Earnings Release • Feb 5, 2013
Earnings Release
Open in ViewerOpens in native device viewer
| Amsterdam | +31.20.550.4488 | Brussels | +32.2.509.1392 | New York | +1.212.656.5700 | Please follow us at: |
|---|---|---|---|---|---|---|
| Lisbon | +351.217.900.029 | London | +44.20.7379.2789 | Exchanges Blog | ||
| New York | +1.212.656.2411 | Paris | +33.1.49.27.11.33 |
CONTACT ‐ Media: CONTACT ‐ Investor Relations: nyx.com
LinkedIn Twitter
‐‐ Fourth Quarter GAAP Diluted EPS of \$0.12 vs. \$0.43 in Prior Year ‐‐
‐‐ Non‐GAAP Diluted EPS of \$0.43 vs. \$0.50 Excluding Merger Expenses, Exit Costs and Other Discrete Items ‐‐ ‐‐ Global Leader in IPOs in 2012 for Second Consecutive Year ‐‐
‐‐ Announced Acquisition by ICE Presents Opportunity to Create Global Player and Risk Management Leader ‐‐
‐‐ Separate Clearing Agreement with ICE Designed to Ease Transition for Clients ‐‐
‐‐ \$115 Million in Project 14 Savings Achieved in 2012 ‐‐
All comparisons versus 4Q11 unless otherwise stated. Excludes merger expenses, exit costs and other discrete items. 2 A full reconciliation of our non‐GAAP results to our GAAP results is included in the attached tables. See also our statement on non‐GAAP financial measures at the end of this earnings release.
NEW YORK – February 5, 2013 – NYSE Euronext (NYX) today reported net income of \$28 million, or \$0.12 per diluted share, for the fourth quarter of 2012, compared to net income of \$110 million, or \$0.43 per diluted share, for the fourth quarter of 2011. Financial results for the fourth quarter of 2012 included a higher level of merger and exit costs, reflecting a write‐off of clearing investments in connection with the decision to move to ICE Clear, the unwind of BlueNext and merger related expenses. Fourth quarter of 2012 financial results also included costs of \$24 million, consisting primarily of the premium paid to former bondholders, to refinance a portion of company debt outstanding. Excluding the impact of these items, net income in the fourth quarter of 2012 was \$105 million, or \$0.43 per diluted share, compared to \$130 million, or \$0.50 per diluted share, in the fourth quarter of 2011. For the full‐year 2012, excluding the discrete items noted in the tables accompanying this press release, net income was \$462 million, or \$1.84 per diluted share, compared to net income of \$653 million, or \$2.48 per diluted share for full‐year 2011. Financial results for the full‐year 2011 benefited from extreme levels of volatility in the third quarter which drove strong trading volumes across all trading venues, setting new quarterly records for orders and executions. Since the third quarter of 2011 and through 2012, market volatility declined to multi‐year lows, driving significant declines in trading volumes.
"Our fourth quarter results reflect both the beneficial actions we took to refinance our debt and rationalize our clearing plans for Liffe in connection with the announced move to ICE Clear," said Duncan L. Niederauer, CEO, NYSE Euronext. "Along with the continued progress we are making on reducing expenses as part of Project 14, we are focused on building momentum in our business prior to closing the deal with ICE, which we expect to close in the second half of this year. We believe that combining our highly complementary
businesses will create a global exchange player with a particularly compelling and diverse global derivatives franchise, and an 'end‐to‐end' multi‐asset business that would be very well positioned to compete and serve a global client base, while creating meaningful value for shareholders."
| % Δ 4Q12 | Full-Year | % Δ FY '12 | |||||
|---|---|---|---|---|---|---|---|
| (\$ in millions, except EPS) | 4Q12 | 3Q12 | 4Q11 | vs. 4Q11 | 2012 | 2011 | vs. FY '11 |
| Total Revenues2 | \$909 | \$902 | \$1,054 | (14%) | \$3,749 | \$4,552 | (18%) |
| Total Revenues, Less Transaction-Based Expenses3 | 562 | 559 | 628 | (11%) | 2,324 | 2,672 | (13%) |
| Other Operating Expenses 4 | 392 | 388 | 416 | (6%) | 1,581 | 1,666 | (5%) |
| Operating Income 4 | \$170 | \$171 | \$212 | (20%) | \$743 | \$1,006 | (26%) |
| Net Income4 | \$105 | \$108 | \$130 | (19%) | \$462 | \$653 | (29%) |
| Diluted Earnings Per Share4 | \$0.43 | \$0.44 | \$0.50 | (14%) | \$1.84 | \$2.48 | (26%) |
| Operating Margin | 30% | 31% | 34% | (4 ppts) | 32% | 38% | (6 ppts) |
| Adjusted EBITDA Margin | 42% | 42% | 45% | (3 ppts) | 43% | 48% | (5 ppts) |
The table below summarizes the financial results1 for the fourth quarter and full‐year of 2012:
1 A full reconciliation of our non‐GAAP results to our GAAP results is included in the attached tables. See also our statement on non‐GAAP financial measures at the end of
this earnings release. 2 Includes activity assessment fees. 3 Transaction‐based expenses include Section 31 fees, liquidity payments and routing & clearing fees. 4 Excludes merger expenses, exit costs and the BlueNext tax settlement.
"Our fourth quarter results were in line with the third quarter, but trailed prior year. The impact of lackluster trading volumes was somewhat mitigated by lower costs and lower share count. Operating expenses declined \$24 million, or 6% in the fourth quarter and for the full‐year 2012, excluding the impact of currency fluctuations and new business initiatives, core operating expenses were down \$115 million from the 2011 expense base of \$1,666 million, which far exceeded the initial guidance of \$63 million in Project 14 savings," commented Michael S. Geltzeiler, Group Executive Vice President and CFO, NYSE Euronext. "Furthermore, we are continuing to deliver on our commitment to optimize the business portfolio with the un‐wind of BlueNext, the planned sale of all or part of our MCX stake and our decision to move to ICE Clear, which will increase savings and reduce investment costs in 2013."
Total revenues, less transaction‐based expenses, which include Section 31 fees, liquidity payments and routing and clearing fees (net revenue), were \$562 million in the fourth quarter of 2012, down \$66 million, or 11% compared to the fourth quarter of 2011 and included a \$4 million negative impact from foreign currency fluctuations. The \$62 million decrease in net revenue, on a constant currency basis, compared to the fourth quarter of 2011 was primarily driven by lower average daily volumes ("ADV"), mostly attributable to the derivatives business. For the full‐year 2012, net revenue was \$2,324 million, a decrease of \$348 million, or 13% compared to \$2,672 million for full‐year 2011 and included a \$55 million negative impact from foreign currency fluctuations. The \$293 million decrease in net revenue, on a constant currency basis, compared to full‐year 2011 was driven primarily by lower ADV, mostly attributable to the derivatives business.
Operating expenses, excluding merger expenses, exit costs and the BlueNext tax settlement were \$392 million in the fourth quarter of 2012, down \$24 million, or 6% compared to the fourth quarter of 2011. Excluding the impact of new business initiatives and a \$1 million positive impact attributable to foreign currency fluctuations, other operating expenses were down \$36 million, or 9%, compared to the fourth quarter of 2011. For the full‐year 2012, other operating expenses on the same basis were \$1,581 million compared to \$1,666 million in 2011. Excluding the impact of acquisitions, new initiatives and a \$27 million positive impact attributable to foreign currency fluctuations, other operating expenses were down 6% compared to full‐year 2011.
For the full‐year 2012, Project 14 savings were \$115 million, which represents 46% of the total \$250 million expected to be saved by the end of 2014, running well above the 25%, or \$63 million, originally expected for full‐year 2012.
Operating income, excluding merger expenses, exit costs and the BlueNext tax settlement, was \$170 million, down \$42 million, or 20% compared to the fourth quarter of 2011 and included a \$3 million negative impact attributable to foreign currency fluctuations. For the full‐year 2012, operating income on the same basis was \$743 million, a decrease of \$263 million, or 26% compared to \$1,006 million for full‐year 2011 and included a \$28 million negative impact attributable to foreign currency fluctuations.
Adjusted EBITDA, excluding merger expenses, exit costs and the BlueNext tax settlement, was \$234 million, down \$46 million, or 16% compared to the fourth quarter of 2011. Adjusted EBITDA margin was 42% in the fourth quarter of 2012, compared to 45% in the fourth quarter of 2011. For the full‐year 2012, adjusted EBITDA on the same basis was \$1,003 million, compared to \$1,286 million for full‐year 2011 representing a decrease of \$283 million, or 22%. Adjusted EBITDA margin for the full‐year 2012 was 43% compared to 48% in 2011.
Loss from associates is primarily related to New York Portfolio Clearing. Net (income) loss attributable to non‐controlling interest consists primarily of net income attributable to NYSE Amex Options which was partially offset by the net loss attributable to NYSE Liffe U.S.
The effective tax rate for the fourth quarter and full‐year 2012, excluding merger expenses, exit costs, direct costs of refinancing and discrete tax items, was 24% compared to approximately 26% for the fourth quarter and full‐year 2011 excluding the same items and the BlueNext tax settlement.
The weighted average diluted shares outstanding in the fourth quarter of 2012 was 244 million, down from 262 million in fourth quarter of 2011. During the fourth quarter of 2012, a total of 1.1 million shares were repurchased at an average price of \$24.67 per share and for the full‐year 2012, a total of 17.0 million shares were repurchased at an average price of \$26.55.
At December 31, 2012, total debt was \$2.5 billion. Total debt includes \$0.4 billion remaining from the 4.8% June 2013 notes which we expect to retire in the second quarter of 2013. Cash, cash equivalents and short term financial investments (including \$99 million related to Section 31 fees collected from market participants and due to the SEC) were \$0.4 billion and net debt was \$2.1 billion at the end of the fourth quarter of 2012. The ratio of debt‐to‐EBITDA at the end of the fourth quarter of 2012 was 2.5.
On October 5, 2012, NYSE Euronext closed on its public offering of \$850 million 2.00% notes due in October 2017. The proceeds from this offering were used to fund the tender of \$336 million of our outstanding \$750 million 4.80% notes due in June 2013 and €80 million of our €1 billion 5.375% notes due in June 2015 and for other general corporate purposes, including the reduction in outstanding commercial paper. As a result of the refinancing, recurring interest expense declined by approximately \$1 million in the fourth quarter of 2012.
Total capital expenditures were \$66 million in the fourth quarter of 2012 and \$191 million for the full‐year 2012.
Headcount as of December 31, 2012 of 3,079 was slightly above year‐end 2011 with the addition of 99 employees from the acquisition of Corpedia in June of 2012 and increased staff for the UK derivatives clearing initiative.
The Board of Directors declared a cash dividend of \$0.30 per share for the first quarter of 2013. The first quarter 2013 dividend is payable on March 28, 2013 to shareholders of record as of the close of business on March 14, 2013. The anticipated ex‐date will be March 12, 2013.
For the full‐year 2013, management is providing the following guidance:
| Below is a |
summary of |
business | segment | results: | |||||
|---|---|---|---|---|---|---|---|---|---|
| Derivatives | Cash Trading & Listings | Info. Svcs. & Tech. Solutions | |||||||
| (\$ in millions) | Net | Operating Adjusted | Net | Operating | Adjusted | Operating | Adjusted | ||
| Revenue1 | Income2 | EBITDA2 Revenue1 | Income2 | EBITDA2 | Revenue | Income2 | EBITDA2 | ||
| 4Q12 | \$160 | \$63 | \$72 | \$282 | \$100 | \$141 | \$120 | \$35 | \$49 |
| 3Q12 | \$164 | \$68 | \$78 | \$282 | \$104 | \$145 | \$113 | \$23 | \$36 |
| 4Q11 | \$186 | \$86 | \$96 | \$315 | \$125 | \$168 | \$127 | \$31 | \$46 |
| FY 2012 | \$682 | \$295 | \$334 | \$1,168 | \$450 | \$617 | \$473 | \$113 | \$167 |
| FY 2011 | \$861 | \$473 | \$523 | \$1,323 | \$533 | \$715 | \$490 | \$126 | \$174 |
1 Net revenue defined as total revenues less transaction‐based expenses including Section 31 fees, liquidity payments and routing & clearing fees. 2 Excludes merger expenses, exit costs and the BlueNext tax settlement.
Derivatives net revenue of \$160 million in the fourth quarter of 2012 decreased \$26 million, or 14% compared to the fourth quarter of 2011 and included a \$1 million positive impact from foreign currency fluctuations. The \$27 million decrease in derivatives net revenue, on a constant currency basis, compared to the fourth quarter of 2011, was driven by lower ADV. For the full‐year 2012, Derivatives net revenue of \$682 million decreased \$179 million, or 21%, and included a \$12 million negative impact from foreign currency fluctuations. The \$167 million decrease in net revenue, on a constant currency basis, compared to full‐year 2011 was driven by a decline in ADV.
İstanbul Menkul Kıymetler Borsası (IMKB) and NYSE Liffe, announced the launch of futures and options contracts based on some of the constituents of the IMKB 30 Index.
NYSE Liffe announced the expansion of Bclear, NYSE Liffe's trade confirmation, administration and clearing service, with the introduction of Fixed Income products. The new contracts available through Bclear will be Three Month Euro (Euribor) Futures, Three Month Sterling (Short Sterling) Futures and Long Gilt Futures.
Cash Trading and Listings net revenue of \$282 million in the fourth quarter of 2012 decreased \$33 million, or 10% compared to the fourth quarter of 2011 and included a \$3 million negative impact from foreign currency fluctuations. The \$30 million decrease in net revenue, on a constant currency basis, compared to the fourth quarter of 2011 was primarily driven by lower ADV. For the full‐year 2012, Cash Trading and Listings net revenue of \$1,168 million decreased \$155 million, or 12%, and included a \$29 million negative impact from foreign currency fluctuations. The \$126 million decrease in net revenue, on a constant currency basis, compared to full‐year 2011 was driven primarily by a decline in ADV.
2013 and will run through 2018. Under the new contract, LCH.Clearnet SA has further reduced clearing fees for clearing members by 20%.
• European cash market share (value traded) in NYSE Euronext's four core markets was 66% in the fourth quarter of 2012, in‐line with the fourth quarter of 2011, but down from 68% in the third quarter of 2012.
Information Services and Technology Solutions revenue was \$120 million in the fourth quarter of 2012, a decrease of \$7 million, or 6% compared to the fourth quarter of 2011 and included a \$2 million negative impact from foreign currency fluctuations. Revenue in the fourth quarter of 2012, however, increased \$7 million, or 7% compared to the third quarter of 2012 which included a \$2 million positive impact from foreign currency fluctuations. Operating margin for the fourth quarter of 2012 returned to 29% from 20% in the third quarter of 2012 and 24% in the fourth quarter of 2011. For the full‐year 2012, Information Services and Technology Solutions revenue of \$473 million decreased \$17 million, or 3%, and included a \$14 million negative impact from foreign currency fluctuations. The \$3 million decrease in revenue, on a constant currency basis, compared to full‐year 2011 was driven by the challenging environment for financial services technology sales which has delayed client decisions on purchases of software and connectivity services. Highlights for the fourth quarter of 2012 included:
With the new Appia Business Center, business users can build, maintain, and monitor their FIX infrastructure without the help of specialists to on‐board new clients, communicate with new matching engines, or implement new rules.
The accompanying tables include information integral to assessing the Company's financial performance.
A presentation and live audio webcast of the fourth quarter and full‐year 2012 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: 866.203.2528 International: 617.213.8847 Passcode: 11676007
Replay Dial‐in Information: United States: 888.286.8010 International: 617.801.6888 Passcode: 41798941
To supplement NYSE Euronext's consolidated financial statements prepared in accordance with GAAP and to better reflect period‐over‐period comparisons, NYSE Euronext uses non‐GAAP financial measures of performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure, calculated and presented in accordance with GAAP. Non‐GAAP financial measures do not replace and are not superior to the presentation of GAAP financial results, but are provided to (i) present the effects of certain merger expenses, exit costs, disposal activities, the BlueNext tax settlement, debt refinancing costs and discrete tax items, and (ii) improve overall understanding of NYSE Euronext's current financial performance and its prospects for the future. Specifically, NYSE Euronext believes the non‐GAAP financial results provide useful information to both management and investors regarding certain additional financial and business trends relating to financial condition and operating results. In addition, management uses these measures for reviewing financial results and evaluating financial performance. The non‐GAAP adjustments for all periods presented are based upon information and assumptions available as of the date of this release.
NYSE Euronext (NYX) is a leading global operator of financial markets and provider of innovative trading technologies. The company's exchanges in Europe and the United States trade equities, futures, options, fixed‐income and exchange‐traded products. With approximately 8,000 listed issues (excluding European Structured Products), NYSE Euronext's equities markets ‐ the New York Stock Exchange, NYSE Euronext, NYSE MKT, NYSE Alternext and NYSE Arca ‐ represent one‐third of the world's equities trading, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, one of the leading European derivatives businesses and the world's second‐largest derivatives business by value of trading. The company offers comprehensive commercial technology, connectivity and market data products and services through
NYSE Technologies. NYSE Euronext is in the S&P 500 index. For more information, please visit: http://www.nyx.com.
This communication contains "forward‐looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward‐looking statements by words such as "may," "hope," "will," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential," "continue," "could," "future" or the negative of those terms or other words of similar meaning. You should carefully read forward‐looking statements, including statements that contain these words, because they discuss our future expectations or state other "forward‐looking" information. Forward‐looking statements are subject to numerous assumptions, risks and uncertainties which change over time. ICE and NYSE Euronext caution readers that any forward‐looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward‐looking statement.
Forward‐looking statements include, but are not limited to, statements about the benefits of the proposed merger involving ICE and NYSE Euronext, including future financial results, ICE's and NYSE Euronext's plans, objectives, expectations and intentions, the expected timing of completion of the transaction and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by such forward‐looking statements are set forth in ICE's and NYSE Euronext's filings with the U.S. Securities and Exchange Commission (the "SEC"). These risks and uncertainties include, without limitation, the following: the inability to close the merger in a timely manner; the inability to complete the merger due to the failure of NYSE Euronext stockholders to adopt the merger agreement or the failure of ICE stockholders to approve the issuance of ICE common stock in connection with the merger; the failure to satisfy other conditions to completion of the merger, including receipt of required regulatory and other approvals; the failure of the proposed transaction to close for any other reason; the possibility that any of the anticipated benefits of the proposed transaction will not be realized; the risk that integration of NYSE Euronext's operations with those of ICE will be materially delayed or will be more costly or difficult than expected; the challenges of integrating and retaining key employees; the effect of the announcement of the transaction on ICE's, NYSE Euronext's or the combined company's respective business relationships, operating results and business generally; the possibility that the anticipated synergies and cost savings of the merger will not be realized, or will not be realized within the expected time period; the possibility that the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management's attention from ongoing business operations and opportunities; general competitive, economic, political and market conditions and fluctuations; actions taken or conditions imposed by the United States and foreign governments or regulatory authorities; and adverse outcomes of pending or threatened litigation or government investigations. In addition, you should carefully consider the risks and uncertainties and other factors that may affect future results of the combined company, as will be described in the section entitled "Risk Factors" in the joint proxy statement/prospectus to be delivered to ICE's and NYSE Euronext's respective shareholders, and as described in ICE's and NYSE Euronext's respective filings with the SEC that are available on the SEC's web site located at www.sec.gov, including the sections entitled "Risk Factors" in ICE's Form 10‐K for the fiscal year ended December 31, 2011, as filed with the SEC on February 8, 2012, and ICE's Quarterly Reports on Form 10‐Q for the quarters ended June 30, 2012, as filed with the SEC on August 1, 2012, and September 30, 2012, as filed with the SEC on November 5, 2012, and "Risk Factors" in NYSE Euronext's Form 10‐K for the fiscal year ended December 31, 2011, as filed with the SEC on February 29, 2012, and NYSE Euronext's Quarterly Reports on Form 10‐Q for the quarters ended March 31, 2012, as filed with the SEC on May 4, 2012, and September 30, 2012, as filed with the SEC on November 8, 2012. You should not place undue reliance on forward‐looking statements, which speak only as of the date of this communication. Except for any obligations to disclose material information under the
Federal securities laws, NYSE Euronext undertakes no obligation to publicly update any forward‐looking statements to reflect events or circumstances after the date of this communication.
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed transaction, ICE has filed with the SEC a registration statement on Form S‐4, which includes a joint proxy statement/prospectus with respect to the proposed acquisition of NYSE Euronext. The final joint proxy statement/prospectus will be delivered to the stockholders of ICE and NYSE Euronext. INVESTORS AND SECURITY HOLDERS OF BOTH ICE AND NYSE EURONEXT ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION CAREFULLY AND IN ITS ENTIRETY, INCLUDING ANY DOCUMENTS PREVIOUSLY FILED WITH THE SEC AND INCORPORATED BY REFERENCE INTO THE JOINT PROXY STATEMENT/PROSPECTUS, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION REGARDING ICE, NYSE EURONEXT AND THE PROPOSED TRANSACTION. Investors and security holders may obtain a free copy of the joint proxy statement/prospectus, as well as other filings containing information about ICE and NYSE Euronext, without charge, at the SEC's website at http://www.sec.gov. Investors may also obtain these documents, without charge, from ICE's website at http://www.theice.com and from NYSE Euronext's website at http://www.nyx.com
ICE, NYSE Euronext and their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the transactions contemplated by the Merger Agreement.
You can find information about ICE and ICE's directors and executive officers in ICE's Annual Report on Form 10‐K for the year ended December 31, 2011, as filed with the SEC on February 8, 2012, and ICE's proxy statement for its 2012 annual meeting of stockholders, as filed with the SEC on March 30, 2012.
You can find information about NYSE Euronext and NYSE Euronext's directors and executive officers in NYSE Euronext's Annual Report on Form 10‐K for the year ended December 31, 2011, as filed with the SEC on February 29, 2012, and NYSE Euronext's proxy statement for its 2012 annual meeting of stockholders, filed with the SEC on March 26, 2012.
Additional information about the interests of potential participants will be included in the joint proxy statement/prospectuses, when it becomes available, and the other relevant documents filed by ICE and NYSE Euronext with the SEC.
Condensed consolidated statements of income (unaudited)
(in millions, except per share data)
| Three months ended | Year ended Dec. 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. 31, 2012 | Sept. 30, 2012 | Dec. 31, 2011 | 2012 | 2011 | ||||||||
| Revenues | ||||||||||||
| Transaction and clearing fees | \$ | 565 | \$ | 570 | \$ | 701 | 2,393 \$ | 3,162 \$ | ||||
| Market data | 85 | 85 | 90 | 348 | 371 | |||||||
| Listing | 114 | 112 | 112 | 448 | 446 | |||||||
| Technology services | 87 | 81 | 95 | 341 | 358 | |||||||
| Other revenues | 58 | 54 | 56 | 219 | 215 | |||||||
| Total revenues | 909 | 902 | 1,054 | 3,749 | 4,552 | |||||||
| Transaction-based expenses: | ||||||||||||
| Section 31 fees | 75 | 74 | 84 | 301 | 371 | |||||||
| Liquidity payments, routing and clearing | 272 | 269 | 342 | 1,124 | 1,509 | |||||||
| Total revenues, less transaction-based expenses | 562 | 559 | 628 | 2,324 | 2,672 | |||||||
| Other operating expenses | ||||||||||||
| Compensation | 144 | 145 | 159 | 601 | 638 | |||||||
| Depreciation and amortization | 64 | 64 | 68 | 260 | 280 | |||||||
| Systems and communications | 43 | 44 | 45 | 176 | 188 | |||||||
| Professional services | 81 | 76 | 80 | 299 | 299 | |||||||
| Selling, general and administrative | 60 | 59 | 106 | 245 | 303 | |||||||
| Merger expenses and exit costs | 73 | 18 | 46 | 134 | 114 | |||||||
| Total other operating expenses | 465 | 406 | 504 | 1,715 | 1,822 | |||||||
| Operating income | 97 | 153 | 124 | 609 | 850 | |||||||
| Net interest and investment income (loss) | (52) | (28) | (28) | (136) | (116) | |||||||
| Loss from associates | (3) | (2) | (4) | (8) | (9) | |||||||
| Net loss on disposal activities | - | - | - | (2) | - | |||||||
| Other income (loss) | 3 | 1 | - | 7 | - | |||||||
| Income before income taxes | 45 | 124 | 92 | 470 | 725 | |||||||
| Income tax (provision) benefit | (14) | (12) | 4 | (105) | (122) | |||||||
| Net income | 31 | 112 | 96 | 365 | 603 | |||||||
| Net (income) loss attributable to noncontrolling interest | (3) | (4) | 14 | (17) | 16 | |||||||
| Net income attributable to NYSE Euronext | \$ | 28 | \$ | 108 | \$ | 110 | 348 \$ | 619 \$ | ||||
| Basic earnings per share attributable to NYSE Euronext | \$ | 0.12 | \$ | 0.44 | \$ | 0.43 | 1.39 \$ | 2.37 \$ | ||||
| Diluted earnings per share attributable to NYSE Euronext | \$ | 0.12 | \$ | 0.44 | \$ | 0.43 | 1.39 \$ | 2.36 \$ | ||||
| Basic weighted average shares outstanding | 243 | 246 | 260 | 250 | 261 | |||||||
| Diluted weighted average shares outstanding | 244 | 247 | 262 | 250 | 263 |
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 | Year ended Dec. 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| Non-GAAP Reconciliation | Dec. 31, 2012 | Sept. 30, 2012 | Dec. 31, 2011 | 2012 | 2011 | |||
| Income (loss) before income taxes - GAAP | \$ 45 |
\$ 124 |
\$ 92 |
470 \$ | 725 \$ | |||
| Excluding: | ||||||||
| Merger expenses and exit costs | 73 | 18 | 46 | 134 | 114 | |||
| Debt refinancing costs | 24 | - | - | 24 | - | |||
| BlueNext tax settlement | - | - | 42 | - | 42 | |||
| Net loss on disposal activities | - | - | - | 2 | - | |||
| Income before income taxes - as adjusted | 142 | 142 | 180 | 630 | 881 | |||
| Income tax provision | (34) | (30) | (47) | (151) | (227) | |||
| Net income - as adjusted | 108 | 112 | 133 | 479 | 654 | |||
| Net (income) loss attributable to noncontrolling interest | (3) | (4) | 14 | (17) | 16 | |||
| Excluding: | ||||||||
| Noncontrolling interest impact on BlueNext tax settlement | - | - | (17) | - | (17) | |||
| Net income attributable to NYSE Euronext - as adjusted | \$ 105 |
\$ 108 |
\$ 130 |
462 \$ | 653 \$ | |||
| Diluted earnings per share attributable to NYSE Euronext | \$ 0.43 |
\$ 0.44 |
\$ 0.50 |
1.84 \$ | 2.48 \$ |
| Three months ended December 31, 2011 |
Consolidated Corporate and Eliminations Services and Technology Information Solutions Trading and Listings Cash Derivatives Consolidated Corporate and |
\$ - \$ - \$ 480 \$ 221 \$ 565 \$ - |
- - 31 - 46 112 13 - 114 85 - - |
(1) 96 - - 87 - |
1 - 127 - 45 683 10 244 58 909 - - |
- - - - 84 284 58 - 272 75 - - |
- 127 315 186 562 - |
- 15 43 10 64 - |
38 - - - 42 8 - - 73 - 42 - |
30 81 147 90 328 28 |
\$ (68) \$ 31 \$ 75 \$ 86 \$ 97 \$ (70) |
\$ \$ (30) (30) \$ \$ 46 31 \$ \$ 125 168 \$ \$ 86 96 \$ \$ 170 234 \$ \$ (28) (28) |
N/M 24% 40% 46% 30% N/M |
N/M 36% 53% 52% 42% N/M |
December 31, 2011 Year ended |
Information | Corporate and Services and Technology Trading and Cash Corporate and |
Consolidated Eliminations Solutions Listings Derivatives Consolidated |
\$ \$ \$ 2,116 \$ 1,046 \$ 2,393 \$ |
- - 130 - 193 48 348 - - |
- - 446 - 448 - |
(2) 360 - - 341 - |
(2) - 490 - 174 2,929 1,135 41 219 3,749 1 1 |
- - 371 - 301 - |
- - 1,235 274 1,124 - |
(2) 490 1,323 861 2,324 1 |
- 48 182 50 260 - |
- - 42 - - - |
88 4 19 3 134 55 |
\$ 124 \$ 316 122 \$ 472 608 \$ 338 470 \$ 609 1,321 \$ 116 |
\$ (214) (126) \$ 126 \$ 533 \$ 473 \$ 743 \$ (170) (115) |
\$ (126) \$ 174 \$ 715 \$ 523 \$ 1,003 \$ (115) |
N/M 26% 40% 55% 32% N/M |
N/M 36% 54% 61% 43% N/M |
||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Segment Results (unaudited) NYSE Euronext (in millions) |
Three months ended December 31, 2012 |
Eliminations Services and Technology Information Solutions Cash Trading and Listings |
\$ - \$ 367 \$ |
33 - 42 114 |
87 - |
120 - 45 568 |
- - 75 211 |
120 282 |
14 41 |
6 - 13 - |
71 141 |
\$ 29 \$ 87 \$ |
\$ \$ 35 49 \$ \$ 100 141 \$ \$ |
29% 35% |
41% 50% |
December 31, 2012 Year ended |
Information | Services and Technology Cash Trading |
Eliminations Solutions and Listings |
\$ \$ 1,572 \$ |
132 - 173 |
- 448 |
341 - |
473 - 172 2,365 |
- 301 |
- 896 |
473 1,168 |
54 167 |
- - |
18 28 |
\$ 306 95 \$ 422 551 \$ |
\$ 113 \$ 450 \$ |
\$ 167 \$ 617 \$ |
24% 39% |
35% 53% |
|
| Derivatives | 198 \$ |
10 - |
- | 13 221 |
61 - |
160 | 9 | 12 - |
88 | 51 \$ |
72 63 \$ \$ |
39% | 45% | Derivatives | 821 \$ |
43 | - | - | 46 910 |
228 - |
682 | 39 | - | 33 | 348 262 \$ |
295 \$ |
334 \$ |
43% | 49% | |||||||
| Transaction and clearing fees Revenues |
Market data Listing |
Technology services | Total revenues Other revenues |
Transaction-based expenses: | Liquidity payments, routing and clearing Section 31 fees |
Total revenues, less transaction-based expenses | [a] Depreciation and amortization |
[b] [c] Merger expenses and exit costs (M&E) BlueNext tax settlement |
Other operating expenses | [d] Operating income - GAAP |
[d] + [c] + [b] + [a] [d] + [c] + [b] Operating income excluding M&E Adjusted EBITDA |
Operating margin excluding M&E & BlueNext tax settlement | Adjusted EBITDA margin | Transaction and clearing fees Revenues |
Market data | Listing | Technology services | Total revenues Other revenues |
Transaction-based expenses: Section 31 fees |
Liquidity payments, routing and clearing | Total revenues, less transaction-based expenses | [a] Depreciation and amortization |
[b] BlueNext tax settlement |
[c] Merger expenses and exit costs (M&E) |
Other operating expenses | [d] + [c] + [b] [d] Operating income excluding M&E Operating income - GAAP |
[d] + [c] + [b] + [a] Adjusted EBITDA |
Operating margin excluding M&E & BlueNext tax settlement | Adjusted EBITDA margin |
N/M = Not meaningful our GAAP financial results but are provided to improve overall understanding of our current financial performance and our prospects for the future. We use non-GAAP financial measures of operating performance. Non-GAAP measures do not replace and are not superior to the presentation of
| Expense Base Development on a Constant \$ / Constant Portfolio Basis | ||
|---|---|---|
| Fixed operating expenses for the three months ended December 31, 2012 - GAAP | \$ 465 |
|
| Less: Merger expenses and exit costs |
(73) | |
| \$ 392 |
||
| Excluding the impact of: | ||
| Currency translation New business initiatives |
1 (13) |
|
| Fixed operating expenses for the three months ended December 31, 2012 - as adjusted | \$ 380 |
[a] |
| Fixed operating expenses for the three months ended December 31, 2011 - GAAP Less: |
\$ 504 |
|
| Merger expenses and exit costs | (46) | |
| BlueNext tax settlement | (42) | |
| \$ 416 |
[b] | |
| Variance (\$) | \$ (36) |
[a] - [b] = [c] |
| Variance (%) | -9% | [c] / [b] |
| Fixed operating expenses for the year ended December 31, 2012 - GAAP Less: |
\$ 1,715 |
|
| Merger expenses and exit costs | (134) | |
| \$ 1,581 |
||
| Excluding the impact of: | ||
| Currency translation | 27 | |
| New business initiatives | (42) | |
| Fixed operating expenses for the year ended December 31, 2012 - as adjusted | \$ 1,566 |
[a] |
| Fixed operating expenses for the year ended December 31, 2011 - GAAP Less: |
\$ 1,822 |
|
| Merger expenses and exit costs | (114) | |
| BlueNext tax settlement | (42) | |
| \$ 1,666 |
[b] | |
| Variance (\$) | \$ (100) |
[a] - [b] = [c] |
| Variance (%) | -6% | [c] / [b] |
| Expense Base Development Versus Project 14 Cost Savings Plan | ||
| Fixed operating expenses for the year ended December 31, 2012 - GAAP Less: |
\$ 1,715 |
|
| Merger expenses and exit costs | (134) | |
| New business initiatives | (44) | |
| Currency translation(1) | 14 | |
| Fixed operating expenses for the year ended December 31, 2012 - as adjusted | \$ 1,551 |
[a] |
| Fixed operating expenses for the year ended December 31, 2011 - GAAP | \$ 1,822 |
|
| Less: | ||
| Merger expenses and exit costs | (114) | |
| BlueNext tax settlement | (42) | |
| Fixed operating expenses for the year ended December 31, 2011 - as adjusted | \$ 1,666 |
[b] |
| Year to Date Project 14 Cost Savings - (\$) | \$ 115 |
[b]-[a] = [c] |
| Year to Date Project 14 Cost Savings - (%) | 7% | [c] / [b] |
| Project 14 Cost Savings to date as % of total \$250 million plan | 46% | |
(1) We measure the Project 14 cost savings utilizing constant currency rates of \$1.35 for the Euro and \$1.60 for the Pound Sterling.
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.
(in millions)
| December 31, | ||
|---|---|---|
| 2012 | 2011 | |
| Assets | ||
| Current assets: | ||
| Cash, cash equivalents, and short term financial investments | \$ 380 |
\$ 432 |
| Accounts receivable, net | 405 | 497 |
| Deferred income taxes | 67 | 108 |
| Other current assets | 156 | 152 |
| Total current assets | 1,008 | 1,189 |
| Property and equipment, net | 948 | 963 |
| Goodwill | 4,163 | 4,027 |
| Other intangible assets, net | 5,783 | 5,697 |
| Deferred income taxes | 74 | 594 |
| Other assets | 580 | 637 |
| Total assets | \$ 12,556 |
\$ 13,107 |
| Liabilities and equity | ||
| Accounts payable and accrued expenses | \$ 824 |
\$ 992 |
| Deferred revenue | 138 | 130 |
| Short term debt | 454 | 39 |
| Deferred income taxes | - | 23 |
| Total current liabilities | 1,416 | 1,184 |
| Long term debt | 2,055 | 2,036 |
| Deferred income taxes | 1,435 | 1,900 |
| Accrued employee benefits | 602 | 620 |
| Deferred revenue | 378 | 371 |
| Other liabilities | 27 | 63 |
| Total liabilities | 5,913 | 6,174 |
| Redeemable noncontrolling interest | 274 | 295 |
| Equity | 6,369 | 6,638 |
| Total liabilities and equity | \$ 12,556 |
\$ 13,107 |
| NYSE Euronext |
|---|
| Selected Statistical Data: |
| Volume Summary |
| Average Daily Volume | Total Volume | Average Daily Volume | Total Volume | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Unaudited) | 4Q12 | 3Q12 | % ∆ 4Q12 vs. 3Q12 |
4Q11 | % ∆ 4Q12 vs. 4Q11 |
4Q12 | 3Q12 | % ∆ 4Q12 vs. 3Q12 |
4Q11 | % ∆ 4Q12 vs. 4Q11 |
FY 2012 | FY 2011 | % ∆ | FY 2012 | FY 2011 | % ∆ | |
| Number of Trading Days - European Cash Number of Trading Days - European Derivatives Number of Trading Days - U.S. Markets |
64 64 62 |
65 65 63 |
64 64 63 |
64 64 62 |
65 65 63 |
64 64 63 |
256 257 250 |
257 257 252 |
256 257 250 |
257 257 252 |
|||||||
| European Derivatives Products (contracts in thousands) | 3,534 | 3,383 | 4.5% | 3,615 | -2.3% | 226,159 | 219,866 | 2.9% | 231,383 | -2.3% | 3,719 | 4,469 | -16.8% | 955,802 | 1,148,498 | -16.8% | |
| of which Bclear Avg. Net Revenue Per Contract (ex. Bclear) Avg. Net Revenue Per Contract (ex. Bclear) - Currency Neutral |
1,190 | 829 \$ 0.673 \$ 0.657 \$ 0.673 \$ 0.667 |
43.6% | 868 2.4% \$ 0.698 0.9% \$ 0.713 |
37.1% -3.6% -5.6% |
76,142 \$ 0.673 \$ 0.673 |
53,856 \$ 0.657 \$ 0.667 |
41.4% 2.4% 0.9% |
55,525 \$ 0.698 \$ 0.713 |
37.1% -3.6% -5.6% |
1,103 | 1,141 | -3.3% | 283,554 | 293,243 | -3.3% | |
| Total Interest Rate Products1 | 1,731 1,562 | -9.8% | 1,802 | -13.3% | 99,978 | 112,531 | -11.2% | 115,305 | -13.3% | 1,754 | 2,250 | -22.0% | 450,896 | 578,255 | -22.0% | ||
| Short Term Interest Rate Products Medium and Long Term Interest Rate Products |
1,406 156 |
1,583 148 |
-11.2% 5.6% |
1,668 134 |
-15.7% 16.7% |
89,977 10,001 |
102,912 9,619 |
4.0% | -12.6% 106,737 8,568 |
-15.7% 16.7% |
1,602 152 |
2,111 139 |
-24.1% 9.5% |
411,806 39,089 |
542,541 35,714 |
-24.1% 9.5% |
|
| Total Equity Products2 | 1,551 1,875 | 20.9% | 1,742 | 7.6% | 120,005 | 100,803 | 19.0% | 111,480 | 7.6% | 1,875 | 2,138 | -12.3% | 481,969 | 549,513 | -12.3% | ||
| Individual Equity Products | 1,430 | 1,100 | 30.0% | 1,215 | 17.7% | 91,542 | 71,513 | 28.0% | 77,775 | 17.7% | 1,398 | 1,560 | -10.4% | 359,382 | 401,004 | -10.4% | |
| Futures Options |
1,049 381 |
696 404 |
50.6% -5.6% |
707 508 |
48.3% -24.9% |
67,140 24,402 |
45,265 26,248 |
48.3% -7.0% |
45,273 32,503 |
48.3% -24.9% |
959 439 |
974 586 |
-1.6% -25.1% |
246,542 112,841 |
250,442 150,562 |
-1.6% -25.1% |
|
| Equity Index Products | 445 | 451 | -1.3% | 527 | -15.6% | 28,463 | 29,290 | -2.8% | 33,705 | -15.6% | 477 | 578 | -17.5% | 122,587 | 148,509 | -17.5% | |
| of which Bclear Individual Equity Products |
1,190 1,106 |
829 754 |
43.6% 46.7% |
868 789 |
37.1% 40.2% |
76,142 70,803 |
53,856 49,014 |
41.4% 44.5% |
55,525 50,508 |
37.1% 40.2% |
1,103 1,027 |
1,141 1,060 |
-3.3% -3.1% |
283,554 263,840 |
293,243 272,384 |
-3.3% -3.1% |
|
| Futures | 1,038 | 670 | 54.9% | 698 | 48.8% | 66,435 | 43,560 | 52.5% | 44,658 | 48.8% | 938 | 959 | -2.2% | 240,967 | 246,425 | -2.2% | |
| Options Equity Index Products |
68 83 |
84 74 |
-18.7% 12.0% |
91 78 |
-25.3% 6.4% |
4,368 5,339 |
5,454 4,842 |
-19.9% 10.3% |
5,850 5,017 |
-25.3% 6.4% |
89 77 |
101 81 |
-11.9% -5.5% |
22,873 19,714 |
25,959 20,858 |
-11.9% -5.5% |
|
| Commodity Products | 97 | 100 | -4.0% | 72 | 34.3% | 6,176 | 6,532 | -5.4% | 4,598 | 34.3% | 89 | 81 | 10.6% | 22,937 | 20,730 | 10.6% | |
| U.S. Derivatives Products (contracts in thousands) | |||||||||||||||||
| Avg. Net Revenue Per Contract (ex. Liffe U.S. volumes) | \$ 0.142 \$ 0.144 | -1.4% \$ 0.148 | -4.1% | \$ 0.142 | \$ 0.144 | -1.4% | \$ 0.148 | -4.1% | |||||||||
| Equity Options Contracts3 Total Consolidated Options Contracts |
4,000 | 3,533 14,318 13,812 |
13.2% 4,286 3.7% 15,497 |
-6.7% -7.6% |
248,007 887,740 |
222,578 870,150 |
11.4% 270,024 2.0% 976,280 |
-8.2% -9.1% |
3,893 14,727 |
4,406 16,764 |
-11.6% -12.2% |
973,140 3,681,821 |
1,110,193 4,224,605 |
-12.3% 99.8% |
|||
| Share of Total Consolidated Options Contracts | 27.9% | 25.6% | 27.7% | 27.9% | 25.6% | 27.7% | 26.4% | 26.3% | 26.4% | 26.3% | |||||||
| NYSE Liffe U.S. | |||||||||||||||||
| Futures and Futures Options Volume* | 55.2 | 66.4 | -16.8% | 91.2 | -39.4% | 3,591.0 | 4,247.6 | -15.5% | 5,837.8 | -38.5% | 72.7 | 81.2 | -10.4% | 18,769.2 | 20,937.6 | -10.4% | |
| European Cash Products (trades in thousands) | 1,179 | 1,318 | -10.6% | 1,585 | -25.6% | 75,457 | 85,695 | -11.9% | 101,450 | -25.6% | 1,445 | 1,711 | -15.5% | 370,013 | 439,717 | -15.9% | |
| Avg. Net Revenue Per Transaction Avg. Net Revenue Per Transaction - Currency Neutral |
\$ 0.583 \$ 0.537 \$ 0.583 \$ 0.556 |
8.6% \$ 0.582 4.9% \$ 0.560 |
0.2% 4.1% |
\$ 0.583 \$ 0.583 |
\$ 0.537 \$ 0.556 |
8.6% 4.9% |
\$ 0.582 \$ 0.560 |
0.2% 4.1% |
|||||||||
| Equities | 1,134 | 1,272 | -10.9% | 1,522 | -25.5% | 72,560 | 82,698 | -12.3% | 97,434 | -25.5% | 1,396 | 1,644 | -15.1% | 357,365 | 422,517 | -15.4% | |
| Exchange-Traded Funds Structured Products |
12 28 |
13 28 |
-5.5% -2.3% |
20 38 |
-40.5% -27.4% |
762 1,760 |
819 1,831 |
-6.9% -3.8% |
1,281 2,426 |
-40.5% -27.4% |
13 31 |
21 41 |
-35.0% -25.7% |
3,412 7,886 |
5,270 10,649 |
-35.2% -26.0% |
|
| Bonds | 5 6 | 9.4% | 5 | 21.0% | 375 | 348 | 7.7% | 309 | 21.0% | 5 | 5 | 5.8% | 1,350 | 1,281 | 5.3% | ||
| U.S. Cash Products (shares in millions) Avg. Net Revenue Per 100 Shares Handled |
1,551 \$ 0.0399 \$ 0.0401 |
1,583 | -2.1% | 2,133 -0.5% \$ 0.0394 |
-27.3% 1.3% |
96,158 \$ 0.0399 |
99,758 \$ 0.0401 |
-3.6% -0.5% |
134,373 \$ 0.0394 |
-28.4% 1.3% |
1,685 | 2,283 | -26.2% | 421,338 | 575,223 | -26.8% | |
| NYSE Listed (Tape A) Issues 4 | |||||||||||||||||
| Handled Volume 5 | 1,134 1,115 | -1.7% | 1,490 | -25.2% | 69,126 | 71,463 | -3.3% | 93,849 | -26.3% | 1,207 | 1,607 | -24.9% | 301,769 | 404,910 | -25.5% | ||
| Matched Volume 6 Total NYSE Listed Consolidated Volume |
3,405 | 1,078 1,069 3,412 |
-0.9% -0.2% |
1,412 4,172 |
-24.3% -18.4% |
66,250 211,117 |
67,921 214,981 |
-2.5% | 88,942 -1.8% 262,852 |
-25.5% -19.7% |
1,147 3,659 |
1,523 4,370 |
-24.7% -16.3% |
286,785 914,654 |
383,863 1,101,268 |
-25.3% -16.9% |
|
| Share of Total Consolidated Volume | |||||||||||||||||
| Handled Volume 5 | 32.7% | 33.2% | 35.7% | 32.7% | 33.2% | 35.7% | 33.0% | 36.8% | 33.0% | 36.8% | |||||||
| Matched Volume 6 | 31.4% | 31.6% | 33.8% | 31.4% | 31.6% | 33.8% | 31.4% | 34.9% | 31.4% | 34.9% | |||||||
| NYSE Arca, MKT and Regional (Tape B) Listed Issues | |||||||||||||||||
| Handled Volume 5 Matched Volume 6 Total NYSE Arca & NYSE MKT Listed Consolidated Volume |
971 | 222 225 202 208 939 |
1.1% 2.8% 3.3% |
372 335 1,452 |
-39.7% -38.0% -33.1% |
13,928 12,889 60,182 |
14,005 12,741 59,184 |
-0.5% 1.2% 1.7% |
23,458 21,120 91,461 |
-40.6% -39.0% -34.2% |
248 225 1,055 |
381 343 1,474 |
-35.0% -34.6% -28.4% |
61,957 56,127 263,832 |
96,040 86,460 371,409 |
-35.5% -35.1% -29.0% |
|
| Share of Total NYSE Arca & NYSE MKT Listed Consolidated Volume | |||||||||||||||||
| Handled Volume 5 Matched Volume 6 |
23.1% 21.4% |
23.7% 21.5% |
25.6% 23.1% |
23.1% 21.4% |
23.7% 21.5% |
25.6% 23.1% |
23.5% 21.3% |
25.9% 23.3% |
23.5% 21.3% |
25.9% 23.3% |
|||||||
| Nasdaq Listed Issues (Tape C) | |||||||||||||||||
| Handled Volume 5 | 211 | 227 | -6.8% | 271 | -22.0% | 13,104 | 14,289 | -8.3% | 17,066 | -23.2% | 230 | 295 | -21.8% | 57,612 | 74,274 | -22.4% | |
| Matched Volume 6 Total Nasdaq Listed Consolidated Volume |
189 1,736 |
196 1,661 |
-3.8% | 234 4.5% 1,854 |
-19.4% -6.4% |
11,688 107,620 |
12,342 104,663 |
-5.3% | 14,727 2.8% 116,830 |
-20.6% -7.9% |
199 1,749 |
254 2,022 |
-21.6% -13.5% |
49,756 437,168 |
63,941 509,421 |
-22.2% -14.2% |
|
| Share of Total Nasdaq Listed Consolidated Volume | |||||||||||||||||
| Handled Volume 5 Matched Volume 6 |
12.2% 10.9% |
13.7% 11.8% |
14.6% 12.6% |
12.2% 10.9% |
13.7% 11.8% |
14.6% 12.6% |
13.2% 11.4% |
14.6% 12.6% |
13.2% 11.4% |
14.6% 12.6% |
|||||||
| Exchange-Traded Funds 5,7 | |||||||||||||||||
| Handled Volume 5 | 213 | 205 | 3.9% | 359 | -40.7% | 13,193 | 12,903 | 2.3% | 22,619 | -41.7% | 233 | 360 | -35.4% | 58,195 | 90,741 | -35.9% | |
| Matched Volume 6 Total ETF Consolidated Volume |
197 940 |
186 890 |
5.9% | 323 5.6% 1,433 |
-38.9% -34.4% |
12,229 58,263 |
11,739 56,048 |
4.2% 4.0% |
20,350 90,268 |
-39.9% -35.5% |
211 1,020 |
324 1,420 |
-34.9% -28.2% |
52,682 255,004 |
81,632 357,841 |
-35.5% -28.7% |
|
| Share of Total ETF Consolidated Volume Handled Volume 5 Matched Volume 6 |
22.6% 21.0% |
23.0% 20.9% |
25.1% 22.5% |
22.6% 21.0% |
23.0% 20.9% |
25.1% 22.5% |
22.8% 20.7% |
25.4% 22.8% |
22.8% 20.7% |
25.4% 22.8% |
|||||||
Data includes currency products.
2 Includes trading activities for Bclear, NYSE Liffe's service for Equity OTC derivatives.
Includes trading in U.S. equity options contracts, not equity-index options.
4 5 Includes all volume executed in NYSE Euronext's U.S. crossing sessions. Represents the total number of shares of equity securities and ETFs internally matched on the NYSE Euronext's U.S. exchanges or routed to and executed at an external
6 market center. NYSE Arca routing includes odd-lots.
Represents the total number of shares of equity securities and ETFs executed on the NYSE Euronext's U.S. exchanges. Data included in previously identified categories.
* ADVs calculated w ith the appropriate number of NYSE Liffe U.S. trading days.
Source: NYSE Euronext, Options Clearing Corporation and Consolidated Tape as reported for equity securities.
All trading activity is single-counted, except European cash trading w hich is double counted to include both buys and sells.
| Three Months Ended | Full Year | ||||
|---|---|---|---|---|---|
| (Unaudited) | Dec. 31, 2012 | Sept. 30, 2012 | Dec. 31, 2011 | 2012 | 2011 |
| NYSE Euronext Listed Issuers | |||||
| NYSE Listed Issuers | |||||
| Issuers listed on U.S. Markets1 | 2,939 | 2,951 | 2,947 | 2,939 | 2,947 |
| Number of new issuer listings1 | 70 | 44 | 43 | 296 | 426 |
| Capital raised in connection with new listings (\$millions)2 | \$5,971 | \$5,865 | \$4,079 | \$21,415 | \$27,388 |
| Euronext Listed Issuers | |||||
| Issuers listed on Euronext1 | 893 | 906 | 932 | 893 | 932 |
| Number of new issuer listings3 | 14 | 6 | 12 | 40 | 59 |
| Capital raised in connection with new listings (\$millions)2 | \$36 | \$3 | \$7 | \$3,436 | \$213 |
| NYSE Euronext Market Data | |||||
| NYSE Market Data4 | |||||
| Share of Tape A revenues (%) | 41.6% | 41.4% | 43.0% | 41.1% | 45.2% |
| Share of Tape B revenues (%) | 26.9% | 27.2% | 29.3% | 27.0% | 30.2% |
| Share of Tape C revenues (%) | 14.4% | 15.4% | 17.5% | 15.1% | 18.6% |
| Professional subscribers (Tape A) | 337,988 | 356,210 | 371,878 | 337,988 | 371,878 |
| Euronext Market Data | |||||
| Number of terminals | 209,686 | 211,850 | 226,282 | 209,686 | 226,282 |
| NYSE Euronext Operating Expenses | |||||
| NYSE Euronext employee headcount | |||||
| NYSE Euronext headcount5 | 3,079 | 3,061 | 3,077 | 3,079 | 3,077 |
| NYSE Euronext Financial Statistics | |||||
| NYSE Euronext foreign exchange rate | |||||
| Average €/US\$ exchange rate | \$1.298 | \$1.252 | \$1.348 | \$1.286 | 1.392 |
| Average £/US\$ exchange rate | \$1.606 | \$1.581 | \$1.573 | \$1.585 | 1.604 |
1 Figures for NYSE listed issuers include listed operating companies, special-purpose acquisition companies and closed-end funds listed on the NYSE and NYSE MKT and do not include NYSE Arca or structured products listed on the NYSE. There w ere 1,370 ETPs exclusively listed on NYSE Arca as of December 31, 2012. There w ere 402 corporate structured products listed on the NYSE as of December 31, 2012.
Figures for new issuer listings include NYSE new listings (including new operating companies, special-purpose acquisition companies and closed-end funds listing on NYSE) and new ETP listings on NYSE Arca (NYSE MKT is excluded). Figures for Euronext present the operating companies w ere listed on Euronext and do not include NYSE Alternext, Free Market, closed-end funds, ETFs and structured product (w arrants and certificates). As of December 31, 2012, 180 companies w ere listed on NYSE Alternext, 262 on Free Market and 676 ETPs w ere listed on NextTrack.
2 Euronext figures show capital raised in millions of dollars by operating companies listed on Euronext, NYSE Alternext and Free Market and do not include closed-end funds, ETFs and structured products (w arrants and certificates). NYSE figures show capital raised in millions of dollars by operating companies listed on NYSE and NYSE Arca and do not include closed-end funds, ETFs and structured products.
3 Euronext figures include operating companies listed on Euronext, NYSE Alternext and Free Market and do not include closed-end funds, ETFs and structured products (w arrants and certificates).
4 "Tape A" represents NYSE listed securities, "Tape B" represents NYSE Arca and NYSE MKT listed securities, and "Tape C" represents Nasdaq listed securities. Per Regulation NMS, as of April 1, 2007, share of revenues is derived through a formula based on 25% share of trading, 25% share of value traded, and 50% share of quoting, as reported to the consolidated tape. Prior to April 1, 2007, share of revenues for Tape A and B w as derived based on number of trades reported to the consolidated tape, and share of revenue for Tape C w as derived based on an average of share of trades and share of volume reported to the consolidated tape. The consolidated tape refers to the collection and dissemination of market data that multiple markets make available on a consolidated basis. Share figures exclude transactions reported to the FINRA/NYSE Trade Reporting Facility.
5 Headcount for full year 2012 includes 99 employees in connection w ith the recent acquisition of Corpedia.
Source: NYSE Euronext, Options Clearing Corporation and Consolidated Tape as reported for equity securities.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.