Notes to Consolidated Financial Statements – (continued) (Amounts in Millions, Except Per Share Amounts) assumptions can materially affect the estimate of fair value, and our results of operations could be materially impacted.
There were no stock options granted during the years ended December 31, 2015 and 2014.
The weighted-average grant-date fair value per option during the year ended December 31, 2013 was $4.14.
The fair value of each option grant has been estimated with the following weighted-average assumptions.
## Table 0 ##
1 The expected volatility used to estimate the fair value of stock options awarded is based on a blend of: (i) historical volatility of our common stock for periods equal to the expected term of our stock options and (ii) implied volatility of tradable forward put and call options to purchase and sell shares of our common stock.2 The estimate of our expected term is based on the average of: (i) an assumption that all outstanding options are exercised upon achieving their full vesting date and (ii) an assumption that all outstanding options will be exercised at the midpoint between the current date (i. e. , the date awards have ratably vested through) and their full contractual term.
In determining the estimate, we considered several factors, including the historical option exercise behavior of our employees and the terms and vesting periods of the options.3 The risk-free interest rate is determined using the implied yield currently available for zero-coupon U. S.  government issuers with a remaining term equal to the expected term of the options.4 The expected dividend yield was calculated based on an annualized dividend of $0.30 per share in 2013.
Stock-Based Compensation We grant other stock-based compensation awards such as stock-settled awards, cash-settled awards and performancebased awards (settled in cash or shares) to certain key employees.
The number of shares or units received by an employee for performance-based awards depends on Company performance against specific performance targets and could range from 0% to 300% of the target amount of shares originally granted.
Incentive awards are subject to certain restrictions and vesting requirements as determined by the Compensation Committee.
The fair value of the shares on the grant date is amortized over the vesting period, which is generally three years.
Upon completion of the vesting period for cash-settled awards, the grantee is entitled to receive a payment in cash based on the fair market value of the corresponding number of shares of common stock.
No monetary consideration is paid by a recipient for any incentive award.
The fair value of cash-settled awards is adjusted each quarter based on our share price.
The holders of stock-settled awards have absolute ownership interest in the underlying shares of common stock prior to vesting, which includes the right to vote and receive dividends.
Dividends declared on common stock are accrued during the vesting period and paid when the award vests.
The holders of cash-settled and performance-based awards have no ownership interest in the underlying shares of common stock until the awards vest and the shares of common stock are issued.
Table of Contents corporate bond fee plan.
CDS trading volume data are included in Other.
Trading volume data related to DealerAxess ?
bond trading between broker-dealer clients are included in either U. S.  high-grade or Other trading volumes, as appropriate.
The increase in U. S.  high-grade volume was due primarily to an increase in overall market volume as measured by FINRA TRACE, offset by a decline in the Company’s estimated market share of total U. S.  high-grade corporate bond volume as reported by FINRA TRACE from 6.6% for the year ended December 31, 2008 to 6.2% for the year ended December 31, 2009.
Estimated FINRA TRACE U. S.  high-grade volume increased by 41.3% from $2,028 billion for the year ended December 31, 2008 to $2,865 billion for the year ended December 31, 2009.
Eurobond volumes increased by 58.7% for the year ended December 31, 2009 compared to the year ended December 31, 2008, primarily due to the improvement in market conditions.
Other volume increased by 16.6% for the year ended December 31, 2009 compared to the year ended December 31, 2008, primarily due to higher highyield and agencies volume, offset by lower credit default swap volume.
Our average variable transaction fee per million for the years ended December 31, 2009 and 2008 was as follows:
## Table 1 ##
The U. S.  high-grade average variable transaction fee per million increased from $121 per million for the year ended December 31, 2008 to $179 per million for the year ended December 31, 2009, primarily due to the introduction of our execution services desk, the introduction of new dealers on the platform that pay higher variable fees per million and the longer maturity of trades executed on the platform, for which we charge higher commissions.
Eurobond average variable transaction fee per million increased from $112 per million for the year ended December 31, 2008 to $138 per million for the year ended December 31, 2009, primarily due to a larger percentage of Eurobond volume in products that carry higher fees per million, principally high-yield bonds.
Other average variable transaction fee per million increased from $158 per million for the year ended December 31, 2008 to $203 per million for the year ended December 31, 2009, primarily due to a higher percentage of volume in products that carry higher fees per million, principally high-yield bonds.
Technology Products and Services.
Technology products and services revenues increased by $1.2 million or 14.3% to $9.8 million for the year ended December 31, 2009 from $8.6 million for the year ended December 31, 2008.
The increase was primarily a result of technology integration consulting services.
Information and User Access Fees.
Information and user access fees increased by $0.2 million or 3.8% to $6.3 million for the year ended December 31, 2009 from $6.0 million for the year ended December 31, 2008.
Investment Income.
Investment income decreased by $2.3 million or 64.9% to $1.2 million for the year ended December 31, 2009 from $3.5 million for the year ended December 31, 2008.
This decrease was primarily due to lower interest rates.
Other.
Other revenues decreased by $0.4 million or 29.6% to $1.1 million for the year ended December 31, 2009 from $1.5 million for the year ended December 31, 2008.
The 2008 other revenues included an insurance settlement and other income aggregating $0.4 million.
Table of Contents MARKETAXESS HOLDINGS INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) As of December 31, 2007, the Company had $13.1 million invested in municipal auction rate securities (“MARS”).
Liquidity for these securities is typically provided by an auction process that resets the applicable interest rate at pre-determined 35-day intervals.
Auctions for six securities with a par value of $11.2 million began to fail in February 2008 and, as a result, the Company had been unable to liquidate these holdings.
During 2008, all of the securities were redeemed or had successful auctions at par value.
The Company no longer has any investments in MARS.
The Company enters into foreign currency forward contracts with a noncontrolling broker-dealer client to hedge its exposure to variability in foreign currency cash flows resulting from the net investment in its U. K.  subsidiary.
The Company assesses each foreign currency forward contract to ensure that it is highly effective at reducing the exposure being hedged.
The Company designates each foreign currency forward contract as a hedge, assesses the risk management objective and strategy, including identification of the hedging instrument, the hedged item and the risk exposure and how effectiveness is to be assessed prospectively and retrospectively.
These hedges are for a onemonth period and are used to limit exposure to foreign currency exchange rate fluctuations.
The gross and net fair value liability of $0.3 million as of December 31, 2009 is included in accounts payable and the gross and net fair value asset of $0.3 million as of December 31, 2008 is included in accounts receivable in the Consolidated Statements of Financial Condition.
Gains or losses on foreign currency forward contracts designated as hedges are included in accumulated other comprehensive loss on the Consolidated Statements of Financial Condition.
A summary of the foreign currency forward contract is as follows:
## Table 2 ##
The following is a summary of the Company’s securities available-for-sale:
## Table 3 ##
Table of Contents MARKETAXESS HOLDINGS INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

<table><tr><td></td><td>Year ended December 31, 2013</td></tr><tr><td>Expected volatility<sup>1</sup></td><td>40.2%</td></tr><tr><td>Expected term (years)<sup>2</sup></td><td>6.9</td></tr><tr><td>Risk-free interest rate<sup>3</sup></td><td>1.3%</td></tr><tr><td>Expected dividend yield<sup>4</sup></td><td>2.4%</td></tr></table>
<table><tr><td></td><td colspan="2"> Year Ended December 31,</td></tr><tr><td></td><td> 2009</td><td> 2008</td></tr><tr><td> Average Variable Transaction Fee Per Million</td><td></td><td></td></tr><tr><td>U.S. high-grade</td><td>$179</td><td>$121</td></tr><tr><td>Eurobond</td><td>138</td><td>112</td></tr><tr><td>Other</td><td>203</td><td>158</td></tr><tr><td>Total</td><td>176</td><td>128</td></tr></table>
<table><tr><td></td><td colspan="2"> As of December 31,</td></tr><tr><td></td><td>2009</td><td> 2008</td></tr><tr><td></td><td colspan="2"> (In thousands)</td></tr><tr><td>Notional value</td><td>$28,040</td><td>$20,041</td></tr><tr><td>Fair value of notional</td><td>28,299</td><td>19,777</td></tr><tr><td>Gross and net fair value (liability) asset</td><td>$-259</td><td>$264</td></tr></table>
<table><tr><td></td><td> Amortized   Cost</td><td> Gross   Unrealized   Gains</td><td>Gross Unrealized Losses</td><td> Estimated   Fair   Value</td></tr><tr><td></td><td colspan="4"> (In thousands)</td></tr><tr><td> As of December 31, 2009</td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. government obligations</td><td>$39,629</td><td>$469</td><td>$-20</td><td>$40,078</td></tr><tr><td>Municipal securities</td><td>28,878</td><td>4</td><td>-9</td><td>28,873</td></tr><tr><td>Corporate bonds</td><td>2,028</td><td>18</td><td>—</td><td>2,046</td></tr><tr><td>Total securitiesavailable-for-sale</td><td>$70,535</td><td>$491</td><td>$-29</td><td>$70,997</td></tr><tr><td> As of December 31, 2008</td><td></td><td></td><td></td><td></td></tr><tr><td>Municipal securities</td><td>$33,138</td><td>$55</td><td>$-16</td><td>$33,177</td></tr><tr><td>Corporate bonds</td><td>2,054</td><td>—</td><td>-4</td><td>2,050</td></tr><tr><td>Total securitiesavailable-for-sale</td><td>$35,192</td><td>$55</td><td>$-20</td><td>$35,227</td></tr></table>

Question: If Municipal securities at Estimated Fair Value develops with the same growth rate at December 31, 2009 , what will it reach at December 31, 2010 ? (in thousand)
Answer: 25127.35115