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NYSE Euronext (NYX) today reported net income of $28 million, or $0.12 per diluted share, for the fourth quarter of 2012, compared to net income of $110 million, or $0.43 per diluted share, for the fourth quarter of 2011. Financial results for the fourth quarter of 2012 included a higher level of merger and exit costs, reflecting a write-off of clearing investments in connection with the decision to move to ICE Clear, the unwind of BlueNext and merger related expenses. Fourth quarter of 2012 financial results also included costs of $24 million, consisting primarily of the premium paid to former bondholders, to refinance a portion of company debt outstanding. Excluding the impact of these items, net income in the fourth quarter of 2012 was $105 million, or $0.43 per diluted share, compared to $130 million, or $0.50 per diluted share, in the fourth quarter of 2011. For the full-year 2012, excluding the discrete items noted in the tables accompanying this press release, net income was $462 million, or $1.84 per diluted share, compared to net income of $653 million, or $2.48 per diluted share for full-year 2011. Financial results for the full-year 2011 benefited from extreme levels of volatility in the third quarter which drove strong trading volumes across all trading venues, setting new quarterly records for orders and executions. Since the third quarter of 2011 and through 2012, market volatility declined to multi-year lows, driving significant declines in trading volumes.
“Our fourth quarter results reflect both the beneficial actions we took to refinance our debt and rationalize our clearing plans for Liffe in connection with the announced move to ICE Clear,” said Duncan L. Niederauer, CEO, NYSE Euronext. “Along with the continued progress we are making on reducing expenses as part of Project 14, we are focused on building momentum in our business prior to closing the deal with ICE, which we expect to close in the second half of this year. We believe that combining our highly complementary businesses will create a global exchange player with a particularly compelling and diverse global derivatives franchise, and an ‘end-to-end’ multi-asset business that would be very well positioned to compete and serve a global client base, while creating meaningful value for shareholders.”