- Non-cash impairment charge for goodwill and other intangibles generated GAAP loss--
- Pro forma EPS of $0.52 for the fourth quarter and $2.87 for the full year, up 9%--
- Board of Directors maintains quarterly dividend of $0.30 per share through 2009
Conference Call, Monday Feb. 9, 2009 at 8:00 a.m. (New York, EST)/2:00 p.m. (Paris, CET)
Pro-forma non-GAAP net income in the fourth quarter was
- Gross revenues were up 21% in the fourth quarter and 19% for the full year, driven by increased volumes across all venues and pricing changes in the U.S. and European cash markets. These changes increased gross revenues, but also resulted in higher rebates to liquidity providers.
-
Net revenues benefited from higher volumes, but were negatively
impacted by new pricing initiatives which resulted in higher rebates
to customers, including Pack Epsilon pricing in
Europe , NYSE Arca tiered pricing in the U.S., andNYSE pricing changes made in connection with the introduction of theNYSE new market model designed to attract liquidity to the floor of theNYSE . Foreign exchange variances also negatively impacted net revenues by($55) million in the quarter, but positively impacted full year net revenues by$25 million . Net revenues are defined as total revenues less direct transaction costs comprised of Section 31 fees, liquidity payments, and routing and clearing fees. -
Diluted earnings per share in the fourth quarter of 2008 declined by
$0.13 or 20%, compared with the prior year, including a$0.07 per share negative impact for currency fluctuations and$0.06 per share impact for planned investments in NYSE Liffe U.S. and NYSE Amex, which was operating at a loss for the fourth quarter.
The table below summarizes the pro forma non-GAAP results for the fourth quarter and full year of 2008 and 2007.
4Q08 | 4Q07 | % Change | FY 2008 | FY 2007 | % Change | |||||||
Revenues | $1,177 | $974 | 21% | $4,474 | $3,750 | 19% | ||||||
Net Revenues | $683 | $694 | (2%) | $2,882 | $2,770 | 4% | ||||||
Net Income | $137 | $173 | (21%) | $763 | $700 | 9% | ||||||
Diluted Earnings Per Share | $0.52 | $0.65 | (20%) | $2.87 | $2.63 | 9% |
“During this period of unprecedented market dislocation and uncertainty,
we continue to focus on executing and delivering against our key
strategic initiatives which will drive our long-term growth,” said
Fixed operating expenses from continuing operations were
“In the fourth quarter, we continued to focus on driving the long-term
growth of our franchise through investment in new initiatives and the
integration of Amex® into our operations,” said
Other Financial Highlights
-
Included in the GAAP results for the fourth quarter of 2008 were
$94 million of pre-tax merger expenses and exit costs (primarily related to severance charges), compared to$18 million in the fourth quarter of 2007. For the full year 2008, pre-tax merger expenses and exit costs were$177 million , compared to$67 million in 2007. -
NYSE Euronext completed its acquisition of theAmerican Stock Exchange ® (Amex®) onOct. 1 . An estimated total of 6.8 million shares ofNYSE Euronext common stock were issued for the transaction, it is expected to produce annualized run-rate cost savings of approximately$120 million by the end of 2009 and is expected to be accretive in 2009. -
On
Oct. 1 , in connection with the completion of SunGard’s acquisition of a majority interest in GL Trade,NYSE Euronext received €161.6 million ($227.5 million ) from the sale of its 40% ownership stake in GL TRADE to SunGard. The results of GL Trade are incorporated in our GAAP results as discontinued operations. -
Effective upon closing of the Amex® transaction on
Oct. 1 ,NYSE Euronext removed the transfer restrictions on approximately 42 million common shares issued in connection with the merger ofNYSE and Archipelago. These shares were previously restricted untilMarch 2009 . -
As of
Dec. 31, 2008 ,NYSE Euronext had repurchased 13.4 million of its outstanding shares for a total of$348 million , at an average price of$26.04 per share. Management temporarily discontinued repurchases of shares to preserve capital; however, the Board authorization remains in place. -
On
Oct. 29 ,NYSE Euronext announced its intention to carry out a restructuring plan of its European operations in order to reduce fixed costs. The plan includes a proposed net reduction of approximately 200 headcount by the end of 2009 and is expected to result in annual run-rate savings of approximately$23 million in 2010. -
At
Dec. 31, 2008 ,NYSE Euronext had net debt of$2.1 billion . Cash, cash equivalents, investment and other securities (including$84 million related to Section 31 fees collected from market participants and due to theSEC ) were$1.0 billion and total debt was$3.1 billion . -
NYSE Euronext will make a$0.30 quarterly dividend per share payment onMarch 31, 2009 to shareholders of record as ofMarch 13, 2009 .
Business and Market Summary
-
Universal Trading Platform (UTP) made its debut with the
successful migration of NYSE Euronext’s European bond market onto the
platform, and will be rolled out to all of NYSE Euronext’s markets in
the U.S. and
Europe in 2009.
U.S.
- In the fourth quarter of 2008, the former Amex® equities trading business, now rebranded as NYSE Amex, relocated to NYSE’s trading floor.
-
NYSE in partnership withBIDS Holdings LP , launched its new block-trading venue, New York Block Exchange (NYBX) at the end ofJanuary 2009 . - In the fourth quarter, average daily volume was 4.1 billion shares traded, a 44% increase over the same period in 2007, representing the most active quarter ever, with a record 261.7 billion shares traded. For the full year 2008, a total of 894.5 billion shares were traded across all U.S. equities, up 24% compared to 2007.
-
In the fourth quarter, the
NYSE introduced its next generation market model to attract liquidity to the floor of theNYSE . The new model transforms Specialists into Designated Market Makers (DMMs) and also establishes Supplemental Liquidity Providers (SLPs), a new class of upstairs, electronic, high-volume members incented to add liquidity on theNYSE . In part as a result of the implementation of this new model, DMM participation increased from 3.6% in September, to 7.0% in December. -
U.S. market share in Tape A securities increased to 43.4% in December,
from 42.2% in September. NYSE Tape A market share increased 400 basis
points during the same period, driven in part by the success of the
new
NYSE market model. -
The
NYSE recently announced plans to roll out new pricing onMarch 1, 2009 . TheNYSE fee change will include customer rebates for adding liquidity, while continuing to offer the lowest transaction fees for taking liquidity, which is expected to be rolled out in conjunction with significantNYSE execution speed improvements. The price change builds on the recent rebate incentive program for DMMs and SLPs. - During the fourth quarter of 2008, U.S. market share in Tape C securities reached 19.9% and showed continued growth as compared to 19.2% for the same period a year ago.
-
NYSE Euronext appointed EuroCCP, a wholly-owned subsidiary of theDepository Trust & Clearing Corporation (DTCC) based inLondon , as clearer of NYSE Arca Europe, its Multilateral Trading Facility (MTF), which is expected to launch in the first quarter of 2009. -
SmartPool, the new MTF set up by
NYSE Euronext ,BNP Paribas ,HSBC andJ.P. Morgan , began trading services in earlyFebruary 2009 , initially with stocks from 15 European markets. -
NYSE Euronext introduced its Single Order Book which aggregates liquidity for each security listed on itsAmsterdam ,Brussels andParis cash markets on one single trading line for each security. - In the fourth quarter of 2008, NYSE Euronext’s European cash markets experienced average daily volume of 1.6 million trades, an increase of 20% versus the same period last year.
-
October 2008 was a record month for NYSE Euronext’s European markets, registering an all-time record 49 million transactions executed. The previous record was set inJanuary 2008 , with 41 million transactions executed. -
In 2008, a total of 397.0 million transactions were executed on
NYSE Euronext European markets, an increase of 23% compared to the same period in 2007.
Global Exchange Traded Products
-
NYSE Euronext is the world's leading marketplace for Exchange Traded Products, with more that 1,100 ETFs listed onNYSE Euronext markets consisting of 710 primary ETF listings in the U.S. and 396 primary ETFs inEurope . - NYSE Euronext’s European exchanges added 41,472 new warrant and certificate listings in 2008, a 52% increase from 2007.
- In the fourth quarter, NYSE Arca added 699 ETPs, including 657 from the acquisition of Amex®, consisting of 426 ETFs, 11 ETNs, and 262 certificates.
- Average daily volume in the fourth quarter of 2008 was 647 million shares, compared to 278 million in the fourth quarter of 2007.
- Average daily volume for 2008 was 450 million shares, compared to 252 million in 2007.
European Derivatives
-
NYSE Liffe and LCH.
Clearnet Ltd , launched the first exchange-based clearing solution for credit default swap (CDS) index contracts on Bclear and receivedSEC exemptive relief allowing qualified U.S. market participants to access the joint clearing solution for the CDS market. -
NYSE Euronext signed a memorandum of understanding with two major Chinese exchanges, theDalian Commodity Exchange and theZhengzhou Commodity Exchange .NYSE Euronext is now working with both exchanges on market development, information sharing and technology. - NYSE Liffe traded an average of 3.7 million futures and options, including Bclear, during the fourth quarter of 2008, a 5% increase from the year ago quarter.
- In 2008 NYSE Liffe traded over 1 billion contracts for the first time, an increase of 11% compared to 2007, including a total of 191 million contracts processed by Bclear, an increase of 56%, compared to 2007. Average daily volume on NYSE Liffe for the full year was 4.1 million, up 10% compared to 2007.
- A total of 309 million individual equity and 173 million equity index derivative contracts were traded in 2008, representing an increase of 18% and 11%, respectively compared to 2007.
- 529 million short-term interest rate derivatives contracts were traded, up 8%, and 13 million commodity contracts were traded, up 4%.
U.S. Derivatives
- The former Amex® options trading business, now branded as NYSE Amex Options, will relocate to NYSE’s trading floor in the first quarter of 2009.
-
NYSE Euronext’s U.S. options platforms, NYSE Arca Options and
NYSE Amex Options, registered average daily volume of 2.1 million contracts during the fourth quarter of 2008, an increase of 15.3% compared to the year ago quarter. - An average of 1.8 million contracts were traded each day in 2008. Total volume grew by 37%, outpacing overall U.S. options industry volume growth of 27%.
-
For equity options trading in the SEC Penny Pilot program, NYSE Arca
Options executed 12% of all eligible issues in the fourth quarter, a
4% increase since the pilot began in
January 2007 . -
NYSE Euronext’s U.S. futures business, NYSE Liffe U.S., traded over
1.8 million metals contracts since its launch in September and
executes approximately 22,000 contracts per day.
The Options Clearing Corp. will become the NYSE Liffe U.S. clearing house in the first quarter of 2009.
Global Listings
-
Based on IPO proceeds raised globally in 2008,
NYSE Euronext retained its No. 1 ranking among major exchanges, with$45 billion raised, or 37% of total IPO capital raised. -
NYSE Euronext attracted the largest IPO in U.S. history, withVisa (NYSE: V), raising$17.86 billion /€11.5 billion, and the second-largest IPO this year inEurope , withEDPR (NYSE Euronext : EDPR) raising$2.42 billion /€1.566 billion. -
A total of seven companies from
China listed on the U.S. and European markets ofNYSE Euronext during 2008, with three listing in the U.S. and four listing inEurope . -
The
NYSE launched the NYSE Market Access Center, a comprehensive investor relations and market intelligence service for senior executives atNYSE -listed companies.
NYSE Technologies (formerly NYSE Euronext Advanced Trading Solutions Business)
-
NYSE Technologies is the commercial technology business comprising the
software products, network services, exchange solutions and market
data solutions developed by
NYSE Euronext , includingNYSE TransactTools, the entity formerly known as AEMS and Wombat Financial Software. The business provides the investment community with leading electronic trading technology for liquidity center connectivity, trading applications, exchange solutions, market data content & management and low latency trade messaging. - The SFTI Europe network is developed, clients are in the process of being connected, and the network will be fully launched in the first quarter of 2009.
-
NYSE Euronext completed the integration of the Wombat quoting engine into theNYSE and NYSE Amex markets, significantly reducing latency. -
In 2008, commercial partnerships were established with BM&F Bovespa
(equities and derivatives platforms);
Bursa Malaysia (derivatives platform);Philippines Stock Exchange (MOU and new trading platform) and theTokyo Stock Exchange (Tdex+ based on LIFFE CONNECT). -
NYSE Euronext also announced plans to establish a partnership with theState of Qatar to transform theDoha Securities Market into an integrated cash and derivatives exchange (the "Qatari Securities Market", or "QSM"), while providingNYSE Euronext with a significant presence in theMiddle East . As part of the partnership,NYSE Euronext plans to become a strategic shareholder with a Board presence in QSM, while NYSE Technologies would provide management consulting, technology services, and the links between the QSM cash and derivatives markets and the world's largest financial centers. -
NYSE Euronext debuted a suite of new market data products in the U.S. andEurope that enables internet and media organizations to disseminate real-time, last sale prices from the company's equities markets free of charge to the public. Also introduced in 2008 were NYSE OpenBook Ultra and NYSE Order Imbalances, products that significantly enhance transparency and speed of accessing data in the trading ofNYSE -listed securities.
NYSE Regulation
-
In
July 2007 ,NYSE Group and NYSE Regulation completed an asset purchase agreement with FINRA pursuant to which the member firm regulatory functions of NYSE Regulation, including related enforcement activities, risk assessment and the arbitration service were consolidated with those of FINRA. The transfer has resulted in a decrease in revenues derived from broker-dealer activities in 2008, compared to 2007.
Analyst/Investor/Media Call: Feb. 9,
A presentation and live audio webcast of the fourth quarter 2008 earnings conference call will be available on the Investor Relations section of NYSE Euronext’s website, http://www.nyseeuronext.com/ir. Those wishing to listen to the live conference via telephone should dial-in at least ten minutes before the call begins. An audio replay of the conference call will be available approximately one hour after the call on the Investor Relations section of NYSE Euronext’s website, http://www.nyseeuronext.com/ir or by dial-in beginning approximately two hours following the conclusion of the live call.
Live Dial-in Information: |
United States: 800.901.5217 |
International: 617.786.2964 |
Passcode: 23774007 |
Replay Dial-in Information: |
United States: 888.286.8010 |
International: 617.801.6888 |
Passcode: 32531565 |
The results of operations of
Note:
-- Derivatives trading accounts for 22%
-- European cash trading accounts for 21%
-- U.S. cash trading accounts for 12%
-- Market data accounts for 16%
-- Listing accounts for 15%
-- Software and technology services accounts for 8%
To supplement NYSE Euronext’s consolidated financial statements prepared
in accordance with GAAP and to better reflect period-over-period
comparisons,
About
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements include,
but are not limited to, statements concerning NYSE Euronext’s plans,
objectives, expectations and intentions and other statements that are
not historical or current facts. Forward-looking statements are based on
NYSE Euronext’s current expectations and involve risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied in such forward-looking statements. Factors that
could cause NYSE Euronext’s results to differ materially from current
expectations include, but are not limited to: NYSE Euronext’s ability to
implement its strategic initiatives, economic, political and market
conditions and fluctuations, government and industry regulation,
interest rate risk and U.S. and global competition, and other factors
detailed in NYSE Euronext’s reference document for 2007 ("document de
référence") filed with the French Autorité des Marchés Financiers
(Registered on
NYSE Euronext | |||||||||
Condensed consolidated statements of income in accordance with U.S. GAAP (unaudited) | |||||||||
(in millions, except per share data) | |||||||||
Three months ended December 31, | Year ended December 31, | ||||||||
|
2008 | 2007 | 2008 | 2007 | |||||
Revenues | |||||||||
Activity assessment | $ 40 | $ 124 | $ 229 | $ 556 | |||||
Cash trading | 679 | 475 | 2,387 | 1,575 | |||||
Derivatives trading | 190 | 220 | 919 | 661 | |||||
Listing | 101 | 99 | 395 | 385 | |||||
Market data | 108 | 101 | 429 | 371 | |||||
Software and technology services | 53 | 23 | 160 | 98 | |||||
Regulatory | 13 | 16 | 49 | 152 | |||||
Other | 33 | 40 | 135 | 140 | |||||
Total revenues | 1,217 | 1,098 | 4,703 | 3,938 | |||||
Section 31 fees | (40) | (124) | (229) | (556) | |||||
Liquidity payments | (405) | (218) | (1,292) | (729) | |||||
Routing and clearing | (89) | (62) | (300) | (222) | |||||
Merger expenses and exit costs | (94) | (18) | (177) | (67) | |||||
Impairment charges | (1,590) | - | (1,590) | - | |||||
Compensation | (184) | (169) | (664) | (612) | |||||
Systems and communications | (80) | (84) | (317) | (264) | |||||
Professional services | (57) | (36) | (163) | (112) | |||||
Depreciation and amortization | (72) | (73) | (253) | (240) | |||||
Occupancy | (29) | (32) | (125) | (115) | |||||
Marketing and other | (51) | (53) | (184) | (172) | |||||
Regulatory fine income | - | 11 | 3 | 30 | |||||
Operating (loss) income from continuing operations | (1,474) | 240 | (588) | 879 | |||||
Net interest and investment loss | (27) | (27) | (99) | (60) | |||||
Gain (loss) on sale of equity investment | 2 | (1) | 4 | 33 | |||||
Income from associates | 1 | 1 | 1 | 10 | |||||
Other income | 9 | 12 | 37 | 30 | |||||
(Loss) income from continuing operations before | |||||||||
income tax provision and minority interest | (1,489) | 225 | (645) | 892 | |||||
Income tax benefit (provision) | 149 | (70) | (95) | (243) | |||||
Minority interest | - | (1) | (5) | (10) | |||||
(Loss) income from continuing operations | (1,340) | 154 | (745) | 639 | |||||
Income from discontinued operations, net of tax | 2 | 2 | 7 | 4 | |||||
Net (loss) income | $ (1,338) | $ 156 | $ (738) | $ 643 | |||||
Basic (loss) earnings per share from continuing operations | $ (5.07) | $ 0.58 | $ (2.81) | $ 2.71 | |||||
Basic earnings per share from discontinued operations | 0.01 | 0.01 | 0.03 | 0.02 | |||||
Basic (loss) earnings per share | $ (5.06) | $ 0.59 | $ (2.78) | $ 2.73 | |||||
Diluted (loss) earnings per share from continuing operations | $ (5.07) | $ 0.58 | $ (2.81) | $ 2.68 | |||||
Diluted earnings per share from discontinued operations | 0.01 | 0.01 | 0.03 | 0.02 | |||||
Diluted (loss) earnings per share | $ (5.06) | $ 0.59 | $ (2.78) | $ 2.70 | |||||
Basic weighted average shares outstanding | 264 | 265 | 265 | 237 | |||||
Diluted weighted average shares outstanding | 264 | 266 | 265 | 238 |
NYSE Euronext | |||||||||||||||
Condensed combined statements of income including non-GAAP financial measures (unaudited) | |||||||||||||||
(in millions, except per share data) | |||||||||||||||
We use non-GAAP financial measures of operating performance. Non-GAAP measures do not replace and are not superior to the presentation of our GAAP financial results but are provided to improve overall understanding of our current financial performance and our prospects for the future. |
|||||||||||||||
Please refer to the table entitled "Reconciliation of non-GAAP Financial Measures to GAAP Measures (unaudited)" | |||||||||||||||
Three months ended December 31, [a, b, c, d, e] | Year ended December 31, [a, b, c, d, e] | ||||||||||||||
2008 | 2007 | 2008 | 2007 | ||||||||||||
Pro Forma Combined | Pro Forma Combined | Pro Forma Combined | Pro Forma Combined | ||||||||||||
Revenues | |||||||||||||||
Cash trading | $ 679 | $ 475 | $ 2,387 | $ 1,696 | |||||||||||
Derivatives trading | 190 | 220 | 919 | 845 | |||||||||||
Listing | 101 | 99 | 395 | 390 | |||||||||||
Market data | 108 | 101 | 429 | 415 | |||||||||||
Software and technology services | 53 | 23 | 160 | 100 | |||||||||||
Regulatory | 13 | 16 | 49 | 152 | |||||||||||
Other | 33 | 40 | 135 | 152 | |||||||||||
Total revenues | 1,177 | 974 | 4,474 | 3,750 | |||||||||||
Liquidity payments | (405) | (218) | (1,292) | (756) | |||||||||||
Routing and clearing | (89) | (62) | (300) | (224) | |||||||||||
Compensation | (184) | (169) | (700) | [f] | (674) | [g] | |||||||||
Systems and communications | (80) | (84) | (317) | (311) | |||||||||||
Professional services | (57) | (36) | (163) | (121) | |||||||||||
Depreciation and amortization | (72) | (73) | (253) | (274) | [h] | ||||||||||
Occupancy | (29) | (32) | (125) | (126) | |||||||||||
Marketing and other | (51) | (53) | (184) | (190) | |||||||||||
Regulatory fine income | - | 11 | 3 | 30 | |||||||||||
Operating income | 210 | 258 | 1,143 | 1,104 | |||||||||||
Net interest and investment loss | (27) | (20) | (99) | (87) | [i] | ||||||||||
Income from associates | 1 | 6 | 1 | 14 | |||||||||||
Other income | 9 | 13 | 37 | 32 | |||||||||||
Income before income tax provision and | |||||||||||||||
minority interest | 193 | 257 | 1,082 | 1,063 | |||||||||||
Income tax provision | (56) | (82) | (314) | (351) | [j] | ||||||||||
Minority interest | - | (2) | (5) | (12) | |||||||||||
Net income | $ 137 | $ 173 | $ 763 | $ 700 | |||||||||||
Basic earnings per share | $ 0.52 | $ 0.65 | $ 2.88 | $ 2.64 | |||||||||||
Diluted earnings per share | $ 0.52 | $ 0.65 | $ 2.87 | $ 2.63 | |||||||||||
Basic weighted average shares outstanding | 264 | 265 | 265 | 265 | |||||||||||
Diluted weighted average shares outstanding | 264 | 266 | 266 | 266 | |||||||||||
The pro forma non-GAAP results of NYSE Euronext include the following adjustments to the GAAP results: | |||||||||||||||
[a] |
The results of operations are presented as if the merger with NYSE Group and Euronext N.V. and the divestiture of the investment in GL Trade had been completed at the beginning of the earliest period presented. |
||||||||||||||
[b] |
Merger expenses and exit costs of $94 million and $18 million have been eliminated from the results of operations for the three months ended December 31, 2008 and 2007, respectively, and $177 million and $175 million for the year ended December 31, 2008 and 2007, respectively, as they represent nonrecurring charges. |
||||||||||||||
|
|||||||||||||||
[c] |
Impairment losses of $1,590 million have been eliminated from the results of operations for the three months and year ended December 31, 2008 as they represent nonrecurring charges. |
||||||||||||||
[d] |
Activity assessment fees and Section 31 fees have been excluded from revenues and expenses, respectively, as they have no impact on operating income or net income. |
||||||||||||||
[e] |
Gains on sale of equity investments of $2 million, $4 million and $33 million have been eliminated from the results of operations for the three months ended December 31, 2008, the year ended December 31, 2008 and the year ended December 31, 2007, respectively, as they represent nonrecurring items. |
||||||||||||||
[f] |
The results of operations for the year ended December 31, 2008 exclude $36 million of income from the reversal of an accrual relating to certain litigation between a former Chairman & CEO and the NYSE, which was terminated on July 31, 2008. |
||||||||||||||
[g] |
The results of operations for the year ended December 31, 2007 include a $13 million net curtailment gain in connection with the elimination of certain components of our postretirement plans in the U.S. |
||||||||||||||
|
|||||||||||||||
[h] |
The results of operations for the year ended December 31, 2007 include amortization expense of $25 million related to the fair value of the identifiable intangible assets prior to the April 4, 2007 merger with Euronext. |
||||||||||||||
[i] |
The results of operations for the year ended December 31, 2007 include interest expense of $27 million on the NYSE Euronext debt incurred as part of the merger with Euronext for the period prior to the April 4, 2007 merger with Euronext. |
||||||||||||||
|
|||||||||||||||
[j] |
The results of operations for the year ended December 31, 2007 exclude a non-recurring $55 million tax benefit in connection with the enacted reduction of the UK corporate tax rate from 30% to 28% effective April 1, 2008. |
NYSE Euronext | ||||||||||||||||||
Condensed combined statements of income including non-GAAP financial measures (unaudited) | ||||||||||||||||||
(in millions, except per share data) | ||||||||||||||||||
We use non-GAAP financial measures of operating performance. Non-GAAP measures do not replace and are not superior to the presentation of our GAAP financial results but are provided to improve overall understanding of our current financial performance and our prospects for the future. |
||||||||||||||||||
|
||||||||||||||||||
Three months ended | Three months ended | |||||||||||||||||
December 31, 2008 [a, b, c, d, e] | December 31, 2007 [a, b, c, d] | |||||||||||||||||
US Operations | European Operations | Corporate Items [g] | Pro Forma Combined | US Operations | European Operations | Corporate Items [g] | Pro Forma Combined | |||||||||||
Revenues | ||||||||||||||||||
Cash trading | $ 537 | $ 142 | $ - | $ 679 | $ 327 | $ 148 | $ - | $ 475 | ||||||||||
Derivatives trading | 44 | 146 | - | 190 | 37 | 183 | - | 220 | ||||||||||
Listing | 94 | 7 | - | 101 | 92 | 7 | - | 99 | ||||||||||
Market data | 59 | 49 | - | 108 | 52 | 49 | - | 101 | ||||||||||
Other revenues | 60 | 66 | (27) | 99 | 65 | 14 | - | 79 | ||||||||||
Total revenues (1) | 794 | 410 | (27) | 1,177 | 573 | 401 | - | 974 | ||||||||||
Liquidity payments, routing and clearing (2) | (467) | (27) | - | (494) | (248) | (32) | - | (280) | ||||||||||
Fixed operating expenses | (286) | (208) | 21 | (473) | (222) | (215) | (10) | (447) | ||||||||||
Regulatory fine income | - | - | - | - | 11 | - | - | 11 | ||||||||||
Operating income | $ 41 | $ 175 | $ (6) | $ 210 | $ 114 | $ 154 | $ (10) | $ 258 | ||||||||||
Net revenues= (1) + (2) | $ 327 | $ 383 | $ (27) | $ 683 | $ 325 | $ 369 | $ - | $ 694 | ||||||||||
Year ended | Year ended | |||||||||||||||||
December 31, 2008 [a, b, c, d, e] | December 31, 2007 [a, b, c, d] | |||||||||||||||||
US Operations | European Operations | Corporate Items [g] | Pro Forma Combined | US Operations | European Operations | Corporate Items [g] | Pro Forma Combined | |||||||||||
Revenues | ||||||||||||||||||
Cash trading | $ 1,759 | $ 628 | $ - | $ 2,387 | $ 1,165 | $ 531 | $ - | $ 1,696 | ||||||||||
Derivatives trading | 152 | 767 | - | 919 | 86 | 759 | - | 845 | ||||||||||
Listing | 363 | 32 | - | 395 | 363 | 27 | - | 390 | ||||||||||
Market data | 215 | 214 | - | 429 | 225 | 190 | - | 415 | ||||||||||
Other revenues | 252 | 119 | (27) | 344 | 352 | 52 | - | 404 | ||||||||||
Total revenues (1) | 2,741 | 1,760 | (27) | 4,474 | 2,191 | 1,559 | - | 3,750 | ||||||||||
Liquidity payments, routing and clearing (2) | (1,445) | (147) | - | (1,592) | (850) | (130) | - | (980) | ||||||||||
Fixed operating expenses | (947) | [f] | (781) | (14) | (1,742) | (939) | (726) | (31) | (1,696) | |||||||||
Regulatory fine income | 3 | - | - | 3 | 30 | - | - | 30 | ||||||||||
Operating income | $ 352 | $ 832 | $ (41) | $ 1,143 | $ 432 | $ 703 | $ (31) | $ 1,104 | ||||||||||
Net revenues= (1) + (2) | $ 1,296 | $ 1,613 | $ (27) | $ 2,882 | $ 1,341 | $ 1,429 | $ - | $ 2,770 | ||||||||||
The pro forma non-GAAP results of NYSE Euronext include the following adjustments to the GAAP results: | ||||||||||||||||||
[a] |
The results of operations are presented as if the merger with NYSE Group and Euronext N.V. and the divestiture of the investment in GL Trade had been completed at the beginning of the earliest period presented. |
|||||||||||||||||
[b] |
Merger expenses and exit costs of $94 million and $18 million have been eliminated from the results of operations for the three months ended December 31, 2008 and 2007, respectively, and $177 million and $175 million for the year ended December 31, 2008 and 2007, respectively, as they represent nonrecurring charges. |
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|
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[c] | Activity assessment fees and Section 31 fees have been excluded from revenues and expenses, respectively, as they have no impact on operating income or net income. | |||||||||||||||||
[d] |
Gains on sale of equity investments of $ 2 million, $4 million and $33 million have been eliminated from the results of operations for the three months ended December 31, 2008, the year ended December 31, 2008 and the year ended December 31, 2007, respectively, as they represent nonrecurring items. |
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|
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[e] | Impairment losses of $1,590 million have been eliminated from the results of operations as they represent nonrecurring charges. | |||||||||||||||||
[f] |
The results of operations for the year ended December 31, 2008 exclude $36 million of income from the reversal of an accrual relating to certain litigation between a former Chairman & CEO and the NYSE, which was terminated on July 31, 2008. |
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|
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[g] | Corporate Items include intercompany eliminations of revenues and expenses between U.S. and Europe. |
NYSE Euronext | |||||||
Reconciliation of non-GAAP financial measures to GAAP measures (unaudited) | |||||||
(in millions) | |||||||
We use non-GAAP financial measures of operating performance. Non-GAAP measures do not replace and are not superior to the presentation of our GAAP financial results but are provided to improve overall understanding of our current financial performance and our prospects for the future. |
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|
|||||||
U.S. GAAP Results | Pro Forma Adjustments | Pro Forma Combined | |||||
Three months ended December 31, 2008 | |||||||
Revenues | $ 1,217 | $ (40) | [a] | $ 1,177 | |||
Operating expenses, net | (2,691) | 1,724 |
[a], [b] |
(967) | |||
Operating (loss) income | (1,474) | 1,684 | 210 | ||||
Net interest and investment loss | (27) | - | (27) | ||||
Gain on sale of businesses and equity investment | 2 | (2) | - | ||||
Income from associates | 1 | - | 1 | ||||
Other income | 9 | - | 9 | ||||
(Loss) income before income tax provision and | |||||||
minority interest | (1,489) | 1,682 | 193 | ||||
Income tax benefit (provision) | 149 | (205) | [c] | (56) | |||
Minority interest | - | - | - | ||||
(Loss) income from continuing operations | $ (1,340) | $ 1,477 | $ 137 | ||||
Year ended December 31, 2008 | |||||||
Revenues | $ 4,703 | $ (229) | [a] | $ 4,474 | |||
Operating expenses, net | (5,291) | 1,960 | [a], [b] | (3,331) | |||
Operating (loss) income | (588) | 1,731 | 1,143 | ||||
Net interest and investment loss | (99) | - | (99) | ||||
Gain on sale of businesses and equity investment | 4 | (4) | - | ||||
Income from associates | 1 | - | 1 | ||||
Other income | 37 | - | 37 | ||||
(Loss) income before income tax provision and | |||||||
minority interest | (645) | 1,727 | 1,082 | ||||
Income tax provision | (95) | (219) | [c] | (314) | |||
Minority interest | (5) | - | (5) | ||||
(Loss) income from continuing operations | $ (745) | $ 1,508 | $ 763 | ||||
[a] | Includes Activity assessment fees / Section 31 fees. | ||||||
[b] | Includes the following adjustments: | ||||||
Three months ended | Year ended | ||||||
December 31, 2008 | |||||||
Section 31 fees | $ 40 | $ 229 | |||||
Merger expenses and exit costs | 94 | 177 | |||||
Impairment charges | 1,590 | 1,590 | |||||
Compensation | - | (36) | * | ||||
$ 1,724 | $ 1,960 | ||||||
* Corresponding to the reversal of an accrual relating to certain litigation between a former Chairman & CEO and the NYSE, which was terminated on July 31, 2008. |
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|
|||||||
[c] | Tax effect of pro forma adjustments. |
NYSE Euronext | ||||||||||||||
Operating expenses including non-GAAP financial measures (unaudited) | ||||||||||||||
(in millions) | ||||||||||||||
We use non-GAAP financial measures of operating performance. Non-GAAP measures do not replace and are not superior to the presentation of our GAAP financial results but are provided to improve overall understanding of our current financial performance and our prospects for the future. |
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|
||||||||||||||
Operating expenses for the three months ended December 31, 2008 on a GAAP basis | $ 2,691 | |||||||||||||
less: | ||||||||||||||
Section 31 fees | (40) | |||||||||||||
Liquidity payments | (405) | |||||||||||||
Routing and clearing | (89) | |||||||||||||
Impairment charges | (1,590) | |||||||||||||
Merger expenses and exit costs | (94) | |||||||||||||
Fixed operating expenses for the three months ended December 31, 2008 | 473 | |||||||||||||
Excluding the impact of: | ||||||||||||||
Currency translation | 26 | |||||||||||||
Acquisitions and dispositions, net | (88) | * | ||||||||||||
Capacity initiatives and integration | (12) | |||||||||||||
Start up costs | (13) | ** | ||||||||||||
Fixed operating expenses for the three months ended December 31, 2008 on a pro forma non-GAAP basis | $ 386 | [a] | ||||||||||||
Operating expenses for the three months ended December 31, 2007 on a GAAP basis | $ 869 | |||||||||||||
less: | ||||||||||||||
Section 31 fees | (124) | |||||||||||||
Liquidity payments | (218) | |||||||||||||
Routing and clearing | (62) | |||||||||||||
Merger expenses and exit costs | (18) | |||||||||||||
Fixed operating expenses for the three months ended December 31, 2007 | $ 447 | [b] | ||||||||||||
Variance ($) | $ (61) | [a] -[b] = [c] | ||||||||||||
Variance (%) | -14% | [c] / [b] | ||||||||||||
Operating expenses for the year ended December 31, 2008 on a GAAP basis | $ 5,330 | *** | ||||||||||||
less: | ||||||||||||||
Section 31 fees | (229) | |||||||||||||
Liquidity payments | (1,292) | |||||||||||||
Routing and clearing | (300) | |||||||||||||
Impairment charges | (1,590) | |||||||||||||
Merger expenses and exit costs | (177) | |||||||||||||
Fixed operating expenses for the year ended December 31, 2008 | 1,742 | |||||||||||||
Excluding the impact of: | ||||||||||||||
Currency translation | (18) | |||||||||||||
Acquisitions and dispositions, net | (97) | * | ||||||||||||
Capacity initiatives and integration | (46) | |||||||||||||
Start up costs | (18) | ** | ||||||||||||
Fixed operating expenses for the year ended December 31, 2008 on a pro forma non-GAAP basis | $ 1,563 | [a] | ||||||||||||
Operating expenses for the year ended December 31, 2007 on a GAAP basis | $ 3,089 | |||||||||||||
less: | ||||||||||||||
Section 31 fees | (556) | |||||||||||||
Liquidity payments | (729) | |||||||||||||
Routing and clearing | (222) | |||||||||||||
Merger expenses and exit costs | (67) | |||||||||||||
add: | ||||||||||||||
Operating expenses of Euronext for the period which preceded the April 4, 2007 merger with NYSE Group | 181 | |||||||||||||
$ 1,696 | ||||||||||||||
add back: | ||||||||||||||
Net curtailment gain in connection with postretirement plans in the U.S. | 13 | |||||||||||||
Fixed operating expenses for the year ended December 31, 2007 | $ 1,709 | [b] | ||||||||||||
Variance ($) | $ (146) | [a] -[b] = [c] | ||||||||||||
Variance (%) | -9% | [c] / [b] | ||||||||||||
* |
Includes the contribution of Amex, Wombat, AEMS, Bluenext, and other new businesses, net of the transfer of certain regulatory functions carried out by NYSE Regulation to FINRA. |
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|
||||||||||||||
** | Includes the contribution of NYSE Liffe and SmartPool | |||||||||||||
*** |
Adjusted to exclude $36 million of income from the reversal of an accrual relating to certain litigation between a former Chairman & CEO and the NYSE, which was finally terminated on July 31, 2008. |
NYSE Euronext | ||||||
Condensed consolidated statements of financial condition (unaudited) | ||||||
(in millions) | ||||||
December 31, | ||||||
2008 | 2007 | |||||
Assets | ||||||
Current assets: | ||||||
Cash, cash equivalents, investment and other securities | $ 1,013 | $ 1,500 | ||||
Accounts receivable, net | 744 | 451 | ||||
Deferred income taxes | 113 | 111 | ||||
Other current assets | 156 | 98 | ||||
Current assets from discontinued operations | - | 118 | ||||
Total current assets | 2,026 | 2,278 | ||||
Property and equipment, net | 695 | 519 | ||||
Goodwill | 3,985 | 4,687 | ||||
Other intangible assets, net | 5,866 | 7,180 | ||||
Deferred income taxes | 671 | 384 | ||||
Investment in associates and other assets | 705 | 1,129 | ||||
Non-current assets from discontinued operations | - | 441 | ||||
Total assets | $ 13,948 | $ 16,618 | ||||
Liabilities and stockholders' equity | ||||||
Accounts payable and accrued expenses | $ 1,081 | $ 930 | ||||
Deferred revenue | 113 | 124 | ||||
Short term debt | 1,350 | 2,164 | ||||
Deferred income taxes | 38 | 53 | ||||
Current liabilities from discontinued operations | - | 191 | ||||
Total current liabilities | 2,582 | 3,462 | ||||
Accrued employee benefits | 576 | 312 | ||||
Deferred revenue | 360 | 349 | ||||
Long term debt | 1,787 | 494 | ||||
Deferred income taxes | 2,002 | 2,295 | ||||
Other liabilities | 67 | 27 | ||||
Non-current liabilities from discontinued operations | - | 119 | ||||
Total liabilities | 7,374 | 7,058 | ||||
Minority interest | 18 | 176 | ||||
Stockholders' equity | 6,556 | 9,384 | ||||
Total liabilities and stockholders' equity | $ 13,948 | $ 16,618 |
NYSE Euronext | ||||||||||||||||||||||||||
Selected Statistical Data: | ||||||||||||||||||||||||||
Volume Summary - Cash Products | ||||||||||||||||||||||||||
Average Daily Volume | Total Volume | Average Daily Volume | Total Volume | |||||||||||||||||||||||
(Unaudited) | Q4 '08 | Q4 '07 | % Chg | Q4 '08 | Q4 '07 | % Chg | FY 2008 | FY 2007 | % Chg 08 vs 07 | FY 2008 | FY 2007 | % Chg 08 vs 07 | ||||||||||||||
Number of Trading Days - European Markets | 64 | 64 | - | 64 | 64 | - | 256 | 255 | - | 256 | 255 | - | ||||||||||||||
Number of Trading Days - U.S. Markets | 64 | 64 | 64 | 64 | 253 | 251 | - | 253 | 251 | - | ||||||||||||||||
European Cash Products (trades in thousands) | 1,621 | 1,354 | 19.7% | 103,721 | 86,684 | 19.7% | 1,551 | 1,265 | 22.6% | 396,956 | 322,574 | 23.1% | ||||||||||||||
Equities | 1,560 | 1,300 | 20.0% | 99,869 | 83,209 | 20.0% | 1,497 | 1,212 | 23.4% | 383,119 | 309,141 | 23.9% | ||||||||||||||
Exchange-Traded Funds | 14 | 7 | 84.1% | 869 | 472 | 84.1% | 9 | 6 | 50.8% | 2,365 | 1,562 | 51.4% | ||||||||||||||
Structured Products | 42 | 41 | 1.5% | 2,661 | 2,623 | 1.5% | 40 | 40 | -1.2% | 10,150 | 10,236 | -0.8% | ||||||||||||||
Bonds | 5 | 6 | -15.4% | 322 | 380 | -15.4% | 5 | 6 | -19.5% | 1,322 | 1,635 | -19.1% | ||||||||||||||
U.S. Cash Products (shares in millions) | 4,089 | 2,840 | 44.0% | 261,667 | 181,770 | 44.0% | 3,536 | 2,879 | 22.8% | 894,503 | 722,573 | 23.8% | ||||||||||||||
NYSE Listed Issues 1 | ||||||||||||||||||||||||||
NYSE Group Handled Volume 2 | 2,884 | 2,175 | 32.6% | 184,604 | 139,184 | 32.6% | 2,585 | 2,225 | 16.2% | 653,910 | 558,400 | 17.1% | ||||||||||||||
NYSE Group Matched Volume 3 | 2,600 | 1,966 | 32.2% | 166,379 | 125,824 | 32.2% | 2,331 | 2,056 | 13.4% | 589,712 | 516,069 | 14.3% | ||||||||||||||
NYSE Group TRF Volume 4 | 232 | 144 | 60.9% | 14,870 | 9,240 | 60.9% | 280 | 64 | 339.5% | 70,853 | 15,993 | 343.0% | ||||||||||||||
Total NYSE Listed Consolidated Volume | 6,052 | 3,620 | 67.2% | 387,345 | 231,655 | 67.2% | 5,111 | 3,399 | 50.4% | 1,292,987 | 853,161 | 51.6% | ||||||||||||||
NYSE Group Share of Total Consolidated Volume | ||||||||||||||||||||||||||
Handled Volume 2 | 47.7% | 60.1% | -12.4% | 47.7% | 60.1% | -12.4% | 50.6% | 65.5% | -14.9% | 50.6% | 65.5% | -14.9% | ||||||||||||||
Matched Volume 3 | 43.0% | 54.3% | -11.3% | 43.0% | 54.3% | -11.3% | 45.6% | 60.5% | -14.9% | 45.6% | 60.5% | -14.9% | ||||||||||||||
TRF Volume 4 | 3.8% | 4.0% | -0.2% | 3.8% | 4.0% | -0.2% | 5.5% | 1.9% | 3.6% | 5.5% | 1.9% | 3.6% | ||||||||||||||
NYSE Arca & Amex Listed Issues | ||||||||||||||||||||||||||
NYSE Group Handled Volume 2 | 742 | 246 | 201.6% | 47,493 | 15,747 | 201.6% | 495 | 214 | 131.4% | 125,327 | 53,732 | 133.2% | ||||||||||||||
NYSE Group Matched Volume 3 | 637 | 208 | 205.7% | 40,782 | 13,341 | 205.7% | 429 | 184 | 133.1% | 108,452 | 46,162 | 134.9% | ||||||||||||||
NYSE Group TRF Volume 4 | 133 | 47 | 180.2% | 8,493 | 3,031 | 180.2% | 141 | 23 | 519.2% | 35,672 | 5,715 | 524.1% | ||||||||||||||
Total NYSE Arca & Amex Listed Consolidated Volume | 2,172 | 735 | 195.7% | 139,005 | 47,014 | 195.7% | 1,489 | 586 | 154.0% | 376,728 | 147,166 | 156.0% | ||||||||||||||
NYSE Group Share of Total Consolidated Volume | ||||||||||||||||||||||||||
Handled Volume 2 | 34.2% | 33.5% | 0.7% | 34.2% | 33.5% | 0.7% | 33.3% | 36.5% | -3.2% | 33.3% | 36.5% | -3.2% | ||||||||||||||
Matched Volume 3 | 29.3% | 28.4% | 0.9% | 29.3% | 28.4% | 0.9% | 28.8% | 31.4% | -2.6% | 28.8% | 31.4% | -2.6% | ||||||||||||||
TRF Volume 4 | 6.1% | 6.4% | -0.3% | 6.1% | 6.4% | -0.3% | 9.5% | 3.9% | 5.6% | 9.5% | 3.9% | 5.6% | ||||||||||||||
Nasdaq Listed Issues | ||||||||||||||||||||||||||
NYSE Group Handled Volume 2 | 462 | 419 | 10.2% | 29,570 | 26,839 | 10.2% | 456 | 440 | 3.5% | 115,266 | 110,440 | 4.4% | ||||||||||||||
NYSE Group Matched Volume 3 | 386 | 337 | 14.4% | 24,695 | 21,584 | 14.4% | 381 | 358 | 6.5% | 96,467 | 89,844 | 7.4% | ||||||||||||||
NYSE Group TRF Volume 4 | 114 | 142 | -19.7% | 7,288 | 9,071 | -19.7% | 193 | 99 | 94.5% | 48,824 | 24,905 | 96.0% | ||||||||||||||
Total Nasdaq Listed Consolidated Volume | 2,322 | 2,181 | 6.5% | 148,638 | 139,600 | 6.5% | 2,280 | 2,174 | 4.9% | 576,878 | 545,786 | 5.7% | ||||||||||||||
NYSE Group Share of Total Consolidated Volume | ||||||||||||||||||||||||||
Handled Volume 2 | 19.9% | 19.2% | 0.7% | 19.9% | 19.2% | 0.7% | 20.0% | 20.2% | -0.3% | 20.0% | 20.2% | -0.3% | ||||||||||||||
Matched Volume 3 | 16.6% | 15.5% | 1.1% | 16.6% | 15.5% | 1.1% | 16.7% | 16.5% | 0.3% | 16.7% | 16.5% | 0.3% | ||||||||||||||
TRF Volume 4 | 4.9% | 6.5% | -1.6% | 4.9% | 6.5% | -1.6% | 8.5% | 4.6% | 3.9% | 8.5% | 4.6% | 3.9% | ||||||||||||||
Exchange-Traded Funds 1,5 | ||||||||||||||||||||||||||
NYSE Group Handled Volume 2 | 746 | 318 | 134.8% | 47,770 | 20,344 | 134.8% | 514 | 284 | 80.6% | 130,001 | 71,409 | 82.1% | ||||||||||||||
NYSE Group Matched Volume 3 | 647 | 278 | 133.0% | 41,425 | 17,778 | 133.0% | 448 | 252 | 77.5% | 113,377 | 63,359 | 78.9% | ||||||||||||||
NYSE Group TRF Volume 4 | 143 | 63 | 125.8% | 9,140 | 4,048 | 125.8% | 155 | 32 | 391.9% | 39,275 | 7,921 | 395.8% | ||||||||||||||
Total ETF Consolidated Volume | 2,286 | 879 | 160.1% | 146,299 | 56,250 | 160.1% | 1,562 | 704 | 121.8% | 395,123 | 176,735 | 123.6% | ||||||||||||||
NYSE Group Share of Total Consolidated Volume | ||||||||||||||||||||||||||
Handled Volume 2 | 32.7% | 36.2% | -3.5% | 32.7% | 36.2% | -3.5% | 32.9% | 40.4% | -7.5% | 32.9% | 40.4% | -7.5% | ||||||||||||||
Matched Volume 3 | 28.3% | 31.6% | -3.3% | 28.3% | 31.6% | -3.3% | 28.7% | 35.8% | -7.2% | 28.7% | 35.8% | -7.2% | ||||||||||||||
TRF Volume 4 | 6.2% | 7.2% | -1.0% | 6.2% | 7.2% | -1.0% | 9.9% | 4.5% | 5.5% | 9.9% | 4.5% | 5.5% | ||||||||||||||
Average Daily Volume | Total Volume | Average Daily Volume | Total Volume | |||||||||||||||||||||||
(Unaudited; contracts in thousands) | Q4 '08 | Q4 '07 | % Chg | Q4 '08 | Q4 '07 | % Chg | FY 2008 | FY 2007 | % Chg 08 vs 07 | FY 2008 | FY 2007 | % Chg 08 vs 07 | ||||||||||||||
Number of Trading Days - European Markets | 64 | 64 | - | 64 | 64 | - | 256 | 255 | - | 256 | 255 | - | ||||||||||||||
Number of Trading Days - U.S. Markets | 64 | 64 | - | 64 | 64 | - | 253 | 251 | - | 253 | 251 | - | ||||||||||||||
European Derivatives Products | 3,689 | 3,509 | 5.1% | 236,108 | 224,594 | 34.3% | 4,101 | 3,722 | 10.2% | 1,049,730 | 949,022 | 10.6% | ||||||||||||||
Total Interest Rate Products | 1,737 | 1,866 | -6.9% | 111,140 | 119,411 | -6.9% | 2,167 | 2,033 | 6.6% | 554,878 | 518,431 | 7.0% | ||||||||||||||
Short Term Interest Rate Products | 1,644 | 1,756 | -6.4% | 105,217 | 112,370 | -6.4% | 2,065 | 1,918 | 7.6% | 528,578 | 489,138 | 8.1% | ||||||||||||||
Medium and Long Term Interest Rate Products | 93 | 110 | -15.9% | 5,923 | 7,040 | -15.9% | 103 | 115 | -10.6% | 26,300 | 29,293 | -10.2% | ||||||||||||||
Total Equity Products 6 | 1,908 | 1,589 | 20.1% | 122,141 | 101,715 | 20.1% | 1,881 | 1,638 | 14.8% | 481,606 | 417,807 | 15.3% | ||||||||||||||
Total Individual Equity Products | 1,158 | 968 | 19.7% | 74,142 | 61,955 | 19.7% | 1,205 | 1,025 | 17.6% | 308,574 | 261,419 | 18.0% | ||||||||||||||
Total Equity Index Products | 750 | 621 | 20.7% | 47,998 | 39,761 | 20.7% | 676 | 613 | 10.2% | 173,032 | 156,388 | 10.6% | ||||||||||||||
of which Bclear | 714 | 516 | 38.4% | 45,666 | 32,996 | 38.4% | 746 | 481 | 54.9% | 190,874 | 122,776 | 55.5% | ||||||||||||||
Individual Equity Products | 584 | 395 | 47.8% | 37,392 | 25,293 | 47.8% | 634 | 395 | 60.6% | 162,272 | 100,653 | 61.2% | ||||||||||||||
Equity Index Products | 129 | 120 | 7.4% | 8,274 | 7,703 | 7.4% | 112 | 87 | 28.8% | 28,602 | 22,123 | 29.3% | ||||||||||||||
Commodity Products | 44 | 54 | -18.5% | 2,827 | 3,468 | -18.5% | 52 | 50 | 3.2% | 13,246 | 12,784 | 3.6% | ||||||||||||||
U.S. Derivatives Products - Equity Options 7 | ||||||||||||||||||||||||||
NYSE Group Options Contracts | 2,074 | 1,798 | 15.3% | 132,721 | 115,085 | 15.3% | 1,822 | 1,337 | 36.3% | 461,013 | 335,543 | 37.4% | ||||||||||||||
Total Consolidated Options Contracts | 11,932 | 12,027 | -0.8% | 763,628 | 769,710 | -0.8% | 12,983 | 10,327 | 25.7% | 3,284,761 | 2,592,103 | 26.7% | ||||||||||||||
NYSE Group Share of Total | 17.4% | 15.0% | 17.4% | 15.0% | 14.0% | 12.9% | 8.4% | 14.0% | 12.9% | 8.4% | ||||||||||||||||
1 | Includes all volume executed in NYSE Group crossing sessions. | |||||||||||||||||||||||||
2 | Represents the total number of shares of equity securities and ETFs internally matched on the NYSE Group's exchanges or routed to and executed at an external market center. NYSE Arca routing includes odd-lots. | |||||||||||||||||||||||||
3 | Represents the total number of shares of equity securities and ETFs executed on the NYSE Group's exchanges. | |||||||||||||||||||||||||
4 | Represents NYSE's volume in FINRA/NYSE Trade Reporting Facility (TRF). | |||||||||||||||||||||||||
5 | Data included in previously identified categories. | |||||||||||||||||||||||||
6 |
Data includes currency products. | |||||||||||||||||||||||||
7 | Includes all trading activities for Bclear, Euronext.liffe's clearing service for wholesale equity derivatives. | |||||||||||||||||||||||||
Includes trading in U.S. equity options contracts, not equity-index options. | ||||||||||||||||||||||||||
Source: NYSE Euronext, Options Clearing Corporation and Consolidated Tape as reported for equity securities. | ||||||||||||||||||||||||||
All trading activity is single-counted, except European cash trading which is double counted to include both buys and sells. | ||||||||||||||||||||||||||
US data has been updated for Amex integration for October 2008 forward. |
NYSE Euronext | |||||||||||
Selected Statistical Data: | |||||||||||
Other Operating Statistics | |||||||||||
Three Months Ended | Full Year | ||||||||||
(Unaudited) | December 31, 2008 | September 30, 2008 | December 31, 2007 | 2008 | 2007 | ||||||
NYSE Euronext Listed Issuers | |||||||||||
NYSE Listed Issuers | |||||||||||
NYSE listed issuers1 | 3,108 | 2,494 | 2,526 | 2,447 | 2,526 | ||||||
Number of new issuer listings1 | 711 | 66 | 83 | 908 | 282 | ||||||
Capital raised in connection with new listings ($mm)2 | $62 | $298 | $9,815 | $23,238 | $34,231 | ||||||
Euronext Listed Issuers | |||||||||||
Euronext listed issuers1 | 1,110 | 1,126 | 1,155 | 1,110 | 1,155 | ||||||
Number of new issuer listings3 | 15 | 25 | 33 | 78 | 140 | ||||||
Capital raised in connection with new listings ($mm)2 | $25 | $392 | $5,535 | $3,333 | $14,039 | ||||||
NYSE Euronext Market Data4 | |||||||||||
NYSE Market Data | |||||||||||
Share of Tape A revenues (%) | 49.7% | 48.7% | 59.9% | 51.8% | 68.1% | ||||||
Share of Tape B revenues (%) | 66.6% | 31.3% | 31.9% | 34.1% | 34.1% | ||||||
Share of Tape C revenues (%) | 22.1% | 20.6% | 19.3% | 20.6% | 20.9% | ||||||
Professional subscribers (Tape A) | 450,041 | 447,627 | 450,619 | 450,041 | 450,619 | ||||||
Euronext Market Data | |||||||||||
Number of terminals | 275,430 | 278,029 | 218,380 | 275,430 | 218,380 | ||||||
NYSE Euronext Operating Expenses | |||||||||||
NYSE Euronext employee headcount5 | |||||||||||
NYSE Euronext headcount excluding GL Trade | 3,757 | 3,503 | 3,073 | 3,757 | 3,073 | ||||||
GL Trade headcount | n.a. | 1,461 | 1,409 | n.a. | 1,409 | ||||||
NYSE Euronext Financial Statistics | |||||||||||
NYSE Euronext foreign exchange rate | |||||||||||
Average €/USD exchange rate | $1.319 | $1.503 | $1.449 | $1.471 | $1.371 | ||||||
Average GBP/USD exchange rate | $1.570 | $1.893 | $2.043 | $1.853 | $2.001 | ||||||
1 |
Figures for Euronext present the operating companies listed on Eurolist, Alternext, and Free Market, and do not include closed-end funds, ETFs and structured product (warrants and certificates). As of December 31, 2008, 128 companies were listed on Alternext, 313 on Free Market and 396 ETFs were listed on NextTrack.