dealer clients.
These line fees were immaterial and were offset against the related technology and communications cost in prior years.
Our expenses for the year ended December 31, 2004 and 2003, and the resulting dollar and percentage change, are as follows:
## Table 0 ##
Employee Compensation and Benefits.
Employee compensation and benefits increased by $6.3 million or 23.4% to $33.1 million for the year ended December 31, 2004 from $26.9 million for the year ended December 31 2003.
This increase was primarily due to the addition of new employees to support our growth and Moneyline consultant staff that became our full-time employees.
The total number of employees increased to 172 as of December 31, 2004 from 159 as of December 31, 2003.
As a percentage of total revenues, employee compensation and benefits expense decreased to 43.7% for the year ended December 31, 2004 from 45.9% for the year ended December 31, 2003.
Depreciation and Amortization.
Depreciation and amortization expense decreased by $1.2 million or 26.0% to $3.5 million for the year ended December 31, 2004 from $4.7 million for the year ended December 31, 2003.
This decrease was primarily due to certain assets coming to the end of their depreciable lives during 2004.
For the year ended December 31, 2004, we capitalized $3.6 million of software development costs, of which $3.0 million was placed into production.
Depreciation and amortization of the remaining balance of $0.6 million will commence when the software becomes operational.
In November 2004, we determined that our trading platform software developed by us with input from Moneyline, a stockholder, would be retired by March 31, 2005.
Therefore, we accelerated depreciation of this software.
During the fourth quarter of 2004, we recorded additional depreciation in the amount of $0.1 million.
An additional $0.2 million will be depreciated by March 31, 2005.
Technology and Communications.
Technology and communications expense increased by $1.6 million or 34.6% to $6.4 million for the year ended December 31, 2004 from $4.8 million for the year ended December 31, 2003.
This increase was attributable to increased cost relating to data center hosting, market data, and office and production telecommunications.
As a percentage of total revenues, technology and communications expense increased to 8.5% for the year ended December 31, 2004 from 8.1% for the year ended December 31, 2003.
Professional and Consulting Fees.
Professional and consulting fees increased by $0.7 million or 17.4% to $4.9 million for the year ended December 31, 2004 from $4.2 million for the year ended December 31, 2003.
This increase was primarily due to additional legal, accounting and insurance expenses associated with becoming a public company.
As a percentage of total revenues, professional and consulting fees decreased to 6.5% for the year ended December 31, 2004 from 7.2% for the year ended December 31, 2003.
Affiliates of most of our broker-dealer clients are also among our institutional investor clients.
A table detailing the amount of our revenues generated by the Stockholder Broker-Dealer Clients and their respective affiliates, as well as the corresponding percentage of the respective revenue line item, is provided below for the years ended December 31, 2007, 2006 and 2005:
## Table 1 ##
Commission Revenue Trends Commissions are generally calculated as a percentage of the notional dollar volume of bonds traded on our platform and vary based on the type, size, yield and maturity of the bond traded.
The commission rates are based on a number of factors, including fees charged by inter-dealer brokers in the respective markets, average bid-offer spreads in the products we offer and transaction costs through alternative channels including the telephone.
Under our transaction fee plans, bonds that are more actively traded or that have shorter maturities are generally charged lower commissions, while bonds that are less actively traded or that have longer maturities generally command higher commissions.
U. S.  High-Grade Corporate Bond Commissions.
On June 1, 2005, we introduced a new fee plan primarily for secondary market transactions in U. S.  high-grade corporate bonds executed on our institutional client to multidealer electronic trading platform.
The fee plan incorporates higher fixed monthly fees and lower variable fees for our broker-dealer clients than the previous U. S.  high-grade corporate transaction fee plans and incorporates volume incentives to our broker-dealer clients that are designed to increase the volume of transactions effected on our platform.
Under the fee plan, we electronically add the variable fee to the spread quoted by the broker-dealer client but do not charge for inquiries that an institutional investor client sends to a single broker-dealer client.
The combination of higher fixed and lower variable fees in the plan results in higher total revenue to us at current or lower volume levels.
If volume grows, total revenues could be less under the new plan than the previous plan due to the lower variable fees.
For trades on our DealerAxess?
dealer-to-dealer electronic trading platform, we typically charge a fee to the broker-dealer client involved in the transaction that is based on the size of the transaction and the maturity of the bond traded.
Monthly minimum fees applied to certain dealers participating on the DealerAxess?
platform in their first year of trading.
The majority of the DealerAxess?
monthly minimum commitments expired as of June 30, 2007.
European High-Grade Corporate Bond Commissions.
On June 1, 2007, we introduced a new fee plan for European high-grade corporate bond trades for the majority of our European dealers.
Similar to the U. S.  high-grade plan, the new European high-grade corporate bond fee plan incorporates fixed monthly fees and a variable fee that is lower than the transaction fee under the previous European high-grade plan and incorporates incentives to our broker-dealer clients that are designed to increase the volume of transactions effected on our platform.
The variable
Table of Contents MARKETAXESS HOLDINGS INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 10.
Related Parties The Company generates commissions, technology products and services revenues, information and user access fees, investment income and other income and related accounts receivable balances from Stockholder Broker-Dealer Clients or their affiliates.
In addition, a Stockholder Broker-Dealer Client acts in an investment advisory, custodial and cash management capacity for the Company.
The Company also maintained an account with and paid commissions to this Stockholder Broker-Dealer Client in connection with the Company’s share repurchase program.
The Company incurs investment advisory and bank fees in connection with these arrangements.
As of the dates and for the periods indicated below, the Company had the following balances and transactions with the Stockholder Broker-Dealer Clients or their affiliates:
## Table 2 ##
Year Ended December 31,
## Table 3 ##
As of December 31, 2009, the Company had loans and interest receivable due from the Chief Executive Officer of $0.7 million, which are described in more detail in Footnote 11, “Stockholders’ Equity.
” The accrued interest on the loans was recorded in accounts receivable and the principal amount was recorded as a receivable for common stock subscribed in stockholders’ equity on the Consolidated Statements of Financial Condition.
During both 2009 and 2008, principal and interest payments of $0.3 million were received.
In July 2010, the loan and interest receivable were paid in full.11.
Stockholders’ Equity Common Stock As of December 31, 2010 and 2009, the Company had 110,000,000 authorized shares of common stock and 10,000,000 authorized shares of non-voting common stock.
Common stock entitles the holder to one vote per share of common stock held.
Nonvoting common stock is convertible on a one-for-one basis into shares of voting common stock at any time subject to a limitation on conversion to the extent such conversion would result in a stockholder, together with its affiliates, owning more than 9.99% of the outstanding shares of common stock.
In October 2006, the Board of Directors of the Company authorized a share repurchase program for up to $40.0 million of common stock.
Shares repurchased under the program are held in treasury for future use.
During 2008, a total of 221,406 shares were repurchased at a cost of $2.8 million.
The share repurchase program was completed in January 2008.
A total of 2,864,120 shares were repurchased at an aggregate cost of $40.0 million over the life of the repurchase program.
In June 2010, the Board of Directors of the Company authorized a share repurchase program for up to $30.0 million of the Company’s common stock.
Shares repurchased under the program are held in treasury for future use.
The share repurchase program was completed in December 2010.
A total of 1,939,620 shares were repurchased at an aggregate cost of $30.0 million over the life of the repurchase program.

<table><tr><td></td><td colspan="4">Year Ended December 31,</td><td></td><td></td></tr><tr><td></td><td colspan="2">2004</td><td colspan="2">2003</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> Expenses</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Employee compensation and benefits</td><td>$33,146</td><td>43.7%</td><td>$26,860</td><td>45.9%</td><td>$6,286</td><td>23.4%</td></tr><tr><td>Depreciation and amortization</td><td>3,468</td><td>4.6</td><td>4,688</td><td>8.0</td><td>-1,220</td><td>-26.0</td></tr><tr><td>Technology and communications</td><td>6,402</td><td>8.5</td><td>4,755</td><td>8.1</td><td>1,647</td><td>34.6</td></tr><tr><td>Professional and consulting fees</td><td>4,908</td><td>6.5</td><td>4,180</td><td>7.2</td><td>728</td><td>17.4</td></tr><tr><td>Warrant-related expense</td><td>2,524</td><td>3.3</td><td>5,400</td><td>9.2</td><td>-2,876</td><td>-53.3</td></tr><tr><td>Marketing and advertising</td><td>2,530</td><td>3.3</td><td>2,292</td><td>3.9</td><td>238</td><td>10.4</td></tr><tr><td>Moneyline revenue share</td><td>1,240</td><td>1.6</td><td>1,806</td><td>3.1</td><td>-566</td><td>-31.3</td></tr><tr><td>General and administrative</td><td>4,263</td><td>5.6</td><td>4,077</td><td>7.0</td><td>186</td><td>4.6</td></tr><tr><td>Total expenses</td><td>$58,481</td><td>77.1%</td><td>$54,058</td><td>92.4%</td><td>$4,423</td><td>8.2%</td></tr></table>
<table><tr><td></td><td colspan="3"> Year Ended December 31,</td></tr><tr><td></td><td>2007</td><td>2006</td><td> 2005</td></tr><tr><td></td><td colspan="3"> ($ in thousands)</td></tr><tr><td>Revenues generated by Stockholder-Broker Dealer Clients and their affiliates</td><td></td><td></td><td></td></tr><tr><td>Commissions</td><td>$31,442</td><td>$35,626</td><td>$36,588</td></tr><tr><td>Information and user access fees</td><td>798</td><td>1,177</td><td>1,052</td></tr><tr><td>Investment income</td><td>2,062</td><td>1,007</td><td>796</td></tr><tr><td>Other</td><td>452</td><td>510</td><td>607</td></tr><tr><td>Total</td><td>$34,754</td><td>$38,320</td><td>$39,043</td></tr><tr><td>Percentage of revenues</td><td></td><td></td><td></td></tr><tr><td>Commissions</td><td>39.2%</td><td>49.9%</td><td>54.7%</td></tr><tr><td>Information and user access fees</td><td>13.6%</td><td>21.5%</td><td>23.7%</td></tr><tr><td>Investment income</td><td>39.3%</td><td>21.9%</td><td>25.2%</td></tr><tr><td>Other</td><td>27.9%</td><td>53.8%</td><td>57.3%</td></tr><tr><td>Total</td><td>37.1%</td><td>46.0%</td><td>49.7%</td></tr><tr><td>Number of Stockholder Broker-Dealer Clients</td><td>7</td><td>9</td><td>9</td></tr></table>
<table><tr><td></td><td colspan="2"> As of December 31,</td></tr><tr><td></td><td> 2010</td><td> 2009</td></tr><tr><td></td><td colspan="2"> (In thousands)</td></tr><tr><td>Cash and cash equivalents</td><td>$110,642</td><td>$101,273</td></tr><tr><td>Securities and cash provided as collateral</td><td>4,049</td><td>4,067</td></tr><tr><td>Accounts receivable</td><td>829</td><td>3,431</td></tr><tr><td>Accounts payable</td><td>66</td><td>29</td></tr></table>
<table><tr><td></td><td colspan="3"> Year Ended December 31,</td></tr><tr><td></td><td> 2010</td><td> 2009</td><td> 2008</td></tr><tr><td></td><td colspan="3"> (In thousands)</td></tr><tr><td>Commissions</td><td>$5,541</td><td>$14,103</td><td>$12,466</td></tr><tr><td>Technology products and services</td><td>16</td><td>35</td><td>33</td></tr><tr><td>Information and user access fees</td><td>132</td><td>243</td><td>276</td></tr><tr><td>Investment income</td><td>113</td><td>214</td><td>1,165</td></tr><tr><td>Other income</td><td>63</td><td>152</td><td>169</td></tr><tr><td>General and administrative</td><td>27</td><td>79</td><td>57</td></tr></table>

Question: What's the growth rate of Technology and communications in 2004?
Answer: 0.34637