NYX » Topics » Business Environment

This excerpt taken from the NYX 10-K filed May 1, 2007.

Business Environment

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:

 

   

increased global competition;

 

   

greater emphasis on faster and more cost efficient trade execution;

 

   

increased demand for transparency and stronger corporate growth;

 

   

growth in trade volumes; and

 

   

regulatory developments, including Regulation NMS.

This environment has affected NYSE Group’s business and the components of its results of operations, and is likely to affect the NYSE Group’s results to varying degrees in the future. In particular, these business, economic, regulatory and competitive conditions affect:

 

   

overall trading volume in NYSE Group listed securities;

 

   

the prices that NYSE Group can charge its member organizations for trade execution and other trade-related services provided by NYSE Group;

 

   

domestic and non-U.S. companies’ decisions to raise capital through an issuance of shares that would be listed on the markets operated by NYSE Group; and

 

   

whether companies that are listed on another market will transfer their listing to the NYSE or NYSE Arca, Inc or whether listed companies will remain listed on the NYSE or NYSE Arca, Inc.

For more concerning these trends and developments, see “Item 1. Business—Market Trends and Developments.”

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