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NYSE Euronext triples profit
NYSE Euronext, the transatlantic exchange operator, on Friday said third-quarter earnings more than tripled profit after the summer's credit squeeze drove trading volumes to record levels.
A vigorous program of cost-cutting also helped lift the exchange's net income from $68m to $258m over the same period last year.
Excluding merger costs and other items, NYSE Euronext earned $202m. Revenue doubled to $1.2bn from $602m in the third-quarter of 2006, while fixed operating costs fell 8 per cent.
The NYSE Group completed its merger with Euronext in April.
"We delivered record financial results through strong growth across our business lines, driven largely by record trading volumes in the US and Europe and ongoing expense control,'' Nelson Chai, chief financial officer, said.
Derivatives trading accounted for 25 per cent of third-quarter net revenue rising to $243m from $9m, lifted by Liffe, Europe's second-largest derivatives market, the NYSE group acquired with Euronext.
The London-based Liffe derivatives exchange saw a record 272.2m contracts traded in the quarter, an increase of 54.4 per cent year on year.
European cash trading contributed 18 per cent of income, the exchange said. US equities trading, market data and listings accounted for most of the remainder.
The exchange's four European markets - Paris, Amsterdam, Brussels and Lisbon - recorded their busiest quarter. These markets averaged 1.3m trades per day, up 85.5 per cent year-on-year.
In New York on Friday, NYSE's shares ended the session 0.5 per cent lower at $90.46.
http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=FT&Date=20071102&ID=7754032
NYSE Euronext, the transatlantic exchange operator, on Friday said third-quarter earnings more than tripled profit after the summer's credit squeeze drove trading volumes to record levels.
A vigorous program of cost-cutting also helped lift the exchange's net income from $68m to $258m over the same period last year.
Excluding merger costs and other items, NYSE Euronext earned $202m. Revenue doubled to $1.2bn from $602m in the third-quarter of 2006, while fixed operating costs fell 8 per cent.
The NYSE Group completed its merger with Euronext in April.
"We delivered record financial results through strong growth across our business lines, driven largely by record trading volumes in the US and Europe and ongoing expense control,'' Nelson Chai, chief financial officer, said.
Derivatives trading accounted for 25 per cent of third-quarter net revenue rising to $243m from $9m, lifted by Liffe, Europe's second-largest derivatives market, the NYSE group acquired with Euronext.
The London-based Liffe derivatives exchange saw a record 272.2m contracts traded in the quarter, an increase of 54.4 per cent year on year.
European cash trading contributed 18 per cent of income, the exchange said. US equities trading, market data and listings accounted for most of the remainder.
The exchange's four European markets - Paris, Amsterdam, Brussels and Lisbon - recorded their busiest quarter. These markets averaged 1.3m trades per day, up 85.5 per cent year-on-year.
In New York on Friday, NYSE's shares ended the session 0.5 per cent lower at $90.46.
http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=FT&Date=20071102&ID=7754032
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