eSpeed's ( ESPD) second-quarter earnings and revenue will fall below expectations, depressed by growing competition for its electronic bond trading business. The company expects to report earnings and operating earnings of 15 cents to 16 cents a share on revenue of $42 million to $43 million in the three months to June 30. Analysts had been forecasting earnings of 20 cents a share on revenue of $46.4 million. "Our weaker-than-expected performance during the second quarter was due to erosion of our market position from competitive pricing pressure and lower-than-expected market volumes in Europe," the company said. eSpeed's stock has been steadily falling from around $27 last fall on concerns about the impact of rising interest rates. It closed Thursday at $17.46, about $1 above its 52-week low. In the second quarter, eSpeed expects to show fully electronic volume of $8 trillion, up from $7.8 trillion a year ago. Average daily Federal Reserve U.S. Treasury volume should be between $515 and $520 billion, up from a previous expectation of $490 to $510 billion.