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NYSE Euronext 8-K 2012
Investor Day Presentation, dated April 2, 2012
UNLOCKING THE POWER OF
OUR COMMUNITY
INVESTOR DAY 2012
April 2, 2012
Exhibit 99.1


Legal Disclaimers
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
This presentation may contain forward-looking statements, including forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements
concerning NYSE Euronext's plans, objectives, expectations and intentions and other statements that are not historical or
current facts.  Forward-looking statements are based on NYSE Euronext's current expectations and involve risks and
uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking
statements.
Factors
that
could
cause
NYSE
Euronext's
results
to
differ
materially
from
current
expectations
include,
but
are
not
limited to: NYSE Euronext's ability to implement its strategic initiatives, economic, political and market conditions and
fluctuations, government and industry regulation, interest rate risk and U.S. and global competition, and other factors detailed
in NYSE Euronext's 2011 Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange
Commission or the French Autorité
des Marchés Financiers.  In addition, these statements are based on a number of
assumptions that are subject to change.  Accordingly, actual results may be materially higher or lower than those projected. 
The inclusion of such projections herein should not be regarded as a representation by NYSE Euronext that the projections will
prove to be correct. This presentation speaks only as of this date.  NYSE Euronext disclaims any duty to update the information
herein.
Non-GAAP Financial Measures
To supplement NYSE Euronext’s consolidated financial statements prepared in accordance with GAAP and to better reflect
period-over-period comparisons, NYSE Euronext uses non-GAAP financial measures of performance, financial position, or cash
flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable
measure, calculated and presented in accordance with GAAP.  Non-GAAP financial measures do not replace and are not
superior to the presentation of GAAP financial results, but are provided to (i) present the effects of certain merger expenses,
exit
costs,
the
BlueNext
tax
settlement,
disposal
activities
and
discrete
tax
items,
and
(ii)
improve
overall
understanding
of
NYSE Euronext’s current financial performance and its prospects for the future.  Specifically, NYSE Euronext believes the non-
GAAP financial results provide useful information to both management and investors regarding certain additional financial and
business trends relating to financial condition and operating results.  In addition, management uses these measures for
reviewing financial results and evaluating financial performance.  The non-GAAP adjustments for all periods presented are
based upon information and assumptions available as of the date of this release.
2


Agenda
Presentation
Speaker
Start Time
Strategic Overview
Duncan Niederauer
1:00 PM
Financial Update
Michael Geltzeiler
1:30 PM
Derivatives
Garry Jones
2:00 PM
Clearing
Mark Ibbotson
OTC
Finbarr Hutchenson
NYSE Liffe U.S.
Thomas Callahan
NYSE Amex Options
Steve Crutchfield
Break
3:00 PM
Cash Trading & Listings
Lawrence Leibowitz
3:15 PM
Global Listings
Scott Cutler
European Cash Markets
Roland Bellegarde
U.S. Cash Markets
Joseph Mecane
Info. Svcs. & Tech. Sol.
Dominique Cerutti
4:00 PM
NYSE Technologies
Stanley Young
Wrap-Up
Duncan Niederauer
4:45 PM
Q & A Session
All Presenters
4:50 PM
3


STRATEGIC OVERVIEW
Duncan Niederauer
Chief Executive Officer


OVERVIEW


Our Strategy Drives Value for Shareholders
Our mission is to Empower the Worlds Capital Markets Community to
Innovate and Collaborate
We have been executing effectively against our “community strategy”
for 3 years
Increasing risk correlation, asset class convergence and scarcity of capital means
we can drive value for clients and shareholders with our unique combination of
markets, technology assets, and diversified revenue streams
We are executing our strategy across 3 axes:
6
Access to GROWTH
Opportunities
Faster access to new
revenue and market
opportunities
Ability to exploit inter-
asset class opportunities
Operating Leverage and
EFFICIENCY
Common global / shared
infrastructure
Benefits our company
and can be leveraged by
our clients
Flexibility for Strategic
CAPITAL
Deployment
Recurring, diversified
revenue model
Strong free cash flow
generation for growth
investment and steady
dividends


STRATEGY


The Assumptions Underpinning our Strategy are
Truer Than Ever…
Client demand for efficient market access and optimized technology
spend across asset classes / borders is increasing
We have unparalleled ability to convene capital, investors and decision
makers
Partnership with key clients enhances the value of our markets and our
ability to penetrate new ones
Our customer and product sets will be differentiators for emerging market
exchange partners
We are in a scale business
8
Unique value can be derived from diverse markets and technology
assets under one umbrella


And Powerful Proof Points Demonstrate that
our Strategy is Working
NYSE
Amex
Options
has
tripled
its
market
share
1
without
reducing fees
9
NYXT is halfway to its $1B target and within target margin
range
We attract blue-chip firms and venues as clients
Listings has fortified its global leadership position
NYSE
has
won
63%
of
U.S.
Technology
IPOs
year-to-date
2
Continued transfer success, including a 3:1 win rate since 2010
NYSE
Liffe
U.S.
has
gained
~10%
market
share
1
of
open
interest in Eurodollars
New products and partnership with NYPC, DTCC, LCH
Cross-platform synergies evidenced by our continued ability to
pull out costs
$670M in constant $ / constant portfolio cost savings since 2008
5.6%
15.3%
2009
2010
2011
1
Source: NYSE Euronext
2
Source: Dealogic, based on number of IPOs


Unlocking the Power of our Community
Over
80%
1
of
EU
Cash
trades are executed by
NYSE Liffe members
Access to the world’s largest
liquidity pool with 31% of all
global cash trading executed on
our US and EU Cash platforms
Core NYSE Liffe enabled
the launch of NYSE Liffe
U.S.: our top 10 NYSE
Liffe U.S. clients are all
clients of NYSE Liffe EU
Common technology underpins
our
markets:
65%
1
of
EU
colocation clients connect to
both NYSE Liffe and EU Cash
Our Technologies solutions drive
volume
to
our
markets:
95%
1
of
NYSE Liffe U.S. trading is
conducted by NYXT clients
Our unique combination of diverse
assets allows early insights into
emerging opportunities
1500+ NYXT buy side
customers give NYX
unique access to the
buy side
NYX expertise in market
operations and regulation
is a competitive
differentiator for NYXT
10
1
Source: NYSE Euronext
EU Cash
NYSE Liffe
US Cash
NYSE Liffe
US
Listings
NYSE
Technologies
US Options
World Class
Technology


GROWTH


Macro Trends Are Leading to a “New Normal”
Reduced risk capital
Selective investment
Difficult volume environment in the
near term
Enhanced role for non-
traditional liquidity suppliers
CCP use levels credit playing field,
enables new entrants
More direct buyside role
Established capital pools
will launch new services
Demand for margin offsets, collateral
re-use and capital optimization across
products and geographies
Increased competition
between execution
platforms
EU post trade frictions decline
SEF + OTF new entrants
Higher demand for global
infrastructure services
Client cost cutting favors outsourced
tech infrastructure
Slower US/EU growth turns investors
to emerging markets
12
New
Normal
1
2
3
4
5


Risk management and capital
efficiency
Issuer services
Market infrastructure
Derivatives product expansion
Cross-market innovation
Managed technology infrastructure
Clearing
New Normal Creates Opportunities for Growth
Minor Presence
Expanding Presence
Strong Presence
Market
Data
Clearing
Technology
Infrastructure
Client 
Connectivity
Listings
Information
Services
Analytics
Capital
Efficiency
Risk
Management
Collateral
Management
Asset Servicing
Managed &
Hosted
Services
Global
Exchange
Links
Partnerships
in New
Markets
Advocacy
Index
Products
Issuer
Services
Settlement
and
Custody
Our Strategy Compass
1
1
2
3
3
4
4
5
2
5
5
Areas of Investment for 2012-2014
Through combination of organic growth and M&A
6
6
13
Markets


Highlighted Growth Initiatives for New Normal
14
1
Build European derivatives clearinghouse
Phase I on-schedule for summer 2013
Faster time to market for new products
Operational and capital savings
Clearing
2
“Project Trinity”
Bringing LCH’s SwapClear into the NYPC
“one-pot”
Capital savings from correlated cash,
futures and swaps positions
Capital Efficiency
4
Build liquidity centers and connectivity
Build out Tokyo liquidity center, launched Q1
2012
Offer access to HKEx data center via
Fixnetix
Market Infrastructure
3
Expand into capital markets, board
services and compliance
Issuer Services
5
Introduce CFD contracts
MTF partner model
Leverage our brand to attract retail clients,
who are rapidly adopting CFDs
Market Expansion/Innovation
6
Expand our managed services offering
Completed 25% investment in Fixnetix
Provides the ability to manage and deliver
3  
party solutions, which clients
increasingly value
Managed Technology
Deepens our relationships with our listed
issuers and helps us tap new adjacencies
rd


EFFICIENCY


Our goal is to leverage our asset base more efficiently and create an
optimized shared platform for growth
“Project 14”
will deliver $250 million in annual savings by the end of 2014
“Project 14”
will be co-led by Larry Leibowitz and Michael Geltzeiler with
regular progress reports to shareholders
Series of short-, medium-
and long-term actions focused on:
Offensive action to maximize the operating leverage of our platform to
deliver best in class service for clients, optimize our infrastructure, and
create value for shareholders
Strategic Cost Efficiency Will Add Fuel for Growth
16
Technology
Organizational Efficiency / Infrastructure
Business Optimization


CAPITAL


Disciplined Stewards of Strategic Capital
Spectrum of capital deployment options:
We have a track record of being responsible stewards of cash flow and when we
have invested, we have sought initiatives that meet or exceed our return metrics
18
1
Contracts For Differences
Discipline to exit or
restructure under-
performing
investments
e.g.: NSE, SecFinex
$315M in dividends
annually
$550M share
buyback underway
More capital return
than anyone else in
industry
Strategic M&A with
realized synergies,
e.g.:
NYSE Amex
NYFIX
Metabit
Fixnetix
Executable new
initiatives that
leverage the value of
our community, e.g.:
NYSE Liffe Clearing
NYSE Liffe U.S.
NYSE Amex Options
CFDs
1
Portfolio
Rationalization:
Return of Excess
Capital:
Targeted
Acquisitions:
Organic
Growth:


KEY TAKEAWAYS


Key Takeaways
In light of the macro environment, we have retested, validated
and focused our corporate strategy
As you will hear today, we believe we can unlock further
value
in
our
franchise
by
building
better
adjacencies
between
our businesses
We have opportunities to grow through new business
initiatives and targeted M&A
“Project 14”
cost efficiency program enhances our capacity
to invest and better execute our strategy
Our focus is on disciplined, strategic capital deployment
20


FINANCIAL UPDATE
Michael Geltzeiler
Group EVP & CFO


GROWTH


Financial Progress: 2011 vs. 2009
Net
revenue
1
up
8%
over
2
years 
Reduced
cost
base
by
~$380M
on
a
constant
$
/
constant
portfolio
basis
Operating
margin
2
up
500
basis
points
Reduced
tax
rate
by
87
basis
points
Debt decreased from $2.8B to $2.1B; leverage reduced from 2.6x to 1.6x
Returned over $1B to shareholders via dividends and share buybacks, with another $550M
in buybacks underway
Capital expenditures returned to maintenance levels (sub $200M)
Total shareholder return over 100% since the March 2009 low
23
¹
Net
revenues
defined
as
total
revenues,
less
transaction-based
expenses
comprised
of
Section
31
fees,
liquidity
payments,
routing
and
clearing
fees.
²
Excludes the impact of merger expenses, exit costs, the BlueNext tax settlement, disposal activities and discrete tax items.


Financial Highlights
24
EPS CAGR: 10%
$ in M, except EPS
¹
Net
revenues
defined
as
total
revenues,
less
transaction-based
expenses
comprised
of
Section
31
fees,
liquidity
payments,
routing
and
clearing
fees.
²
Excludes the impact of merger expenses, exit costs, the BlueNext tax settlement, disposal activities and discrete tax items.


Revenue Diversification
25
2011 Net Revenue
1
:
$2,672
$1,394
$754
$ in M
$523
¹
Net
revenues
defined
as
total
revenues,
less
transaction-based
expenses
comprised
of
Section
31
fees,
liquidity
payments,
routing
and
clearing
fees.


Segment Performance –
Net Revenue¹
$ in M
¹
Net
revenues
defined
as
total
revenues,
less
transaction-based
expenses
comprised
of
Section
31
fees,
liquidity
payments,
routing
and
clearing
fees.
26


Cash Trading & Listings Net Revenue¹
$ in M
27
¹
Net
revenues
defined
as
total
revenues,
less
transaction-based
expenses
comprised
of
Section
31
fees,
liquidity
payments,
routing
and
clearing
fees.


28
Multi-Year Net Revenue Outlook¹
Segment
Revenue Growth
Drivers
Derivatives
Medium
NYSE Liffe U.S.
Clearing / OTC
Contracts-for-Differences (CFDs)
Interest Rate Environment 
Cash Trading &
Listings
Low
Expand Issuer Services 
New Issuance
Information Services
and Technology
Solutions
High
Asia Expansion
Managed Services
Leverage Data Center Capacity / Connectivity
M&A
NYSE Euronext
Medium
¹
Assumes volume neutral environment.
Growth Level
Definition
High
Double digit % growth
Medium
Mid-to-upper single digit % growth
Low
Low single digit % growth


EFFICIENCY


Track Record of Successful Integration & Cost
Discipline
$ in M
(Constant $ / Constant Portfolio Basis)
Initiative
2009
2010
2011
Amex Integration
X
NYSE / Euronext
Technology Integration
X
X
NYFIX Synergies
X
X
Data Center Consolidation
X
X
Organizational Efficiencies
X
X
X
¹
Excludes the impact of merger expenses, exit costs, the BlueNext tax settlement, disposal activities and discrete tax items. 
30


Expense Base Detail
31
$638
$ in M
$280
$188
$299
$261
2011 Expenses¹:
$1,666
Derivatives
Cash Trading
& Listings
Info. Svcs.
& Tech Sol.
Internal IT
Corp.
¹
Excludes the impact of merger expenses, exit costs, the BlueNext tax settlement, disposal activities and discrete tax items. 
$105
$288
$560
$260
$453
2011 Expenses
1
By Type
2011 Expenses
1
By Area


Project 14 –
Overview and Focus Areas
Technology
$90M
Organizational
Efficiency /
Infrastructure
$90M
Business
Optimization
$70M
Further harmonize technology platform and
standards across businesses
Retire legacy systems
Reduce costs through near-shoring / off-shoring
Data Center and Telecommunications
optimization
Centralize market ops and expand shared
services model
Rationalize contractor relations
Streamline organization
Rationalize real estate footprint and facilities costs
Rationalize business portfolio
In-source UK risk management (Liffe Clearing)
Geography 
The project will deliver $250M in annualized cost savings by 2014
Other Points to Note
1x
costs
will
be
communicated as
incurred
We
will
track
savings
and report regularly
At this point, we project
run-rate savings
realization of 25% by
year end 2012 and 60%
by 2013
32
Series of short, medium and long-term action plans designed to better leverage our asset
base and create a shared platform for growth primarily focused on the following areas:


Updated Expense Guidance for 2012
Expenses
1
2011 expense base of $1,666 million; prior 2012 guidance was for
C$/CP
expenses to be < $1,666 million excluding new business initiatives
Current 2012 expense guidance revised downward as follows:
Category
2012 Expenses
¹
Notes
Core Expense Base
$1,580 -
$1,600
CFD Initiative
$12
Expected to generate positive returns by
2014 and will be self-funding thereafter
Clearing build-out
$15
Expected to generate positive returns by
2014 and will be self-funding thereafter
NYXT Incremental
Growth
$20-$25
Represents variable expenses; focus is
revenue growth & margin improvement
2012 Range
$1,627 -
$1,652
$ in M
¹
33
Excludes the impact of merger expenses, exit costs and other discrete non-recurring items. All expense estimates are at FX rates of $1.35/€ and $1.60/£.


Segment Performance –
Adjusted EBITDA
1,2
$ in M
¹
Excludes the impact of merger expenses, exit costs, the BlueNext tax settlement, disposal activities and discrete tax items.
2
Corporate and eliminations segment not shown.
34


Segment Performance –
Margins
35
¹
Excludes the impact of merger expenses, exit costs, the BlueNext tax settlement, disposal activities and discrete tax items. 


Margin Expansion Drivers (2012 –
2014)
Information
Services
&
Technology
Solutions
segment
achieves
30%
or
higher operating margin
NYSE Liffe U.S. becomes profitable
Maintenance level CapEx resulting in some D&A runoff
Cost-efficiency program ($250M) –
“Project 14”
Clearing revenue and efficiencies
36



Debt and Cash Flows
In 2011, debt leverage improved significantly as we paid down debt,
generated an increase in EBITDA and reduced CapEx year-over-year
38
Metric
YE 2009
YE 2010
YE 2011
Cash
$0.5B
$0.4B
$0.4B
Debt
$2.8B
$2.4B
$2.1B
Debt / EBITDA Ratio
2.6x
2.2x
1.6x
Credit Rating S&P
AA Negative Outlook
A+ Stable Outlook
1
Credit Rating Moody’s
A2 Negative Watch
A3 Stable Outlook
1
$ in M
$ in M
¹
S&P
and
Moody’s
affirmed
the
stable
outlooks
assigned
in
2010
on
February
3,
2012
and
February
17,
2012,
respectively.
2
Free
Cash
Flows
=
Operating
Cash
Flows
(after
adjusting
for
certain
non
operating
items
such
as
purchases
and
sales
of
businesses)
Capital
Expenditure.
3
Including the impact of exceptionally low tax payments in 2011 ($25m tax paid in 2011).


Minority Investments: Potential Sources of
Additional Capital
Investment
Ownership Position
MCX
5% stake
Qatar Exchange
20% stake
LCH
9% stake
39


Dividend
NYX has paid a $0.30 Dividend per share per quarter ($1.20 annually) since Q2‘08
The 2012 dividend payout on 2011 profits is 47%, in-line with historical levels
4.1% annualized yield based on NYX stock price of $29.00 per share
Target payout ratio has historically been between 35-45%
NYSE Euronext 2007-2012
Peers 2012
44%
41%
59%
57%
47%
39%
49%
98%
60%
41%
0%
20%
40%
60%
80%
100%
2008 (on
2007 profit)
2009 (on
2008 profit)
2010 (on
2009 profit)
2011 (on
2010 profit)
Current
(on
2011 profit)
Payout ratio on adjusted net income (NI)
Payout ratio on cash earnings (NI+D&A-CapEx)
40
37%
51%
52%
0%
20%
40%
60%
80%
100%
LSE
DBAG
CME
Payout 2012 (on 2011
adjusted net income)


Share Buyback
During Q4 2011, a total of 3.7 million shares were repurchased at an
average price of $26.96 per share ($100M in capital)
The
previously
announced
$550M
buyback
is
underway
and
we
intend
to
complete this program by the end of 2012
The buyback will be accretive to our EPS and preserves future cash flows
as each share repurchased saves 4% in future cash dividends
41


Guidance for 2012 Capital
Capital
CAPEX is expected to be above FY 2011 ($170 million) due to the
clearing build-out and will approximate $200 million in 2012
Expect to complete $550 million buy-back in 2012
Long-term financial policy remains between 2 to 2.25x Debt-to-EBITDA;
this ratio is more shareholder friendly than most of our peers
M&A Discipline
Strategic fit
Realizable synergies
Return exceeds our marginal cost of capital within 2-3 years
42


Delivering Double-Digit Shareholder Returns
Targeting double-digit TSR over the next few years driven by a 4%
dividend yield and earnings growth from the three axes:
Targeted Growth
and New Business Initiatives
Cost Efficiency Initiative of $250M
Deployment of Excess Capital
43
1
2
3


BREAK


DERIVATIVES
NYSE LIFFE
|
NYSE
LIFFE
U.S.
|
NYSE
LIFFE
CLEARING
|
NYSE
ARCA
OPTIONS
|
NYSE
AMEX
OPTIONS


DERIVATIVES
Garry Jones
Group EVP, Head of
Global Derivatives


OVERVIEW


48
48
Contents
Strategy
Metrics and Trends
Growth Drivers
EU Derivatives
Clearing & OTC
U.S. Futures
U.S. Options
Key Takeaways


STRATEGY


NYSE Euronext Global Derivatives
50
NYSE Arca
Options
Equity Options
Index Options
ETF & ETN
Options
NYSE Liffe
US
Financials
Precious
Metals
Index Futures
Americas
Europe
Under US Regulation
Under EU Regulation
NYSE Amex
Options
Equity Options
Index Options
ETF & ETN
Options
Warsaw Stock Exchange
Tokyo Stock Exchange
Tokyo Financial Exchange
Zhengzhou Commodity Exchange
Dalian Commodity Exchange
NYSE Liffe
Financials
Equity index products
Individual equity products
Soft and Agricultural commodities
Global Derivatives
Cleared through the OCC
Cleared through LCH.Clearnet SA
Cleared through
NYPC
LIFFE
A&M
Euronext
Paris
Euronext
Ams’dam
Euronext
Brussels
Euronext
Lisbon
NYSE Liffe
Clearing
/LCH.C Ltd
1
Joint venture with DTCC.
Global Partners
1


Expanding Global Footprint
Expanding presence
in Asia, establishing
MOUs with Chinese
exchanges
Strong relationships
with Tokyo,
NYSE Liffe listing
JGB and TOPIX
~10%
1
of U.S. options
volume comes from
Europe
~20%
1
of volume in
benchmark European
equity index and STIR
contracts comes from
US
51
1
Source: NYSE Euronext


EU Cash
NYSE Liffe
US Cash
NYSE Liffe
US
Listings
NYSE
Technologies
US Options
World Class
Technology
52
The Power of the Community for Derivatives
Common technology
underpins our markets:
65%
1
of EU colocation
clients connect to both
NYSE Liffe and EU Cash
Over 80%
1
of EU Cash
trades are executed by
NYSE Liffe members
Partnership models at NYSE
Liffe U.S. and NYSE Amex
Options facilitate growth
Core NYSE Liffe enabled the
launch of NYSE Liffe U.S.: our
top 10 NYSE Liffe U.S. clients
are all NYSE Liffe EU clients
1
Source: NYSE Euronext


Clearing
EU derivatives
clearing project
Risk management and capital
efficiency
NYSE Liffe U.S. + Project Trinity
Derivatives product expansion
Swapnote, Gilt futures, MSCI
Market routing partnerships
Cross-market innovation
CFDs
US options innovation
Issuer services
Market infrastructure
Managed technology infrastructure
53
Global Derivatives Led Growth Opportunities
Minor Presence
Expanding Presence
Strong Presence
Market
Data
Clearing
Technology
Infrastructure
Client 
Connectivity
Listings
Information
Services
Analytics
Capital
Efficiency
Risk
Management
Collateral
Management
Asset Servicing
Managed &
Hosted
Services
Global
Exchange
Links
Partnerships
in New
Markets
Advocacy
Index
Products
Issuer
Services
Settlement
and
Custody
Markets
Our Strategy Compass
Areas of Investment for 2012-2014
Through combination of organic growth and M&A


METRICS AND TRENDS


Steady Growth and Diversification of Volumes
55
NYX Global Derivatives
Monthly average traded contracts (m lots)
14% CAGR
Including US Options
12% CAGR
Excluding US Options
NYX Global Derivatives
2011 volume breakdown
Source: NYSE Euronext


NYSE Liffe Volume Breakdown
Interest rate products
Commodity products
Equity products
56
Source: NYSE Euronext


Customer Types by Product
57
Based on 2011 volume estimates. Different analysis basis to previously presented statistics
Interest rate products
Commodity products
Equity products
Key trends
Stable, balanced market participation
Increasing participation from proprietary traders in commodities
Source: NYSE Euronext


Cautious Sentiment, but Positive Macro Outlook
Risky macro environment dampened
trading activity in late 2011/early 2012
Major indices recovered from the lows of Q3
2011, but on thin volumes
Participants reduced capital at risk
Uncertainty about the rate of economic
recovery and the Greek crisis
Substantial risk reduction by retail investors
58
Real GDP growth and forecast
NYSE Liffe volumes
Steady real GDP growth expected from
2012 onwards
US consumer spending is accelerating
Probability of global recession has declined
Source: NYSE Euronext trading volumes through March 26, 2012, Bloomberg



60
Compelling Opportunities for Core Growth
European derivatives
Clearing
OTC
NYSE Liffe U.S.
NYSE Amex & NYSE Arca
Options
Risk management and capital
efficiency
NYSE Liffe U.S. + Project Trinity
Issuer services
Emerging markets infrastructure
Cross-market innovation
CFDs
US options innovation
Derivatives product expansion
Swapnote, Gilt futures, MSCI
Market routing partnerships
Managed technology infrastructure
Clearing
EU cash clearing project
1
2
3
4
5
5
Areas of Investment for 2012-2014
Through combination of organic and M&A
6
New growth initiatives
New order routing initiative
New market: CFDs
Full service CCP build
Trinity partnership
Innovative new products
Significant technology investment


EUROPEAN DERIVATIVES


Correlation
(in calendar year)
62
Growth Driver: Swapnote
®
Futures
Increased regulatory pressure for centralised trading & clearing
Swapnote
provides
the
opportunity
to
get
IR
swap
exposure
in
a
post-
EMIR
scenario
99%
99%
95%
57%
3%
-11%
Increasing Euro-zone
tensions creating demand
for better correlated,
innovative risk
management tools
Swapnote provides the
returns of the swap
curve, instead of
referencing a single
sovereign yield curve
Source: NYSE Euronext analysis, Bloomberg.


Growth Driver: Gilt Futures
63
Supportive macroeconomic environment
In light of the European sovereign debt crisis, investors see
UK gilts as a safe haven
As central banks indicated a lack of change in interest rates
in short term, there is strong interest towards the long end
UK debt issuance has increased substantially
Long Gilt futures
Structural market changes
Full Gilt product suite increases trading opportunities
Innovative Short Gilt incentive scheme driving strong
volume growth
Opportunities for Super-long Gilt futures
Short Gilts
Medium Gilts
Long Gilts
Super-long Gilts
UK Gilt issuance
Source: NYSE Euronext trading volumes through March 26, 2012, Eurex monthly reports January 2012-February 2012 and UK Debt Management Office.


64
Growth Driver: Bclear MSCI Index Futures
1
As of 30 June 2011, based on data from eVestment, Lipper and Bloomberg.
* NYSE  Euronext, Q1 2012 to 26 March.
Over $7 trillion
1
benchmarked to MSCI indices globally
Index futures listed exclusively on Bclear in Europe
Building on momentum of ongoing migration from OTC swaps to exchanges
2009 –
2011
Launched Bclear MSCI franchise:
Developed & Emerging Markets
Large & Mid Caps
Sector & Industry Groups
From 2012
Build on upward momentum
Broaden coverage:
Emerging Market Countries
Regional Small Cap Futures
Bclear MSCI indices
Source: NYSE Euronext.
Over 1 million lots,
$35B notional traded in 2011


Growth Driver: Market Route
Access multiple exchanges through one connection to SFTI
65
NYX members trading partner markets
New trading opportunities for existing NYX customers
Revenue share arrangements with partner markets
New traders for NYX products
Partner exchange members accessing NYX products
Low cost and low time-to-market will broaden international
participation in NYX benchmark products
New revenue streams for NYX
SFTI
NYX Markets
Partner Markets
Existing NYX
members
Existing partner
members
Trading NYX products
Trading partners’
products
Trading other
partners’
products


Growth Driver: Retail Derivatives Market -
CFDs
66
1
Including FX CFDs
Source: Company Reports, Aite and market research
Retail FX is a truly
global market,
including US
CFDs now expanding
globally, excluding US
The global market for
retail FX, CFDs, FSBs
was over $8B in 2011
Contracts For Differences (CFD)
Provide leveraged, margined exposure for retail clients
Regulated financial instruments, MiFID allowed expansion to EU markets
Fast growing market segment with significant opportunities, rapidly globalising
USD billions


Growth Driver: A New CFD Model
67
NYX CFD
Derivatives
New
business
model,
utilising
an
MTF
and
a
‘partner’
model, leveraging the NYX brand and community
Phased
introduction
through
2013,
with
products
based
on commodities, currency pairs, equities and indices
Expected
to
be
earnings
positive
in
2014
Targeting
retail
and
professional
clients,
brokers
and
liquidity
providers
in
the
UK
and
Europe
initially


DERIVATIVES CLEARING
AND OTC


Mark Ibbotson
EVP & Head of Global Clearing
CLEARING


Unlocking the Power of the Community in Clearing
Strategy
Definition
Delivery
Existing clearing presence
Proven technology
Full service CCP
UK jurisdiction RCH
UCP platform
Expanded services
Expanded community
Derivatives consolidation
Integrated solution
Partnering
OTC clearing
User participation
Creating value
Improved offering
Capital and operating
efficiencies
70


71
Strategy for EU Clearing
Full-service clearing house completion in the UK for all listed
Derivatives
European
OTC
Derivatives
Clearing
European
Listed
Derivatives
Clearing
OTC clearing proposition creating new revenue streams
European
Cash
Clearing
Long term solution for Cash clearing


Fragmented NYSE Liffe Landscape
72
Bclear
London
Paris
Brussels
Lisbon
Amsterdam
NYSE
Liffe
Clearing
LCH.
Clearnet
Ltd.
LCH.Clearnet SA
Self-clearing RIE
Existing
London
footprint
~1B contracts cleared in 2011
Average daily initial margin
~€10B
Continental
footprint
~200M contracts cleared in
2011
Average daily initial margin
~€4B
Source: NYSE Euronext.


Unified NYSE Liffe Landscape Delivers Commercial
and Strategic Benefits
73
Bclear
London
Paris
Brussels
Lisbon
Amsterdam
NYSE Liffe Clearing
Single pan-European
derivatives clearing
house
OTC
Combined footprint
~1.2B contracts
Average daily initial
margin ~€12.7B
(~€1.3B savings)
Pan-European
platform
Faster time to market
for new products
Operational
efficiencies from
single platform
Flexible account
structures support
Listed and OTC
clearing
Cease payment for
services and
internalise valuable
clearing revenues
Source: NYSE Euronext.


74
Q1
Q2
Q3
2012
Q4
Q1
Q2
Q3
2013
Q4
Go-live UK
Go-live
Continental
Full Service CCP –
Completion Phasing
UCP IT Investments -Phase 3
RCH Planning
& Design
Prepare Filings
Prepare
Organisation
Regulatory Filings/Approvals
Build/Integrate
UAT
ETE Test
Member
Test
Full service RCH


75
Internalize Clearing, Access New Revenue
Source: NYSE Euronext.
Clearing build project costs estimated at approx. $85M to end 2013
Around 70% of costs will be capitalized
Short term payback:
Annualised saving of LCH.Clearnet Ltd fee; $50M effective Q3 2013
Limited additional in-house costs; $20M annualised effective Q3 2013
Net $30M annual saving from in-sourcing risk and default management activities
New revenue streams will accrue from Q1 2014:
Full-service NYSE Liffe Clearing of continental derivatives
New business opportunities from full service clearing capability, including OTC


Finbarr Hutcheson
EVP & Head of OTC Derivatives
OTC


Strategy for OTC Derivatives
Enter strategic OTC partnerships to
complement and grow the listed
franchise
Build out clearing capability to exploit
new opportunities in OTC environment
Leverage existing franchises to facilitate
growth across the two businesses and
create new revenue streams for NYX
Deliver real capital efficiencies in a post-
Dodd Frank, post-EMIR, post-Basel III
environment
Deliver an asset protection model that is
attractive to clients and intermediaries
77
NYSE Liffe
NYSE Liffe
Clearing
NYSE Liffe
U.S.
NYPC
NYSE Arca
Options
NYSE
Amex
Options


78
Focus for OTC Derivatives
Source: ISDA & BIS
Interest rates
Dominates all other asset classes
Continues to show strong growth
Closely aligned with key product
franchises for NYX in the US and
Europe
Equity
Static volume
Most closely aligned to listed
equivalents
Correlates well with existing NYX
franchise


Project Trinity
Margins calculated on net portfolio -
determines Collateral Requirement to
be posted by Member
Stand-alone margin calculated by
each clearing house drives pro rata
distribution of received collateral
across clearing houses
Each CCP holds its own share of the
margin pool & operates its own
waterfall and guarantee fund
Initial regulatory dialogue very
encouraging
79
Full suite of rates
derivatives
Futures
Options
Repo
Repo futures
Bonds
IRS
Cross margining delivers capital efficiencies


OTC Roadmap
2012
2013
80
Continue to work on strategic partnerships delivering capital
efficiencies to market participants
Leverage our enhanced clearing capacity to exploit new
opportunities in evolving market environment
2008 -
2012 has seen much debate around OTC clearing market
structure.  The landscape will continue to adjust for a number of years
Separation of market making function and ongoing credit risk will encourage new entrants
Very limited innovation at the trading level to date. This will adjust as clearing becomes
more established
Capital
constraints
will
drive
concentration
of
positions
with
a
relatively
small
number
of
CCPs


Thomas Callahan
CEO, NYSE Liffe U.S.
U.S. FUTURES


2012: Key Drivers for Growth
82
Expand Capital
Efficiencies
Product
Innovation
Service
Innovation
New Products
New Services
Launch GCF Repo
Futures
Expand reach of
existing products
Expand Single Pot
Extend cross
margining to certain
customer positions


2011: A Year of Progress and Innovation
Launch of Interest Rate Futures and
New York Portfolio Clearing
Migration of mini MSCI Index Futures
New NYPC members regularly being
added
Over 1M lots of Open Interest
Exchange of the Year by Risk Magazine
83
Exchange of the Year
Source: NYSE Euronext.


84
Growth Driver: MSCI Index Futures
Migration of mini MSCI Emerging Markets
and mini MSCI EAFE Index futures to NYLUS
completed June 2011
Current Open Interest near all-time highs at
over 135,000 lots (+ over 20% since Dec
2011)
Average Daily Volume almost doubled since
migration
Block at Index Close Innovation (BIC)
Launched Sept 2011, more than $700M notional
transacted to date
Institutional marketing efforts growing support
Source: NYSE Liffe U.S.
Source: NYSE Liffe U.S.
Mini MSCI EM increased from 6.6% of notional 
average daily ETF turnover in Oct/Nov to 8.3% in
Jan/Feb
98% of the average OI transitioned to NYSE Liffe
U.S.


Interest Rate Futures on NYSE Liffe U.S.
Launched on March 21, 2011
10% open interest market share
ADV since launch: 60K, 3.3% market
share
Over 15M contracts traded since
launch
Institutional liquidity through 5 years
Depth of strategy market, including
packs and bundles
ADV of 26K since July 7, 2011
Over 5M contracts traded since launch
85
Source: NYSE Liffe U.S.
Source: NYSE Liffe U.S.


86
Growth Driver: DTCC GCF Repo Index
Futures
NYSE Liffe U.S. announced the signing of an exclusive license covering 3 indices:
US Treasuries (< 30 year)
FNMA/FHLMC (Fixed rate) issued 30-year mortgage backed securities
Federal Agency debt securities
Extensive round of external meetings has taken place regarding contract design
Two years of monthly expirations
Cash settled
Par -
average rate pricing convention
$5M notional underlying
Strong
market
demand
from
all
constituents-
Repo
desks,
Buy
Side,
Proprietary
Trading
Firms
Balance sheets constrained
Refined product hedges
Efficient way to express UST vs MBS basis
More efficient way of hedging implied repo risk in basis trading
NYLUS is the ideal home for GCF repo futures
Single pot efficiencies
Intended launch: July 2012


Growth Driver: NYPC New Initiatives
Project Trinity
Customer Portfolio Margining
Patterned
after
industry
cross
margining
programs,
approach
will
offer
benefits of NYPC single pot to customer positions held by NYSE Liffe
U.S. members
Since
going
live,
NYPC
has
returned
a
significant
amount
in
risk
based
capital back to clearing members
This innovation will extend those benefits to NYPC market professional
customer positions
Approach will assess margin based on individual customer’s position
across asset classes, consistent with planned regulatory reform
Discussions ongoing with regulators
Likely launch date: June/July 2012
87


Steve Crutchfield
CEO, NYSE
Amex Options
U.S. OPTIONS


NYSE Arca & NYSE Amex Options
Two compelling
trading platforms:
Building on the success of
our shared, high-
performance NYX Universal
Trading Platform:  “write to
one, route to both”
Leveraging dual market
offering to maintain industry
leadership position
Continued close
collaboration with NYSE
Amex Options partners
attracts order flow
New initiatives are key
growth drivers for 2012 (i.e.
auction mechanism, robust
complex offering)
89
Source: NYSE Euronext


90
NYSE Arca & NYSE Amex Options
Innovative, complementary market structures
Continuous market
model and
price discovery
Growing complex
order book
Market-
leading
technology
Hybrid trading
floor support
Deep
liquidity
Tight
markets
Electronic risk
controls


91
NYSE Amex Options: Partnering for Growth
NYSE Amex Options Joint Venture:
Oct 1, 2008: NYSE Euronext closes
American Stock Exchange acquisition
Sep 9, 2009: Agreement to sell stakes to
seven partner firms
June 29, 2011: SEC approval received,
joint venture formed
Current
partners:
Citadel,
Goldman
Sachs, Bank of America Merrill Lynch, TD
Ameritrade, Citi, UBS, Barclays
Pricing & Market Structure:
Customers trade free; non-Customers pay
exchange fees and Payment for Order
Flow
Pro-rata allocation with Customer priority,
Specialist entitlement (40% of order), and
Directed Orders (also 40%)
Hybrid marketplace: electronic system
and trading floor (floor = 27% of Amex
volume and proportional revenue)
Electronic Complex Order Book


92
Growth Drivers: NYSE Arca & Amex Options
Industry Opportunities:
Broadening buy-side customer base with substantial room for further growth
Increasingly savvy retail base
Increased focus on risk management enhances appeal of the options product
Financial regulatory reform creates opportunity to compete for volume historically
executed OTC
2012 Growth Drivers:
Initiative
Growth Opportunity
Win a piece of this growing business in 2012
Complete staged roll-out of
Complex Order
Book
Establish NYSE Options as a major destination for
complex executions
Provide
enhanced
automated
risk
management
Encourage market makers to quote in larger size
Increase
focus
on
new
products
through
collaboration with partner firms
Build volume in NYX-proprietary options products for
the long term
Progress
targeted
volume-based
pricing
Incentivise larger participants to quote more actively
Launch electronic auctions for both outright and 
complex orders


KEY TAKEAWAYS
NYSE LIFFE   |   NYSE LIFFE U.S.   |   NYSE LIFFE CLEARING   | 
NYSE ARCA OPTIONS   |   NYSE AMEX OPTIONS


94
Key Takeaways


CASH TRADING & LISTINGS
NYSE  /  NYSE AMEX  /  NYSE EURONEXT  /  NYSE ALTERNEXT  /  NYSE
ARCA  /  NYSE ARCA EUROPE  /  NYBX


CASH TRADING & LISTINGS
Lawrence Leibowitz
Chief Operating Officer


OVERVIEW


98
98
Contents
Strategy
Metrics and Trends
Growth Drivers
Global Listings
European Cash Markets
U.S. Cash Markets
Key Takeaways


STRATEGY


100
Strategic Overview -
Cash Trading & Listings
Lower growth business with strong free cash flow
characteristics
A global listings venue with complementary “execution”
in U.S. and Europe
Significant improvement in operating margin due to
ongoing cost efficiency efforts
Focus on stability and profitability of trading revenues
Competition in cash equities more rational with potential
IPOs of exchange competitors
Regulatory environment remains challenging
Invest in higher growth issuer services


World Class
Technology
101
The Power of the Community for Global Listings
1
Source: World Federation of Exchanges.
New services and partnership
opportunities with premier client
base (over 4,500 customers)
Access to the world’s largest
liquidity pool with 31%  of all
global cash trading executed
on US and EU Cash platforms
Only transatlantic listing
offering with multiple
entry points
Multiple products and global
reach provides unique market
analytics and information
1
US Options
NYSE
Technologies
NYSE Liffe
US
Listings
EU Cash
NYSE Liffe
US Cash


Risk management and capital
efficiency
Issuer services
Capital markets, board
services and compliance
Market infrastructure
Derivatives product expansion
Cross-market innovation
Retail programs
ETPs
Bonds
Managed technology infrastructure
Clearing
Cash and Listings Led Growth Opportunities
Minor Presence
Expanding Presence
Strong Presence
Our Strategy Compass
102
Areas of Investment for 2012-2014
Through combination of organic growth and M&A
Technology
Infrastructure
Analytics
Collateral
Management
Asset Servicing
Settlement
and
Custody
Markets
Client 
Connectivity
Listings
Information
Services
Managed &
Hosted
Services
Global
Exchange
Links
Partnerships
in New
Markets
Advocacy
Index
Products
Issuer
Services
Clearing
Capital
Efficiency
Risk
Management
Market
Data


METRICS AND TRENDS


Market
Capitalization
of
domestic
companies
excluding
investment
funds;
as
of 
December 31, 2011; Source: World Federation of Exchanges; NYSE Euronext: NYSE,
Arca, Amex, Euronext (Paris, Amsterdam, Brussels, Lisbon), Alternext; Nasdaq/OMX:
Nasdaq, Stockholm, Copenhagen, Helsinki, Riga (Latvia), Tallinn (Estonia), Vilnius
(Lithuania), Reykjavik (Iceland); LSE Group: London, AIM, Borsa Italiana (Milan)
Leadership in the Global Markets
NYSE Euronext is the world’s largest cash equities marketplace
NYSE
Euronext
represents
30%
1
of
the
total
exchange
market
cap
worldwide
Diverse set of customers by market cap
Global
Exchanges
by
Market
Capitalization
104
1
Source: World Federation of Exchanges.
30%
(588)
36%
(703)
34%
(666)
NYSE
by
Market Capitalization
by
Number
of
Companies
Large Cap
Mid Cap
Small Cap
$14.2
$4.7
$3.3
$3.3
$2.5
$2.3
$2.0
$1.2
$1.2
$1.1
NYSE Euronext
(Europe): $2.4
NYSE Euronext
(US): $11.8
Source: FactSet
Market Values as of 12/31/11


Global
IPO
Capital
Raised
NYSE
Euronext
vs.
Nasdaq
OMX
Since
2008
Includes closed-end funds and REITs; Exchanges: NYSE Euronext includes NYSE, Euronext, Arca, Alternext Europe, and Alternext US; Hong Kong includes Hong
Kong & GEM; LSE Group includes London, AIM, and Borsa Italiana (Milan); Nasdaq OMX includes Nasdaq, Stockholm, Copenhagen, Helsinki, Riga (Latvia), Tallinn
(Estonia), Vilnius (Lithuania), and Reykjavik (Iceland)
#1
#13
#2
#5
#3
#8
#1
#6
60
29
67
36
120
91
104
79
# of IPOs
Global IPO Leadership
Global Rank
#1 exchange for attracting global IPOs in 2011
Consistently the premier U.S. and global exchange
2011
Global
IPO
Capital
Raised
NYSE
Euronext
#1
in
Global
IPO
Capital
Raised
Source: Dealogic
Source: Dealogic
105


Overview of our European Markets
106
Over 1,100 corporate issuers
Diverse community across sectors
Strong index product with Europe’s leading indices (CAC
40, AEX 25)
Strong start of 2012 with 5 deals and $1.3 billion in new
capital raised and $5.7 billion in market cap added
Return of large cap IPOs with Ziggo raising over $1
billion
SME market opening up with Inside Secure raising
$100+ million
Pipeline includes DE International (SaraLee spin-off)
and BTG Pactual
Continued momentum of EMEA issuers seeing US listings
(AVG, Norit)
Adjacency services to provide new opportunities
Breakdown of Euronext Listed
Companies by Market Capitalization
Breakdown of Euronext Listed Companies by
Sector (by Market Capitalization)
Source: NYSE Research as of 02/29/2012


Competition and Regulation is Evolving in Europe
107
MiFID 2 opportunity
Leveling playing field with MTFs
Transparency requirements extended to more
assets
Consolidated Tape for post-trade data under a
commercial model
Regulation of HFT in line with our current
practices
OTF aims at capturing BCNs, but exact regime
remains uncertain
Timing uncertain (around 2015)
Post-trade changes
EMIR provides framework for interoperability
arrangements
Recently launched interoperability
arrangements are limited in scope
Fragmentation of the EU post-trading landscape
likely to remain, given strong national
differences
FTT
Challenges for implementation at EU level
Competition intense but stable
Effects of crisis on market share (Aug 11):
Decline in value of French banks/ insurance co’s
Short-selling bans
But: increase in value of French banks/ insurances 
since January (Société
Générale +47%), and trading
in these has reverted back to 19.5% of total volumes
traded
MTFs will face increasing pressure to become profitable
*Market share on total EU turnover on CESR liquid stocks, source: TAG
Pan-European
market
shares*



109
Opportunities for Core Growth
Global brand and network
Strength in transfers,
technology IPOs
Corporate Board Member,
The Receivables Exchange,
The NYSE Big StartUp
Opportunistic pricing
changes
Market quality
New order types
Main drivers of organic growth
Landscape more favorable for
listings
Expansion of issuer services
Strengthen and diversify our
European cash business
Stability and profitability in
U.S. cash


GLOBAL LISTINGS
Scott Cutler
EVP& Head of Global Listings


Global Listings –
Strong Core Franchise
111
Growing revenue stream with a
significant IPO pipeline
Leadership position among global
exchanges
Unrivaled community platform
New opportunities via adjacency
initiatives
Source: Form 10-K NYSE Euronext, 2/29/2012
Source: Form 10-K NYSE Euronext, 2/29/2012


The Global Community
Financials
Industrials
Healthcare
Consumer /
Services
Materials
Energy /
Utilities
Tech / Media /
Telecom
96%
85%
93%
78%
88%
99%
48%
90% of the Dow Jones
Industrial Average
80% of the S&P 500
86% of the 2011 Barron’s 500
79% of the 2011 Fortune 500
7 of the 2011 Fortune Top 10
Globally Admired Brands
Source: FactSet
NYSE Qualified industry data as of 12/31/2011
112


Growth Driver: Landscape More Favorable for
Listings
Macroeconomic environment in the U.S. and Eurozone is improving
Market recovery, low VIX environment, and cash on the sidelines favors IPOs
Current IPO pipeline is largest in years with an increasing appetite for smaller
deals
Regulatory momentum with passage of JOBS Act
Pipeline is global in nature, diverse across industries, and we are seeing the
reopening of China
More issuers looking at spin-offs to increase shareholder value
113


Growth Driver: Momentum in Technology
Source: Dealogic, based on number of IPOs
2012 YTD as of 3/30/2012
NYSE includes NYSE and NYSE Amex
Since 2008, NYSE Tech penetration has grown from 20% to 63%
Strong pipeline with 120 IPOs on file with NYSE language
114
NYSE Pipeline: Number and
Proceeds ($B) of Deals on File
NYSE Share of Technology IPOs in US


Source: NYSE Research and FactSet
YTD 2012 as of 3/30/2012
*Includes both announced and actual transfers
Growth Driver: Success in Attracting New
Transfers
3-to-1 win rate since 2010
Teva ($40.5B market cap) to transfer on May 30, 2012
Notable Transfers Since 2009*
115


116
Visibility &
Brand
Unique
Market Model
Client
Management
Compliance &
Regulation
Bell
Social Media
Community
T.V.
Networking
Shareholder
Meetings
Stock
Surveillance
Corporate
Actions
Compliance
DMMs
Market Model
Accountability
MAC Desk
Market
Intelligence
Daily Reports
A Listing Venue Requires a Robust Infrastructure
Analyst
Meetings
NYSE
Magazine
Board
Meetings
Advocacy
Int’l Fast Path
Trading Floor
MAC Alerts
Financial Review
eGov
NYSE
Connect
SLPs
Low-latency
Market Data
Partnerships
LRPs
Corporate
Board
Member
Corporate
Executive
Board
TWIB
TRE
40 Media
Outlets
Corporate
Governance
Review
Rule
Interpretations
Print
NYSE Euronext
Listed Company


Growth Driver: Expanding Listing Services
117
Key
Opportunities
Diversify NYX’s
global listings
business revenue
Recent Investments:
Corporate Board Member
industry leader in helping to develop and distribute
educational programs to directors and C-suite officers
The Receivables Exchange
the first electronic marketplace for the standardizing
purchase and sale of corporate account receivables
The
NYSE
Big
StartUp
a
nationwide
jobs-growth
initiative
designed
to
connect
young companies and entrepreneurs with corporate America
Strong Core
Franchise
Leverage and
enhance NYX’s
Global “Community
Platform”
Establish new
sizeable businesses
Capitalize on
regulatory & market
trends
Capital Markets &
‘Enhanced’
IR
services
Board of Directors
services
Compliance & ethics
services


Roland Bellegarde
Group EVP &
Head of European
Cash Markets


Strategy and Initiatives
119
Strengthen Core Franchise
Diversify Revenues
Defend market-share
Retain retail & domestic flows
Retail is still on exchange: market model & pricing
adjustments
Incentivize diversity: enhancing weight of
traditional domestic flow
Renegotiation of our contract with LCH (ends
2013)
Latency improvements to remain leader in EBBO
setting
Leverage the benefits of our community
Segmented pricing
Liquidity programs
Market quality
Position in bond market
Regulatory changes in MiFID2 –
transparency
NYSE BondMatch
Build pan-EU ETP offer
ETFs: expand listings, capture OTC
and non-domestic flow, alternative
distribution network with open
architecture, block trading
functionality
Warrants & Certificates: capture OTC
products and protect domestic franchise,
extended trading hours, new order types
Diversify geographically
Extension of our service offering to new
geographies such as Asia
Target specific EU markets with
tailored approach
Clearing
Technology


Growth Driver: Market Quality
120
Market quality as a key competitive asset
Enhanced ease and speed of execution for
our members
Best execution price-EBBO
Lower transaction costs for our members
(lower spreads)
Time at EBBO (%) on our Blue-chips*
Available liquidity at EBBO(€) on our Blue-chips*
Quote spread (bps) on our Blue-chips*
*Source : TAG Audit
We offer superior market quality on our securities


Growth Driver: Diversification of Order Flow 
121
Investments in a
DIVERSE ORDER BOOK
Retail, HFT, institutional, etc
Balance between international UK
flows, domestic continental
enable
SEGMENTED PRICING
Extracting value & targeting
reductions where market share
moves
demand an overall
PRICE PREMIUM
for better market quality, diverse
trading flow & liquidity


European Market Takeaways
122
Macro-environment remains volatile, but is stabilizing
Regulation will create business opportunities & level playing field with competitors
We defend a diverse order book, which enables segmented pricing
We invest in & maintain superior market quality, which translates into a price
premium
The core franchise is stable, competitors will come under increasing profit pressure
We are positioning for growth opportunities (bonds, ETPs, pan-European trading)
Leveraging the community
Virtuous circle: participants ready to pay a premium to benefit from our offer
Stickiness through retention of a strong market share with high market quality and same data
center for Cash & Derivatives, with increased opportunities for hedging
Attractiveness both for participants and issuers: largest EU companies listed on our markets
(21 of the Eurostoxx 50)


U.S. CASH MARKETS
Joseph Mecane
EVP & Head of
U.S. Cash Markets


U.S. Cash Markets Strategy
124
Trading revenue up in 2011 on
revenue capture but lower volume
Continued optimization of revenue
capture, but aggressive pricing in
targeted segments
Focused on profitability and stability
2012 initiatives around market
structure, technology, trading floor
redesign, market maker programs,
market quality
Growth opportunities in Retail
Liquidity Program, ETFs and Bonds
Source: NYSE Euronext
Source: NYSE Euronext


The U.S. Trading Landscape is Challenging
125
Stock prices recovering, but lower volatility
and low volume environment (down 15% y/y)
Growth in dark trading with low volatility
breeding higher internalization rates (34%
today vs. 18% in early 2009)
Continued regulatory requirements including
LULD, MWCBs, Volker, CAT
Source: Consolidated Tape, CBOE
Source: Consolidated Tape, CBOE
Volumes and Volatility
Off-Exchange Trading and Volatility
Market Share in NYSE-listed (February 2012)
Source: Consolidated Tape


Growth
Driver:
Retail
Program
1
Overview
Allows for price improvement within the spread for retail orders
NYSE will send an indicator when retail liquidity is available (side but not size)
If no
retail
liquidity
available,
retail
order
can
interact
with
NYSE
book/route
RLPs have better economics than non-RLPs in exchange for quoting obligations
NYSE for Tape A; AMEX for Tape B-listed equities and Tape C
Retail
accounts
for
an
estimated
10%-15%
2
of
market
activity
done
off-exchange
today
“Retail”
orders
Offers price
improvement
Pays rebate for
providing
Receives price
improvement
RMO receives
rebate for taking
1
Subject to SEC approval
2
Rosenblatt Securities
126


Growth Driver: Exchange Traded Products
2080
US ETPs have experienced
strong growth in the past
decade
Globally, NYSE Euronext has
the largest number of ETP
listings
Building “one-stop-shop”
capabilities for listing & indexing
needs
Help issuers design, calculate
and publish indices
List products that track indices
# of Products
Global ETPs by Exchange
1,2
1.
Source: World Federation of Exchanges. Data as of February 29, 2012. Figures include cross listings
2.
Others include the following exchanges: Luxembourg, Australian Johannesburg, NSE of India, Bombay, Shanghai, Wiener Borse, Taiwan, Osaka, Oslo Bor, Shenzhen, BMF, Istanbul, Thailand, Bursa Malaysia, Lima,
Athens, Saudi Stock Market, Indonesia, Budapest, Irish
127
Others
BME
Santiago SE
Singapore
Hong Kong
Korea Exchange
Tokyo
NASDAQ OMX (EU)
NASDAQ OMX (US)
TMX Group
Mexican
SIX
Deutsche Börse
LSE
NYSE Euronext (EU)
NYSE Euronext (US)
375
75
87
92
101
114
117
64
97
335
425
668
940
1 629
700
1 380
0
500
1 000
1 500
EMEA
Americas
Asia Pacific


Growth Driver: NYSE Bonds
Fully transparent central limit order book with live executable prices
6,600 tradeable securities consisting of listed bonds and corporate
debt of NYSE listed companies
3-5 million live executable quote updates/day across 2,000+
corporate bonds
Good
market
quality,
300-500
“trade
throughs”
per
day
March
12th
Announced
a
fully
integrated
trading
offering
with
Bloomberg.  Dealers using Bloomberg TOMS can now trade on the
NYSE Bonds marketplace via the Bloomberg Professional Service,
which
is
used
globally
by
more
than
310,000
subscribers
Main focus is building out connectivity to retail distribution
Looking to add municipal bonds to the platform
128
Source: NYSE Euronext.
1
Bloomberg.
1


KEY TAKEAWAYS
NYSE
/
NYSE
AMEX
/
NYSE
EURONEXT
/
NYSE
ALTERNEXT
/
NYSE
ARCA
/
NYSE
ARCA
EUROPE
/
NYBX


Key Takeaways
Listings
franchise
reinforced
with
strong
pipeline
supportive
of
future
growth
Global brand stronger than ever
Investment in issuer services
Execution businesses focused on profitability and stability
Low volatility/low volume driving higher internalization levels in
the U.S.
Strengthen the core, diversify into other revenue streams for
Europe
Clearing contract for European cash is being re-negotiated
Efficiency & cost for clients are paramount
Regulatory backdrop stable with bouts of “headline risk”
130


INFORMATION SERVICES &
TECHNOLOGY SOLUTIONS
GLOBAL MARKET DATA  /  EXCHANGE SOLUTIONS  /  GLOBAL CONNECTIVITY  /  CO-LOCATION  /  TRADING SOLUTIONS


Dominique Cerutti
President &
Deputy CEO
INFORMATION SERVICES &
TECHNOLOGY SOLUTIONS


OVERVIEW


134
134
Contents
Strategy
Execution
Metrics and Trends
Growth Drivers
Key Takeaways


STRATEGY


NYX senior
relationships into
customers gives
NYXT quality leads
Listings
136
The Power of the Community for Information
Services and Technologies Solutions
NYX Data Center and Network
assets can be leveraged for
markets, external customers,
and third party markets
Combination gives early
insight into emerging
opportunities –
e.g. OTC
Technology, Clearing
NYX financial strength gives
NYXT customers comfort
vs. competitors
1500+ NYXT buy side
customers give NYX unique
access to the buy side
NYX expertise in cash &
derivative market
operations, regulation,
compliance is a
competitive differentiator
Global operations –
NYXT growing presence
in Asia
NYSE
Technologies
US Options
NYSE Liffe
US
EU Cash
World Class
Technology
NYSE Liffe
US Cash


Market
Data
Clearing
Technology
Infrastructure
Client 
Connectivity
Listings
Information
Services
Analytics
Capital
Efficiency
Risk
Management
Collateral
Management
Asset Servicing
Managed &
Hosted
Services
Global
Exchange
Links
Partnerships
in New
Markets
Advocacy
Index
Products
Issuer
Services
Settlement
and
Custody
Markets
Risk management and capital
efficiency
Issuer services
Market infrastructure
Liquidity hub expansion
Metabit investment
Derivatives product expansion
Cross-market innovation
Managed technology infrastructure
Managed & Cloud-based
services
Fixnetix joint offering
Clearing
NYXT Led Growth Opportunities
Minor Presence
Expanding Presence
Strong Presence
Our Strategy Compass
1
2
3
4
4
5
5
6
6
137
3
Areas of Investment for 2012-2014
Through combination of organic growth and M&A
1
5
2


138
NYSE Technologies’
Market: A $40B Opportunity
$32 billion
$6 billion
$2 billion
Spend 2010 in USD billion,
Source: McKinsey
Currently not a focus
Bring more
data and
liquidity onto
our network
Limited existing assets to build on
Offers opportunity
to play role as
integrator for the
community
Offers attractive growth trends
and margins
Reference
data
Monitoring
Clearing
Settlement
Back Office
Middle Office
Market
Venue
Execution
Trading Infrastructure
Front Office
Order
Mgmt
Analytics
Market
Data
Space,
Compute,
Storage
Connect


139
Client Segmentation and Needs
Co-location
Connectivity
Market
data
content
and technology
Exchange technology
Data administration
Co-location
Connectivity
Market
data
content
and
technology
real
time and historical
Data administration
Managed Services
Order routing
Market data –
real time
and historical
Managed services
=Addressable market
Source: McKinsey / Aite Group
Partner
$2B
Market
Operator
Broker /
Dealer
Institutional
Investor
Systematic
Trader
$24B
$12B
$2B
Enable
Empower
Facilitate


140
NYSE Technologies Strategy
To be the open and market neutral platform provider of choice for the global
capital markets community
To build a leading technology offering by providing world-class software and
services to the global capital markets community
Vision
Mission
Execution
Operate a global open network that links market participants with markets
Facilitate market participant business across the platform
Enable third party vendors to build value-added application services
Offer
matching
engine
solutions
to
MTFs,
ATS’
&
internalization
networks
Provide innovative proprietary market data products


EXECUTION


142
Four Execution Priorities
These execution priorities leverage existing capabilities. They will be supported
by product innovation and acquisition to reach the target of $1B
revenues in 2015
Build out
network
Extend
data
services
Build
service
platform
Attract
other
market
venues
Build out network to
global liquidity pools
and drive data/order
flow to and from NYX
and other markets
Deliver managed trading
services including cloud
based compute-on-
demand
Extend data offering,
including historical market
data services and market
data management services
Aggregate liquidity
venues across asset
classes by co-locating
them in NYX data centers
Key assets
Key attributes
Market access
Access to data
Managed services
Third-party services
Liquidity Hubs
Community information
& collaboration
Global
Neutral & Open
Innovative
Trusted & Secure
Cost-efficient


NY
Ch
Lon
EU
Sing
Tok
Backbone
Build out
network
Braz
Tor
HK
More venues
Add data
services
More
opportunities
for vendors
Increased
attractiveness
to users
Increased
attractiveness
to venues
Vendors
Markets
More core users
Increased
trading volumes
Market
participants
Community
Attract other
market venues
Extend data
services
More & better
services
Build service
platform
Execution Priorities and Community Effect
143


Building Our Capabilities To Support The Community
144
Extend data services
Build out network
Build service
platform
Aug
2011
-
Superfeed 
consolidated  market data
launches in Europe
2011
Developed
model
for
fully hosted exchange
solutions
June
2011
Launch
of
the
Capital Markets Community
platform
Cloud Services
SuperFeed
Sept
2011
Acquisition
of
Asian market connectivity &
order routing network
Metabit
messaging platform
released
OpenMama
Feb
2012
25%
acquisition
of
leading
managed
services
company
Fixnetix
Dec
2011
Exchange
data
distribution platform
launched
Data Distribution
Dec 2011/Feb 2012 –
Launch of Toronto and
Tokyo liquidity hubs
Liquidity Hubs
Nov
2009
Acquisition
of
buy-side order routing
network
NYFIX
Attract other market
venues
Hosted MTF Model
Oct 2011 – Vendor neutral


Agreement to create a
connection between our
networks
Tokyo Stock Exchange
145
Clients Are Buying Into The Community Strategy
Extend data services
Build out network
Build service
platform
Attract other market
venues
Launch of the New Tdex+
System at the Tokyo Stock
Exchange
Tokyo Stock Exchange
Built & operating a new
SFTI®
Access Center in
third party data center
Piscataway Data Center
Development & deployment of
a Market data platform for
Hong Kong Exchange markets
Hong Kong Exchanges
Built & managing a full market
data platform
Global financial
services firm
"Infrastructure as a Service"
for an options market making
group
Global Investment Bank
Fully managed  European
MTF located in our London
data center
Goldman Sachs
European broker crossing
network, fully managed and
hosted in London
Global Investment Bank
many other examples


$363M
(15% margin)
$444M
(20% margin)
$490M
(26% margin)
$1B
(30+ %  margin)
146
Path to Value Creation
$250M from
M&A
$750M from
organic growth
The four execution priorities, combined with product innovation and
acquisition, will help reach the 2015 target


NYSE TECHNOLOGIES
Stanley Young
CEO, NYSE Technologies


METRICS AND TRENDS


149
Outlook: Our Industry Is Changing Fast
Trading
Revenue
Growth
Pressure
On
Technology
Spend
Key
Trends
Electronic trading expanding into new geographies and asset classes
Trading volumes down
Regulatory pressure eroding future profitability of proprietary trading
Competition in equity markets reducing profitability of agency/prop trading
Pressure to reduce cost of electronic trading infrastructure
Technology spend is forecast to be flat
Industry growth in electronic trading to come from new areas:
New
asset
classes
that
move
to
electronic
trading
OTC
derivatives,
Commodities, Fixed income, FX
Emerging
markets
Asia,
Latin
America,
Eastern
Europe
Major focus on right sizing and minimizing costs – industry has shifted quickly
from ‘build and they will come’ to ‘how can we do this cheaper?’


These Trends Cause Technology Spend To Be
Focused On…
150
Cost-out
-
outsourcing, shared infrastructure, cloud based
infrastructure
Emerging markets and new asset classes
Non-banks
(hedge
funds
and
trading
firms)
with
ability
to
commit capital expanding
Efficient
Management
risk
management,
clearing
and
collateral management, regulatory reporting


151
Strong Recurring Revenue Stream
Recurring
Non-recurring
2009
Total rev $367M
2011
Total rev $490M
NYSE Technologies has a strong and steady revenue base with 84%
“recurring”
revenue in 2011
Source: NYSE Euronext.



Three new Regional Hubs
for SFTI network
Leverage Metabit
investment in Asia
153
Growth Driver: Our Execution Priorities in 2012
Cloud services in London
Managed Infrastructure as
a Service
Go to market with Fixnetix
for managed services
Broaden content –
Historical, index and
analytic products
Expand data technology
offering
Offer hosted ECN/MTF
services in the US and
Asia -
build on European
client wins


154
Growth Driver: Delivering a Managed Market Data
Ticker Plant
Extend data
services
Build
service
platform
Attract other
market
venues
Build out
network
Electronic retail brokerage needed to outsource more
commoditized infrastructure and move into futures
trading
Customer Issue
Solution
Fully
managed
service
includes
market
data
feedhandlers,
messaging
software
and
SFTI
network
Customer
valued
NYX’s
deep
market
knowledge
including
advice
on
global
futures
market
structure
Why did NYX Community Strategy provide value?
Service includes connectivity to global futures markets
Total contract value $10M


155
Growth Driver: Managing Algorithmic Trading
Infrastructure
Extend data
services
Build
service
platform
Attract other
market
venues
Build out
network
Customer Issue
Solution
Broker
dealer
needed
to
upgrade
its
trading
infrastructure
in
order
to
compete
for
algorithmic
business
A
managed
solution
including
co-location,
SFTI
network,
Superfeed market data, and Risk Gateways to 35 markets
Fill rates on the new architecture increased from 30% to 70%
resulting
in
higher
profitability
Trading domain expertise provided differentiated value
against competitors
Core co-location and connectivity services
Total contract value $6M
Why did NYX Community Strategy provide value?


156
Growth Driver: Managing an Alternative Trading
System
Build out
network
Extend data
services
Build
service
platform
Attract other
market
venues
Customer Issue
Fully managed MTF
including market monitoring and
reporting
Solution
Customer valued NYX’s deep market structure knowledge
and
expertise
in
operating
trading
venues
The
MTF
adds
to
Basildon’s
liquidity
pool,
attracts
additional flow and exhaust to the regulated markets
Why did NYX Community Strategy provide value?
Tier
1
investment
bank
needed
to
prioritize
critical
IT
resources
on other internal projects
Regulatory
pressure
to
segregate
client
and
proprietary
desks


What
Our
Clients
Are
Asking
For  …
157
“Can your network connect me to new
Swap Execution Facilities (SEF’s)?”
1
Quotes are based on customer conversations, but summarized.
Extend data
services
Build service
platform
Attract other
market venues
Build out
network
“Help me expand trading
operations into Asia”
US Hedge Fund
“We want to monetize our foreign exchange
data but have no available IT resources. Can
you deliver and manage this for us?”
US Interdealer Broker
“I get real time data but can I
also get historical and index
data from you?”
Global Investment Bank
“We have 1000+ electronic connections to    
it all. Can we outsource this?”
US Broker
“Can your global reach plus
Fixnetix’s capabilities manage
all my vendor relationships?”
European Investment Bank
“I know you are running an MTF/dark pool for a
global investment bank. Can you run ours?”
European Investment Bank
1
US Asset Manager
trading counterparties and 50 staff managing


158
Execution
Focus
Expand asset class capability
Increase geographic scope
Complementary product offering
Component of solution offerings
Build Market Data
Services
2008
2012
2009
2010
2011
Expand Client Base
to Buy Side
Expand into Asia
Extend Managed
Services Capabilities
Estimate $250M of $1B goal from acquisitions
Growth Driver: We Have a Disciplined Acquisition
Strategy


KEY TAKEAWAYS
GLOBAL MARKET DATA  /  EXCHANGE SOLUTIONS  /  GLOBAL CONNECTIVITY  /  CO-LOCATION  /  TRADING SOLUTIONS


Key Takeaways
Our vision -
to be the open and market neutral platform provider of
choice
to
the
global
capital
markets
community
-
has
stood
the
test
of
time
Industry trends are confirming the value inherent in this vision
Industry participants understand that many business models are under
pressure
and
that
“doing
nothing”
is
not
an
option
Our
value
proposition
is
welcomed
by
market
participants
and
our
assets
are well positioned to take advantage of opportunities
Current market conditions are impacting the speed at which the transition
to
the
new
model
will
take
place
however,
we
are
confident
that
we
are
executing on the right strategy
160


WRAP-UP
Duncan Niederauer
Chief Executive Officer
GROWTH
EFFICIENCY
CAPITAL


Innovative product and market structure
Market models, ownership
models, liquidity programs
Collaborative spirit
With suppliers, clients, exchanges
Efficient access to the most important
markets in the world
Technology infrastructure,
partnerships, brand, expertise
Thought leadership and advocacy
On behalf of our clients and capital
market structure generally
Client intimacy
Strong team with nimble decision-making
Cost discipline
Integration expertise
World class technology
One-firm mindset
Innovation across regulatory and
geographical boundaries
Unlocking the Power of our Community
162
What we do differently:
How we do it:
Today
we
have
covered
the
unique
power
of
our
business
model
and
our
differentiated strategy


The Result: Our Strategy Drives Value for
Shareholders Along Three Axes
Access to GROWTH
Opportunities
Faster access to
new revenue and
market opportunities
Ability to exploit
inter-asset class
opportunities
Flexibility for
strategic CAPITAL
Deployment
Recurring, diversified
revenue model
Strong free cash flow
generation for growth
investment and
steady dividends
Operating Leverage
and EFFICIENCY
Common global /
shared infrastructure
Benefits our
company and can be
leveraged by our
clients
163


Q&A SESSION
All Presenters


2012 INVESTOR DAY
UNLOCKING THE POWER
OF OUR COMMUNITY


APPENDIX


EXECUTIVE BIOS


Duncan Niederauer -
Chief Executive Officer
Duncan L. Niederauer is Chief Executive Officer and a Director of NYSE Euronext.  Prior to his
current position, Mr. Niederauer was President and co-Chief Operating Officer of NYSE Euronext with
responsibility for U.S. cash equities.
Before joining NYSE Euronext in April 2007, Mr. Niederauer was Managing Director and co-Head of
the Equities Division Execution Services franchise at Goldman, Sachs & Co.  His career at GS
spanned 22 years.
Mr. Niederauer has served on the board of Archipelago Holdings, LLC and Colgate University, and
now serves on the board of Operation Hope, The American Ireland Fund and the Congressional
Medal of Honor Foundation.  His current memberships include the G100, Chief Executive 50, British-
American Business Council International Advisory Committee, the Partnership for New York City, the
Committee Encouraging Corporate Philanthropy, the Shanghai International Financial Advisory
Committee, the Museum of American Finance, and Fundacao Dom Cabral in Brazil.
He earned an MBA from Emory University and a BA from Colgate University. He and his wife, Alison,
are the co-chairs of the Newmark School’s “Destination of Promise”
campaign, which is building a
state of the art school for children with autism and related disabilities.  They have three children and
reside in New Jersey.
168


Michael Geltzeiler -
Chief Financial Officer
Mr. Geltzeiler has served as Group Executive Vice President and Chief Financial Officer since 2008
and is a member of the Management Committee.  He was named one of 2011’s 100 Most Influential
People in Finance by Treasury & Risk Magazine.
Most recently, he served as President, School & Educational Services for The Reader’s Digest
Association, a global media and direct marketing company. He was
the organization’s CFO and
Senior Vice President from 2001 to 2007. In 2005, Mr. Geltzeiler’s responsibilities were expanded to
also include oversight for global operations and information technology. While at ACNielsen
Corporation, a global information and media company, Mr. Geltzeiler served as CFO, SVP &
Controller, and CFO for ACNielsen Europe, Middle East & Africa from 1995 to 2001. He held a variety
of positions in corporate finance in America and abroad while at
The Dun & Bradstreet Corporation,
a leading provider of commercial information and insight on businesses worldwide, from 1980 to
1995.
Mr. Geltzeiler currently serves on the boards of the Museum of American Finance, University of
Delaware, Madison Square Boys and Girls Club, NYSE Foundation and Euronext Supervisory Board.
169


Garry Jones -
Head of Global Derivatives
Garry Jones is the Group Executive Vice President and Head of Global Derivatives for NYSE
Euronext. He is the CEO of NYSE Liffe, the group’s global derivatives exchange and a member of the
NYSE Euronext Management Committee.
Internally, within the NYSE Euronext Group, Mr. Jones is a director of NYSE Liffe US, NYSE Amex
Options and many of the European based Euronext and Liffe operating entities.
Mr. Jones joined NYSE Liffe from ICAP Plc where he was CEO of ICAP Electronic Broking (Europe)
and prior to the merger in 2003, CEO and President of BrokerTec Europe Ltd, the bank consortium
owned global fixed income electronic trading platform.