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NDAQ » Topics » Foreign Currency Exchange Risk

This excerpt taken from the NDAQ 10-Q filed May 8, 2009.

Foreign Currency Exchange Risk

As an international company, we are subject to currency translation risk. For the three months ended March 31, 2009, approximately 32% of our revenues less liquidity rebates, brokerage, clearance and exchange fees and 19% of our operating income are derived in currencies other than the U.S. dollar, primarily the Swedish Krona and Euro.

Our primary exposure to foreign denominated revenues less liquidity rebates, brokerage, clearance and exchange fees and operating income for the three months ended March 31, 2009 is presented in the following table:

 

     Swedish
Krona		     Euro     Other Foreign
Currencies		  
     (in millions, except currency rate)  

Average foreign currency rate to the U.S. dollar in first quarter of 2009

      0.1192       1.3056       #  

Average foreign currency rate to the U.S. dollar in first quarter of 2008

      0.1594       1.4992       #  

Percentage of revenues less liquidity rebates, brokerage, clearance and exchange fees

      18 %     4 %     10 %

Percentage of operating income

      9 %     6 %     4 %

Impact of a 10% adverse currency fluctuation on revenues less liquidity rebates, brokerage, clearance and exchange fees

    $ (7 )   $ (2 )   $ (3 )

Impact of a 10% adverse currency fluctuation on operating income

    $ (2 )   $ (1 )   $ (1 )

 

# Represents multiple foreign currency rates.
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