utilize certain of the net operating loss carryforwards in future years prior to expiration.
We believe it is likely, but subject to some uncertainty, that approximately 76% of the net operating losses will be utilized prior to their expiration in 2017.
In addition, we have temporary differences (defined as the tax effect of the difference between the financial reporting basis and the tax reporting basis of certain balance sheet items) of $13.5 million available as of December 31, 2004.
As of December 31, 2003, the gross deferred tax asset was $64.3 million, reduced to a net deferred tax asset of zero by recording a valuation allowance of $64.3 million.
Our first profitable quarter was the second quarter of 2003.
While we were forecasting increasing revenues and net income for 2004 and 2005, as evidenced by the projections used for the valuations of our common stock as of December 31, 2002 and 2003, management exercised judgment in assessing the positive evidence of the three quarters of profitability and the forecast future year earnings against the negative evidence of accumulated losses, the uncertainty of attainment of forecast future year earnings and the potential likelihood of the realization of the utilization of net operating loss carryforwards.
For the year ended December 31, 2003, net income was $4.2 million, bringing the accumulated losses to $113.8 million.
Additionally, $40.6 million of our net operating loss carryforward for financial income tax purposes of $137.0 million was subject to Section 382 limitations.
Accordingly, a 100% valuation allowance against the deferred income tax assets was deemed appropriate as of December 31, 2003.
The net operating losses will be carried forward to future years.
In addition, we had temporary differences of $13.4 million available as of December 31, 2003.
As of December 31, 2002, the gross deferred tax asset was $68.0 million, reduced to a net deferred tax asset of zero by recording a valuation allowance of $68.0 million.
While we were forecasting increasing revenues and a reduced loss for 2003, as well as net income for 2004, as evidenced by the projections used for the valuation of our common stock as of December 31, 2002, management exercised judgment in assessing the positive evidence of the forecast future year earnings against the negative evidence of accumulated losses, the uncertainty of attainment of forecast future year earnings and the potential likelihood of the realization of the utilization of net operating loss carryforwards.
For the year ended December 31, 2002, the net loss was $36.1 million, bringing the accumulated losses to $118.0 million.
Additionally, $40.6 million of our net operating loss carryforward for financial income tax purposes of $131.5 million was subject to Section 382 limitations.
Accordingly, a 100% valuation allowance against the deferred tax assets was deemed appropriate as of December 31, 2002.
In addition, we had temporary differences of $12.5 million available as of December 31, 2002.
Results of Operations The following table provides the notional value of the bonds traded on our platform for each of the periods presented:
## Table 0 ##
For volume reporting purposes, transactions in foreign currencies are converted to U. S.  dollars at the exchange rates prevailing on the day the transactions were executed.
Table of Contents bonds traded on our platform, which grew 297.1% to $192.2 billion for the year ended December 31, 2003 from $48.4 billion for the year ended December 31, 2002.
Total expenses decreased by $0.7 million or 1.3% to $54.1 million for the year ended December 31, 2003 from $54.8 million for the year ended December 31, 2002.
For the year ended December 31, 2003, our total expenses decreased due to lower warrant-related, depreciation and amortization, professional and consulting fees, and marketing and advertising expenses, offset by increases in employee compensation, technology and communications, Moneyline revenue share expenses, restructuring charges, and general and administrative expenses, in each case when compared to the year ended December 31, 2002.
Our revenues and percentage of revenues for the years ended December 31, 2003 and 2002, and the resulting dollar and percentage change, are as follows:
## Table 1 ##
Commissions.
Total commissions increased by $37.2 million or 239.4% to $52.8 million for the year ended December 31, 2003 from $15.6 million for the year ended December 31, 2002.
This increase was primarily due to increases in the amount of U. S.  high-grade commissions and European high-grade commissions.
U. S.  high-grade commissions increased by $26.9 million or 201.1% to $40.3 million for the year ended December 31, 2003 from $13.4 million for the year ended December 31, 2002.
European high-grade commissions increased by $6.2 million or 630.8% to $7.1 million for the year ended December 31, 2003 from $1.0 million for the year ended December 31, 2002.
These increases were primarily due to an increase in transaction volume from $48.4 billion for the year ended December 31, 2002 to $192.2 billion for the year ended December 31, 2003 generated by new and existing clients.
Information and User Access Fees.
Information and user access fees increased by $0.9 million or 298.9% to $1.1 million for the year ended December 31, 2003 from $0.3 million for the year ended December 31, 2002.
This increase was primarily due to $0.8 million in information services fees received for the year ended December 31, 2003 following the launch of our Corporate BondTicker service in July 2002, for which we started charging in November 2002.
License Fees.
License fees increased by $3.2 million or 348.8% to $4.1 million for the year ended December 31, 2003 from $1.0 million for the year ended December 31, 2002.
This increase was primarily due to the six new broker-dealer clients that joined the platform between October 1, 2002 and December 31, 2003.
Interest Income.
Interest income decreased by $0.4 million or 50.0% to $0.4 million for the year ended December 31, 2003 from $0.7 million for the year ended December 31, 2002.
This decrease was due to the lower interest rate environment in 2003.
Table of Contents Index to Financial Statements Item 3.
Legal Proceedings.
None.
Item 4.
Mine Safety Disclosures.
Not applicable.
PART II Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Price Range Our common stock trades on the NASDAQ Global Select Market under the symbol “MKTX”.
The range of closing price information for our common stock, as reported by NASDAQ, was as follows:
## Table 2 ##
On February 16, 2012, the last reported closing price of our common stock on the NASDAQ Global Select Market was $32.65.
Holders There were 41 holders of record of our common stock as of February 16, 2012.  Dividend Policy We initiated a regular quarterly dividend in the fourth quarter of 2009.
During 2010 and 2011, we paid quarterly cash dividends of $0.07 per share and $0.09 per share, respectively.
In January 2012, our Board of Directors approved a quarterly cash dividend of $0.11 per share payable on March 1, 2012 to stockholders of record as of the close of business on February 16, 2012.
Any future declaration and payment of dividends will be at the sole discretion of the Company’s Board of Directors.
The Board of Directors may take into account such matters as general business conditions, the Company’s financial results, capital requirements, contractual, legal, and regulatory restrictions on the payment of dividends to the Company’s stockholders or by the Company’s subsidiaries to the parent and any such other factors as the Board of Directors may deem relevant.
Recent Sales of Unregistered Securities None.

<table><tr><td></td><td colspan="3"> Year Ended December 31,</td></tr><tr><td></td><td> 2004</td><td> 2003</td><td> 2002</td></tr><tr><td></td><td colspan="3"> (In billions, except number of</td></tr><tr><td></td><td colspan="3"> trading days)</td></tr><tr><td>U.S. high-grade</td><td>$183.5</td><td>$140.3</td><td>$39.4</td></tr><tr><td>European high-grade</td><td>76.5</td><td>31.8</td><td>4.2</td></tr><tr><td>Other</td><td>38.1</td><td>20.1</td><td>4.8</td></tr><tr><td>Total</td><td>$298.1</td><td>$192.2</td><td>$48.4</td></tr><tr><td>Number of U.S. trading days</td><td>250</td><td>250</td><td>248</td></tr><tr><td>Number of U.K. trading days</td><td>250</td><td>253</td><td>250</td></tr></table>
<table><tr><td></td><td colspan="4">Year Ended December 31,</td><td></td><td></td></tr><tr><td></td><td colspan="2">2003</td><td colspan="2">2002</td><td></td><td></td></tr><tr><td></td><td> $</td><td>% of Revenues</td><td> $</td><td>% of Revenues</td><td>$ Change</td><td>% Change</td></tr><tr><td></td><td colspan="6">($ in thousands)</td></tr><tr><td> Revenues</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commissions</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. high-grade</td><td>$40,310</td><td>69.0%</td><td>$13,390</td><td>71.6%</td><td>$26,920</td><td>201.1%</td></tr><tr><td>European high-grade</td><td>7,126</td><td>12.2</td><td>975</td><td>5.2</td><td>6,151</td><td>630.8</td></tr><tr><td>Other</td><td>5,364</td><td>9.1</td><td>1,190</td><td>6.4</td><td>4,174</td><td>350.6</td></tr><tr><td>Total commissions</td><td>52,800</td><td>90.3</td><td>15,555</td><td>83.2</td><td>37,245</td><td>239.4</td></tr><tr><td>Information and user access fees</td><td>1,144</td><td>2.0</td><td>287</td><td>1.5</td><td>857</td><td>298.9</td></tr><tr><td>License fees</td><td>4,145</td><td>7.1</td><td>924</td><td>4.9</td><td>3,221</td><td>348.8</td></tr><tr><td>Interest income</td><td>371</td><td>0.6</td><td>742</td><td>4.0</td><td>-371</td><td>-50.0</td></tr><tr><td>Other</td><td>—</td><td>0.0</td><td>1,193</td><td>6.4</td><td>-1,193</td><td>-100.0</td></tr><tr><td> Total revenues</td><td>$58,460</td><td>100%</td><td>$18,701</td><td>100%</td><td>$39,759</td><td>212.6%</td></tr></table>
<table><tr><td>2011:</td><td>High</td><td>Low</td></tr><tr><td>January 1, 2011 to March 31, 2011</td><td>$24.19</td><td>$19.78</td></tr><tr><td>April 1, 2011 to June 30, 2011</td><td>$25.22</td><td>$21.00</td></tr><tr><td>July 1, 2011 to September 30, 2011</td><td>$30.75</td><td>$23.41</td></tr><tr><td>October 1, 2011 to December 31, 2011</td><td>$31.16</td><td>$24.57</td></tr><tr><td>2010:</td><td>High</td><td>Low</td></tr><tr><td>January 1, 2010 to March 31, 2010</td><td>$16.20</td><td>$13.25</td></tr><tr><td>April 1, 2010 to June 30, 2010</td><td>$17.40</td><td>$13.45</td></tr><tr><td>July 1, 2010 to September 30, 2010</td><td>$17.30</td><td>$12.39</td></tr><tr><td>October 1, 2010 to December 31, 2010</td><td>$20.93</td><td>$16.93</td></tr></table>

Question: What is the growing rate of European high-grade in the year with the most U.S. high-grade?
Answer: 0.86318