Financial Services
NYSE Euronext Profit Soars on Volume
05/06/08 - 12:38 PM EDT
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The company continues to digest all the moves it has made over the past year. Cost savings had surpassed the original target of $50 million and instead generated $70 million, not including the elimination of Aims margin that will occur in August of 2008. Conversations are ongoing to reposition the European clearing business and it is proceeding with its acquisition of the American Stock Exchange, its smaller rival. The NYSE expects to generate proceeds from the sale of the Amex building. The company is also moving forward with plans to enter into the India commodity exchange and is just waiting on a couple of regulatory items. On the conference call, Niederauer said the company plans to consolidate Amex traders both on its existing floors and other rooms that are not currently being used for trading. Other NYSE personnel will move off the floor. "We've already consolidated into the two larger rooms and we're not about to turn this into a remote business," Niederauer said. "As we do the Amex transaction, we could move the micro- and small-cap market into one room, probably by late 2008. One of the smaller rooms will be the footprint for the small options floor, maybe early 2009. More people will be coming to the building, not less." He also noted that the exchange continues to work with regulators to get rules passed to adjust to new technology. The company wants to evolve the specialist role and give more functionality to the floor traders.
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