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NYX » Topics » Results of Impairment Tests

These excerpts taken from the NYX 10-K filed Feb 27, 2009.

Results of Impairment Tests

Based upon tests performed during the fourth quarter of 2008, NYSE Euronext recorded the following impairment charges (in millions):

 

Goodwill

    $ 1,003 (1)

Other intangible assets, net

      522 (2)

Other

      65 (3)
        

Total impairment charges

    $ 1,590  
        

 

(1) For the goodwill allocated to our European Cash reporting unit.

 

(2) For the national securities exchange registration of our European Cash reporting unit.

 

(3) Includes impairment losses recorded in connection with our investment in BM&F Bovespa ($57 million) and other investments ($8 million).

The impairment charges reflect current economic conditions, adverse equity market conditions which have caused a material decline in industry market multiples, and lower estimated future cash flows of our European Cash reporting unit as a result of increased competition which has caused a decline in our market share of cash trading in Europe as well as pricing pressures following the November 2007 introduction of the Markets in Financial Instruments Directive (“MiFID”).

Results of
Impairment Tests

Based upon tests performed during the fourth quarter of 2008, NYSE Euronext recorded the following impairment charges
(in millions):

 














































Goodwill

  $1,003(1)

Other intangible assets, net

   522(2)

Other

   65(3)
     

Total impairment charges

  $1,590 
     

 





(1)For the goodwill allocated to our European Cash reporting unit.

 





(2)For the national securities exchange registration of our European Cash reporting unit.

 






(3)Includes impairment losses recorded in connection with our investment in BM&F Bovespa ($57 million) and other investments ($8 million).
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">The impairment charges reflect current economic conditions, adverse equity market conditions which have caused a material decline in industry market
multiples, and lower estimated future cash flows of our European Cash reporting unit as a result of increased competition which has caused a decline in our market share of cash trading in Europe as well as pricing pressures following the November
2007 introduction of the Markets in Financial Instruments Directive (“MiFID”).

EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 27, 2009

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