Table of Contents Broker-dealer clients pay a commission for transactions in sovereign and corporate bonds issued by entities domiciled in an emerging markets country based on the type and amount of the security traded.
The commission is calculated on a standard schedule that applies to all broker-dealer clients and varies depending on whether the transaction is in an actively traded sovereign issue, a less actively traded sovereign issue or a corporate issue.
A lower commission rate is charged for actively traded sovereign issues, while a higher commission rate is charged for corporate issues.
The average commission on emerging markets transactions for the year ended December 31, 2004 was $205 per million traded.
For newly-issued U. S.  high-grade corporate bonds and for newly-issued sovereign and corporate bonds issued by entities domiciled in an emerging markets country, we enable U. S.  institutional investors to submit indications of interest on our electronic trading platform directly to the underwriter syndicate desks of our broker-dealer clients.
Broker-dealer clients pay a commission for new issue transactions that is based on the allocation amount.
The commission is set as a percentage of the new issue selling costs paid by the issuer to our broker-dealer client.
The percentage of the new issue selling costs is lower on orders over $5 million.
The fee is capped on larger transactions.
There are currently no fixed monthly fees or caps on the level of monthly commissions.
The average commission on new issue transactions for the year ended December 31, 2004 was $297 per million traded U. S.  Treasury Securities In September 2004, we started trading U. S.  Treasury securities on our trading platform.
In 2004, the total revenues we derived from the trading of U. S.  Treasury securities on our platform was not material.
The commission is calculated as a flat fee per million of notional amount traded and applies to all broker-dealer clients.
Please see “— Risk Factors That May Affect Future Results — If we are unable to enter into additional marketing and strategic alliances or if our current strategic alliances are not successful, we may not maintain the current level of trading or generate increased trading on our trading platform.
Information and User Access Fees
## Table 0 ##
Information and user access fees consist of information services fees and monthly user fees.
We charge information services fees for Corporate BondTicker to our broker-dealer clients, institutional investor clients and data only subscribers.
The information services fee is a flat monthly fee, based on the level of service.
We also generate information services fees from the sale of bulk data to certain institutional investor clients and data only subscribers.
Institutional investor clients trading U. S.  high-grade corporate bonds are charged a monthly user access fee for the use of our platform.
The fee, billed quarterly, is charged to the client based on the number of the client’s users.
To encourage institutional investor clients to execute trades on our U. S.  high-grade corporate bond platform, we reduce these information and user access fees for such clients once minimum quarterly trading volumes are attained.
Revenues Our revenues for the years ended December 31, 2004 and 2003, and the resulting dollar and percentage change, are as follows:
## Table 1 ##
Commissions.
Total commissions increased by $15.4 million or 29.1% to $68.2 million for the year ended December 31, 2004 from $52.8 million for the comparable period in 2003.
This increase was primarily due to increases in the amount of U. S.  high-grade commissions and substantial increases in European high-grade commissions.
U. S.  high-grade commissions increased by $5.2 million or 12.8% to $45.5 million for the year ended December 31, 2004 from $40.3 million for the comparable period in 2003.
European high-grade commissions increased by $8.0 million or 112.5% to $15.1 million from $7.1 million for the comparable period in 2003.
Other commissions increased by $2.2 million or 41.0% to $7.6 million from $5.4 million for the comparable period in 2003.
These increases were primarily due to an increase in transaction volume from $192.2 billion for the year ended December 31, 2003 to $298.1 billion for the year ended December 31, 2004 generated by new and existing clients, offset by a 16.7% reduction in the average commission per million from $275 per million for the year ended December 31, 2003 to $229 per million for the year ended December 31, 2004.
This decrease in average commission per million was attributable to the full-year effect of our U. S.  high-grade fee plans, increasing volumes of transactions with lower fees per million and an increase in the percentage of trades executed on the platform with shorter maturities, which generally generate lower commissions per million, Information and User Access Fees.
Information and user access fees increased by $1.6 million or 137.2% to $2.7 million for the year ended December 31, 2004 from $1.1 million for the year ended December 31, 2003.
This increase was primarily due to an increase in the number of subscribers to our Corporate BondTicker service.
License Fees.
License fees decreased by $1.0 million or 24.2% to $3.1 million for the year ended December 31, 2004 from $4.1 million for the year ended December 31, 2003.
This decrease was due to the addition of four new broker-dealer clients in the year ended December 31, 2004 compared to five new broker-dealer clients added in the year ended December 31, 2003.
Interest Income.
Interest income increased by $0.5 million or 137.7% to $0.9 million for the year ended December 31, 2004 from $0.4 million for the comparable period in 2003.
This increase was due to a rise in interest rates and higher cash, cash equivalents and short-term investment balances during the year ended December 31, 2004 as compared to the comparable period in 2003.
Other.
Other revenues increased to $0.9 million for the year ended December 31, 2004 from $0.0 million for the comparable period in 2003.
This increase was primarily due to the effects of a change in accounting policy with respect to recognizing as revenue gross telecommunication line fees paid by broker-
PART II Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Price Range Our common stock commenced trading on the NASDAQ National Market under the symbol “MKTX” on November 5, 2004.
Prior to that date, there was no public market for our common stock.
The high and low bid information for our common stock, as reported by NASDAQ, was as follows:
## Table 2 ##
On March 8, 2006, the last reported closing price of our common stock on the NASDAQ National Market was $12.59.
Holders There were approximately 114 holders of record of our common stock as of March 8, 2006.  Dividend Policy We have not declared or paid any cash dividends on our capital stock since our inception.
We intend to retain future earnings to finance the operation and expansion of our business and do not anticipate paying any cash dividends in the foreseeable future.
In the event we decide to declare dividends on our common stock in the future, such declaration will be subject to the discretion of our Board of Directors.
Our Board may take into account such matters as general business conditions, our financial results, capital requirements, contractual, legal, and regulatory restrictions on the payment of dividends by us to our stockholders or by our subsidiaries to us and any such other factors as our Board may deem relevant.
Use of Proceeds On November 4, 2004, the registration statement relating to our initial public offering (No.333-112718) was declared effective.
We received net proceeds from the sale of the shares of our common stock in the offering of $53.9 million, at an initial public offering price of $11.00 per share, after deducting underwriting discounts and commissions and estimated offering expenses.
Except for salaries, and reimbursements for travel expenses and other out-of -pocket costs incurred in the ordinary course of business, none of the proceeds from the offering have been paid by us, directly or indirectly, to any of our directors or officers or any of their associates, or to any persons owning ten percent or more of our outstanding stock or to any of our affiliates.
We have invested the proceeds from the offering in cash and cash equivalents and short-term marketable securities.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="6"> Year Ended December 31,</td></tr><tr><td></td><td colspan="2"> 2004</td><td colspan="2"> 2003</td><td colspan="2"> 2002</td></tr><tr><td></td><td></td><td> % of</td><td></td><td> % of</td><td></td><td> % of</td></tr><tr><td></td><td></td><td> Total</td><td></td><td> Total</td><td></td><td> Total</td></tr><tr><td></td><td> $</td><td> Revenues</td><td> $</td><td> Revenues</td><td> $</td><td> Revenues</td></tr><tr><td></td><td colspan="6"> ($ in thousands)</td></tr><tr><td>Information services fees</td><td>$2,280</td><td>3.0%</td><td>$826</td><td>1.5%</td><td>$15</td><td>0.0%</td></tr><tr><td>User access fees</td><td>433</td><td>0.6</td><td>318</td><td>0.5</td><td>272</td><td>1.5</td></tr><tr><td></td><td>$2,713</td><td>3.6%</td><td>$1,144</td><td>2.0%</td><td>$287</td><td>1.5%</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">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> 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>$45,465</td><td>60.0%</td><td>$40,310</td><td>69.0%</td><td>$5,155</td><td>12.8%</td></tr><tr><td>European high-grade</td><td>15,142</td><td>20.0</td><td>7,126</td><td>12.2</td><td>8,016</td><td>112.5</td></tr><tr><td>Other</td><td>7,565</td><td>10.0</td><td>5,364</td><td>9.1</td><td>2,201</td><td>41.0</td></tr><tr><td>Total commissions</td><td>68,172</td><td>90.0</td><td>52,800</td><td>90.3</td><td>15,372</td><td>29.1</td></tr><tr><td>Information and user access fees</td><td>2,713</td><td>3.6</td><td>1,144</td><td>2.0</td><td>1,569</td><td>137.2</td></tr><tr><td>License fees</td><td>3,143</td><td>4.1</td><td>4,145</td><td>7.1</td><td>-1,002</td><td>-24.2</td></tr><tr><td>Interest income</td><td>882</td><td>1.2</td><td>371</td><td>0.6</td><td>511</td><td>137.7</td></tr><tr><td>Other</td><td>887</td><td>1.1</td><td>—</td><td>0</td><td>887</td><td>—</td></tr><tr><td>Total revenues</td><td>$75,797</td><td>100%</td><td>$58,460</td><td>100%</td><td>$17,337</td><td>29.7%</td></tr></table>
<table><tr><td></td><td>High</td><td>Low</td></tr><tr><td>November 5, 2004 to December 31, 2004</td><td>$24.41</td><td>$12.75</td></tr><tr><td>January 1, 2005 to March 31, 2005</td><td>$15.95</td><td>$9.64</td></tr><tr><td>April 1, 2005 to June 30, 2005</td><td>$13.87</td><td>$9.83</td></tr><tr><td>July 1, 2005 to September 30, 2005</td><td>$14.09</td><td>$9.99</td></tr><tr><td>October 1, 2005 to December 31, 2005</td><td>$13.14</td><td>$10.64</td></tr></table>

Question: What is the average growth rate of U.S. high-grade between 2003 and 2004?
Answer: 0.12063
Reasoning program: subtract(45465,40310), divide(#0,45465), subtract(45465,40310), divide(#2,40310), add(#1,#3), divide(#4,const_2)