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8-K - FORM 8-K - NYSE Euronextd297619d8k.htm

Exhibit 99.1

 

LOGO

 

CONTACT | Media:

  CONTACT | Investor Relations:

+31.20.550.4488 (Amsterdam), +32.2.509.1392 (Brussels)

  +1.212.656.5700 (New York)

+351.217.900.029 (Lisbon), +44.20.7379.2789 (London)

  +33.1.49.27.58.60 (Paris)

+1.212.656.2411 (New York), +33.1.49.27.11.33 (Paris)

 

NYSE Euronext Announces Fourth Quarter and Full-Year 2011 Financial Results

- Fourth Quarter GAAP Diluted EPS of $0.43 Compared to $0.51 in Prior Year -

- Non-GAAP Diluted EPS Up 9% to $0.50 Excl. Merger Expenses, Exit Costs, Tax Settlement and Discrete Tax Items -

- Mutual Termination of Combination Agreement Following European Commission Prohibition -

- Resumption of Stock Repurchase Program, $550 Million Remaining in Authorization -

- Global Leader for IPOs in 2011 -

Financial and Operating Highlights1, 2

 

   

Diluted EPS of $0.50, up 9% vs. 4Q10

 

   

Net revenue of $628 million, up 2% vs. 4Q10, including $2 million negative FX impact

 

   

Fixed operating expenses of $416 million, down 4% constant dollar/portfolio basis

 

   

Operating income of $212 million, up 13% vs. 4Q10, including $1 million negative FX impact

 

   

Operating margin of 34% vs. 31% in 4Q10

 

   

Executed $100 million stock repurchase plan in 4Q11; 3.7 million shares at avg. price of $26.96

 

   

Debt-to-EBITDA ratio at 1.6 times, down from 2.2 times at end of 2010

 

   

Board declares first quarter 2012 cash dividend of $0.30 per share

 

1

All comparisons versus 4Q10 unless otherwise stated. Excludes merger expenses, exit costs, the BlueNext tax settlement and discrete tax 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 10, 2012 – NYSE Euronext (NYX) today reported net income of $110 million, or $0.43 per diluted share, for the fourth quarter of 2011, compared to net income of $135 million, or $0.51 per diluted share, for the fourth quarter of 2010. Results for the fourth quarter of 2011 and 2010 include $46 million and $18 million, respectively, of pre-tax merger expenses and exit costs. Fourth quarter 2011 results also include a net pre-tax charge of $25 million related to the settlement of a tax matter with French authorities related to BlueNext, a joint venture with Caisse des Depots. The $46 million in merger expenses and exit costs in the fourth quarter of 2011 included $38 million related to the proposed merger with Deutsche Boerse AG. Excluding merger expenses, exit costs, the BlueNext tax settlement and discrete tax items, net income in the fourth quarter of 2011 was $130 million, or $0.50 per diluted share, compared to $120 million, or $0.46 per diluted share, in the fourth quarter of 2010. For the full-year 2011, on the same basis, net income was $653 million, or $2.48 per diluted share compared to net income of $548 million, or $2.09 per diluted share for full-year 2010.

“Last week, the European Commission formally issued a prohibition against our merger with Deutsche Boerse and we have mutually agreed to terminate our business combination agreement,” said Duncan L. Niederauer, CEO, NYSE Euronext. “We are extremely disappointed with the decision, and as I have stated, we believe that it stems from a fundamentally different view of the competitive dynamics in the global markets.

 

1


“I would like to thank our shareholders and employees for their patience and support over the past year. We have only become stronger as a company during this time, as evidenced by the double-digit growth in earnings we recorded in 2011 and our strengthened balance sheet. The Board of Directors fully supports the management team and our strategy, and in recognition of the strong underlying fundamentals of our business model, we are resuming our previously announced stock repurchase program.”

The table below summarizes the financial results1 for the fourth quarter and full-year 2011:

 

                       D 4Q11     Full-Year     D FY11  

($ in millions, except EPS)

   4Q11     3Q11     4Q10     vs. 4Q10     2011     2010     vs. FY10  

Total Revenues2

   $ 1,054      $ 1,258      $ 1,045        1   $ 4,552      $ 4,425        3
  

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

Total Revenues, Less Transaction-Based Expenses3

     628        704        613        2     2,672        2,511        6

Other Operating Expenses4

     416        416        425        (2 %)      1,666        1,678        (1 %) 
  

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

Operating Income4

   $ 212      $ 288      $ 188        13   $ 1,006      $ 833        21

Net Income4

   $ 130      $ 186      $ 120        8   $ 653      $ 548        19

Diluted Earnings Per Share4

   $ 0.50      $ 0.71      $ 0.46        9   $ 2.48      $ 2.09        19

Operating Margin

     34     41     31     3 ppts        38     33     5 ppts   

Adjusted EBITDA Margin

     45     51     44     1 ppts        48     44     4 ppts   

 

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, the BlueNext tax settlement, disposal activities and discrete tax items.

“Despite challenging market conditions, our fourth quarter results were solid with an increasing contribution from non-trading revenue sources and continued cost discipline driving a 13% increase in operating income,” Michael S. Geltzeiler, Group Executive Vice President and CFO, NYSE Euronext, commented. “For the full-year, we recorded double-digit growth in operating income and earnings through a combination of business diversification and cost containment, with expenses down $70 million, or 4% on a constant dollar, constant portfolio basis, exceeding our guidance for the year.

“The progress that we have made over the past year has well-positioned us for 2012 and beyond. While the near-term outlook for trading volumes and currencies remains clouded, we are continuing to focus on those areas of our business model that we control to create value for shareholders. We are targeting a two-year plan that, with only modest improvement in the operating environment, will drive higher levels of earnings per share growth through a combination of targeted revenue growth initiatives, accelerated cost efficiency efforts and disciplined deployment of capital. We will provide the investment community with details on our two-year plan at our investor day in April.”

FOURTH QUARTER & FULL-YEAR 2011 CONSOLIDATED RESULTS

Total revenues, less transaction-based expenses, which include Section 31 fees, liquidity payments and routing and clearing fees (net revenue), were $628 million in the fourth quarter of 2011, up $15 million, or 2% compared to the fourth quarter of 2010 and included a $2 million negative impact from foreign currency fluctuations. The $15 million increase in net revenue compared to the fourth quarter of 2010 was primarily driven by higher technology services revenue which increased $13 million, or 16% year-over-year. For the full-year 2011, net revenue was $2,672 million, an increase of $161 million, or 6% compared to $2,511 million for full-year 2010 and included a $56 million positive impact from foreign currency fluctuations. The increase in net revenue compared to full-year 2010 was driven primarily by higher technology services revenue, strong trading volumes in European cash and U.S. derivatives and a 22% increase in the average net revenue capture for U.S. cash equities.

Other operating expenses, excluding merger expenses, exit costs and the BlueNext tax settlement, were $416 million in the fourth quarter of 2011, down $9 million, or 2% compared to the fourth quarter of 2010. Excluding the impact of acquisitions, new initiatives and a $1 million positive impact attributable to foreign currency fluctuations, other operating expenses were down $16 million, or 4%, compared to the fourth quarter of 2010. For the full-year 2011, other operating expenses were $1,666 million compared to $1,678 million in 2010. Excluding the impact of acquisitions, new initiatives and a $27 million negative impact attributable to foreign currency fluctuations, other operating expenses were down $70 million, or 4% compared to full-year 2010.

 

2


Operating income, excluding merger expenses, exit costs and the BlueNext tax settlement, was $212 million, up $24 million, or 13% compared to the fourth quarter of 2010 and included a $1 million negative impact attributable to foreign currency fluctuations. For the full-year 2011, operating income on the same basis was $1,006 million, an increase of $173 million, or 21% compared to $833 million for full-year 2010 and included a $29 million positive impact attributable to foreign currency fluctuations.

Adjusted EBITDA, excluding merger expenses, exit costs and the BlueNext tax settlement was $280 million, up $12 million, or 4% compared to the fourth quarter of 2010. Adjusted EBITDA margin was 45% in the fourth quarter of 2011, compared to 44% in the fourth quarter of 2010. For the full-year 2011, adjusted EBITDA on the same basis was $1,286 million, compared to $1,114 million for full-year 2010 representing an increase of $172 million, or 15%. Adjusted EBITDA margin for the full-year 2011 was 48% compared to 44% in 2010.

Non-operating income for the fourth quarter of 2011 and 2010 includes the impact of New York Portfolio Clearing (loss from associates) and NYSE Liffe U.S. (net loss attributable to non-controlling interest). The profit attributable to the non-controlling interest related to NYSE Amex Options was $9 million in the fourth quarter of 2011, based on our partners’ 47.5% stake in the business, compared to $11 million in the third quarter of 2011.

The effective tax rate for the fourth quarter and full-year 2011, excluding merger expenses, exit costs, the BlueNext tax settlement and discrete tax items, was approximately 25.75% compared to approximately 26.50% for the fourth quarter and full-year 2010.

The weighted average diluted shares outstanding in the fourth quarter of 2011 was 262 million shares, in-line with fourth quarter of 2010. During the fourth quarter of 2011, a total of 3.7 million shares were repurchased at an average price of $26.96 per share.

At December 31, 2011, total debt of $2.1 billion was $0.3 billion below December 31, 2010 levels. Cash, cash equivalents and short term financial investments (including $116 million related to Section 31 fees collected from market participants and due to the SEC) were $0.4 billion and net debt was $1.7 billion at the end of the fourth quarter of 2011. The ratio of debt-to-EBITDA in the fourth quarter of 2011 was 1.6 times, the lowest level since the establishment of NYSE Euronext in April 2007.

Total capital expenditures in the fourth quarter of 2011 were $54 million, compared to $61 million in the fourth quarter of 2010. For the full-year 2011, capital expenditures were $170 million compared to $305 million in 2010, a decrease of 44%.

Headcount as of December 31, 2011 was 3,077, up slightly from 3,074 at September 30, 2011 and up 4% from December 31, 2010 levels. Excluding increases from acquisitions, headcount was flat year-over-year.

The Board of Directors declared a cash dividend of $0.30 per share for the first quarter of 2012. The first quarter 2012 dividend is payable on March 30, 2012 to shareholders of record as of the close of business on March 15, 2012. The anticipated ex-date will be March 13, 2012.

 

3


FOURTH QUARTER & FULL-YEAR 2011 SEGMENT RESULTS

Below is a summary of business segment results:

 

      Derivatives      Cash Trading & Listings      Info. Svcs. & Tech. Solutions  

($ in millions)

   Net
Revenue1
     Operating
Income2
     Adjusted
EBITDA2
     Net
Revenue1
     Operating
Income2,3
     Adjusted
EBITDA2,3
     Revenue      Operating
Income2
     Adjusted
EBITDA2
 

4Q11

   $ 186       $ 86       $ 96       $ 315       $ 125       $ 168       $ 127       $ 31       $ 46   

3Q11

   $ 226       $ 129       $ 140       $ 353       $ 155       $ 202       $ 125       $ 31       $ 45   

4Q10

   $ 188       $ 91       $ 108       $ 310       $ 99       $ 153       $ 114       $ 28       $ 37   

FY 2011

   $ 861       $ 473       $ 523       $ 1,323       $ 533       $ 715       $ 490       $ 126       $ 174   

FY 2010

   $ 826       $ 454       $ 514       $ 1,241       $ 432       $ 618       $ 444       $ 89       $ 124   

 

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 and exit costs.

3 

Excludes the BlueNext tax settlement.

DERIVATIVES

Derivatives net revenue of $186 million in the fourth quarter of 2011 decreased $2 million, or 1% compared to the fourth quarter of 2010 and included a $1 million negative impact from foreign currency fluctuations. The $2 million decrease in derivatives net revenue compared to the fourth quarter of 2010, was driven by slightly lower European derivatives trading volumes, partially offset by higher average net revenue per contract. For the full-year 2011, Derivatives net revenue of $861 million increased $35 million, or 4%, and included a $25 million positive impact from foreign currency fluctuations. The increase in net revenue compared to full-year 2010 was driven by a 20% increase in U.S. equity options average daily trading volume (“ADV”).

 

   

Global derivatives ADV in the fourth quarter of 2011 of 8.0 million contracts increased 7% compared to the fourth quarter of 2010, but decreased 14% compared to third quarter of 2011 levels, which benefited from unseasonably strong trading volumes due to heightened market volatility in the U.S. and Europe. For the full-year 2011, global derivatives ADV was 9.0 million contracts compared to 8.4 million contracts in 2010, an increase of 6%.

 

   

NYSE Euronext European derivatives products ADV of 3.6 million contracts in the fourth quarter of 2011 decreased 3% compared to the fourth quarter of 2010 and decreased 17% from third quarter of 2011 levels. Excluding Bclear, European derivatives products ADV in the fourth quarter of 2011 decreased 4% compared to the fourth quarter of 2010. For the full-year 2011, European derivatives ADV was 4.5 million contracts compared to 4.7 million contracts in 2010, a decrease of 6%.

 

   

The diversification and breadth of NYSE Euronext’s European derivatives business dampened the impact of a challenging economic environment in Europe. Short Sterling futures, despite a seasonally slow fourth quarter, were up 3% compared to 2010 and Long Gilt Futures continued to outperform other major global interest rate products, increasing 21% compared to 2010. Additionally, commodity products continued to perform in 2011 with ADV increasing 24% compared to 2010.

 

   

U.S. equity options ADV in the fourth quarter of 2011 increased 15% to 4.3 million contracts compared to the fourth quarter of 2010, but decreased 12% from the third quarter of 2011 which included a monthly trading record in August of 5.8 million contracts traded. NYSE Euronext’s U.S. equity options exchanges accounted for 28% of total consolidated U.S. equity options trading in the fourth quarter of 2011, up from 25% in the fourth quarter of 2010 and up from 26% in the third quarter of 2011. The fourth quarter of 2011 was the highest level of quarterly market share achieved for NYSE Euronext’s U.S. equity options exchanges. For the full-year 2011, U.S. equity options ADV was 4.4 million contracts compared to 3.7 million contracts in 2010, an increase of 20%.

 

4


   

NYSE Liffe U.S. ADV in the fourth quarter of 2011 was 91,200 contracts compared to 14,900 contracts in the fourth quarter of 2010 and 117,800 contracts in the third quarter of 2011.

 

   

Less than a year after introducing its suite of interest rate futures contracts, NYSE Liffe U.S. has built a competitive exchange platform offering a unique combination of industry-leading technology, capital and operational efficiencies and ground-breaking innovation. Total exchange open interest at the end of the fourth quarter 2011 was approximately 1,000,000 lots. Total Eurodollar and U.S. Treasury futures open interest stood at 875,000 lots at the end of the fourth quarter, representing 88% of NYSE Liffe U.S. total open interest. Mini MSCI futures and precious metals futures also contributed 110,000 and 10,000 lots, respectively. NYSE Liffe U.S. currently represents approximately 11% of the total open interest in Eurodollar futures traded at our closest competitor.

CASH TRADING AND LISTINGS

Cash Trading and Listings net revenue of $315 million in the fourth quarter of 2011 increased $5 million, or 2% compared to the fourth quarter of 2010 and included a $1 million negative impact from foreign currency fluctuations. The $5 million increase in net revenue compared to the fourth quarter of 2010, was driven by higher listings fees and other revenue. For the full-year 2011, Cash Trading and Listings net revenue of $1,323 million increased $82 million, or 7%, and included a $21 million positive impact from foreign currency fluctuations. The increase in net revenue compared to full-year 2010 was driven primarily by higher listings revenue, an increase in European cash trading volumes and higher average net revenue capture for U.S. cash equities.

 

   

European cash ADV of 1.6 million transactions in the fourth quarter of 2011 increased 13% from 1.4 million transactions in the fourth quarter of 2010, but decreased 17% from ADV of 1.9 million transactions in the third quarter of 2011. European cash market share (value traded) in NYSE Euronext’s four core markets was 65% in the fourth quarter of 2011, down from 73% in the fourth quarter of 2010 and down from 66% in the third quarter of 2011. For the full-year 2011, European cash ADV was 1.7 million transactions compared to 1.5 million transactions in 2010, an increase of 17%.

 

   

In the U.S., cash trading ADV in the fourth quarter of 2011 decreased 5% to 2.1 billion shares traded from 2.2 billion in the fourth quarter of 2010 and decreased 18% from the third quarter of 2011. Tape A matched market share was 34% in the fourth quarter of 2011, down from 35% in the fourth quarter of 2010 and down from 36% in the third quarter of 2011. For the full-year 2011, U.S. cash ADV was 2.3 billion shares traded compared to 2.6 billion shares traded in 2010, a decrease of 12%.

 

   

For the full-year 2011, NYSE continued to see increasing listing transfers. A total of 16 transfers with total market capitalization of $30.4 billion transferred to NYSE in 2011 and a total of 8 companies transferred from NYSE. Companies that transferred to NYSE in 2011 included IMAX Corp., Level 3 Communications Inc., Prosperity Bancshares Inc. and XO Group Inc. among others.

 

   

Since 2010, a total of 30 companies have transferred to NYSE compared to 11 transfers from NYSE during the same time frame. Since 2000, a total of 198 companies for total market capitalization of $458.3 billion have transferred to NYSE and only 33 companies have transferred from NYSE.

 

5


   

NYSE Euronext led the global market for listing initial public offerings (IPOs) both in the fourth quarter of 2011 and for the full-year 2011 with $33.5 billion in total global proceeds raised from 104 IPOs on its European and U.S. markets, more than any exchange group in the world. In the U.S., NYSE led the U.S. IPO market for the fifth consecutive year, with 89 IPOs raising $33.3 billion.

 

   

NYSE has steadily captured share in technology-based IPOs. NYSE listed 19 new tech IPOs in 2011, representing 44% of all technology IPOs, including LinkedIn, Active Network, Fusion-io and Pandora. Additionally, NYSE Euronext continued to attract IPO listings from the private equity community. In 2011, 76% of all private equity backed IPOs listed on NYSE Euronext U.S. markets.

INFORMATION SERVICES AND TECHNOLOGY SOLUTIONS

Information Services and Technology Solutions revenue was $127 million in the fourth quarter of 2011, an increase of $13 million, or 11% compared to the fourth quarter of 2010. The $13 million increase in revenue compared to the fourth quarter of 2010, was driven by higher connectivity software sales. For the full-year 2011, Information Services and Technology Solutions revenue of $490 million increased $46 million, or 10%, and included a $9 million positive impact from foreign currency fluctuations. The increase in revenue compared to full-year 2010 was driven by strong increases in global connectivity fees related to the new data centers in Mahwah and Basildon.

 

   

The Information Services and Technology Solutions segment achieved its highest level of quarterly revenue generation in the fourth quarter of 2011. For the full-year 2011, the Information Services and Technology Solutions segment achieved an operating margin of 26%.

 

   

NYSE Technologies announced the opening of its latest liquidity center installation located in Tokyo, Japan. The Tokyo liquidity center offers customers the ability to access markets with unparalleled speed and reliability with minimal infrastructure costs and a dramatically decreased time to market.

 

   

The Tokyo Stock Exchange successfully launched the New Tdex+ System, a trading platform for derivative products. The New Tdex+ System is an advanced electronic trading system based on the technology platform developed by NYSE Technologies and used by NYSE Liffe in London, one of the largest derivatives exchanges in Europe and NYSE Liffe U.S. in New York. The two companies also signed an agreement creating a connection between TSE’s arrownetTM and NYSE Euronext’s Secure Financial Transaction Infrastructure (SFTI®).

 

   

Level 1 and Level 2 OTC Markets Group data is now available through NYSE Technologies global market data platform, SuperFeedTM. SuperFeed is a fully hosted consolidated market data service managed by NYSE Technologies that offers direct connectivity to a range of key global trading venues, now including the over-the-counter securities trading on OTC Markets Group’s platforms.

 

   

NYSE Technologies has strategically chosen to extend its global trading network, SFTI®, to the Equinix London LD4 International Business Exchange™ (IBX®) data center campus in Slough. NYSE Technologies’ presence in LD4 lays the foundation for financial services customers within the data center to access the full suite of low-latency trading solutions available in other NYSE Technologies global liquidity centers around the world.

# # #

 

6


The accompanying tables include information integral to assessing the Company’s financial performance.

Share repurchases may be executed at the discretion of management in open market or privately negotiated transactions or otherwise, subject to applicable United States and European laws, regulations and approvals, strategic considerations, market conditions and other factors.

Analyst/Investor/Media Call: February 10, 2012 at 8:00 a.m. (NY/ET)/2:00 p.m. (Paris/CET) A presentation and live audio webcast of the fourth quarter and full-year 2011 earnings conference call will be available on the Investor Relations section of NYSE Euronext’s website, http://ir.nyse.com/. 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://ir.nyse.com/ or by dial-in beginning approximately two hours following the conclusion of the live call.

Live Dial-in Information:

United States: 800.884.5695

International: 617.786.2960

Passcode: 91182028

Replay Dial-in Information:

United States: 888.286.8010

International: 617.801.6888

Passcode: 3034768

Non-GAAP Financial Measures

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, the BlueNext tax settlement, disposal activities 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.

About NYSE Euronext

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 Amex, 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, and is the only exchange operator in the Fortune 500. For more information, please visit: http://www.nyx.com.

 

7


Disclaimer and 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 2010 (“document de référence”) filed with the French Autorité des Marchés Financiers (Filed on April 19, 2011 under No. D.11-0333), 2010 Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission or the French Autorité des Marchés Financiers. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NYSE Euronext that the projections will prove to be correct. This press release speaks only as of this date. NYSE Euronext disclaims any duty to update the information herein.

CONTACT: Media

+31.20.550.4488 (Amsterdam)

+32.2.509.1392 (Brussels)

+351.217.900.029 (Lisbon)

+44.20.7379.2789 (London)

+1.212.656.2140 (New York)

+33.1.49.27.11.33 (Paris)

CONTACT: Investor Relations

+1.212.656.5700 (New York)

 

8


NYSE Euronext

Condensed consolidated statements of income (unaudited)

(in millions, except per share data)

 

     Three months ended     Year ended December 31,  
     Dec. 31, 2011     Sept. 30, 2011     Dec. 31, 2010     2011     2010  

Revenues

          

Transaction and clearing fees

   $ 701      $ 904      $ 713      $ 3,162      $ 3,128   

Market data

     90        93        95        371        373   

Listing

     112        113        107        446        422   

Technology services

     95        92        82        358        318   

Other revenues

     56        56        48        215        184   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     1,054        1,258        1,045        4,552        4,425   

Transaction-based expenses:

          

Section 31 fees

     84        109        76        371        315   

Liquidity payments, routing and clearing

     342        445        356        1,509        1,599   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues, less transaction-based expenses

     628        704        613        2,672        2,511   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other operating expenses

          

Compensation

     159        160        134        638        613   

Depreciation and amortization

     68        72        80        280        281   

Systems and communications

     45        46        55        188        206   

Professional services

     80        77        82        299        282   

Selling, general and administrative

     106        61        74        303        296   

Merger expenses and exit costs

     46        29        18        114        88   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other operating expenses

     504        445        443        1,822        1,766   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     124        259        170        850        745   

Net interest and investment income (loss)

     (28     (29     (30     (116     (108

Loss from associates

     (4     (2     (2     (9     (6

Other (loss) income

     —          (1     2        —          55   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     92        227        140        725        686   

Income tax benefit (provision)

     4        (21     (9     (122     (128
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     96        206        131        603        558   

Net loss (income) attributable to noncontrolling interest

     14        (6     4        16        19   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to NYSE Euronext

   $ 110      $ 200      $ 135      $ 619      $ 577   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings per share attributable to NYSE Euronext

   $ 0.43      $ 0.76      $ 0.52      $ 2.37      $ 2.21   

Diluted earnings per share attributable to NYSE Euronext

   $ 0.43      $ 0.76      $ 0.51      $ 2.36      $ 2.20   

Basic weighted average shares outstanding

     260        262        261        261        261   

Diluted weighted average shares outstanding

     262        263        262        263        262   

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 December 31,  

Non-GAAP Reconciliation

   Dec. 31, 2011     Sept. 30, 2011     Dec. 31, 2010     2011     2010  

Income before income taxes - GAAP

   $ 92      $ 227      $ 140      $ 725      $ 686   

Excluding:

          

BlueNext tax settlement

     42        —          —          42        —     

Merger expenses and exit costs

     46        29        18        114        88   

Net gain on disposal activities

     —          —          —          —          (54
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes - as adjusted

     180        256        158        881        720   

Income tax provision

     (47     (64     (42     (227     (191
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income - as adjusted

     133        192        116        654        529   

Net loss (income) attributable to noncontrolling interest

     14        (6     4        16        19   

Excluding:

          

Noncontrolling interest impact on BlueNext tax settlement

     (17     —          —          (17     —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to NYSE Euronext - as adjusted

   $ 130      $ 186      $ 120      $ 653      $ 548   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings per share attributable to NYSE Euronext - as adjusted

   $ 0.50      $ 0.71      $ 0.46      $ 2.48      $ 2.09   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

9


NYSE Euronext

Segment Results (unaudited)

(in millions)

 

        Three months ended     Three months ended  
        December 31, 2011     December 31, 2010  
        Derivatives     Cash Trading
and Listings
    Information
Services
and
Technology
Solutions
    Corporate
and
Eliminations
    Consolidated     Derivatives     Cash
Trading and
Listings
    Information
Services
and
Technology
Solutions
    Corporate
and
Eliminations
    Consolidated  

Revenues

                     

Transaction and clearing fees

    $ 221      $ 480      $ —        $ —        $ 701      $ 222      $ 491      $ —        $ —        $ 713   

Market data

      13        46        31        —          90        12        51        32        —          95   

Listing

      —          112        —          —          112        —          107        —          —          107   

Technology services

      —          —          96        (1     95        —          —          82        —          82   

Other revenues

      10        45        —          1        56        8        39        —          1        48   
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

      244        683        127        —          1,054        242        688        114        1        1,045   

Transaction-based expenses:

                     

Section 31 fees

      —          84        —          —          84        —          76        —          —          76   

Liquidity payments, routing and clearing

      58        284        —          —          342        54        302        —          —          356   
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues, less transaction-based expenses

      186        315        127        —          628        188        310        114        1        613   

Depreciation and amortization

  [a]     10        43        15        —          68        17        54        9        —          80   

BlueNext tax settlement

  [b]     —          42        —          —          42        —          —          —          —          —     

Merger expenses and exit costs (M&E)

  [c]     —          8        —          38        46        2        15        2        (1     18   

Other operating expenses

      90        147        81        30        348        80        157        77        31        345   
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income - GAAP

  [d]   $ 86      $ 75      $ 31      $ (68   $ 124      $ 89      $ 84      $ 26      $ (29   $ 170   
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income excluding M&E and BlueNext tax settlement

  [d] + [b] + [c]   $ 86      $ 125      $ 31      $ (30   $ 212      $ 91      $ 99      $ 28      $ (30   $ 188   
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

  [d] + [a] + [b] + [c]   $ 96      $ 168      $ 46      $ (30   $ 280      $ 108      $ 153      $ 37      $ (30   $ 268   
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating margin excluding M&E & BlueNext tax settlement

    46     40     24     N/M        34     48     32     25     N/M        31

Adjusted EBITDA margin

      52     53     36     N/M        45     57     49     32     N/M        44

 

        Year ended     Year ended  
        December 31, 2011     December 31, 2010  
        Derivatives     Cash Trading
and Listings
    Information
Services
and
Technology
Solutions
    Corporate
and
Eliminations
    Consolidated     Derivatives     Cash
Trading and
Listings
    Information
Services
and
Technology
Solutions
    Corporate
and
Eliminations
    Consolidated  

Revenues

                     

Transaction and clearing fees

    $ 1,046      $ 2,116      $ —        $ —        $ 3,162      $ 1,005      $ 2,123      $ —        $ —        $ 3,128   

Market data

      48        193        130        —          371        47        200        126        —          373   

Listing

      —          446        —          —          446        —          422        —          —          422   

Technology services

      —          —          360        (2     358        —          —          318        —          318   

Other revenues

      41        174        —          —          215        36        148        —          —          184   
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

      1,135        2,929        490        (2     4,552        1,088        2,893        444        —          4,425   

Transaction-based expenses:

                     

Section 31 fees

      —          371        —          —          371        —          315        —          —          315   

Liquidity payments, routing and clearing

      274        1,235        —          —          1,509        262        1,337        —          —          1,599   
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues, less transaction-based expenses

      861        1,323        490        (2     2,672        826        1,241        444        —          2,511   

Depreciation and amortization

  [a]     50        182        48        —          280        60        186        35        —          281   

BlueNext tax settlement

  [b]     —          42        —          —          42        —          —          —          —          —     

Merger expenses and exit costs (M&E)

  [c]     3        19        4        88        114        15        56        17        —          88   

Other operating expenses

      338        608        316        124        1,386        312        623        320        142        1,397   
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income - GAAP

  [d]   $ 470      $ 472      $ 122      $ (214   $ 850      $ 439      $ 376      $ 72      $ (142   $ 745   
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income excluding M&E and BlueNext tax settlement

  [d] + [b] + [c]   $ 473      $ 533      $ 126      $ (126   $ 1,006      $ 454      $ 432      $ 89      $ (142   $ 833   
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

  [d] + [a] + [b] + [c]   $ 523      $ 715      $ 174      $ (126   $ 1,286      $ 514      $ 618      $ 124      $ (142   $ 1,114   
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating margin excluding M&E & BlueNext tax settlement

    55     40     26     N/M        38     55     35     20     N/M        33

Adjusted EBITDA margin

      61     54     36     N/M        48     62     50     28     N/M        44

N/M = Not meaningful

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.

 

10


NYSE Euronext

Fixed operating expenses (unaudited)

(in millions)

 

Fixed operating expenses for the three months ended December 31, 2011 - GAAP

   $ 504        

Less:

       

Merger expenses and exit costs

   $ (46     

BlueNext tax settlement

     (42     
  

 

 

      
   $ 416        

Excluding the impact of:

       

Currency translation

     1        

Acquisitions and new business initiatives

     (8     *      
  

 

 

      

Fixed operating expenses for the three months ended December 31, 2011 - as adjusted

   $ 409         [a]
  

 

 

      

Fixed operating expenses for the three months ended December 31, 2010 - GAAP

   $ 443        

Less:

       

Merger expenses and exit costs

     (18     
  

 

 

      
   $ 425         [b]
  

 

 

      

Variance ($)

   $ (16      [a] -[b] = [c]
  

 

 

      

Variance (%)

     -4      [c] / [b]

Fixed operating expenses for the year ended December 31, 2011 - GAAP

   $ 1,822        

Less:

       

Merger expenses and exit costs

   $ (114     

BlueNext tax settlement

     (42     
  

 

 

      
   $ 1,666        

Excluding the impact of:

       

Currency translation

     (27     

Acquisitions and new business initiatives

     (31     *      
  

 

 

      

Fixed operating expenses for the year ended December 31, 2011 - as adjusted

   $ 1,608         [a]
  

 

 

      

Fixed operating expenses for the year ended December 31, 2010 - GAAP

   $ 1,766        

Less:

       

Merger expenses and exit costs

     (88     
  

 

 

      
   $ 1,678         [b]
  

 

 

      

Variance ($)

   $ (70      [a] -[b] = [c]
  

 

 

      

Variance (%)

     -4      [c] / [b]

 

* Includes the contribution of APX, Corporate Board Member, Metabit and other new business initiatives.

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.

 

11


NYSE Euronext

Condensed consolidated statements of financial condition (unaudited)

(in millions)

 

     December 31,  
     2011      2010  

Assets

     

Current assets:

     

Cash, cash equivalents and short term financial investments

   $ 432       $ 379   

Accounts receivable, net

     462         526   

Deferred income taxes

     108         120   

Other current assets

     152         149   
  

 

 

    

 

 

 

Total current assets

     1,154         1,174   

Property and equipment, net

     963         1,021   

Goodwill

     4,027         4,050   

Other intangible assets, net

     5,697         5,837   

Deferred income taxes

     594         633   

Other assets

     637         663   
  

 

 

    

 

 

 

Total assets

   $ 13,072       $ 13,378   
  

 

 

    

 

 

 

Liabilities and equity

     

Accounts payable and accrued expenses

   $ 957       $ 910   

Deferred revenue

     130         176   

Short term debt

     39         366   

Deferred income taxes

     23         2   
  

 

 

    

 

 

 

Total current liabilities

     1,149         1,454   

Long term debt

     2,036         2,074   

Deferred income taxes

     1,900         2,007   

Accrued employee benefits

     620         499   

Deferred revenue

     371         366   

Other liabilities

     63         134   
  

 

 

    

 

 

 

Total liabilities

     6,139         6,534   
  

 

 

    

 

 

 

Redeemable noncontrolling interest

     295         —     
  

 

 

    

 

 

 

Equity

     6,638         6,844   
  

 

 

    

 

 

 

Total liabilities and equity

   $ 13,072       $ 13,378   
  

 

 

    

 

 

 

 

12


NYSE Euronext

Selected Statistical Data:

Volume Summary

 

    Average Daily Volume     Total Volume     Average Daily
Volume
    Total Volume  
(Unaudited)   4Q11     3Q11     % D
4Q11
vs.
3Q11
    4Q10     % D
4Q11
vs.
4Q10
    4Q11     3Q11     % D
4Q11
vs.
3Q11
    4Q10     % D
4Q11
vs.
4Q10
    YTD
2011
    YTD
2010
    % D     YTD 2011     YTD 2010     % D  

Number of Trading Days - European Markets

    64        66          66          64        66          66          257        258          257        258     

Number of Trading Days - U.S. Markets

    63        64          64          63        64          64          252        252          252        252     

European Derivatives Products (contracts in thousands)

    3,616        4,349        -16.9     3,737        -3.3     231,383        287,064        -19.4     246,659        -6.2     4,469        4,740        -5.7     1,148,498        1,222,557        -6.1

of which Bclear

    868        826        5.0     861        0.8     55,525        54,508        1.9     56,831        -2.3     1,141        1,321        -13.6     293,243        340,840        -14.0

Avg. Net Rate Per Contract (ex. Bclear)

  $ 0.698      $ 0.679        2.8   $ 0.674        3.6   $ 0.698      $ 0.679        2.8   $ 0.674        3.6   $ 0.701      $ 0.661        6.1   $ 0.701      $ 0.661        6.1

Avg. Net Rate Per Contract (ex. Bclear) - Currency Neutral

  $ 0.698      $ 0.664        5.1   $ 0.671        4.0   $ 0.698      $ 0.664        5.1   $ 0.671        4.0            

Total Interest Rate Products1

    1,802        2,347        -23.2     1,817        -0.9     115,305        154,927        -25.6     119,949        -3.9     2,250        2,278        -1.2     578,255        587,652        -1.6

Short Term Interest Rate Products

    1,668        2,198        -24.1     1,696        -1.7     106,737        145,086        -26.4     111,949        -4.7     2,111        2,160        -2.3     542,541        557,330        -2.7

Medium and Long Term Interest Rate Products

    134        149        -10.2     121        10.5     8,568        9,841        -12.9     8,000        7.1     139        118        17.8     35,714        30,322        17.8

Total Equity Products2

    1,742        1,923        -9.4     1,851        -5.9     111,480        126,943        -12.2     122,159        -8.7     2,138        2,397        -10.8     549,513        618,226        -11.1

Individual Equity Products

    1,215        1,250        -2.8     1,341        -9.4     77,775        82,515        -5.7     88,517        -12.1     1,560        1,801        -13.4     401,004        464,563        -13.7

Futures

    707        658        7.5     702        0.8     45,273        43,421        4.3     46,353        -2.3     974        1,121        -13.1     250,442        289,334        -13.4

Options

    508        592        -14.3     639        -20.5     32,503        39,094        -16.9     42,164        -22.9     586        679        -13.7     150,562        175,229        -14.1

Equity Index Products

    527        673        -21.8     510        3.3     33,705        44,428        -24.1     33,642        0.2     578        596        -3.0     148,509        153,663        -3.4

of which Bclear

    868        826        5.0     861        0.8     55,525        54,508        1.9     56,831        -2.3     1,141        1,321        -13.6     293,243        340,840        -14.0

Individual Equity Products

    789        733        7.6     780        1.2     50,508        48,400        4.4     51,473        -1.9     1,060        1,227        -13.6     272,384        316,542        -14.0

Futures

    698        635        9.9     699        -0.2     44,658        41,901        6.6     46,108        -3.1     959        1,117        -14.2     246,425        288,207        -14.5

Options

    91        98        -7.2     81        12.4     5,850        6,499        -10.0     5,365        9.0     101        110        -8.0     25,959        28,335        -8.4

Equity Index Products

    78        93        -15.3     81        -3.4     5,017        6,108        -17.9     5,358        -6.4     81        94        -13.8     20,858        24,298        -14.2

Commodity Products

    72        79        -8.5     69        4.4     4,598        5,193        -11.5     4,551        1.0     81        65        24.8     20,730        16,679        24.3

U.S. Derivatives Products (contracts in thousands)

                               

Avg. Net Rate Per Contract (ex. Liffe U.S. volumes)

  $ 0.148      $ 0.154        -3.9   $ 0.168        -11.9   $ 0.148      $ 0.154        -3.9   $ 0.168        -11.9   $ 0.158      $ 0.171        -7.6   $ 0.158      $ 0.171        -7.6

Equity Options Contracts3

    4,286        4,866        -11.9     3,715        15.4     270,024        311,430        -13.3     237,774        13.6     4,406        3,671        20.0     1,110,193        925,162        20.0

Total Consolidated Options Contracts

    15,497        18,477        -16.1     15,132        2.4     976,280        1,182,554        -17.4     968,433        0.8     16,764        14,327        17.0     4,224,605        3,610,436        17.0

Share of Total Consolidated Options Contracts

    27.7     26.3       24.6       27.7     26.3       24.6       26.3     25.6       26.3     25.6  

NYSE Liffe U.S.

                               

Futures and Futures Options Volume

    91.2        117.8        -22.6     14.9        510.2     5,837.8        7,774.6        -24.9     956.7        510.2     81.2        16.2        401.3     20,937.6        4,079.3        413.3

European Cash Products (trades in thousands)

    1,585        1,907        -16.9     1,400        13.2     101,450        125,891        -19.4     92,390        9.8     1,711        1,463        16.9     439,717        377,122        16.6

Avg. Net Revenue Per Transaction

  $ 0.582      $ 0.635        -8.3   $ 0.714        -18.5   $ 0.582      $ 0.635        -8.3   $ 0.714        -18.5   $ 0.655      $ 0.703        -6.8   $ 0.655      $ 0.703        -6.8

Avg. Net Revenue Per Transaction - Currency Neutral

  $ 0.582      $ 0.635        -8.3   $ 0.708        -17.8   $ 0.582      $ 0.635        -8.3   $ 0.708        -17.8            

Equities

    1,522        1,832        -16.9     1,341        13.5     97,434        120,893        -19.4     88,522        10.1     1,644        1,403        17.2     422,517        361,870        16.8

Exchange-Traded Funds

    20        25        -19.5     17        17.8     1,281        1,641        -21.9     1,108        15.6     21        18        13.9     5,270        4,540        16.1

Structured Products

    38        46        -18.0     36        5.3     2,426        3,052        -20.5     2,387        1.6     41        36        15.1     10,649        9,231        15.4

Bonds

    5        5        4.6     6        -19.4     309        305        1.4     373        -17.0     5        6        -16.9     1,281        1,481        -13.5

U.S. Cash Products (shares in millions)

    2,133        2,608        -18.2     2,233        -4.5     134,373        166,914        -19.5     142,924        -6.0     2,283        2,596        -12.1     575,223        654,149        -12.1

Avg. Net Fee Per 100 Shares Handled

  $ 0.0394      $ 0.0383        2.9   $ 0.0326        20.9   $ 0.0394      $ 0.0383        2.9   $ 0.0326        20.9   $ 0.0384      $ 0.0314        22.3   $ 0.0384      $ 0.0314        22.3

NYSE Listed (Tape A) Issues 4

                               

Handled Volume 5

    1,490        1,806        -17.5     1,621        -8.1     93,849        115,591        -18.8     103,764        -9.6     1,607        1,883        -14.7     404,910        474,539        -14.7

Matched Volume 6

    1,412        1,717        -17.8     1,536        -8.1     88,942        109,900        -19.1     98,325        -9.5     1,523        1,769        -13.9     383,863        445,700        -13.9

Total NYSE Listed Consolidated Volume

    4,172        4,801        -13.1     4,335        -3.7     262,852        307,295        -14.5     277,427        -5.3     4,370        4,871        -10.3     1,101,268        1,227,390        -10.3

Share of Total Consolidated Volume

                               

Handled Volume 5

    35.7     37.6       37.4       35.7     37.6       37.4       36.8     38.7       36.8     38.7  

Matched Volume 6

    33.8     35.8       35.4       33.8     35.8       35.4       34.9     36.3       34.9     36.3  

NYSE Arca & Amex (Tape B) Listed Issues

                               

Handled Volume 5

    372        469        -20.6     325        14.4     23,458        30,007        -21.8     20,825        12.6     381        385        -1.1     96,040        97,069        -1.1

Matched Volume 6

    335        423        -20.8     294        13.8     21,120        27,094        -22.0     18,847        12.1     343        346        -0.9     86,460        87,252        -0.9

Total NYSE Arca & Amex Listed Consolidated Volume

    1,452        1,798        -19.3     1,221        18.9     91,461        115,086        -20.5     78,122        17.1     1,474        1,454        1.3     371,409        366,527        1.3

Share of Total NYSE Arca & NYSE Amex Listed Consolidated Volume

                               

Handled Volume 5

    25.6     26.1       26.7       25.6     26.1       26.7       25.9     26.5       25.9     26.5  

Matched Volume 6

    23.1     23.5       24.1       23.1     23.5       24.1       23.3     23.8       23.3     23.8  

Nasdaq Listed Issues (Tape C)

                               

Handled Volume 5

    271        333        -18.7     286        -5.4     17,066        21,316        -19.9     18,335        -6.9     295        328        -10.0     74,274        82,541        -10.0

Matched Volume 6

    234        292        -20.1     246        -4.9     14,727        18,719        -21.3     15,735        -6.4     254        277        -8.3     63,941        69,756        -8.3

Total Nasdaq Listed Consolidated Volume

    1,854        2,183        -15.0     1,893        -2.0     116,830        139,681        -16.4     121,123        -3.5     2,022        2,192        -7.8     509,421        552,422        -7.8

Share of Total Nasdaq Listed Consolidated Volume

                               

Handled Volume 5

    14.6     15.3       15.1       14.6     15.3       15.1       14.6     14.9       14.6     14.9  

Matched Volume 6

    12.6     13.4       13.0       12.6     13.4       13.0       12.6     12.6       12.6     12.6  

Exchange-Traded Funds 5,7

                               

Handled Volume 5

    359        455        -21.1     305        17.8     22,619        29,119        -22.3     19,502        16.0     360        369        -2.5     90,741        93,109        -2.5

Matched Volume 6

    323        410        -21.3     276        16.9     20,350        26,271        -22.5     17,681        15.1     324        333        -2.6     81,632        83,854        -2.6

Total ETF Consolidated Volume

    1,433        1,783        -19.6     1,157        23.8     90,268        114,109        -20.9     74,056        21.9     1,420        1,426        -0.4     357,841        359,458        -0.4

Share of Total ETF Consolidated Volume

                               

Handled Volume 5

    25.1     25.5       26.3       25.1     25.5       26.3       25.4     25.9       25.4     25.9  

Matched Volume 6

    22.5     23.0       23.9       22.5     23.0       23.9       22.8     23.3       22.8     23.3  

 

1 Data includes currency products.
2 Includes trading activities for Bclear, NYSE Liffe’s service for equity OTC derivatives.
3 Includes trading in U.S. equity options contracts, not equity-index options.
4 Includes all volume executed in NYSE Euronext’s U.S. crossing sessions.
5 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 market center. NYSE Arca routing includes odd-lots.
6 Represents the total number of shares of equity securities and ETFs executed on the NYSE Euronext’s U.S. exchanges.
7 Data included in previously identified categories.

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.

 

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NYSE Euronext

Selected Statistical Data:

Other Operating Statistics

 

     Three Months Ended     Full Year  
(Unaudited)    Dec. 31,
2011
    Sept. 30,
2011
    Dec. 31,
2010
    2011     2010  

NYSE Euronext Listed Issuers

          

NYSE Listed Issuers

          

Issuers listed on U.S. Markets1

     2,947        2,948        2,940        2,947        2,940   

Number of new issuer listings1

     43        78        62        426        361   

Capital raised in connection with new listings ($millions)2

   $ 4,079      $ 2,199      $ 21,303      $ 27,388      $ 31,447   

Euronext Listed Issuers

          

Issuers listed on Euronext1

     932        947        980        932        980   

Number of new issuer listings3

     12        17        18        59        78   

Capital raised in connection with new listings ($millions)2

   $ 7      $ 107      $ 31      $ 213      $ 812   

NYSE Euronext Market Data

          

NYSE Market Data4

          

Share of Tape A revenues (%)

     43.0     44.5     49.0     45.2     47.8

Share of Tape B revenues (%)

     29.3     30.0     32.1     30.2     33.2

Share of Tape C revenues (%)

     17.5     18.7     21.0     18.6     20.0

Professional subscribers (Tape A)

     371,878        374,784        377,481        371,878        377,481   

Euronext Market Data

          

Number of terminals

     226,282        231,474        238,539        226,282        238,539   

NYSE Euronext Operating Expenses

          

NYSE Euronext employee headcount

          

NYSE Euronext headcount5

     3,077        3,074        2,968        3,077        2,968   

NYSE Euronext Financial Statistics

          

NYSE Euronext foreign exchange rate

          

Average €/US$ exchange rate

   $ 1.348      $ 1.414      $ 1.359      $ 1.392      $ 1.327   

Average £/US$ exchange rate

   $ 1.573      $ 1.611      $ 1.581      $ 1.604      $ 1.546   

 

1 

Figures for NYSE listed issuers include listed operating companies, special-purpose acquisition companies and closed-end funds listed on the NYSE and NYSE Amex and do not include NYSE Arca or structured products listed on the NYSE. There were 1,341 ETFs and 1 operating companies exclusively listed on NYSE Arca as of December 31, 2011. There were 447 corporate structured products listed on the NYSE as of December 31, 2011. 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 Amex is excluded). Figures for Euronext present the operating companies were listed on Euronext and do not include NYSE Alternext, Free Market, closed-end funds, ETFs and structured product (warrants and certificates). As of December 31, 2011, 180 companies were listed on NYSE Alternext, 268 on Free Market and 690 ETFs were 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 (warrants 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 (warrants and certificates).

4 

“Tape A” represents NYSE listed securities, “Tape B” represents NYSE Arca and NYSE Amex 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 was derived based on number of trades reported to the consolidated tape, and share of revenue for Tape C was 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 December 31, 2011 included 75 employees and 36 employees in connection with the recent acquisitions of APX and Metabit, respectively.

Source: NYSE Euronext, Options Clearing Corporation and Consolidated Tape as reported for equity securities.

 

14