NASDAQ OMX Reports First Quarter 2012 Results
The NASDAQ OMX Group, Inc.
25.04.2012 13:00
---------------------------------------------------------------------------
-- Q112 non-GAAP diluted EPS of $0.61, on par with prior year; Q112 GAAP
diluted EPS of $0.48
-- Q112 net exchange revenues of $411 million
-- Declares initial quarterly cash dividend of $0.13 per share
-- Implementing cost reduction plan with a goal of $50 million in annualized
cost savings by end of 2012, with $25 million savings realized in 2012
-- Announces discussions with LCH.Clearnet Group regarding the acquisition of
IDCG
NEW YORK, April 25, 2012 (GLOBE NEWSWIRE) -- The NASDAQ OMX Group, Inc.
('NASDAQ OMX(r)') (Nasdaq:NDAQ) today reported results for the first quarter of
2012. First quarter net exchange revenues1 were $411 million compared to $413
million in the first quarter of 2011. On a constant currency basis, first
quarter 2012 net exchange revenues increased by $3 million, or up 1% compared
to the prior year quarter.
Operating expenses were $240 million, compared to $230 million in the first
quarter of 2011. On a non-GAAP basis, excluding $9 million of restructuring and
other charges, and $2 million of merger and strategic initiative expenses,
operating expenses were $229 million in the first quarter of 2012. Non-GAAP
operating expenses were up $8 million, or up $10 million on a constant currency
basis, compared to the prior year quarter primarily due to higher professional
and contract services expense, higher occupancy expense as well as slightly
higher marketing and advertising expense.
First quarter non-GAAP diluted earnings per share was $0.61, on par with the
prior year results. Non-GAAP earnings per share exclude $9 million of
restructuring and other charges, $2 million of merger and strategic initiatives
expense, and a $12 million impairment charge on the write down of our equity
investment in EMCF. Net income attributable to NASDAQ OMX for the first quarter
of 2012 was $85 million, or $0.48 per diluted share, compared with $104
million, or $0.57 per diluted share, in the prior year quarter.
Bob Greifeld, NASDAQ OMX's CEO, commented: 'In the first quarter, we achieved
non-GAAP EPS of $0.61, at the same level as of the prior year, and our fourth
best quarterly result ever. While we experienced a decline in our volume driven
U.S. cash equity trading and U.S. derivative trading and clearing businesses
compared to the prior year quarter, these declines were almost completely
offset by growth in our other businesses. This continues to highlight the
importance and success of our ongoing efforts to diversify our business model.
Against this backdrop, we continue to focus on the things that we can control.
We have introduced a cost reduction plan and anticipate an annualized run rate
of $50 million in cost savings by the end of 2012, with $25 million in cost
savings realized in 2012. We initiated these efforts as part of our ongoing
commitment to cost leadership. The cost reduction plan ensures that we will
have the correct business infrastructure in place should the current weak
business trends continue, and it positions us well for when our business
returns to growth.'
Lee Shavel, NASDAQ OMX's EVP and Chief Financial Officer, said: 'We are pleased
to be taking the next step in our capital return strategy, initiating a cash
dividend to complement our ongoing share repurchase program as a means of
returning capital to our shareholders. This decision was based on rigorous
financial analysis, and underscores the stability of our operations, the
strength of our cash flows and our confidence in the company's attractive
business model. We continue to focus on having a balanced capital deployment
effort, and in the past quarter we reduced debt by $110 million, further
deleveraging our balance sheet and enhancing our financial flexibility for the
future. NASDAQ OMX also returned another $50 million to shareholders through
our ongoing share repurchase program during the quarter.'
NASDAQ OMX announces it has signed a non-binding agreement with LCH.Clearnet
Group Limited regarding LCH.Clearnet Group's proposed acquisition of
International Derivatives Clearing Group, LLC ('IDCG'). If the transaction
proceeds, LCH.Clearnet Group would become the sole owner of IDCG and NASDAQ OMX
would become a shareholder of LCH.Clearnet Group.
In anticipation of new regulations proposed by the European Market
Infrastructure Regulation, NASDAQ OMX Nordic Clearing implemented a member
default fund structure. Under this new regulatory structure, clearing members
are required to contribute to the total regulatory capital. As of March 31,
2012, total member contributions equaled $163 million of which $145 million
were cash contributions. As a result, NASDAQ OMX released $83 million in
clearing capital, with an additional estimated $30 million to be released in
the second quarter.
At March 31, 2012, the company had cash and cash equivalents of $525 million
and total debt of $2,007 million, resulting in net debt of $1,482 million. This
compares to net debt of $1,611 million at December 31, 2011. During the first
quarter, we repurchased 1.9 million shares of our outstanding common stock
under our share repurchase program, for a total of $50 million. Since January
2009, we have repurchased approximately $950 million of our outstanding common
stock, representing 43.7 million shares at an average price of $21.66.
BUSINESS HIGHLIGHTS
Cash Equities (13% of total net exchange revenues) - Total net cash equity
trading revenues were $53 million in the first quarter of 2012, down $9 million
compared to the first quarter of 2011. The decline was primarily driven by
lower industry trading volumes in the U.S. (6.83 billion average daily share
volume in Q112 vs. 7.94 billion in Q111). During the quarter, NASDAQ OMX
maintained its leadership share of total U.S. matched volume. U.S. cash equity
trading revenue capture was lower, driven by our discounted Investor Support
Program, a volume incentive program which accounted for an increased proportion
of our volume.
Derivatives (18% of total net exchange revenues) - Total net derivative trading
and clearing revenues were $74 million in the first quarter of 2012, down $6
million compared to the first quarter of 2011. The year-over-year decline was
the result of lower industry trading volumes, and a slightly lower market share
in the U.S. derivative market.
Access and Broker Services (15% of total net exchange revenues) - Revenues of
$62 million were up $5 million compared to the first quarter of 2011. The
increase was primarily driven by increased demand for Access Services.
Market Data (21% of total net exchange revenues) - Total Market Data revenues
of $87 million reflect a $6 million increase compared to the year ago quarter.
The increase in Market Data revenues was primarily the result of increased
U.S. tape plan revenues and increased sales of U.S. proprietary market data
products.
Issuer Services (22% of total net exchange revenues) - Revenues were $90
million in the quarter, up $1 million compared to the first quarter of 2011, as
increased Corporate Solutions and Global Index Group revenues more than offset
lower listing fee revenues. Corporate Solutions revenues were impacted by a
reclassification which nets $2.5 million of offsetting revenues and costs. The
reclassification also impacts prior year periods.
Market Technology (11% of total net exchange revenues) - Revenues of $45
million increased $2 million, or 5%, compared to the first quarter of 2011.
COST GUIDANCE - For the full year of 2012 total core operating expenses are
expected to be in the range of $880 million to $900 million, plus an additional
$40 million to $50 million in incremental new initiative spending, resulting in
total operating expenses in the range of $920 million to $950 million. This
revised guidance reflects the partial realization in 2012 of our cost reduction
plan, and the estimated $10 million reduction in expenses resulting from the
Corporate Solutions expense reclassification. Our revised 2012 cost guidance
reflects $25 million in cost savings resulting from our cost reduction plan.
This cost guidance excludes an anticipated restructuring charge, currently
estimated at $30 million, related to the cost reduction plan.
About NASDAQ OMX Group
The inventor of the electronic exchange, The NASDAQ OMX Group, Inc., fuels
economies and provides transformative technologies for the entire lifecycle of
a trade - from risk management to trade to surveillance to clearing. In the US
and Europe, we own and operate 24 markets, 3 clearinghouses and 5 central
securities depositories supporting equities, options, fixed income,
derivatives, commodities, futures and structured products. Able to process more
than 1 million messages per second at sub-40 microsecond speeds with 99.999%
uptime, our technology drives more than 70 marketplaces in 50 developed and
emerging countries into the future, powering 1 in 10 of the world's securities
transactions. Our award-winning data products and worldwide indexes are the
benchmarks in the financial industry. Home to approximately 3,400 listed
companies worth $5.1 trillion in market cap whose innovations shape our world,
we give the ideas of tomorrow access to capital today. Welcome to where the
world takes a big leap forward, daily. Welcome to the NASDAQ OMX Century. To
learn more, visit www.nasdaqomx.com. Follow us on Facebook
(http://www.facebook.com/NASDAQ) and Twitter
(http://www.twitter.com/nasdaqomx). (Symbol: NDAQ and member of S&P 500)
Non-GAAP Information
In addition to disclosing results determined in accordance with GAAP, NASDAQ
OMX also discloses certain non-GAAP results of operations, including, but not
limited to, net income attributable to NASDAQ OMX, diluted earnings per share,
operating income, and operating expenses, that make certain adjustments or
exclude certain charges and gains that are described in the reconciliation
table of GAAP to non-GAAP information provided at the end of this release.
Management believes that this non-GAAP information provides investors with
additional information to assess NASDAQ OMX's operating performance by making
certain adjustments or excluding costs or gains and assists investors in
comparing our operating performance to prior periods. Management uses this
non-GAAP information, along with GAAP information, in evaluating its historical
operating performance.
The non-GAAP information is not prepared in accordance with GAAP and may not be
comparable to non-GAAP information used by other companies. The non-GAAP
information should not be viewed as a substitute for, or superior to, other
data prepared in accordance with GAAP.
Cautionary Note Regarding Forward-Looking Statements
Information set forth in this communication contains forward-looking statements
that involve a number of risks and uncertainties. NASDAQ OMX cautions readers
that any forward-looking information is not a guarantee of future performance
and that actual results could differ materially from those contained in the
forward-looking information. Such forward-looking statements include, but are
not limited to (i) projections about our future financial results, growth,
trading volumes, tax benefits and achievement of synergy targets, (ii)
statements about the implementation dates and benefits of certain strategic and
capital return initiatives, (iii) statements about our integrations of our
recent acquisitions and (iv) other statements that are not historical facts.
Forward-looking statements involve a number of risks, uncertainties or other
factors beyond NASDAQ OMX's control. These factors include, but are not limited
to, NASDAQ OMX's ability to implement its strategic initiatives, economic,
political and market conditions and fluctuations, government and industry
regulation, interest rate risk, U.S. and global competition, and other factors
detailed in NASDAQ OMX's filings with the U.S. Securities Exchange Commission,
including its annual reports on Form 10-K and quarterly reports on Form 10-Q
which are available on NASDAQ OMX's website at http://www.nasdaqomx.com and the
SEC's website at www.sec.gov. NASDAQ OMX undertakes no obligation to publicly
update any forward-looking statement, whether as a result of new information,
future events or otherwise.
1 Represents revenues less transaction rebates, brokerage, clearance and
exchange fees.
NDAQF
The NASDAQ OMX Group, Inc.
Consolidated Statements of Income
(in millions, except per share amounts)
(unaudited)
Three Months Ended
-------------------------
March December March
31, 31, 31,
2012 2011 2011
-------------------------
Revenues:
Market Services $ 666 $ 698 $ 683
-------------------------
Cost of revenues:
Transaction rebates (306) (324) (309)
Brokerage, clearance and exchange fees (84) (93) (93)
-------------------------
Total cost of revenues (390) (417) (402)
-------------------------
Total Market Services revenues less transaction 276 281 281
rebates, brokerage, clearance and exchange fees
Issuer Services 90 91 89
Market Technology 45 48 43
-------------------------
Revenues less transaction rebates, brokerage, 411 420 413
clearance and exchange fees
-------------------------
Operating Expenses:
Compensation and benefits 112 113 112
Marketing and advertising 6 9 5
Depreciation and amortization 26 28 27
Professional and contract services 22 23 19
Computer operations and data communications 17 15 17
Occupancy 23 22 23
Regulatory 9 9 9
Merger and strategic initiatives 2 1 5
Restructuring and other charges 9 -- --
General, administrative and other 14 39 13
-------------------------
Total operating expenses 240 259 230
-------------------------
Operating income 171 161 183
Interest income 2 3 2
Interest expense (24) (26) (32)
Asset impairment charges (12) (18) --
Dividend and investment income -- -- (1)
Income from unconsolidated investees, net -- 1 --
-------------------------
Income before income taxes 137 121 152
Income tax provision 53 40 49
-------------------------
Net income 84 81 103
Net loss attributable to noncontrolling interests 1 1 1
-------------------------
Net income attributable to NASDAQ OMX $ 85 $ 82 $ 104
=========================
Basic and diluted earnings per share:
Basic earnings per share $ 0.49 $ 0.46 $ 0.59
=========================
Diluted earnings per share $ 0.48 $ 0.45 $ 0.57
=========================
Weighted-average common shares outstanding for
earnings per share:
Basic 173 175 176
Diluted 178 180 181
The NASDAQ OMX Group, Inc.
Revenue Detail
(in millions)
(unaudited)
Three Months Ended
--------------------------------------------------------------
March 31, December 31, March 31,
2012 2011 2011
--------------------------------------------------------------
MARKET SERVICES
Transaction
Services
Cash Equity
Trading
Revenues:
U.S. cash equity $ 340 $ 385 $ 365
trading
--------------------------------------------------------------
Cost of
revenues:
Transaction (235) (261) (242)
rebates
Brokerage, (75) (87) (84)
clearance
and exchange
fees
--------------------------------------------------------------
Total U.S. (310) (348) (326)
cash equity
cost of
revenues
--------------------------------------------------------------
Net U.S. cash 30 37 39
equity
trading
revenues
European cash 23 22 23
equity trading
--------------------------------------------------------------
Total net cash 53 59 62
equity
trading
revenues
--------------------------------------------------------------
Derivative
Trading and
Clearing
Revenues:
U.S. derivative 122 110 124
trading and
clearing
--------------------------------------------------------------
Cost of
revenues:
Transaction (71) (63) (67)
rebates
Brokerage, (9) (6) (9)
clearance
and exchange
fees
--------------------------------------------------------------
Total U.S. (80) (69) (76)
derivative
trading and
clearing
cost of
revenues
--------------------------------------------------------------
Net U.S. 42 41 48
derivative
trading and
clearing
revenues
European 32 32 32
derivative
trading and
clearing
--------------------------------------------------------------
Total net 74 73 80
derivative
trading and
clearing
revenues
Access Services 57 56 53
Revenues
--------------------------------------------------------------
Total 184 188 195
Transaction
Services
revenues less
transaction
rebates,
brokerage,
clearance and
exchange fees
--------------------------------------------------------------
Market Data
Revenues:
Net U.S. tape 31 29 27
plans
U.S. market data 34 37 32
products
European market 22 21 22
data products
--------------------------------------------------------------
Total Market 87 87 81
Data revenues
--------------------------------------------------------------
Broker Services 5 5 4
Revenues
--------------------------------------------------------------
Other Market -- 1 1
Services
Revenues
--------------------------------------------------------------
Total Market 276 281 281
Services
revenues less
transaction
rebates,
brokerage,
clearance and
exchange fees
--------------------------------------------------------------
ISSUER SERVICES
Global Listing
Services
Revenues:
Annual renewal 28 30 29
Listing of 10 10 10
additional
shares
Initial listing 6 5 6
--------------------------------------------------------------
Total U.S. 44 45 45
listing
services
European 12 13 13
listing fees
Corporate 20 20 18
Solutions
--------------------------------------------------------------
Total Global 76 78 76
Listing
Services
revenues
Global Index 14 13 13
Group Revenues
--------------------------------------------------------------
Total Issuer 90 91 89
Services
revenues
--------------------------------------------------------------
MARKET TECHNOLOGY
License, support 29 29 28
and facility
management
Delivery project 7 6 6
Change request, 9 13 9
advisory and
broker
surveillance
--------------------------------------------------------------
Total Market 45 48 43
Technology
revenues
--------------------------------------------------------------
Total revenues $ 411 $ 420 $ 413
less transaction
rebates,
brokerage,
clearance and
exchange fees
==============================================================
The NASDAQ OMX Group, Inc.
Consolidated Balance Sheets
(in millions)
March 31, December 31,
2012 2011
--------------------------
Assets (unaudited)
Current assets:
Cash and cash equivalents $ 525 $ 506
Restricted cash 38 34
Financial investments, at fair value 215 279
Receivables, net 327 308
Deferred tax assets 14 16
Default funds and margin deposits 158 17
Open clearing contracts:
Derivative positions, at fair value -- 1,566
Resale agreements, at contract value -- 3,745
Other current assets 129 110
--------------------------
Total current assets 1,406 6,581
Non-current restricted cash 103 97
Property and equipment, net 195 193
Non-current deferred tax assets 326 392
Goodwill 5,210 5,061
Intangible assets, net 1,680 1,648
Other non-current assets 101 119
--------------------------
Total assets $ 9,021 $ 14,091
==========================
Liabilities
Current liabilities:
Accounts payable and accrued expenses $ 147 $ 164
Section 31 fees payable to SEC 69 106
Accrued personnel costs 56 132
Deferred revenue 237 124
Other current liabilities 120 112
Deferred tax liabilities 27 27
Default funds and margin deposits 158 17
Open clearing contracts:
Derivative positions, at fair value -- 1,566
Repurchase agreements, at contract value -- 3,745
Current portion of debt obligations 45 45
--------------------------
Total current liabilities 859 6,038
Debt obligations 1,962 2,072
Non-current deferred tax liabilities 684 670
Non-current deferred revenue 173 154
Other non-current liabilities 182 171
--------------------------
Total liabilities 3,860 9,105
Commitments and contingencies
Equity
NASDAQ OMX stockholders' equity:
Common stock 2 2
Additional paid-in capital 3,798 3,793
Common stock in treasury, at cost (906) (860)
Accumulated other comprehensive loss (218) (350)
Retained earnings 2,476 2,391
--------------------------
Total NASDAQ OMX stockholders' equity 5,152 4,976
Noncontrolling interests 9 10
--------------------------
Total equity 5,161 4,986
--------------------------
Total liabilities and equity $ 9,021 $ 14,091
==========================
The NASDAQ OMX Group, Inc.
Reconciliation of GAAP Net Income, Diluted Earnings Per Share, Operating Income
and Operating Expenses
to Non-GAAP Net Income, Diluted Earnings Per Share, Operating Income and
Operating Expenses
(in millions, except per share amounts)
(unaudited)
Three Months Ended
-------------------------
March December March
31, 31, 31,
2012 2011 2011
-------------------------
GAAP net income attributable to NASDAQ OMX: $ 85 $ 82 $ 104
-------------------------------------------------------
Non-GAAP adjustments:
Merger and strategic initiatives 2 1 5
Extinguishment of debt -- 25 --
Asset impairment charges 12 18 --
Restructuring and other charges 9 -- --
Other -- -- 4
-------------------------
Total non-GAAP adjustments 23 44 9
Adjustment to the income tax provision to reflect (3) (13) (3)
non-GAAP adjustments(1)
Significant tax adjustments, net 3 -- --
-------------------------
Total non-GAAP adjustments, net of tax 23 31 6
Non-GAAP net income attributable to NASDAQ OMX: $ 108 $ 113 $ 110
=========================
GAAP diluted earnings per common share: $ 0.48 $ 0.45 $ 0.57
-------------------------------------------------------
Total adjustments from non-GAAP net income above 0.13 0.18 0.04
-------------------------
Non-GAAP diluted earnings per common share: $ 0.61 $ 0.63 $ 0.61
=========================
Three Months Ended
-------------------------
March December March
31, 31, 31,
2012 2011 2011
-------------------------
GAAP operating income: $ 171 $ 161 $ 183
-------------------------------------------------------
Non-GAAP adjustments:
Merger and strategic initiatives 2 1 5
Extinguishment of debt -- 25 --
Restructuring and other charges 9 -- --
Other -- -- 4
-------------------------
Total non-GAAP adjustments 11 26 9
-------------------------
Non-GAAP operating income: $ 182 $ 187 $ 192
=========================
--------------------------------------------------------------------------------
-
Total revenues less transaction rebates, brokerage, $ 411 $ 420 $ 413
clearance and exchange fees
Non-GAAP operating margin (2) 44% 45% 46%
--------------------------------------------------------------------------------
-
(1) We determine the tax effect of each item based on the tax rules in the
respective jurisdiction where the transaction occurred.
(2) Non-GAAP operating margin equals non-GAAP operating income divided by total
revenues less transaction rebates, brokerage, clearance and exchange fees.
The NASDAQ OMX Group, Inc.
Reconciliation of GAAP Net Income, Diluted Earnings Per Share, Operating Income
and Operating Expenses
to Non-GAAP Net Income, Diluted Earnings Per Share, Operating Income and
Operating Expenses
(in millions)
(unaudited)
Three Months Ended
-------------------------------------------
March 31, December 31, March 31,
2012 2011 2011
-------------------------------------------
GAAP operating expenses: $ 240 $ 259 $ 230
-------------------------------------
Non-GAAP adjustments:
Merger and strategic initiatives (2) (1) (5)
Extinguishment of debt -- (25) --
Restructuring and other charges (9) -- --
Other -- -- (4)
-------------------------------------------
Total non-GAAP adjustments (11) (26) (9)
-------------------------------------------
Non-GAAP operating expenses $ 229 $ 233 $ 221
===========================================
The NASDAQ OMX Group, Inc.
Quarterly Key Drivers Detail
(unaudited)
Three Months Ended
----------------------------
March December March
31, 31, 31,
2012 2011 2011
----------------------------
Market Services
Cash Equity Trading
NASDAQ securities
----------------------------------------------------
Average daily share volume (in billions) 1.80 1.85 2.05
Matched market share executed on NASDAQ 26.3% 27.2% 26.8%
Matched market share executed on NASDAQ OMX BX 2.6% 2.5% 1.4%
Matched market share executed on NASDAQ OMX PSX 1.3% 1.1% 0.9%
Market share reported to the FINRA/NASDAQ
Trade Reporting Facility 33.2% 30.2% 32.7%
Total market share (1) 63.4% 61.0% 61.8%
New York Stock Exchange, or NYSE, securities
----------------------------------------------------
Average daily share volume (in billions) 3.91 4.14 4.54
Matched market share executed on NASDAQ 13.4% 13.3% 11.8%
Matched market share executed on NASDAQ OMX BX 2.5% 2.5% 2.0%
Matched market share executed on NASDAQ OMX PSX 0.7% 0.6% 0.8%
Market share reported to the FINRA/NASDAQ
Trade Reporting Facility 31.5% 27.5% 29.9%
Total market share (1) 48.2% 44.0% 44.5%
NYSE Amex and regional securities
----------------------------------------------------
Average daily share volume (in billions) 1.12 1.45 1.35
Matched market share executed on NASDAQ 19.0% 19.2% 16.8%
Matched market share executed on NASDAQ OMX BX 2.3% 1.9% 1.7%
Matched market share executed on NASDAQ OMX PSX 1.9% 1.9% 1.3%
Market share reported to the FINRA/NASDAQ
Trade Reporting Facility 29.4% 27.2% 27.1%
Total market share (1) 52.6% 50.2% 46.9%
Total U.S.-listed securities
----------------------------------------------------
Average daily share volume (in billions) 6.83 7.45 7.94
Matched share volume (in billions) 90.1 100.0 94.8
Matched market share executed on NASDAQ 17.7% 17.9% 16.5%
Matched market share executed on NASDAQ OMX BX 2.5% 2.4% 1.8%
Matched market share executed on NASDAQ OMX PSX 1.1% 1.0% 0.9%
NASDAQ OMX Nordic and NASDAQ OMX Baltic Securities
----------------------------------------------------
Average daily number of equity trades 372,081 394,290 338,534
Average daily value of shares traded (in $ 3.2 $ 3.0 $ 4.1
billions)
Derivative Trading and Clearing
U.S. Equity Options
----------------------------------------------------
Total industry average daily volume (in millions) 15.9 15.5 17.3
NASDAQ OMX PHLX matched market share 22.2% 22.7% 23.5%
The NASDAQ Options Market matched market share 5.2% 4.5% 5.2%
NASDAQ OMX Nordic and NASDAQ OMX Baltic
----------------------------------------------------
Average daily volume:
Options, futures and fixed-income contracts 470,216 455,341 455,845
Finnish option contracts traded on Eurex 71,411 46,557 177,836
NASDAQ OMX Commodities
----------------------------------------------------
Clearing Turnover:
Power contracts (TWh)(2) 521 494 455
Carbon contracts (1000 tCO2)(2) 30,912 29,908 4,036
Issuer Services
Initial public offerings
NASDAQ 21 15 22
Exchanges that comprise NASDAQ OMX Nordic and 1 1 1
NASDAQ OMX Baltic
New listings
NASDAQ (3) 43 44 34
Exchanges that comprise NASDAQ OMX Nordic and 3 12 4
NASDAQ OMX Baltic (4)
Number of listed companies
NASDAQ (5) 2,665 2,680 2,760
Exchanges that comprise NASDAQ OMX Nordic and 769 776 773
NASDAQ OMX Baltic (6)
Market Technology
Order intake (in millions)(7) $ 55 $ 36 $ 6
Total order value (in millions)(8) $ 496 $ 458 $ 471
(1) Includes transactions executed on NASDAQ's, NASDAQ OMX BX's and NASDAQ OMX
PSX's systems plus trades reported through the FINRA/NASDAQ Trade Reporting
Facility.
(2) Primarily transactions executed on Nord Pool and reported for clearing to
NASDAQ OMX Commodities measured by Terawatt hours (TWh) and one thousand
metric tons of carbon dioxide (1000 tCO2).
(3) New listings include IPOs, including those completed on a best efforts
basis, issuers that switched from other listing venues, closed-end funds and
separately listed ETFs.
(4) New listings include IPOs and represent companies listed on the exchanges
that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic and companies on the
alternative markets of NASDAQ OMX First North.
(5) Number of listed companies for NASDAQ at period end, including separately
listed ETFs.
(6) Represents companies listed on the exchanges that comprise NASDAQ OMX
Nordic and NASDAQ OMX Baltic and companies on the alternative markets of
NASDAQ OMX First North at period end.
(7) Total contract value of orders signed during the period.
(8) Represents total contract value of orders signed that are yet to be
recognized as revenue.
CONTACT: Contact Media Relations:
Joseph Christinat +1.646.441.5121
Joseph.Christinat@NASDAQOMX.Com
Contact Investor Relations:
John Sweeney +1.212.401.8737
John.Sweeney@NASDAQOMX.Com
News Source: NASDAQ OMX
25.04.2012 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: The NASDAQ OMX Group, Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US6311031081
WKN:
End of Announcement DGAP News-Service
---------------------------------------------------------------------------
The NASDAQ OMX Group, Inc.
25.04.2012 13:00
---------------------------------------------------------------------------
-- Q112 non-GAAP diluted EPS of $0.61, on par with prior year; Q112 GAAP
diluted EPS of $0.48
-- Q112 net exchange revenues of $411 million
-- Declares initial quarterly cash dividend of $0.13 per share
-- Implementing cost reduction plan with a goal of $50 million in annualized
cost savings by end of 2012, with $25 million savings realized in 2012
-- Announces discussions with LCH.Clearnet Group regarding the acquisition of
IDCG
NEW YORK, April 25, 2012 (GLOBE NEWSWIRE) -- The NASDAQ OMX Group, Inc.
('NASDAQ OMX(r)') (Nasdaq:NDAQ) today reported results for the first quarter of
2012. First quarter net exchange revenues1 were $411 million compared to $413
million in the first quarter of 2011. On a constant currency basis, first
quarter 2012 net exchange revenues increased by $3 million, or up 1% compared
to the prior year quarter.
Operating expenses were $240 million, compared to $230 million in the first
quarter of 2011. On a non-GAAP basis, excluding $9 million of restructuring and
other charges, and $2 million of merger and strategic initiative expenses,
operating expenses were $229 million in the first quarter of 2012. Non-GAAP
operating expenses were up $8 million, or up $10 million on a constant currency
basis, compared to the prior year quarter primarily due to higher professional
and contract services expense, higher occupancy expense as well as slightly
higher marketing and advertising expense.
First quarter non-GAAP diluted earnings per share was $0.61, on par with the
prior year results. Non-GAAP earnings per share exclude $9 million of
restructuring and other charges, $2 million of merger and strategic initiatives
expense, and a $12 million impairment charge on the write down of our equity
investment in EMCF. Net income attributable to NASDAQ OMX for the first quarter
of 2012 was $85 million, or $0.48 per diluted share, compared with $104
million, or $0.57 per diluted share, in the prior year quarter.
Bob Greifeld, NASDAQ OMX's CEO, commented: 'In the first quarter, we achieved
non-GAAP EPS of $0.61, at the same level as of the prior year, and our fourth
best quarterly result ever. While we experienced a decline in our volume driven
U.S. cash equity trading and U.S. derivative trading and clearing businesses
compared to the prior year quarter, these declines were almost completely
offset by growth in our other businesses. This continues to highlight the
importance and success of our ongoing efforts to diversify our business model.
Against this backdrop, we continue to focus on the things that we can control.
We have introduced a cost reduction plan and anticipate an annualized run rate
of $50 million in cost savings by the end of 2012, with $25 million in cost
savings realized in 2012. We initiated these efforts as part of our ongoing
commitment to cost leadership. The cost reduction plan ensures that we will
have the correct business infrastructure in place should the current weak
business trends continue, and it positions us well for when our business
returns to growth.'
Lee Shavel, NASDAQ OMX's EVP and Chief Financial Officer, said: 'We are pleased
to be taking the next step in our capital return strategy, initiating a cash
dividend to complement our ongoing share repurchase program as a means of
returning capital to our shareholders. This decision was based on rigorous
financial analysis, and underscores the stability of our operations, the
strength of our cash flows and our confidence in the company's attractive
business model. We continue to focus on having a balanced capital deployment
effort, and in the past quarter we reduced debt by $110 million, further
deleveraging our balance sheet and enhancing our financial flexibility for the
future. NASDAQ OMX also returned another $50 million to shareholders through
our ongoing share repurchase program during the quarter.'
NASDAQ OMX announces it has signed a non-binding agreement with LCH.Clearnet
Group Limited regarding LCH.Clearnet Group's proposed acquisition of
International Derivatives Clearing Group, LLC ('IDCG'). If the transaction
proceeds, LCH.Clearnet Group would become the sole owner of IDCG and NASDAQ OMX
would become a shareholder of LCH.Clearnet Group.
In anticipation of new regulations proposed by the European Market
Infrastructure Regulation, NASDAQ OMX Nordic Clearing implemented a member
default fund structure. Under this new regulatory structure, clearing members
are required to contribute to the total regulatory capital. As of March 31,
2012, total member contributions equaled $163 million of which $145 million
were cash contributions. As a result, NASDAQ OMX released $83 million in
clearing capital, with an additional estimated $30 million to be released in
the second quarter.
At March 31, 2012, the company had cash and cash equivalents of $525 million
and total debt of $2,007 million, resulting in net debt of $1,482 million. This
compares to net debt of $1,611 million at December 31, 2011. During the first
quarter, we repurchased 1.9 million shares of our outstanding common stock
under our share repurchase program, for a total of $50 million. Since January
2009, we have repurchased approximately $950 million of our outstanding common
stock, representing 43.7 million shares at an average price of $21.66.
BUSINESS HIGHLIGHTS
Cash Equities (13% of total net exchange revenues) - Total net cash equity
trading revenues were $53 million in the first quarter of 2012, down $9 million
compared to the first quarter of 2011. The decline was primarily driven by
lower industry trading volumes in the U.S. (6.83 billion average daily share
volume in Q112 vs. 7.94 billion in Q111). During the quarter, NASDAQ OMX
maintained its leadership share of total U.S. matched volume. U.S. cash equity
trading revenue capture was lower, driven by our discounted Investor Support
Program, a volume incentive program which accounted for an increased proportion
of our volume.
Derivatives (18% of total net exchange revenues) - Total net derivative trading
and clearing revenues were $74 million in the first quarter of 2012, down $6
million compared to the first quarter of 2011. The year-over-year decline was
the result of lower industry trading volumes, and a slightly lower market share
in the U.S. derivative market.
Access and Broker Services (15% of total net exchange revenues) - Revenues of
$62 million were up $5 million compared to the first quarter of 2011. The
increase was primarily driven by increased demand for Access Services.
Market Data (21% of total net exchange revenues) - Total Market Data revenues
of $87 million reflect a $6 million increase compared to the year ago quarter.
The increase in Market Data revenues was primarily the result of increased
U.S. tape plan revenues and increased sales of U.S. proprietary market data
products.
Issuer Services (22% of total net exchange revenues) - Revenues were $90
million in the quarter, up $1 million compared to the first quarter of 2011, as
increased Corporate Solutions and Global Index Group revenues more than offset
lower listing fee revenues. Corporate Solutions revenues were impacted by a
reclassification which nets $2.5 million of offsetting revenues and costs. The
reclassification also impacts prior year periods.
Market Technology (11% of total net exchange revenues) - Revenues of $45
million increased $2 million, or 5%, compared to the first quarter of 2011.
COST GUIDANCE - For the full year of 2012 total core operating expenses are
expected to be in the range of $880 million to $900 million, plus an additional
$40 million to $50 million in incremental new initiative spending, resulting in
total operating expenses in the range of $920 million to $950 million. This
revised guidance reflects the partial realization in 2012 of our cost reduction
plan, and the estimated $10 million reduction in expenses resulting from the
Corporate Solutions expense reclassification. Our revised 2012 cost guidance
reflects $25 million in cost savings resulting from our cost reduction plan.
This cost guidance excludes an anticipated restructuring charge, currently
estimated at $30 million, related to the cost reduction plan.
About NASDAQ OMX Group
The inventor of the electronic exchange, The NASDAQ OMX Group, Inc., fuels
economies and provides transformative technologies for the entire lifecycle of
a trade - from risk management to trade to surveillance to clearing. In the US
and Europe, we own and operate 24 markets, 3 clearinghouses and 5 central
securities depositories supporting equities, options, fixed income,
derivatives, commodities, futures and structured products. Able to process more
than 1 million messages per second at sub-40 microsecond speeds with 99.999%
uptime, our technology drives more than 70 marketplaces in 50 developed and
emerging countries into the future, powering 1 in 10 of the world's securities
transactions. Our award-winning data products and worldwide indexes are the
benchmarks in the financial industry. Home to approximately 3,400 listed
companies worth $5.1 trillion in market cap whose innovations shape our world,
we give the ideas of tomorrow access to capital today. Welcome to where the
world takes a big leap forward, daily. Welcome to the NASDAQ OMX Century. To
learn more, visit www.nasdaqomx.com. Follow us on Facebook
(http://www.facebook.com/NASDAQ) and Twitter
(http://www.twitter.com/nasdaqomx). (Symbol: NDAQ and member of S&P 500)
Non-GAAP Information
In addition to disclosing results determined in accordance with GAAP, NASDAQ
OMX also discloses certain non-GAAP results of operations, including, but not
limited to, net income attributable to NASDAQ OMX, diluted earnings per share,
operating income, and operating expenses, that make certain adjustments or
exclude certain charges and gains that are described in the reconciliation
table of GAAP to non-GAAP information provided at the end of this release.
Management believes that this non-GAAP information provides investors with
additional information to assess NASDAQ OMX's operating performance by making
certain adjustments or excluding costs or gains and assists investors in
comparing our operating performance to prior periods. Management uses this
non-GAAP information, along with GAAP information, in evaluating its historical
operating performance.
The non-GAAP information is not prepared in accordance with GAAP and may not be
comparable to non-GAAP information used by other companies. The non-GAAP
information should not be viewed as a substitute for, or superior to, other
data prepared in accordance with GAAP.
Cautionary Note Regarding Forward-Looking Statements
Information set forth in this communication contains forward-looking statements
that involve a number of risks and uncertainties. NASDAQ OMX cautions readers
that any forward-looking information is not a guarantee of future performance
and that actual results could differ materially from those contained in the
forward-looking information. Such forward-looking statements include, but are
not limited to (i) projections about our future financial results, growth,
trading volumes, tax benefits and achievement of synergy targets, (ii)
statements about the implementation dates and benefits of certain strategic and
capital return initiatives, (iii) statements about our integrations of our
recent acquisitions and (iv) other statements that are not historical facts.
Forward-looking statements involve a number of risks, uncertainties or other
factors beyond NASDAQ OMX's control. These factors include, but are not limited
to, NASDAQ OMX's ability to implement its strategic initiatives, economic,
political and market conditions and fluctuations, government and industry
regulation, interest rate risk, U.S. and global competition, and other factors
detailed in NASDAQ OMX's filings with the U.S. Securities Exchange Commission,
including its annual reports on Form 10-K and quarterly reports on Form 10-Q
which are available on NASDAQ OMX's website at http://www.nasdaqomx.com and the
SEC's website at www.sec.gov. NASDAQ OMX undertakes no obligation to publicly
update any forward-looking statement, whether as a result of new information,
future events or otherwise.
1 Represents revenues less transaction rebates, brokerage, clearance and
exchange fees.
NDAQF
The NASDAQ OMX Group, Inc.
Consolidated Statements of Income
(in millions, except per share amounts)
(unaudited)
Three Months Ended
-------------------------
March December March
31, 31, 31,
2012 2011 2011
-------------------------
Revenues:
Market Services $ 666 $ 698 $ 683
-------------------------
Cost of revenues:
Transaction rebates (306) (324) (309)
Brokerage, clearance and exchange fees (84) (93) (93)
-------------------------
Total cost of revenues (390) (417) (402)
-------------------------
Total Market Services revenues less transaction 276 281 281
rebates, brokerage, clearance and exchange fees
Issuer Services 90 91 89
Market Technology 45 48 43
-------------------------
Revenues less transaction rebates, brokerage, 411 420 413
clearance and exchange fees
-------------------------
Operating Expenses:
Compensation and benefits 112 113 112
Marketing and advertising 6 9 5
Depreciation and amortization 26 28 27
Professional and contract services 22 23 19
Computer operations and data communications 17 15 17
Occupancy 23 22 23
Regulatory 9 9 9
Merger and strategic initiatives 2 1 5
Restructuring and other charges 9 -- --
General, administrative and other 14 39 13
-------------------------
Total operating expenses 240 259 230
-------------------------
Operating income 171 161 183
Interest income 2 3 2
Interest expense (24) (26) (32)
Asset impairment charges (12) (18) --
Dividend and investment income -- -- (1)
Income from unconsolidated investees, net -- 1 --
-------------------------
Income before income taxes 137 121 152
Income tax provision 53 40 49
-------------------------
Net income 84 81 103
Net loss attributable to noncontrolling interests 1 1 1
-------------------------
Net income attributable to NASDAQ OMX $ 85 $ 82 $ 104
=========================
Basic and diluted earnings per share:
Basic earnings per share $ 0.49 $ 0.46 $ 0.59
=========================
Diluted earnings per share $ 0.48 $ 0.45 $ 0.57
=========================
Weighted-average common shares outstanding for
earnings per share:
Basic 173 175 176
Diluted 178 180 181
The NASDAQ OMX Group, Inc.
Revenue Detail
(in millions)
(unaudited)
Three Months Ended
--------------------------------------------------------------
March 31, December 31, March 31,
2012 2011 2011
--------------------------------------------------------------
MARKET SERVICES
Transaction
Services
Cash Equity
Trading
Revenues:
U.S. cash equity $ 340 $ 385 $ 365
trading
--------------------------------------------------------------
Cost of
revenues:
Transaction (235) (261) (242)
rebates
Brokerage, (75) (87) (84)
clearance
and exchange
fees
--------------------------------------------------------------
Total U.S. (310) (348) (326)
cash equity
cost of
revenues
--------------------------------------------------------------
Net U.S. cash 30 37 39
equity
trading
revenues
European cash 23 22 23
equity trading
--------------------------------------------------------------
Total net cash 53 59 62
equity
trading
revenues
--------------------------------------------------------------
Derivative
Trading and
Clearing
Revenues:
U.S. derivative 122 110 124
trading and
clearing
--------------------------------------------------------------
Cost of
revenues:
Transaction (71) (63) (67)
rebates
Brokerage, (9) (6) (9)
clearance
and exchange
fees
--------------------------------------------------------------
Total U.S. (80) (69) (76)
derivative
trading and
clearing
cost of
revenues
--------------------------------------------------------------
Net U.S. 42 41 48
derivative
trading and
clearing
revenues
European 32 32 32
derivative
trading and
clearing
--------------------------------------------------------------
Total net 74 73 80
derivative
trading and
clearing
revenues
Access Services 57 56 53
Revenues
--------------------------------------------------------------
Total 184 188 195
Transaction
Services
revenues less
transaction
rebates,
brokerage,
clearance and
exchange fees
--------------------------------------------------------------
Market Data
Revenues:
Net U.S. tape 31 29 27
plans
U.S. market data 34 37 32
products
European market 22 21 22
data products
--------------------------------------------------------------
Total Market 87 87 81
Data revenues
--------------------------------------------------------------
Broker Services 5 5 4
Revenues
--------------------------------------------------------------
Other Market -- 1 1
Services
Revenues
--------------------------------------------------------------
Total Market 276 281 281
Services
revenues less
transaction
rebates,
brokerage,
clearance and
exchange fees
--------------------------------------------------------------
ISSUER SERVICES
Global Listing
Services
Revenues:
Annual renewal 28 30 29
Listing of 10 10 10
additional
shares
Initial listing 6 5 6
--------------------------------------------------------------
Total U.S. 44 45 45
listing
services
European 12 13 13
listing fees
Corporate 20 20 18
Solutions
--------------------------------------------------------------
Total Global 76 78 76
Listing
Services
revenues
Global Index 14 13 13
Group Revenues
--------------------------------------------------------------
Total Issuer 90 91 89
Services
revenues
--------------------------------------------------------------
MARKET TECHNOLOGY
License, support 29 29 28
and facility
management
Delivery project 7 6 6
Change request, 9 13 9
advisory and
broker
surveillance
--------------------------------------------------------------
Total Market 45 48 43
Technology
revenues
--------------------------------------------------------------
Total revenues $ 411 $ 420 $ 413
less transaction
rebates,
brokerage,
clearance and
exchange fees
==============================================================
The NASDAQ OMX Group, Inc.
Consolidated Balance Sheets
(in millions)
March 31, December 31,
2012 2011
--------------------------
Assets (unaudited)
Current assets:
Cash and cash equivalents $ 525 $ 506
Restricted cash 38 34
Financial investments, at fair value 215 279
Receivables, net 327 308
Deferred tax assets 14 16
Default funds and margin deposits 158 17
Open clearing contracts:
Derivative positions, at fair value -- 1,566
Resale agreements, at contract value -- 3,745
Other current assets 129 110
--------------------------
Total current assets 1,406 6,581
Non-current restricted cash 103 97
Property and equipment, net 195 193
Non-current deferred tax assets 326 392
Goodwill 5,210 5,061
Intangible assets, net 1,680 1,648
Other non-current assets 101 119
--------------------------
Total assets $ 9,021 $ 14,091
==========================
Liabilities
Current liabilities:
Accounts payable and accrued expenses $ 147 $ 164
Section 31 fees payable to SEC 69 106
Accrued personnel costs 56 132
Deferred revenue 237 124
Other current liabilities 120 112
Deferred tax liabilities 27 27
Default funds and margin deposits 158 17
Open clearing contracts:
Derivative positions, at fair value -- 1,566
Repurchase agreements, at contract value -- 3,745
Current portion of debt obligations 45 45
--------------------------
Total current liabilities 859 6,038
Debt obligations 1,962 2,072
Non-current deferred tax liabilities 684 670
Non-current deferred revenue 173 154
Other non-current liabilities 182 171
--------------------------
Total liabilities 3,860 9,105
Commitments and contingencies
Equity
NASDAQ OMX stockholders' equity:
Common stock 2 2
Additional paid-in capital 3,798 3,793
Common stock in treasury, at cost (906) (860)
Accumulated other comprehensive loss (218) (350)
Retained earnings 2,476 2,391
--------------------------
Total NASDAQ OMX stockholders' equity 5,152 4,976
Noncontrolling interests 9 10
--------------------------
Total equity 5,161 4,986
--------------------------
Total liabilities and equity $ 9,021 $ 14,091
==========================
The NASDAQ OMX Group, Inc.
Reconciliation of GAAP Net Income, Diluted Earnings Per Share, Operating Income
and Operating Expenses
to Non-GAAP Net Income, Diluted Earnings Per Share, Operating Income and
Operating Expenses
(in millions, except per share amounts)
(unaudited)
Three Months Ended
-------------------------
March December March
31, 31, 31,
2012 2011 2011
-------------------------
GAAP net income attributable to NASDAQ OMX: $ 85 $ 82 $ 104
-------------------------------------------------------
Non-GAAP adjustments:
Merger and strategic initiatives 2 1 5
Extinguishment of debt -- 25 --
Asset impairment charges 12 18 --
Restructuring and other charges 9 -- --
Other -- -- 4
-------------------------
Total non-GAAP adjustments 23 44 9
Adjustment to the income tax provision to reflect (3) (13) (3)
non-GAAP adjustments(1)
Significant tax adjustments, net 3 -- --
-------------------------
Total non-GAAP adjustments, net of tax 23 31 6
Non-GAAP net income attributable to NASDAQ OMX: $ 108 $ 113 $ 110
=========================
GAAP diluted earnings per common share: $ 0.48 $ 0.45 $ 0.57
-------------------------------------------------------
Total adjustments from non-GAAP net income above 0.13 0.18 0.04
-------------------------
Non-GAAP diluted earnings per common share: $ 0.61 $ 0.63 $ 0.61
=========================
Three Months Ended
-------------------------
March December March
31, 31, 31,
2012 2011 2011
-------------------------
GAAP operating income: $ 171 $ 161 $ 183
-------------------------------------------------------
Non-GAAP adjustments:
Merger and strategic initiatives 2 1 5
Extinguishment of debt -- 25 --
Restructuring and other charges 9 -- --
Other -- -- 4
-------------------------
Total non-GAAP adjustments 11 26 9
-------------------------
Non-GAAP operating income: $ 182 $ 187 $ 192
=========================
--------------------------------------------------------------------------------
-
Total revenues less transaction rebates, brokerage, $ 411 $ 420 $ 413
clearance and exchange fees
Non-GAAP operating margin (2) 44% 45% 46%
--------------------------------------------------------------------------------
-
(1) We determine the tax effect of each item based on the tax rules in the
respective jurisdiction where the transaction occurred.
(2) Non-GAAP operating margin equals non-GAAP operating income divided by total
revenues less transaction rebates, brokerage, clearance and exchange fees.
The NASDAQ OMX Group, Inc.
Reconciliation of GAAP Net Income, Diluted Earnings Per Share, Operating Income
and Operating Expenses
to Non-GAAP Net Income, Diluted Earnings Per Share, Operating Income and
Operating Expenses
(in millions)
(unaudited)
Three Months Ended
-------------------------------------------
March 31, December 31, March 31,
2012 2011 2011
-------------------------------------------
GAAP operating expenses: $ 240 $ 259 $ 230
-------------------------------------
Non-GAAP adjustments:
Merger and strategic initiatives (2) (1) (5)
Extinguishment of debt -- (25) --
Restructuring and other charges (9) -- --
Other -- -- (4)
-------------------------------------------
Total non-GAAP adjustments (11) (26) (9)
-------------------------------------------
Non-GAAP operating expenses $ 229 $ 233 $ 221
===========================================
The NASDAQ OMX Group, Inc.
Quarterly Key Drivers Detail
(unaudited)
Three Months Ended
----------------------------
March December March
31, 31, 31,
2012 2011 2011
----------------------------
Market Services
Cash Equity Trading
NASDAQ securities
----------------------------------------------------
Average daily share volume (in billions) 1.80 1.85 2.05
Matched market share executed on NASDAQ 26.3% 27.2% 26.8%
Matched market share executed on NASDAQ OMX BX 2.6% 2.5% 1.4%
Matched market share executed on NASDAQ OMX PSX 1.3% 1.1% 0.9%
Market share reported to the FINRA/NASDAQ
Trade Reporting Facility 33.2% 30.2% 32.7%
Total market share (1) 63.4% 61.0% 61.8%
New York Stock Exchange, or NYSE, securities
----------------------------------------------------
Average daily share volume (in billions) 3.91 4.14 4.54
Matched market share executed on NASDAQ 13.4% 13.3% 11.8%
Matched market share executed on NASDAQ OMX BX 2.5% 2.5% 2.0%
Matched market share executed on NASDAQ OMX PSX 0.7% 0.6% 0.8%
Market share reported to the FINRA/NASDAQ
Trade Reporting Facility 31.5% 27.5% 29.9%
Total market share (1) 48.2% 44.0% 44.5%
NYSE Amex and regional securities
----------------------------------------------------
Average daily share volume (in billions) 1.12 1.45 1.35
Matched market share executed on NASDAQ 19.0% 19.2% 16.8%
Matched market share executed on NASDAQ OMX BX 2.3% 1.9% 1.7%
Matched market share executed on NASDAQ OMX PSX 1.9% 1.9% 1.3%
Market share reported to the FINRA/NASDAQ
Trade Reporting Facility 29.4% 27.2% 27.1%
Total market share (1) 52.6% 50.2% 46.9%
Total U.S.-listed securities
----------------------------------------------------
Average daily share volume (in billions) 6.83 7.45 7.94
Matched share volume (in billions) 90.1 100.0 94.8
Matched market share executed on NASDAQ 17.7% 17.9% 16.5%
Matched market share executed on NASDAQ OMX BX 2.5% 2.4% 1.8%
Matched market share executed on NASDAQ OMX PSX 1.1% 1.0% 0.9%
NASDAQ OMX Nordic and NASDAQ OMX Baltic Securities
----------------------------------------------------
Average daily number of equity trades 372,081 394,290 338,534
Average daily value of shares traded (in $ 3.2 $ 3.0 $ 4.1
billions)
Derivative Trading and Clearing
U.S. Equity Options
----------------------------------------------------
Total industry average daily volume (in millions) 15.9 15.5 17.3
NASDAQ OMX PHLX matched market share 22.2% 22.7% 23.5%
The NASDAQ Options Market matched market share 5.2% 4.5% 5.2%
NASDAQ OMX Nordic and NASDAQ OMX Baltic
----------------------------------------------------
Average daily volume:
Options, futures and fixed-income contracts 470,216 455,341 455,845
Finnish option contracts traded on Eurex 71,411 46,557 177,836
NASDAQ OMX Commodities
----------------------------------------------------
Clearing Turnover:
Power contracts (TWh)(2) 521 494 455
Carbon contracts (1000 tCO2)(2) 30,912 29,908 4,036
Issuer Services
Initial public offerings
NASDAQ 21 15 22
Exchanges that comprise NASDAQ OMX Nordic and 1 1 1
NASDAQ OMX Baltic
New listings
NASDAQ (3) 43 44 34
Exchanges that comprise NASDAQ OMX Nordic and 3 12 4
NASDAQ OMX Baltic (4)
Number of listed companies
NASDAQ (5) 2,665 2,680 2,760
Exchanges that comprise NASDAQ OMX Nordic and 769 776 773
NASDAQ OMX Baltic (6)
Market Technology
Order intake (in millions)(7) $ 55 $ 36 $ 6
Total order value (in millions)(8) $ 496 $ 458 $ 471
(1) Includes transactions executed on NASDAQ's, NASDAQ OMX BX's and NASDAQ OMX
PSX's systems plus trades reported through the FINRA/NASDAQ Trade Reporting
Facility.
(2) Primarily transactions executed on Nord Pool and reported for clearing to
NASDAQ OMX Commodities measured by Terawatt hours (TWh) and one thousand
metric tons of carbon dioxide (1000 tCO2).
(3) New listings include IPOs, including those completed on a best efforts
basis, issuers that switched from other listing venues, closed-end funds and
separately listed ETFs.
(4) New listings include IPOs and represent companies listed on the exchanges
that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic and companies on the
alternative markets of NASDAQ OMX First North.
(5) Number of listed companies for NASDAQ at period end, including separately
listed ETFs.
(6) Represents companies listed on the exchanges that comprise NASDAQ OMX
Nordic and NASDAQ OMX Baltic and companies on the alternative markets of
NASDAQ OMX First North at period end.
(7) Total contract value of orders signed during the period.
(8) Represents total contract value of orders signed that are yet to be
recognized as revenue.
CONTACT: Contact Media Relations:
Joseph Christinat +1.646.441.5121
Joseph.Christinat@NASDAQOMX.Com
Contact Investor Relations:
John Sweeney +1.212.401.8737
John.Sweeney@NASDAQOMX.Com
News Source: NASDAQ OMX
25.04.2012 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: The NASDAQ OMX Group, Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US6311031081
WKN:
End of Announcement DGAP News-Service
---------------------------------------------------------------------------