NYSE Euronext (NYX)

Larry Leibowitz —American Stock Exchange—EVP and COO, US Products

I believe on Arca what you are talking about is probably the Tape C; is that right?

Rich Repetto—Sandler O’Neill & Partners—Analyst

Yes — no, no, no. I’m talking about NYSE Arca options.

Larry Leibowitz—American Stock Exchange—EVP and COO, US Products

I think that’s the ongoing trend of decimalization and we really think that penny options, we have been the biggest beneficiary of that platform — our platform as a maker/taker model versus the directed order flow models. I think that is going to be an ongoing trend in the options business as more goes penny.

Duncan Niederauer—NYSE Euronext—President and Co-COO

At the same time, Rich, as we’ve said a couple of times publicly both Larry and myself, we’re pretty convinced that even though that trend will continue, we think that options market structure is kind of destined to be bifurcated where if we can have a foot in both the directed model and the model that is more effectively positioned for the trends we see towards more of this serious trading in pennies, I think I like our position very much. We can have a very solid position in both types of market structure which we think are going to be important going forward.

Larry Leibowitz—American Stock Exchange—EVP and COO, US Products

And we think this is very analogous to the equity situation where you have maker/taker models like ECNs and you also have directed flow models. In that case it’s the wholesalers like UBS or — Citi and all those other — those models exist side-by-side.

Rich Repetto—Sandler O’Neill & Partners—Analyst

That’s a very popular strategy out there in the options industry right now, the dual — covering both market-maker and maker/taker. Anyway this led into my last and final question. If Arca options is being affected taking it from the traditional models, you know I’m just taking a look at who’s winning and who is losing at least over the last year.

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FINAL TRANSCRIPT

You know, Larry and Duncan, you guys are winning on Arca options. So is Philly, picking up share. Could you have been taking share from Amex? I guess the numbers are pretty — I’m sure you can’t tell exactly who is taking who but they are almost — very closely correlated — inversely correlated. Put it that way.

Larry Leibowitz—American Stock Exchange—EVP and COO, US Products

We feel like we’re taking volume from many of the other players. I think what you’re going to see is a shift in balance between directed which used to be 100% and maker/taker which was zero and that will shift but there — it will reach some equilibrium of both. And then I think on the directed platform with a solid technology base, low latency solution, able to handle the bandwidth requirements, more sophisticated options strategies and things like that, we think we can compete with some of the more directed platforms as well and sort of get them from both sides.

Rich Repetto—Sandler O’Neill & Partners—Analyst

Very last question again hitting you on the cost here, what is the biggest thing that moves the needle? I could guess but I would rather have you tell me, I guess — in the $100 million sort of budget?

Duncan Niederauer—NYSE Euronext—President and Co-COO

I mean if we had to guess today, Rich, and we’re going to get into more details I would say certainly on the technology side and certainly on the staff integration side.

Rich Repetto—Sandler O’Neill & Partners—Analyst

Okay; congrats, guys. Nice deal.

Operator

Daniel Harris.