This excerpt taken from the NYX 10-K filed May 1, 2007.
In recent years, the business environment in which NYSE Group operates has been characterized by challenging business and economic conditions. Ongoing regulatory developments, increasing scrutiny of execution costs, unbundling of financial services and enhancements in trading and trade processing technology have created an unprecedented level of competition in the provision of trade execution and related services. In addition, changes in market-related legislation have affected the capital raising process in the United States and abroad.
The business environment in which NYSE Group operates has been characterized by the following trends:
This environment has affected NYSE Groups business and the components of its results of operations, and is likely to affect the NYSE Groups results to varying degrees in the future. In particular, these business, economic, regulatory and competitive conditions affect:
For more concerning these trends and developments, see Item 1. BusinessMarket Trends and Developments.