NASDAQ OMX Reports Record First Quarter 2011 Results
Included in the first quarter of 2011 results are
Financial Highlights:
-
Net exchange revenues were
$415 million , a 15% increase over Q110 results. -
Non-GAAP operating income improved to
$190 million , up 19% from the prior year quarter, while operating margins increased to 46%. -
Non-GAAP Net Income was
$110 million , an increase of 20% over Q110 results. -
Non-GAAP diluted EPS increased to
$0.61 , up from$0.43 in the prior year quarter. -
GAAP diluted EPS increased to
$0.57 , up$0.29 from$0.28 in the first quarter of 2010.
| Summary of Non-GAAP Results1 | |||
| ($ millions, except EPS) | Q111 | Q410 | Q110 |
| Net Exchange Revenues2 | $ 415 | $ 400 | $ 360 |
| Total Operating Expenses | 225 | 216 | 201 |
| Operating Income | 190 | 184 | 159 |
| Net Income | 110 | 110 | 92 |
| Diluted Earnings Per Share | $0.61 | $0.55 | $0.43 |
|
1. A complete reconciliation of GAAP to non-GAAP results is included in the attached tables. 2. Represents revenues less transaction rebates, brokerage, clearance and exchange fees. |
|||
"We're firing on all cylinders as each of our business segments continue to show solid growth. This produced record earnings per share of
Business Highlights
U.S. Transaction Services
-
Following on its success in 2010,
NASDAQ OMX was again number one in U.S. equity options market share during the first quarter of 2011, as The NASDAQ Options Market ("NOM") realized record market share during the period. Additionally, net U.S. derivative trading and clearing revenues for the first quarter of 2011 grew to$48 million , representing an increase of 45% when compared to the prior year quarter. - Expanded value-added services by broadening electronic execution capabilities through the launch of a new complex order system at NASDAQ OMX PHLX ("PHLX").
- Witnessed continued success at NASDAQ OMX PSX ("PSX"), the first U.S. cash equity trading platform with a price-size priority model, which was launched in the fourth quarter of 2010. Share volume matched on PSX grew 80% during the first quarter of 2011 when compared to the fourth quarter of last year.
European Transaction Services
- Witnessed significant growth in volumes when compared to the first quarter of 2010. The average daily number of cash equity trades grew 22% from the prior year quarter, while average daily volumes for equity options and futures grew 16%, and fixed-income contracts traded or cleared grew 35%.
-
Volumes for cleared resale and repurchase agreement ("repo") transactions increased 117% during the first quarter of 2011 when compared to the fourth quarter of 2010. In
September 2010 ,NASDAQ OMX expanded its Nordic clearinghouse by offering members the opportunity to clear repo transactions.
Issuer Services
-
Announced a plan with the
Singapore Exchange ("SGX") to offer a comprehensive suite of tools and solutions designed to enhance corporate activities for listed companies in Asia. The SGX-NASDAQ OMX suite of tailored tools and solutions provides companies with market intelligence, communications tools and governance solutions. -
Announced a unique partnership with the
National Association of Corporate Directors ("NACD") to provide corporate directors and board executives with NACD's leading suite of director education and board development programs. The cornerstone of the partnership will focus on encouragingNASDAQ OMX -listed company boards and directors to engage with NACD to reduce risk and enhance investor confidence. -
The Global Index Group continued its geographic and asset class expansion in the first quarter of 2011 with five new launches of exchange traded funds ("ETFs") linked toNASDAQ OMX indexes, includingIndia's first US equities-based ETF on the NASDAQ-100 Index.
Market Technology
-
Osaka Securities Exchange Co., Ltd. ("OSE"), the largest derivatives exchange inJapan , successfully launched its new derivatives trading system, which is powered byNASDAQ OMX technology. The launch of the system delivers improved processing capabilities, such as reduced processing latency, and enables the introduction of market rules and functions employed by major overseas exchanges, which will further enhance the competitiveness of OSE's market.
Operating Highlights
- Total matched market share of U.S. cash equities was 19.2% in the first quarter of 2011, with NASDAQ matching 16.5%, NASDAQ OMX BX ("BX") matching 1.8% and PSX matching 0.9%. Total matched market share was 19.6% in the fourth quarter of 2010 (NASDAQ: 16.8%; BX: 2.3%; PSX 0.5%) and 23.9% in the first quarter of 2010 (NASDAQ: 20.0%; BX: 3.9%). Total matched share volume was 94.8 billion shares in the first quarter of 2011, compared with 93.1 billion shares in the fourth quarter of 2010 and 126.2 billion shares in the first quarter of 2010.
-
Total average daily volume was 339 thousand trades in the first quarter of 2011, compared with 275 thousand in the fourth quarter of 2010 and 278 thousand in the first quarter of 2010. Total average daily value traded was
$4.1 billion in the first quarter of 2011, compared with$3.2 billion in the fourth quarter of 2010 and$3.6 billion in the first quarter of 2010.
U.S. Options
- Total market share of U.S. equity options was 28.7% in the first quarter of 2011, with PHLX matching 23.5% and NOM matching 5.2%. Total market share of U.S. equity options was 31.4% in the fourth quarter of 2010 (PHLX: 26.5%; NOM: 4.9%) and 23.8% in the first quarter of 2010 (PHLX: 21.3%; NOM: 2.5%). Total industry average daily volume was 17.3 million contracts in the first quarter of 2011, compared with 15.1 million contracts in the fourth quarter of 2010 and 14.0 million contracts in the first quarter of 2010.
European Derivatives
-
In the first quarter of 2011, the average daily volume of options, futures and fixed-income contracts was 456 thousand (Q410: 436 thousand; Q110: 421 thousand). Within
NASDAQ OMX Commodities , cleared power contracts during the first quarter of 2011 totaled 446 terawatt hours ("TWh") (Q410: 529 TWh; Q110: 687 TWh).
Global Listings
- New listings totaled 38 in the first quarter of 2011 compared with 63 in the fourth quarter of 2010 and 47 in the first quarter of 2010. New listings for the first quarter of 2011 included 23 initial public offerings, compared with 37 in the fourth quarter of 2010 and 18 in the first quarter of 2010.
Market Technology
-
Total order intake, which represents the value of orders signed, was
$6 million during the first quarter of 2011, compared with$71 million in the fourth quarter of 2010 and$50 million in the first quarter of 2010. At the end of the first quarter of 2011, total order value, which represents the total contract value of orders signed that are yet to be recognized as revenue, was$471 million , compared with$495 million at the end of the fourth quarter of 2010 and$496 million at the end of the first quarter of 2010.
Joint Proposal to Acquire NYSE Euronext
Under the terms of the NASDAQ/ICE proposal,
"A combination of exceptional operational performance and effective capital management decisions resulted in
Expense Guidance
Total run rate operating expenses for the full year of 2011 are expected to be in the range of
Financial Review
Revenues
Revenues less transaction rebates, brokerage, clearance and exchange fees ("net exchange revenues") were
Market Services
Market Services net exchange revenues were
Transaction Services
Net exchange revenues from Transaction Services were
-
Total net cash equity trading revenues were
$62 million for the first quarter of 2011, up$2 million , or 3%, from the fourth quarter of 2010, and up$7 million , or 13%, from the prior year quarter.
- Net U.S. cash equity trading revenues increased
$2 million when compared to the fourth quarter of 2010 due to higher industry trading volumes, which were up 4% from fourth quarter of 2010 levels, offset somewhat by lower market share. Net revenues increased$7 million when compared to the prior year quarter due primarily to modified rates, offset somewhat by lower trading volumes.- Included in U.S. cash equity trading revenues in the first quarter of 2011 are
$66 million in SEC Section 31 fees, compared with$57 million in the fourth quarter of 2010 and$55 million in the first quarter of 2010. Corresponding cost of revenues, reflecting the reimbursement of these fees to theSEC , is included in brokerage, clearance and exchange fees.- European cash equity trading revenues were equal to results from the fourth quarter of 2010 and the first quarter of 2010, as increases in trading activity were offset by lower average fees.
-
Total net derivative trading and clearing revenues were
$80 million for the first quarter of 2011, up$6 million , or 8%, from the fourth quarter of 2010 and up$19 million , or 31%, from the prior year quarter.
- Net U.S. derivative trading and clearing revenues increased
$6 million when compared to the fourth quarter of 2010 and$15 million when compared to first quarter of 2010 revenues. The increase when compared to the fourth quarter of 2010 is primarily due to higher volumes and an improvement in the average fee realized. The increase when compared to the first quarter of 2010 is driven by higher market share and higher industry volumes.- European derivative trading and clearing revenues were equal to results from the fourth quarter of 2010, but increased
$4 million when compared to the first quarter of 2010. When compared to the fourth quarter of 2010, the favorable impact from increases in derivative trading activity and changes in the exchange rates of various currencies as compared to the U.S. dollar were offset by the negative impact from lower clearing volume for energy derivative products. The increase when compared to the first quarter of 2010 is due to higher trading and clearing volumes for options, futures and fixed-income products. Also contributing to the increase are changes in the exchange rates of various currencies as compared to the U.S. dollar.
-
Access Services revenues were
$53 million for the first quarter of 2011, an increase of$5 million , or 10%, when compared to the fourth quarter of 2010 and an increase of$14 million , or 36%, when compared to the prior year quarter. The increase in revenues when compared to the fourth quarter of 2010 is primarily due to the acquisition of FTEN, which was completed in December 2010. The increase when compared to the first quarter of 2010 is due to continued demand for our services and to the acquisition of FTEN.
Market Data
Market Data revenues were
-
Net U.S. tape plans revenues were
$27 million in the first quarter of 2011, down$1 million when compared to revenues in the fourth quarter of 2010, and down$4 million , or 13%, when compared to the prior year quarter. The reduction in revenues when compared to both periods is due to lower plan shareable revenue and to declines in trading and quoting market share of U.S equities, as calculated under theSEC -mandated market data revenue quoting and trading formula. -
U.S. market data products revenues were
$32 million in the first quarter of 2011, equal to revenues reported in the fourth quarter of 2010, but up$1 million , or 3%, when compared to the prior year quarter. The increase in revenues when compared to the first quarter of 2010 is driven by the growth of new products such as BX TotalView, options data feeds, and global access products, partially offset by discontinued products. -
European market data products revenues were
$22 million in the first quarter of 2011, an increase of$3 million , or 16%, when compared to the fourth quarter of 2010, and an increase of$4 million , or 22%, when compared to the prior year quarter. The increase when compared to both periods is primarily due to modified fees for market data products, higher audit revenues, and to changes in the exchange rates of various currencies as compared to the U.S. dollar.
Issuer Services
Issuer Services revenues were
Global Listing Services
Global Listing Services revenues were
Market Technology
Market Technology revenues were
Operating Expenses
Total non-GAAP operating expenses increased
Net Interest Expense
Net interest expense was
Earnings Per Share
On a non-GAAP basis, first quarter 2011 earnings per diluted share were
About
Non-GAAP Information
In addition to disclosing results determined in accordance with GAAP,
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.
Forward-Looking Statements
Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties.
Important Information About the Proposed Transaction and Where to Find It:
Subject to future developments, additional documents regarding the transaction may be filed with the SEC. This material is not a substitute for the joint proxy statement/prospectus or any other documents
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Participants in the Solicitation:
You can find information about
You can find information about ICE and ICE's directors and executive officers in ICE's Annual Report on Form 10-K, filed with the
Additional information about the interests of potential participants will be included in the joint prospectus/proxy statement, if and when it becomes available, and the other relevant documents filed with the
NDAQF
| The NASDAQ OMX Group, Inc. | ||||
| Condensed Consolidated Statements of Income | ||||
| (in millions, except per share amounts) | ||||
| (unaudited) | ||||
| Three Months Ended | ||||
| March 31, | December 31, | March 31, | ||
| 2011 | 2010 | 2010 | ||
| Revenues | ||||
| Market Services revenues | $ 683 | $ 648 | $ 652 | |
| Cost of revenues: | ||||
| Transaction rebates | (309) | (299) | (327) | |
| Brokerage, clearance and exchange fees | (93) | (84) | (84) | |
| Total cost of revenues | (402) | (383) | (411) | |
| Total Market Services revenues less transaction rebates, brokerage, clearance and exchange fees | 281 | 265 | 241 | |
| Issuer Services revenues | 91 | 89 | 84 | |
| Market Technology revenues | 43 | 46 | 34 | |
| Other revenues | -- | -- | 1 | |
| Total revenues less transaction rebates, brokerage, clearance and exchange fees | 415 | 400 | 360 | |
| Operating Expenses | ||||
| Compensation and benefits | 112 | 110 | 98 | |
| Marketing and advertising | 5 | 6 | 4 | |
| Depreciation and amortization | 27 | 27 | 25 | |
| Professional and contract services | 21 | 21 | 19 | |
| Computer operations and data communications | 17 | 15 | 16 | |
| Occupancy | 23 | 22 | 22 | |
| Regulatory | 9 | 9 | 9 | |
| Merger and strategic initiatives | 5 | 2 | -- | |
| General, administrative and other | 15 | 13 | 55 | |
| Total operating expenses | 234 | 225 | 248 | |
| Operating income | 181 | 175 | 112 | |
| Interest income | 2 | 2 | 2 | |
| Interest expense | (30) | (26) | (25) | |
| Dividend and investment Income | (1) | (3) | -- | |
| Income before income taxes | 152 | 148 | 89 | |
| Income tax provision | 49 | 13 | 29 | |
| Net income | 103 | 135 | 60 | |
| Net loss attributable to noncontrolling interests | 1 | 2 | 1 | |
| Net income attributable to NASDAQ OMX | $ 104 | $ 137 | $ 61 | |
| Basic and diluted earnings per share: | ||||
| Basic earnings per share | $ 0.59 | $ 0.70 | $ 0.29 | |
| Diluted earnings per share | $ 0.57 | $ 0.69 | $ 0.28 | |
| Weighted-average common shares outstanding for earnings per share: | ||||
| Basic | 176 | 195 | 211 | |
| Diluted | 181 | 200 | 215 | |
| The NASDAQ OMX Group, Inc. | |||
| Revenue Detail | |||
| (in millions) | |||
| (unaudited) | |||
| Three Months Ended | |||
| March 31, | December 31, | March 31, | |
| 2011 | 2010 | 2010 | |
| MARKET SERVICES | |||
| Transaction Services | |||
| Cash Equity Trading Revenues: | |||
| U.S. cash equity trading | $ 365 | $ 331 | $ 403 |
| Cost of revenues: | |||
| Transaction rebates | (242) | (219) | (291) |
| Brokerage, clearance and exchange fees | (84) | (75) | (80) |
| Total U.S. cash equity cost of revenues | (326) | (294) | (371) |
| Net U.S. cash equity trading revenues | 39 | 37 | 32 |
| European cash equity trading | 23 | 23 | 23 |
| Total net cash equity trading revenues | 62 | 60 | 55 |
| Derivative Trading and Clearing Revenues: | |||
| U.S. derivative trading and clearing | 124 | 131 | 73 |
| Cost of revenues: | |||
| Transaction rebates | (67) | (80) | (36) |
| Brokerage, clearance and exchange fees | (9) | (9) | (4) |
| Total U.S. derivative trading and clearing cost of revenues | (76) | (89) | (40) |
| Net U.S. derivative trading and clearing revenues | 48 | 42 | 33 |
| European derivative trading and clearing revenues | 32 | 32 | 28 |
| Total net derivative trading and clearing revenues | 80 | 74 | 61 |
| Access Services Revenues | 53 | 48 | 39 |
| Total Transaction Services revenues less transaction rebates, brokerage, clearance and exchange fees | 195 | 182 | 155 |
| Market Data | |||
| Net U.S. tape plans | 27 | 28 | 31 |
| U.S. market data products | 32 | 32 | 31 |
| European market data products | 22 | 19 | 18 |
| Total Market Data revenues | 81 | 79 | 80 |
| Broker Services | 4 | 4 | 4 |
| Other Market Services | 1 | -- | 2 |
| Total Market Services revenues less transaction rebates, brokerage, clearance and exchange fees | 281 | 265 | 241 |
| ISSUER SERVICES | |||
| Global Listing Services: | |||
| Annual renewal fees | 29 | 29 | 28 |
| Listing of additional shares fees | 10 | 10 | 9 |
| Initial listing fees | 4 | 4 | 5 |
| Total U.S. listing fees | 43 | 43 | 42 |
| European listing fees | 13 | 12 | 13 |
| Corporate Solutions | 22 | 22 | 17 |
| Total Global Listing Services | 78 | 77 | 72 |
| Global Index Group | 13 | 12 | 12 |
| Total Issuer Services revenues | 91 | 89 | 84 |
| MARKET TECHNOLOGY | |||
| License, support and facility management revenues | 28 | 28 | 26 |
| Delivery project revenues | 6 | 5 | 4 |
| Change request, advisory and broker surveillance revenues | 9 | 13 | 4 |
| Total Market Technology revenues | 43 | 46 | 34 |
| Other | -- | -- | 1 |
| Total revenues less transaction rebates, brokerage, clearance and exchange fees | $ 415 | $ 400 | $ 360 |
| The NASDAQ OMX Group, Inc. | ||
| Condensed Consolidated Balance Sheets | ||
| (in millions) | ||
| March 31, | December 31, | |
| 2011 | 2010 | |
| (unaudited) | ||
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $ 439 | $ 315 |
| Restricted cash | 60 | 60 |
| Financial investments, at fair value | 283 | 253 |
| Receivables, net | 327 | 298 |
| Deferred tax assets | 8 | 13 |
| Open clearing contracts: | ||
| Derivative positions, at fair value | 2,295 | 4,037 |
| Resale agreements, at contract value | 6,655 | 3,441 |
| Other current assets | 108 | 93 |
| Total current assets | 10,175 | 8,510 |
| Non-current restricted cash | 105 | 105 |
| Property and equipment, net | 166 | 164 |
| Non-current deferred tax assets | 358 | 433 |
| Goodwill | 5,339 | 5,127 |
| Intangible assets, net | 1,773 | 1,719 |
| Other assets | 149 | 149 |
| Total assets | $ 18,065 | $ 16,207 |
| Liabilities | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | $ 151 | $ 142 |
| Section 31 fees payable to SEC | 70 | 82 |
| Accrued personnel costs | 71 | 122 |
| Deferred revenue | 237 | 122 |
| Other current liabilities | 149 | 119 |
| Deferred tax liabilities | 27 | 26 |
| Open clearing contracts: | ||
| Derivative positions, at fair value | 2,295 | 4,037 |
| Repurchase agreements, at contract value | 6,655 | 3,441 |
| Current portion of debt obligations | 140 | 140 |
| Total current liabilities | 9,795 | 8,231 |
| Debt obligations | 2,150 | 2,181 |
| Non-current deferred tax liabilities | 716 | 698 |
| Non-current deferred revenue | 172 | 170 |
| Other liabilities | 195 | 198 |
| Total liabilities | 13,028 | 11,478 |
| Commitments and contingencies | ||
| Equity | ||
| NASDAQ OMX stockholders' equity: | ||
| Common stock | 2 | 2 |
| Additional paid-in capital | 3,784 | 3,780 |
| Common stock in treasury, at cost | (786) | (796) |
| Accumulated other comprehensive loss | (82) | (272) |
| Retained earnings | 2,108 | 2,004 |
| Total NASDAQ OMX stockholders' equity | 5,026 | 4,718 |
| Noncontrolling interests | 11 | 11 |
| Total equity | 5,037 | 4,729 |
| Total liabilities and equity | $ 18,065 | $ 16,207 |
| 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 31, | December 31, | March 31, | |
| 2011 | 2010 | 2010 | |
| GAAP net income attributable to NASDAQ OMX: | $ 104 | $ 137 | $ 61 |
| Non-GAAP adjustments: | |||
| Merger and strategic initiatives | 5 | 2 | -- |
| Sublease reserves | 2 | 1 | 2 |
| Asset retirements | 1 | 2 | 3 |
| Workforce reductions | -- | 2 | 2 |
| Debt repayment | -- | -- | 40 |
| Other | 1 | 2 | -- |
| Total non-GAAP adjustments | 9 | 9 | 47 |
| Adjustment to the income tax provision to reflect non-GAAP adjustments(1) | (3) | (3) | (16) |
| Non-recurring tax items, net | -- | (33) | -- |
| Total non-GAAP adjustments, net of tax | 6 | (27) | 31 |
| Non-GAAP net income attributable to NASDAQ OMX: | $ 110 | $ 110 | $ 92 |
| GAAP diluted earnings per common share: | $ 0.57 | $ 0.69 | $ 0.28 |
| Total adj. from non-GAAP net income above | 0.04 | (0.14) | 0.15 |
| Non-GAAP diluted earnings per common share: | $ 0.61 | $ 0.55 | $ 0.43 |
| Three Months Ended | |||
| March 31, | December 31, | March 31, | |
| 2011 | 2010 | 2010 | |
| GAAP operating income: | $ 181 | $ 175 | $ 112 |
| Non-GAAP adjustments: | |||
| Merger and strategic initiatives | 5 | 2 | -- |
| Sublease reserves | 2 | 1 | 2 |
| Asset retirements | 1 | 2 | 3 |
| Workforce reductions | -- | 2 | 2 |
| Debt repayment | -- | -- | 40 |
| Other | 1 | 2 | -- |
| Total non-GAAP adjustments | 9 | 9 | 47 |
| Non-GAAP operating income | $ 190 | $ 184 | $ 159 |
| Total revenues less transaction rebates, brokerage, clearance and exchange fees | $ 415 | $ 400 | $ 360 |
| Non-GAAP operating margin (2) | 46% | 46% | 44% |
| (1) We determine the tax effect of each item based on the tax rules in the respective jurisdiction where the transaction occurred. The foreign currency revaluation has no associated tax impact. | |||
| (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, | |
| 2011 | 2010 | 2010 | |
| GAAP operating expenses: | $ 234 | $ 225 | $ 248 |
| Non-GAAP adjustments: | |||
| Merger and strategic initiatives | (5) | (2) | -- |
| Sublease reserves | (2) | (1) | (2) |
| Asset retirements | (1) | (2) | (3) |
| Workforce reductions | -- | (2) | (2) |
| Debt repayment | -- | -- | (40) |
| Other | (1) | (2) | -- |
| Total non-GAAP adjustments | (9) | (9) | (47) |
| Non-GAAP operating expenses | $ 225 | $ 216 | $ 201 |
| The NASDAQ OMX Group, Inc. | |||
| Quarterly Key Drivers Detail | |||
| (unaudited) | |||
| Three Months Ended | |||
| March 31, | December 31, | March 31, | |
| 2011 | 2010 | 2010 | |
| Market Services | |||
| Cash Equity Trading | |||
| NASDAQ securities | |||
| Average daily share volume (in billions) | 2.05 | 1.89 | 2.34 |
| Matched market share executed on NASDAQ | 26.8% | 27.5% | 29.1% |
| Matched market share executed on NASDAQ OMX BX | 1.4% | 1.8% | 3.7% |
| Matched market share executed on NASDAQ OMX PSX | 0.9% | 0.5% | -- |
| Market share reported to the FINRA/NASDAQ | |||
| Trade Reporting Facility(1) | 32.7% | 32.5% | 38.6% |
| Total market share (2) | 61.8% | 62.3% | 71.5% |
| NYSE securities | |||
| Average daily share volume (in billions) | 4.54 | 4.31 | 4.83 |
| Matched market share executed on NASDAQ | 11.8% | 11.9% | 15.2% |
| Matched market share executed on NASDAQ OMX BX | 2.0% | 2.2% | 4.4% |
| Matched market share executed on NASDAQ OMX PSX | 0.8% | 0.5% | -- |
| Market share reported to the FINRA/NASDAQ | |||
| Trade Reporting Facility(1) | 29.9% | 30.0% | 33.5% |
| Total market share (2) | 44.5% | 44.6% | 53.1% |
| NYSE Amex and regional securities | |||
| Average daily share volume (in billions) | 1.35 | 1.22 | 1.47 |
| Matched market share executed on NASDAQ | 16.8% | 17.7% | 21.6% |
| Matched market share executed on NASDAQ OMX BX | 1.7% | 3.2% | 2.4% |
| Matched market share executed on NASDAQ OMX PSX | 1.3% | 0.6% | -- |
| Market share reported to the FINRA/NASDAQ | |||
| Trade Reporting Facility(1) | 27.1% | 26.5% | 32.3% |
| Total market share (2) | 46.9% | 48.0% | 56.3% |
| Total U.S.-listed equities | |||
| Average daily share volume (in billions) | 7.94 | 7.42 | 8.64 |
| Matched share volume (in billions) | 94.8 | 93.1 | 126.2 |
| Matched market share executed on NASDAQ | 16.5% | 16.8% | 20.0% |
| Matched market share executed on NASDAQ OMX BX | 1.8% | 2.3% | 3.9% |
| Matched market share executed on NASDAQ OMX PSX | 0.9% | 0.5% | -- |
| NASDAQ OMX Nordic and NASDAQ OMX Baltic Markets | |||
| Average daily number of equity trades | 338,534 | 274,776 | 278,372 |
| Average daily value of shares traded (in billions) | $ 4.1 | $ 3.2 | $ 3.6 |
| Derivative Trading and Clearing | |||
| U.S. Equity Options Contracts | |||
| Total industry average daily volume (in millions) | 17.3 | 15.1 | 14.0 |
| Matched market share: | |||
| NASDAQ OMX PHLX | 23.5% | 26.5% | 21.3% |
| The NASDAQ Options Market | 5.2% | 4.9% | 2.5% |
| NASDAQ OMX Nordic and NASDAQ OMX Baltic Markets | |||
| Average daily volume: | |||
| Options, futures and fixed-income contracts | 455,845 | 436,253 | 421,275 |
| Finnish option contracts traded on Eurex | 177,836 | 99,716 | 108,576 |
| NASDAQ OMX Commodities | |||
| Clearing Turnover: | |||
| Power contracts (TWh)(3) | 446 | 529 | 687 |
| International Power contracts (TWh) (3) | 8 | 4 | 4 |
| Carbon contracts (1000 tCO2)(3) | 4,036 | 5,582 | 11,879 |
| Issuer Services | |||
| NASDAQ | |||
| Initial public offerings | 22 | 34 | 15 |
| New listings (4) | 34 | 54 | 41 |
| Number of listed companies (5) | 2,760 | 2,778 | 2,823 |
| NASDAQ OMX Nordic and NASDAQ OMX Baltic Markets | |||
| Initial public offerings | 1 | 3 | 3 |
| New listings (6) | 4 | 9 | 6 |
| Number of listed companies (7) | 773 | 780 | 792 |
| Market Technology | |||
| Order intake (in millions)(8) | $ 6 | $ 71 | $ 50 |
| Total order value (in millions)(9) | $ 471 | $ 495 | $ 496 |
| (1) Transactions reported to the Financial Industry Regulatory Authority, or FINRA, FINRA/NASDAQ Trade Reporting Facility. | |||
| (2) 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. | |||
| (3) Transactions executed on Nord Pool ASA and reported for clearing to NASDAQ OMX Commodities measure by Terawatt hours (TWh) and one thousand metric tons of carbon dioxide (1000 tCO2). | |||
| (4) 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. | |||
| (5) Number of listed companies for NASDAQ at period end, including separately listed ETFs. | |||
| (6) 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, NASDAQ OMX First North. | |||
| (7) Represents companies listed on the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic and companies on the alternative markets, NASDAQ OMX First North, at period end. | |||
| (8) Total contract value of orders signed. | |||
| (9) Represents total contract value of orders signed that are yet to recognized as revenue. | |||
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