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October 31, 2009

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Home » Business » Finance

Price cut pulls down net profit

TRANS-ATLANTIC stock market operator NYSE Euronext yesterday said its net income plunged 28 percent in the third quarter as it cut prices in a bid to counter falling trading volume.

NYSE Euronext, the New York headquartered company that runs the New York Stock Exchange as well as bourses in Paris, Amsterdam and Brussels, reported net income fell to US$138 million in the third quarter from US$192 million a year earlier.

The company, which also runs London's NYSE Liffe derivatives exchange, blamed the decline partly on a 46-percent drop in its United States and European cash equities trading business. Lower volumes and prices were behind the decline, NYSE Euronext said in a statement.

Total revenue for the period fell 10 percent to US$1 billion, NYSE Euronext said.

In the statement, Chief Executive Duncan Niederauer said NYSE Euronext is "continuing to see stabilization in our core businesses and significant progress on our new initiatives."

Average daily volume on NYSE Euronext's cash markets in Europe fell 15 percent in the third quarter, while in the US cash trading volume fell 19.2 percent, it said.

Total volume in the nine months to September 30 fell 10 percent in Europe and up 4.7 percent in the US, NYSE Euronext said.


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