The table below summarizes the financial results 1 for the fourth quarter and full-year of 2012:

        % Δ 4Q12   Full-Year     % Δ FY '12
($ in millions, except EPS)   4Q12   3Q12   4Q11   vs. 4Q11 2012   2011   vs. FY '11
Total Revenues 2 $909 $902 $1,054 (14%) $3,749 $4,552 (18%)
Total Revenues, Less Transaction-Based Expenses 3 562 559 628 (11%) 2,324 2,672 (13%)
Other Operating Expenses 4 392 388 416 (6%) 1,581 1,666 (5%)
Operating Income 4 $170 $171 $212 (20%) $743 $1,006 (26%)
Net Income 4 $105 $108 $130 (19%) $462 $653 (29%)
Diluted Earnings Per Share 4   $0.43   $0.44   $0.50   (14%) $1.84   $2.48   (26%)
Operating Margin 30% 31% 34% (4 ppts) 32% 38% (6 ppts)
Adjusted EBITDA Margin   42%   42%   45%   (3 ppts) 43%   48%   (5 ppts)
1   A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See also our statement on non-GAAP financial measures at the end of this earnings release.
2 Includes activity assessment fees.
3 Transaction-based expenses include Section 31 fees, liquidity payments and routing & clearing fees.
4 Excludes merger expenses, exit costs and the BlueNext tax settlement.
 

“Our fourth quarter results were in line with the third quarter, but trailed prior year. The impact of lackluster trading volumes was somewhat mitigated by lower costs and lower share count. Operating expenses declined $24 million, or 6% in the fourth quarter and for the full-year 2012, excluding the impact of currency fluctuations and new business initiatives, core operating expenses were down $115 million from the 2011 expense base of $1,666 million, which far exceeded the initial guidance of $63 million in Project 14 savings,” commented Michael S. Geltzeiler, Group Executive Vice President and CFO, NYSE Euronext. “Furthermore, we are continuing to deliver on our commitment to optimize the business portfolio with the un-wind of BlueNext, the planned sale of all or part of our MCX stake and our decision to move to ICE Clear, which will increase savings and reduce investment costs in 2013.”

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