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NDAQ » Topics » Highlights

This excerpt taken from the NDAQ 8-K filed Nov 5, 2009.

Highlights

 

  •  

Continued expansion of the Market Technology business following its selection as the strategic technology provider to the Osaka Securities Exchange (OSE) and the Kuwait Stock Exchange (KSE). OSE, the premier Japanese derivatives and securities exchange, is the second major customer in Japan to choose NASDAQ OMX as a technology partner within the past 18 months. As part of the agreement with KSE, NASDAQ OMX will deliver technology for trading, surveillance and market data. KSE marks NASDAQ OMX’s eleventh technology partner in the Middle East region. Additionally, NASDAQ OMX and BM&FBOVESPA continue their discussions regarding possible technology cooperation agreements.

 

  •  

Enjoyed continued growth in volume and market share at NASDAQ OMX BX (BX), as the market now regularly trades approximately 350 million shares per day with market share of U.S. cash equity trading in excess of 3.5%. In the month of October, market share for The NASDAQ Stock Market grew to 21.1% while BX grew to 3.7%, for a combined market share of 24.8%.

 

  •  

Captured a total of 35 new listings during the third quarter of 2009, including 33 on The NASDAQ Stock Market and 2 on the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic. Included in new listings are 12 IPOs and 7 companies that switched their listing to NASDAQ from exchanges operated by NYSE Group. Switches include Mattel, R.R. Donnelley & Sons, and TriMas Corporation. NASDAQ OMX also recognized 135 secondary offerings during the quarter, up from 110 in the first two quarters of 2009.

 

  •  

Launched central counterparty clearing in the NASDAQ OMX Nordic exchanges in Copenhagen, Helsinki, and Stockholm through a partnership with EMCF (European Multilateral Clearing Facility) in October 2009. The introduction of central counterparty clearing in the Nordic equity markets is part of NASDAQ OMX’s strategy to increase market liquidity by introducing a competitive market structure that is accessible to new participants.

 

  •  

Grew Nordic derivatives volumes during the quarter. Contributing to growing volume is the transition of volumes from the London Stock Exchange’s EDX system into the NASDAQ OMX derivatives markets and clearinghouse. This transition is expected to be completed by year-end 2009.

 

  •  

Witnessed renewed volume growth in our European power markets, with total cleared carbon contracts up more than 50% from the second quarter of 2009.

 

  •  

Announced plans to launch a third equity trading platform during 2010, pending SEC approval. NASDAQ OMX expects to offer this equity trading platform with a new price/size priority model using the license acquired from its 2008 acquisition of the former Philadelphia Stock Exchange, known today as NASDAQ OMX PHLX.

 

LOGO

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Introduced next generation trading technology through the rollout of new enhancements and upgrades to INET, NASDAQ OMX’s core trading technology platform. Recognized as the most sophisticated trading technology in the world, INET is the common technology utilized across NASDAQ OMX’s U.S. and European markets. It also serves as the backbone for GENIUM, NASDAQ OMX’s commercial exchange technology offering.

 

  •  

Announced plans to establish a new listing market, pending SEC approval, for companies that do not presently qualify for an exchange listing. The new listing market will be a modern venue for companies that aspire to list on, or return to, The NASDAQ Stock Market.

 

  •  

Continued the development of International Derivatives Clearing Group, an independently operated NASDAQ OMX subsidiary that operates a designated clearing organization for clearing and settling interest rate swap futures contracts and other fixed income derivatives contracts. More than 20 counterparties have submitted in excess of $850 billion in notional value into the clearinghouse to test systems and internal processes.

 

  •  

Reduced total principal amount of debt obligations by $232 million in the third quarter of 2009, bringing the total year-to-date reduction to $452 million. Actions during the third quarter of 2009 include repaying $113 million in principal on $2.0 billion term loan and converting $119 million of 3.75% convertible notes held by Silver Lake and another holder into common equity.

“During the third quarter, NASDAQ OMX continued to execute on a key priority of lowering total debt obligations,” noted Adena Friedman, Chief Financial Officer. “Through principal debt payments, repurchases of convertible notes, the conversion of convertible notes, as well as other actions, we have been able to reduce total debt obligations by approximately $452 million this year alone. Looking forward, we will continue to maintain the same financial discipline that has provided NASDAQ OMX with the flexibility needed to compete effectively. For the full year of 2009, we are updating our guidance for total operating expenses to be in the range of $840 million to $850 million, including approximately $50 million in non-recurring costs.”

This excerpt taken from the NDAQ 8-K filed Aug 6, 2009.

Highlights

 

•  

Reached new market share highs in the trading of U.S. equity options contracts. The combined market share of NASDAQ OMX PHLX and The NASDAQ Options Market averaged 21% during the second quarter of 2009, up from 17% in the second quarter of 2008. Total volume traded on these markets grew 40% in the second quarter of 2009 when compared to the same period last year.

 

•  

Achieved a new record in the NASDAQ Closing Cross on June 26, 2009 as it was used to reconfigure the entire family of U.S. Russell indexes during their annual reconstitution. A record 1.002 billion shares were executed in the Closing Cross in 2.9 seconds. This compares with 893.3 million shares executed in 5.0 seconds during Russell’s annual reconstitution in 2008. NASDAQ official closing prices determined by the NASDAQ Closing Cross are widely used throughout the industry, including by Russell Indexes, Standard & Poor’s, Dow Jones, and mutual funds across the country.

 

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Announced that The Bank of New York Mellon made a strategic minority investment in International Derivatives Clearing Group, an independently operated NASDAQ OMX subsidiary that operates as a designated clearing organization for clearing and settling interest rate swap contracts and other fixed income derivatives contracts.

 

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Witnessed significant growth in volume and market share at NASDAQ OMX BX, as the recently launched market now regularly trades approximately 200 million shares per day with market share of U.S. cash equity trading in excess of 2%. Also during the quarter The NASDAQ Stock Market maintained its leadership position as the single largest pool of liquidity in which to trade U.S. cash equities, matching 20% of all volume.

 

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Launched trading of equities listed in Norway on the exchanges that comprise NASDAQ OMX Nordic, recently capturing 3% of market share. This new offering is designed to provide lower trading costs and other benefits for customers seeking to trade all Nordic equities on one platform.

 

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Announced that NASDAQ Market Pathfinders was recognized as the Best New Data Product of the Year, as determined by the readership of Inside Market Data, the publication of choice for senior level data and technology executives within the financial services and securities industry.

 

•  

Captured a total of 21 new listings during the second quarter of 2009, including 18 on The NASDAQ Stock Market and three on the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic. Included in new listings are three IPOs and three companies that switched their listing to NASDAQ from exchanges operated by NYSE Euronext. NASDAQ OMX also recognized 91 secondary offerings during the quarter, up from 18 in the first quarter of 2009.

 

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Entered into an exclusive agreement for Morningstar to provide equity research profile reports on more than 3,600 NASDAQ OMX-listed companies. With the Morningstar Profile Report, NASDAQ OMX will now be able to provide NASDAQ OMX companies with basic research coverage at no cost to the issuer.

 

•  

Launched 6 new indexes, continuing NASDAQ OMX’s expansion of its Global Index Group through the introduction of innovative new products. The new indexes include: NASDAQ OMX ABA Community Bank Index; NASDAQ OMX CRD Global Sustainability Index; OMX Stockholm 30 Next Index; OMX Stockholm 60 Index; OMX Stockholm 60 Cap Index; OMX AFGX Index NASDAQ OMX Small Cap Sweden Index.

 

•  

Expanded the Market Technology business by extending a trading technology agreement with the Polish Power Exchange, Towarowa Geilda Energii (TGE); successfully launching a new trading platform at TOCOM, the Tokyo Commodity Exchange; providing equities trading and clearing technology to the recently launched electronic trading system of the Iraq Stock Exchange; and completing the migration of the SIX Swiss Exchange to a new trading platform based on NASDAQ OMX market technology.

 

 

The NASDAQ OMX Group, Inc.    2

“Our results at the mid-point of the year demonstrate that we’ve stayed focused on our objectives of reducing expenses, reducing our debt obligations, and investing in organic growth opportunities,” said David Warren, NASDAQ OMX’s Chief Financial Officer. “Our successful integration efforts continue to allow us to invest in new initiatives while lowering our overall expense base. For the full year of 2009 we are reaffirming our total operating expense guidance to be in the range of $830.0 million to $850.0 million, including approximately $30.0 million in non-recurring costs.”

This excerpt taken from the NDAQ 8-K filed May 8, 2008.

First Quarter Highlights

 

  •  

Traded record volumes on the OMX Nordic Exchange during the quarter. In January 2008 average daily derivatives trading volume reached a record 789,898 contracts. This record was eclipsed two months later in March 2008 when average daily derivatives trading volume reached 816,760. Also, in January 2008, record figures in the number of cash equity trades were recorded for the month, reaching 267,511 trades per day. And in February 2008, new record high average daily trading volume was achieved for fixed-income derivatives when an average 158,836 contracts traded.

 

  •  

Expanded our leadership position as the largest single pool of liquidity in which to trade U.S. listed equities, matching a record high 31.0% of all volume for the first quarter of 2008. NASDAQ also achieved new market share highs in the trading of NYSE-and Amex-listed securities, matching 21.1% and 36.2% of volume, respectively, during the quarter.

 

  •  

Announced plans to launch a new pan-European market to serve customers seeking a highly liquid trading and routing platform for the most actively traded European stocks. NASDAQ OMX Pan European Market will enable best execution in high volume securities trading in a cross-border, multi-market environment. The market, scheduled to open in September 2008, is subject to Financial Services Authority (FSA) approval.

 

  •  

Signed an agreement with Bombay Stock Exchange (“BSE”), under which BSE will implement NASDAQ OMX technology to serve as their new trading and clearing platform for derivatives and cash securities. In addition to the technology implementation, the agreement encompasses a business partnership with the joint objective to drive and grow business at the BSE.

 

  •  

Signed, subsequent to quarter-end, a large contract with the Tokyo Commodity Exchange (“TOCOM”) and NTT Data to provide an integrated trading and clearing system for commodity derivatives. TOCOM is Japan’s largest commodity exchange with more than 75% market share, and lists commodities futures and options contracts, including metals, oil and rubber. The contract represents NASDAQ OMX’s first technology customer in Japan and the first major technology contract win since the combination.

 

  •  

Launched a new technology road-map shortly after completing the business combination with OMX, which defines how to bring together the best of both technology organizations. This effort is designed to leverage both the experience and insight gained from operating NASDAQ and OMX, as well as providing technology solutions to a global customer base. The successful launch of this roadmap is a critical step towards achieving synergy targets and strengthening the company’s position as the world’s leading provider of technology to the exchange industry.

 

  •  

Launched the company’s U.S. options market, a new electronic equity and index options market and the first options trading platform to offer true price/time priority. This market is already trading in excess of a 117,000 contracts per day.

 

  •  

Introduced NASDAQ Market Replay, an innovative data tool that provides an extremely powerful, NASDAQ-validated replay and analysis of the market. Market Replay allows users to quickly view the order book at any point in time, replay the market in simulated real-time, or at an accelerated/decelerated speed, and zoom-in to view events at the millisecond level to see exactly what happened.

 

  •  

Announced an investment of up to $7.5 million in FCStone’s subsidiary Agora-X, LLC. Agora-X is developing a new electronic communications network for institutional trading in over-the-counter (OTC) commodity contracts.

 

  •  

Introduced the NASDAQ OMX 100 Index(sm) (NASDAQ:QOMX), a new global benchmark for the NASDAQ OMX Group. The NASDAQ OMX 100 Index is a market-capitalization weighted index comprised of the 100 largest companies listed on the combined exchanges of the NASDAQ OMX Group.

“During the first quarter, our business continued to operate efficiently and effectively, punctuated by strong operating performance, successful integration efforts and our ongoing disciplined approach to managing our balance sheet,” said Chief Financial Officer David Warren. “In fact, based on the good start to the year and the better than expected results experienced in the roll out of our new technology road map, we are raising our expectations for fourth quarter 2008 synergy achievement to $25.0 million to $35.0 million in annual savings from $20 million to $30 million expected previously. We are pleased with the results so far and recognize that this is the product of the hard work of our team members world wide.”

This excerpt taken from the NDAQ 10-Q filed Nov 8, 2006.

Third Quarter 2006 Highlights

Third quarter net income increased to $30.2 million or $0.22 per diluted share from net income of $17.8 million or $0.16 per diluted share in the third quarter of 2005. Our recent acquisitions contributed to our earnings and we expect further contributions from them in our future results. Gross margin (revenues less cost of revenues) increased by 31.1% in the third quarter of 2006, from $130.6 million in the third quarter of 2005 as we continue to gain market share and trading volume primarily due to the INET acquisition. Our total expenses increased slightly in the third quarter of 2006 compared with the third quarter of 2005 due to our continuing INET integration and cost reduction activities and our recent acquisitions.

During the third quarter, we:

 

  •   became operational as an exchange in Nasdaq-listed securities on August 1, 2006.

 

  •   completed the acquisition of PrimeZone, a privately held press release newswire and multimedia service firm, enabling Nasdaq to offer information distribution and multimedia services as part of its Corporate Client services.

 

  •   improved our matched market share in New York Stock Exchange, or NYSE-listed stocks, to 12.1%, up from 4.7% in the third quarter of 2005.
This excerpt taken from the NDAQ 10-Q filed Aug 8, 2006.

Second Quarter 2006 Highlights

 

Second quarter net income increased to $16.6 million or $0.13 per diluted share from net income of $14.0 million or $0.13 per diluted share in the second quarter of 2005. Our recent acquisitions contributed to our earnings and we expect further contributions from them in our future results. Gross margin (revenues less cost of revenues) increased by 31.2% in the second quarter of 2006, from $130.4 million. During the quarter, we continued with our cost reduction program and the integration of INET. Our results were also impacted by our investment in the LSE.

 

During the second quarter, we:

 

  •   acquired a stake in the LSE totaling approximately 25.3% of the issued share capital of the LSE, after taking into effect LSE’s recent share buyback.

 

  •   completed an offering of 18,500,000 shares of common stock at $37.36 per share. The net proceeds were used to prepay a portion of the amount outstanding under our April 2006 Credit Facility.

 

  •   received approval from the SEC of our phased approach to exchange operation. We became operational as an exchange in Nasdaq-listed securities on August 1, 2006, and plan to become operational in other exchange-listed securities in the fourth quarter of 2006.

 

  •   entered into a definitive agreement to acquire PrimeZone Media Network, Inc., a privately held press release newswire and multimedia service firm, enhancing Nasdaq’s investor relations and corporate communications suite. We expect to complete this acquisition in the third quarter of 2006.

 

  •   improved our matched market share in New York Stock Exchange, or NYSE-listed stocks, to 8.3%, up from 7.0% in the first quarter of 2006. Matched market share for American Stock Exchange, or Amex-listed stocks, increased to 24.8% in the second quarter of 2006, up from 22.3% in the prior quarter.

 

This excerpt taken from the NDAQ 10-Q filed May 10, 2006.

First Quarter Highlights

 

We had a strong first quarter. Our financial performance improved substantially, going from net income of $12.7 million or $0.13 per diluted share in the first quarter of 2005, to net income of $18.0 million or $0.16 per diluted share in the first quarter of 2006. Our recent acquisitions contributed to our earnings and we expect further contributions from them in our future results. Gross margin (revenues less cost of revenues) increased by 28.3%. During 2006, we also continued with our cost reduction program and the integration of INET. Total expenses increased by 16.1%, due to the continuing integration of the INET platform and additional costs from our recent acquisitions. We believe that our continuing efforts to reduce operating expenses will improve our future results and efficiency of our operations.

 

Our first quarter highlights were:

 

  •   Unanimous approval from the SEC of our application to operate as a national securities exchange. This will allow us to take the final steps needed to complete our separation from NASD.

 

  •   Acquired Shareholder.com, allowing us to offer best-in-class shareholder communications and intelligence services to issuers.

 

  •   Created the Global Select Market, a new listing tier with highest financial listing standards in the world.

 

  •   Achieved a new record in trading New York Stock Exchange, or NYSE-listed stocks, matching a single day high of 10.0% on March 24, 2006, representing an approximate 43% percent spike in Nasdaq’s matched market share.

 

  •   Agreed with First Trust Advisors to launch two new exchange traded funds, or ETFs: First Trust NASDAQ-100 Equal Weighted IndexSM Fund (Nasdaq: QQEW) and First Trust NASDAQ-100 Technology Sector IndexSM Fund (Nasdaq: QTEC).

 

  •   Began offering options routing through the Brut broker-dealer, providing customers connectivity and routing to the major options exchanges.

 

  •   Completed an offering of 15,979,513 shares of common stock at $40.00 per share; 8,042,142 shares were sold by Nasdaq with $104.7 million in proceeds used to redeem our Series C Cumulative preferred stock, including accrued and unpaid dividends and a make-whole premium.

 

In addition, during April and May 2006, we purchased strategic stakes in the LSE totaling approximately 24.1% of the issued share capital of the LSE. On May 2, 2006, we completed an offering of 18,500,000 shares of common stock at $37.36 per share.

 

22

Table of Contents
This excerpt taken from the NDAQ 8-K filed Oct 26, 2005.

Highlights

 

  •   Entered into a definitive agreement to acquire Carpenter Moore Insurance Services, Inc., an insurance brokerage firm specializing in management liability. This transaction, which closed October 1, places NASDAQ’s insurance brokerage business among the top 10 brokers of management liability insurance in the United States.

 

  •   Launched a new state-of-the-art indexing platform, allowing for the creation of new indexes such as the NASDAQ-100 Equal Weighted IndexSM and the NASDAQ Health Care IndexSM. Additionally the FTSE NASDAQ Index Series and the CBOE NASDAQ-100 BuyWrite IndexSM were introduced during the quarter.

 

  •   Enhanced and broadened the distribution of NASDAQ’s proprietary data products:

 

  •   Launched ModelView®, a product designed to provide greater insight into the patterns of liquidity in NASDAQ;

 

  •   Introduced OrderView®, a new data feed that facilitates program and algorithmic trading by more efficiently providing critical trade information; and

 

  •   Announced that Townsend Analytics has upgraded its RealTick® trading platform to include TotalView®.

 

  •   Announced the launch of connectivity and routing to options exchanges starting in the first quarter of 2006.

  •   Announced the offering of an Intra-day cross, leveraging the success of the Opening and Closing Cross. This product, subject to SEC approval, is expected to be available in the first quarter 2006.

 

  •   Announced today that Cadence Design Systems, Inc. is the first dual-listed company to move its listing solely to NASDAQ. Cadence is a global leader in the electronic design automation software sector, with 2004 reported revenues of $1.2 billion.

 

This excerpt taken from the NDAQ 8-K filed Jul 28, 2005.

Second Quarter 2005 Highlights

 

  •   Improved financial results for the third consecutive quarter. Sequential growth was reported for gross margin and net income despite an 11% decline in average daily share volume. NASDAQ also continued to execute on its cost reduction strategy.

 

  •   Entered into an agreement to acquire the INET ECN, subject to customary closing conditions. The combination of NASDAQ and INET will provide investors with a technologically superior trading platform designed to compete effectively in a post-Regulation NMS environment.

 

  •   Launched a new service for NASDAQ customers to trade securities listed on the New York Stock Exchange. Recent share volume handled by NASDAQ has grown to average more than 100 million shares per day.

 

  •   Announced the launch of the Independent Research Network, a joint venture with Reuters to help public companies obtain independent analyst coverage.

  •   Reported, on June 24th, a record day on NASDAQ’s Closing Cross. For the second consecutive year, NASDAQ was used to calculate the entire family of Russell Indexes during their annual reconstitution. A total of approximately 428.5 million shares representing $5.8 billion were executed in the Closing Cross in 6 seconds.

 

EXCERPTS ON THIS PAGE:

8-K
Nov 5, 2009
8-K
Aug 6, 2009
8-K
May 8, 2008
10-Q
Nov 8, 2006
10-Q
Aug 8, 2006
10-Q
May 10, 2006
8-K
Oct 26, 2005
8-K
Jul 28, 2005

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