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NYSE Euronext Announces Strong First Quarter 2011 Financial Results
First Quarter GAAP Diluted EPS of $0.59 vs. $0.50 in the Prior Year Period
Diluted EPS of $0.68 Up 26% Year-over-Year and 48% Sequentially, Excluding Merger Expenses & Exit Costs
Launched Interest Rate Futures on NYSE Liffe U.S./New York Portfolio Clearing
Global Leader for IPOs, Over 90% share of Proceeds in U.S., Increasing Momentum for Franchise
Integration Planning for Proposed Merger with Deutsche Boerse On-Track
April 28, 2011--
Financial and Operating Highlights1, 2
Diluted EPS of $0.68, up 26% vs. 1Q10; up 48% vs. 4Q10
Net revenue of $679 million, up 5% vs. 1Q10; up 11% vs. 4Q10
Fixed operating expenses of $415 million, down 3% vs. 1Q10; down 2% vs. 4Q10
Operating income of $264 million, up 21% vs. 1Q10; up 40% vs. 4Q10
Operating margin of 39% vs. 34% in the prior year; EBITDA margin of 49% vs. 44%
NYSE Liffe U.S. executed 480,000 contracts in new products in first nine trading days after launch
#1 for IPOs globally; Over 90% market share of U.S. proceeds raised
Board declares second quarter 2011 cash dividend of $0.30 per share
IMF Regional Economic Outlook: Strong Recovery in the Caucasus and Central Asia to Continue in 2011
April 28, 2011--Strong post-crisis recovery in the Caucasus and Central Asia (CCA) region is expected to continue in 2011, although at a somewhat slower pace than in 2010, the International Monetary Fund (IMF) said in its Regional Economic Outlook for Caucasus and Central Asia released in Tbilisi today. According to the report, average growth across the region this year is expected to remain strong, at just below 6 percent, compared with 6½ percent last year. Growth will continue to be driven by positive external factors—high commodity prices, the pickup in Russia, and strong growth in China.
The recovery was mainly driven by higher oil and gas exports—helped by favorable prices—and by public investment and fiscal support to sectors affected by the crisis. “To sustain the recovery, policymakers in the Caucasus and Central Asia will need to address rising inflation, respond to social pressures arising from high food prices without threatening fiscal stability, and restore the health of banking systems,” said Middle East and Central Asia Department Deputy Director David Owen.
Looking ahead, a key issue for countries in the region will be to diversify their sources of growth beyond mining, oil, and gas. They can best do this by improving the business environment to increase the role of the private sector and by strengthening regional trade and investment links. Action on these fronts is critical for job creation and poverty reduction.
Shareholders Urge NYSE to Consider Nasdaq Bid
April 28, 2011--Top executives of NYSE Euronext Inc., parent company of the New York Stock Exchange, deflected angry questions about its rejection of a rival takeover bid at the company's annual shareholder meeting Thursday.
Last week NYSE Euronext's board again turned down an unsolicited $11.3 billion bid from Nasdaq OMX Group Inc. and IntercontinentalExchange Inc. that would carve the company in half. NYSE Euronext says it favors a deal it already has in place to combine with Deutsche Boerse, owner of the Frankfurt stock exchange.
April 2011 “Islamic Market’s Measure” Preliminary Report - Monthly Report On The Performance Of The Dow Jones Islamic Market Indexes
April 28, 2011-- Based on the close of trading on April 26, the global Dow Jones Islamic Market Titans 100 Index, which measures the performance of 100 of the leading Shari’ah compliant stocks globally, gained 2.99% month-to-date, closing at 2397.07. In comparison, the Dow Jones Global Titans 50 Index, which measures the 50 biggest companies worldwide, posted a gain of 2.46%, closing at 189.49.
The Dow Jones Islamic Market Asia/Pacific Titans 25 Index, which measures the performance of 25 of
the leading Shari’ah compliant stocks in the Asia/Pacific region, increased 2.26%, closing at 2212.68. The
Dow Jones Asian Titans 50 Index, in comparison, posted a gain of 0.57%, closing at 142.81.
Measuring Europe, the Dow Jones Islamic Market Europe Titans 25 Index, which measures the performance of the 25 of the leading Shari’ah compliant stocks in Europe, closed at 2366.93, a gain of 4.92%, while the conventional Dow Jones Europe Index gained 5.06%, closing at 300.77.
Financial Conditions Indexes for the United States and Euro Area -IMF Working Paper
April 27, 2011--Summary: Financial conditions indexes are developed for the United States and euro area using a wide range of financial indicators and a dynamic factor model.
The financial conditions indexes are shown to be useful for forecasting economic activity and have good revision properties.
view IMF Working paper-Financial Conditions Indexes for the United States and Euro Area
IMF Working paper-International Mutual Funds, Capital Flow Volatility, and Contagion-A Survey
April 27, 2011--Summary: Gaining a better understanding of the behavior of international investors is key for informing the debate about the optimal response to capital flows and about reforms to the international financial architecture. In this context, recent research on the behavior of international mutual funds at the micro level has expanded our knowledge about the drivers of portfolio flows and the mechanisms behind the transmission of financial shocks across countries.
This paper provides a brief survey of this literature, with a focus on the empirical evidence for emerging markets. Overall, the behavior of international mutual funds is complex and overly simplistic characterizations are misleading. However, there is broad-based evidence for momentum trading among funds. Moreover, funds tend to avoid opaque markets and assets, and this behavior becomes more pronounced during volatile times. Portfolio rebalancing mechanisms are clearly important in explaining contagion patterns, even in the absence of common macroeconomic fundamentals. From a surveillance point of view, this implies that monitoring the exposures of large investors at a micro level is crucial to assess vulnerabilities.
IMF Working paper-How to Deal with Real Estate Booms: Lessons from Country Experiences
April 27, 2011--The financial crisis showed, once again, that neglecting real estate booms can have disastrous consequences. In this paper, we spell out the circumstances under which a more active policy agenda on this front would be justified.
Then, we offer tentative insights on the pros and cons as well as implementation challenges of various policy tools that can be used to contain the damage to the financial system and the economy from real estate boom-bust episodes.
view the IMF Working paper-How to Deal with Real Estate Booms: Lessons from Country Experiences
IMF Sees Long-Term Opportunities for the Middle East and North Africa Despite Short-Term Challenges Amid Unrest
April 27, 2011--Changes taking place in the Middle East and North Africa provide an opportunity for the region to lay the foundation for a socially inclusive and more dynamic growth model, but in the near term, countries face multiple pressures stemming from higher commodity prices and disruptions to economic activity, the IMF said in its April 2011 Regional Economic Outlook for the Middle East, North Africa, Afghanistan and Pakistan (MENAP), released today.
“In the long run, the uprisings could give a boost to the economies in the region by setting a more inclusive growth agenda, improving governance, and providing greater and more equal opportunity for its young and growing population. However, the near-term outlook is challenging, and there is a pressing need to address unemployment and improve social safety nets,” Masood Ahmed, Director of the IMF’s Middle East and Central Asia Department, said at the launch conference of the report in Dubai. “The immediate challenge facing oil-importing countries in the Middle East is to maintain social cohesion and macroeconomic stability in the face of multiple pressures,” he added.
view the Regional Economic Outlook: Middle East and Central Asia report Growth from International Capital Flows: The Role of Volatility Regimes -IMF Working Paper view the working paper-Growth from International Capital Flows: The Role of Volatility Regimes NASDAQ OMX Group and IntercontinentalExchange Open Letter to NYSE Euronext Stockholders
April 27, 2011--Summary:
Recent commentary has downplayed the growth dividend from international financial integration, highlighting the possibly negative correlation between capital inflows and long-run growth.
This paper presents new evidence consistent with standard economic theory and a more benign interpretation of cross-border private capital flows. The key observation is that a country’s growth volatility changes over time. With volatility below a threshold, an inflow of foreign capital has promoted growth. However, during periods of volatile growth, more flows have been associated with slower growth. Volatility levels and changes reflect an interaction of domestic production and institutional structures with global factors.
April 26, 2011--NASDAQ OMX (NDAQ) and IntercontinentalExchange (ICE) today issued the following open letter to NYSE Euronext stockholders. NASDAQ OMX and ICE also filed an investor presentation that highlights the strategically and financially superior nature of the NASDAQ OMX/ICE proposal when compared to the existing Deutsche Boerse proposal.
Dear NYSE Euronext Stockholder:
NYSE Euronext's management and Board continue to deny that the NASDAQ OMX/ICE proposal is superior to the existing Deutsche Boerse agreement or that they have a fiduciary duty to review the proposal. Simply put, your Board is ignoring corporate governance best practices and the market reality of the situation.
Our proposal offers substantially greater short and long-term value and creates a compelling opportunity for the NYSE Euronext Board to meet with us while presenting no downside risk and only upside for stockholders — the Deutsche Boerse agreement allows for discussions in the event the NYSE Euronext receives a proposal that may possibly be superior.
We have offered mutual due diligence, and appropriate safeguards so that no competitive risks are posed to NYSE Euronext.
Our reverse break-up fee is a significant improvement on the Deutsche Boerse agreement and alongside committed financing, with no conditions, addresses the key concerns of the NYSE Board.