This excerpt taken from the NYX 10-K filed Feb 27, 2009.
FACE="Times New Roman" SIZE="2">In the United States, we face significant competition with respect to cash trading and derivatives trading, and this competition is expected to intensify in the future. Our current and prospective competitors include
fees, by offering larger liquidity payments, or by offering other forms of financial incentives. As a result, we could lose a substantial percentage of our share of trading if we are unable to price transactions in a competitive manner, or our
profit margins could decline if we reduce or otherwise alter our transaction pricing.
Derivatives. NYSE Liffe US, NYSE Arca and
IntercontinentalExchange and the CME Group Inc., which acquired NYMEX in 2008, as well as start-ups such as ELX Futures, L.P., backed by a consortium of banks and other market participants. STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%">Europe
In Europe, we face
notably Eurex, which is the derivatives platform operated by Deutsche Börse, the CME Group Inc. and the OTC markets. We expect that NYSE Liffe will be subject to intense competition with respect to its CDS clearing activities. Several
competitors, including the CME Group Inc. and Citadel Investment Group and Eurex have announced that they intend to start, and the Intercontinental Exchange has started, providing centralized clearing of CDS. Our Bluenext joint venture competes with
a number of international derivatives exchanges, including the European Climate Exchange, Eurex and the CME Group Inc., in the trading of CO2
emission allowances, and Nasdaq OMX recently announced that it intends to expand into energy and carbon derivatives.
These excerpts taken from the NYX 10-K filed Mar 25, 2008.
Liffe competes with a number of international derivatives exchanges, most notably Eurex, which is the derivatives platform operated by Deutsche Börse, the CME Group, Inc. and the OTC markets.
FACE="Times New Roman" SIZE="2">Liffe competes with a number of international derivatives exchanges, most notably Eurex, which is the derivatives platform operated by Deutsche Börse, the CME Group, Inc. and the OTC markets.STYLE="margin-top:18px;margin-bottom:0px">Market Data Services
The broad distribution
This excerpt taken from the NYX 10-K filed May 1, 2007.
Almost the entirety of fixed income securities trading takes place off-exchange. MTS key competitors are inter-dealer brokers (or IDBs), such as ICAP plc and Cantor Fitzgerald & Co. (that, through eSpeed, Inc., operates the worlds largest market for government bonds), which provide specialist intermediary services that facilitate fixed income securities transactions. Fixed income securities are also traded bilaterally by large financial institutions and commercial banks, and through a variety of electronic multi-lateral trading venues.