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NDAQ » Topics » b) Fixed Income Trading Platform

This excerpt taken from the NDAQ 8-K filed Jan 27, 2006.

b) Fixed Income Trading Platform

 

On May 3, 2002, the Company closed its fixed income trading platform. The Company began developing its fixed income business in 1998 and started trading in the spring of 2000. Against the background of a global economic slowdown and the uneven pace of acceptance of electronic fixed income trading platforms, the business had been unable to reach a critical mass. As a result of the closure, the Company incurred the following charges:

 

     Year Ended
December 31,
2002
  

Loss from discontinued operations:

         

Loss from operation of fixed income business

    $ (33,768 )

Income tax benefit

      11,022  
    

Net loss from discontinued operations

    $ (22,746 )
    

Loss per share — basic and diluted

         

Loss from operation of fixed income business

    $ (0.12 )

Income tax benefit

      0.04  
    

Net loss from discontinued operations

    $ (0.08 )
    

 

28

Instinet Group Incorporated

Notes to Consolidated Financial Statements

(In thousands, except per share amounts)

 

The Company recorded a restructuring charge of $22,514 related to the closure of its fixed income platform for the year ended December 31, 2002 and completed paying this liability in 2004.

 

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