iStock_000005002727XSmall FMX | Connect – www.fmxconnect.com - (Reported 7/30/2010)

NYX 2Q10 Earnings Call – Monday, August 3rd at 8:00 am ET

Dial-in Information: US: 866.788.0541, International: 857.350.1679, Passcode: 83134795

Live webcast available at http://ir.nyse.com/

 

 

 

We expect NYX to report EPS of $0.63, four cents above consensus estimates

· NYX Liffe ADV ex Bclear was up 30% Y/Y to 4.0 mn contracts as concerns sovereign sustainability triggered a spike in volatility in equities and interest rates

· Interest rate volumes were up 25% Y/Y with open interest reaching all time highs in May. Volumes and open interest declined substantially in June and July.

· During Japan’s crisis, TFX Euroyen declined 86% from peak to trough. Low expected and realized inflation coupled with a prolonged zero rate policy and slow balance sheet expansion at banks rendered interest rate hedging unnecessary.

· Equity and Equity Index derivatives ADV rose 40% Y/Y in 2Q10. LSE announced its intention to launch futures on FTSE indexes to compete with Liffe.

· RPC ex Bclear for 2Q10 was $0.63 down from $0.66 in 1Q10, due to FX swings.

image

image

image

image

· ADV in US options  Market share was flat Q/Q at 24.0%

· Net RPC is expected to be down three cents sequentially to $0.16, impacted by higher trading volume in Penny Pilot issues on NYSE ARCA

image

· In Europe, cash trades were up 20% Y/Y to 860,000. Pricing pressure is expected to continue as MTFs are matching 33% of CAC 40 stocks.

· NYX US cash equities ADV decreased 8% Y/Y to 2.9 bn shares on 3% lower industry volumes and 180 bps lower matched market share. NYX Market share increased 120 bps Q/Q.

image

image

image

· NYX is trading at 12.4x our 2011 EPS estimate, a 6% premium over the S&P 500 Index. NYX merits a 12.7x blended P/E multiple based on the company’s revenue composition

 

 

 

Source: ERDesk

 

-----

About FMX: FMX Connect is an information, data, and analytics portal for Commodities. The portal provides an all-in-one package including essential market data, independent third party research, industry news, and commodity trading tools. FMX Connect provides efficient, effective, and thorough data that bridges all aspects of commodities onto one screen. The Result; A user friendly application for hedge fund traders, OTC brokers, individual investors, and industry participants
-----
Note: The information presented, while from sources generally believed to be reliable, is not guaranteed and may not be complete. FMX | Connect makes no representations or warranties regarding the correctness of any opinions or information. Past results are not necessarily indicative of future results. Nothing in this report should be construed as a representation to buy or sell shares, futures or options, which contain considerable risks. For internal client distribution only. Any reproduction, re-transmission, or distribution of this report without permission is prohibited. Media correspondents or reporters may not quote any one page or section in its entirety and must attribute all quotes, ideas or concepts herein. Copyright FMX | Connect, ©2009-2010. All rights reserved.