Strong Year-Over-Year Growth in Derivatives Trading Volumes;
Fixed Income Derivatives Products Trading Volumes Increase 25%;
U.S. Equity Options Trading Volumes Increase 39%
NYSE Euronext (NYX) today announced trading volumes for its global derivatives and cash equities exchanges for March 2010[1]. Derivatives trading volumes in March 2010(*) recorded strong year-over-year growth, with European derivatives average daily volume (“ADV”) increasing 13%, driven by a 25% increase in fixed income derivatives product average daily volume and U.S. options average daily volume increasing 39%. Cash equities average daily volume declined versus prior year levels which experienced significantly higher levels of market volatility.
Highlights
• NYSE Euronext European derivatives products ADV in March 2010 of 4.6 million contracts increased 13.3% compared to March 2009, but decreased 5.7% from February 2010 levels. Total European fixed income products ADV in March 2010 of 2.6 million contracts increased 24.5% compared to March 2009, but decreased 5.3% from February 2010. Total equity products ADV of 1.9 million contracts in March 2010 increased 0.8% compared to March 2009, but decreased 6.1% from February 2010.
• NYSE Euronext U.S. equity options (NYSE Arca and NYSE Amex) ADV of 3.6 million contracts in March 2010 increased 39.3% compared to March 2009 levels and increased 4.8% from February 2010. NYSE Euronext’s U.S. options exchanges accounted for 25.3% of the total consolidated equity options trading in March 2010, up from 17.4% in March 2009, but down from 26.9% in February 2010.
• NYSE Euronext European cash products ADV of 1.3 million transactions in March 2010 decreased 12.0% compared to March 2009 and decreased 10.3% from February 2010.
• NYSE Euronext U.S. cash products (NYSE, NYSE Arca and NYSE Amex) handled ADV of 2.4 billion shares in March 2010 decreased 47.0% compared to March 2009 and decreased 9.4% compared to February 2010. NYSE Euronext matched share of all U.S. cash equity trading volume was 25.6% in March 2010, down from 27.7% in February 2010. NYSE Euronext’s Tape A matched market share in March 2010 was 33.6%, down from 36.6% in February 2010.
• There were a total of 23 trading days in Europe and the U.S. in March 2010 and 22 trading days in Europe and the U.S. in March 2009.
Derivatives Trading
European Derivatives
• NYSE Euronext European derivatives products ADV in March 2010 was 4.6 million futures and options contracts, an increase of 13.3% from March 2009, but a decrease of 5.7% from February 2010. The 4.6 million in futures and options contracts ADV in March 2010 consisted of 3.7 million contracts executed through our full-service LIFFE CONNECT trading platform and 0.9 million contracts, or 18.6%, executed through Bclear, NYSE Liffe’s trade administration and clearing service for OTC products. In the first quarter of 2010, European derivatives products ADV of 4.9 million contracts was 28.4% above prior year levels. The 4.9 million in futures and options contracts ADV in the first quarter of 2010 consisted of 3.9 million contracts executed through LIFFE CONNECT trading platform and 1.0 million contracts, or 20.0%, executed through Bclear.
• Total fixed income products ADV of 2.6 million contracts in March 2010 increased 24.5% from March 2009, but decreased 5.3% from February 2010. In the first quarter of 2010, total fixed income products ADV of 2.7 million contracts was 36.5% above prior year levels.
• Total equity products (including Bclear) ADV of 1.9 million contracts in March 2010 increased 0.8% compared to March 2009, but decreased 6.1% from February 2010. The 1.9 million contracts in equity products ADV consisted of 1.3 million contracts in individual equity products ADV and 0.6 million contracts in equity index products ADV. The 1.3 million contracts in individual equity products ADV consisted of 0.6 million in futures contracts, which represented a 21.4% increase compared to March 2009 and 0.7 million in options contracts, which represented a 8.6% increase compared to March 2009. In the first quarter of 2010, total equity products ADV of 2.1 million contracts was 19.5% above prior year levels.
• Total commodities products ADV of 52,000 contracts in March 2010 increased 21.3% compared to March 2009, but decreased 3.7% from February 2010. In the first quarter of 2010, total commodities product ADV of 52,000 contracts was 14.3% above prior year levels.
U.S. Derivatives
• NYSE Euronext U.S. equity options (NYSE Arca and NYSE Amex) ADV of 3.6 million contracts in March 2010 increased 39.3% compared to March 2009 and increased 4.8% compared to February 2010. In the first quarter of 2010, U.S. equity options ADV of 3.7 million contracts was 62.8% above prior year levels.
• Total U.S. consolidated equity options ADV decreased 3.9% to 14.1 million contracts in March 2010 compared to March 2009, but increased 11.4% compared to February 2010. In the first quarter of 2010, U.S. consolidated equity options ADV of 14.0 million contracts was 6.5% above prior year levels.
• NYSE Euronext’s U.S. options exchanges accounted for 25.3% of the total consolidated equity options trading in March 2010, up from 17.4% in March 2009, but down from 26.9% in February 2010.
• NYSE Euronext U.S. futures and futures options (NYSE Liffe U.S.) ADV in March 2010 was 18,000 contracts, compared to 23,000 contracts in February 2010. In the first quarter of 2010, U.S. futures and futures options ADV was 21,000 contracts.
Cash Trading
European Cash
• NYSE Euronext European cash products ADV of 1.3 million transactions in March 2010 decreased 12.0%, compared to March 2009 and decreased 10.3% compared to February 2010. In the first quarter of 2010, European cash products ADV of 1.4 million transactions was 0.5% below prior year levels.
U.S. Cash
• NYSE Euronext U.S. cash products handled ADV in March 2010 decreased 47.0% to 2.4 billion shares compared to March 2009 and decreased 9.4% from February 2010. In the first quarter of 2010, U.S. cash products handled ADV was 2.5 billion shares, down 36.9% from prior year levels.
• NYSE Euronext’s Tape A matched market share in March 2010 was 33.6%, down from 36.6% in February 2010.
• Designated Market Maker (“DMM”) participation in March 2010 was 8.5%, compared to 8.5% in February 2010. Supplemental Liquidity Provider (“SLP”) participation in March 2010 was 11.4%, compared to 12.1% in February 2010. DMM and SLP participation pertain only to trading on NYSE.
Exchange Traded Products
• NYSE Euronext U.S. matched exchange-traded products ADV (included in volumes for Tape B and Tape C) of 272 million shares in March 2010 decreased 58.9% compared to March 2009 and decreased 25.3% compared to February 2010. In the first quarter of 2010, NYSE Euronext U.S. matched exchange-traded products ADV of 324 million shares was 46.8% below prior year levels.
Other Metrics
• The average EUR/USD exchange rate for the first quarter of 2010 of $1.38 represented a decrease of 6.2% from the fourth quarter of 2009 and an increase of 6.0% compared to the first quarter of 2009.
• The average GBP/USD exchange rate for the first quarter of 2010 of $1.56 represented a decrease of 4.4% from the fourth quarter of 2009, but an increase of 8.6% compared to the first quarter of 2009.
Appendix: the Monthly Transaction Activity Data Table.
About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of financial markets and provider of innovative trading technologies. The company’s exchanges in Europe and the United States trade equities, futures, options, fixed-income and exchange-traded products. With more than 3,700 listed operating companies, NYSE Euronext’s equities markets – the New York Stock Exchange, NYSE Euronext, NYSE Amex, NYSE Alternext and NYSE Arca – represent one-third of the world’s equities trading, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, one of the leading European derivatives businesses and the world’s second-largest derivatives business by value of trading. The company offers comprehensive commercial technology, connectivity and market data products and services through NYSE Technologies. NYSE Euronext is in the S&P 500 index, and is the only exchange operator in the S&P 100 index and Fortune 500. For more information, please visit: http://www.nyx.com.
