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EX-99.2 - PRESS RELEASE - NASDAQ, INC.d338537dex992.htm

Exhibit 99.1

 

NEWS RELEASE

  

LOGO

 

     April 25, 2012

NASDAQ OMX REPORTS FIRST QUARTER 2012 RESULTS

 

 

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, N.Y.—The NASDAQ OMX Group, Inc. (“NASDAQ OMX®”; 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.”

 

1 

Represents revenues less transaction rebates, brokerage, clearance and exchange fees.


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.

 

The NASDAQ OMX Group, Inc.    2


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 NASDAQ OMX Group, Inc.    3


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.

 

Contact Media Relations:    Contact Investor Relations:
Joseph Christinat +1.646.441.5121    John Sweeney +1.212.401.8737
Joseph.Christinat@NASDAQOMX.Com    John.Sweeney@NASDAQOMX.Com

NDAQF

(tables follow)

(income statement)

(revenue statement)

(balance sheet)

(GAAP reconciliation table)

(key drivers)

 

The NASDAQ OMX Group, Inc.    4


The NASDAQ OMX Group, Inc.

Consolidated Statements of Income

(in millions, except per share amounts)

(unaudited)

 

     Three Months Ended  
     March 31,
2012
    December 31,
2011
    March 31,
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 rebates, brokerage, clearance and exchange fees

     276        281        281   

Issuer Services

     90        91        89   

Market Technology

     45        48        43   
  

 

 

   

 

 

   

 

 

 

Revenues less transaction rebates, brokerage, clearance and exchange fees

     411        420        413   
  

 

 

   

 

 

   

 

 

 

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,
2012
    December 31,
2011
    March 31,
2011
 

MARKET SERVICES

      

Transaction Services

      

Cash Equity Trading Revenues:

      

U.S. cash equity trading

   $ 340      $ 385      $ 365   
  

 

 

   

 

 

   

 

 

 

Cost of revenues:

      

Transaction rebates

     (235     (261     (242

Brokerage, clearance and exchange fees

     (75     (87     (84
  

 

 

   

 

 

   

 

 

 

Total U.S. cash equity cost of revenues

     (310     (348     (326
  

 

 

   

 

 

   

 

 

 

Net U.S. cash equity trading revenues

     30        37        39   

European cash equity trading

     23        22        23   
  

 

 

   

 

 

   

 

 

 

Total net cash equity trading revenues

     53        59        62   
  

 

 

   

 

 

   

 

 

 

Derivative Trading and Clearing Revenues:

      

U.S. derivative trading and clearing

     122        110        124   
  

 

 

   

 

 

   

 

 

 

Cost of revenues:

      

Transaction rebates

     (71     (63     (67

Brokerage, clearance and exchange fees

     (9     (6     (9
  

 

 

   

 

 

   

 

 

 

Total U.S. derivative trading and clearing cost of revenues

     (80     (69     (76
  

 

 

   

 

 

   

 

 

 

Net U.S. derivative trading and clearing revenues

     42        41        48   

European derivative trading and clearing

     32        32        32   
  

 

 

   

 

 

   

 

 

 

Total net derivative trading and clearing revenues

     74        73        80   

Access Services Revenues

     57        56        53   
  

 

 

   

 

 

   

 

 

 

Total Transaction Services revenues less transaction rebates, brokerage, clearance and exchange fees

     184        188        195   
  

 

 

   

 

 

   

 

 

 

Market Data Revenues:

      

Net U.S. tape plans

     31        29        27   

U.S. market data products

     34        37        32   

European market data products

     22        21        22   
  

 

 

   

 

 

   

 

 

 

Total Market Data revenues

     87        87        81   
  

 

 

   

 

 

   

 

 

 

Broker Services Revenues

     5        5        4   
  

 

 

   

 

 

   

 

 

 

Other Market Services Revenues

     —          1        1   
  

 

 

   

 

 

   

 

 

 

Total Market Services revenues less transaction rebates, brokerage, clearance and exchange fees

     276        281        281   
  

 

 

   

 

 

   

 

 

 

ISSUER SERVICES

      

Global Listing Services Revenues:

      

Annual renewal

     28        30        29   

Listing of additional shares

     10        10        10   

Initial listing

     6        5        6   
  

 

 

   

 

 

   

 

 

 

Total U.S. listing services

     44        45        45   

European listing fees

     12        13        13   

Corporate Solutions

     20        20        18   
  

 

 

   

 

 

   

 

 

 

Total Global Listing Services revenues

     76        78        76   

Global Index Group Revenues

     14        13        13   
  

 

 

   

 

 

   

 

 

 

Total Issuer Services revenues

     90        91        89   
  

 

 

   

 

 

   

 

 

 

MARKET TECHNOLOGY

      

License, support and facility management

     29        29        28   

Delivery project

     7        6        6   

Change request, advisory and broker surveillance

     9        13        9   
  

 

 

   

 

 

   

 

 

 

Total Market Technology revenues

     45        48        43   
  

 

 

   

 

 

   

 

 

 

Total revenues less transaction rebates, brokerage, clearance and exchange fees

   $ 411      $ 420      $ 413   
  

 

 

   

 

 

   

 

 

 


The NASDAQ OMX Group, Inc.

Consolidated Balance Sheets

(in millions)

 

     March 31,
2012
    December 31,
2011
 
     (unaudited)        

Assets

    

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 31,
2012
    December 31,
2011
    March 31,
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 non-GAAP adjustments(1)

     (3     (13     (3

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 31,
2012
    December 31,
2011
    March 31,
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, clearance and exchange fees

   $ 411      $ 420      $ 413   

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,
2012
    December 31,
2011
    March 31,
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 31,
2012
    December 31,
2011
    March 31,
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 billions)

   $ 3.2      $ 3.0      $ 4.1   

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 NASDAQ OMX Baltic

     1        1        1   

New listings

      

NASDAQ (3)

     43        44        34   

Exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic (4)

     3        12        4   

Number of listed companies

      

NASDAQ (5)

     2,665        2,680        2,760   

Exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic (6)

     769        776        773   

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.