NYSE Euronext Announces Third Quarter 2012 Financial Results

  NYSE Euronext Announces Third Quarter 2012 Financial Results

    -- Third Quarter GAAP Diluted EPS of $0.44 vs. $0.76 in Prior Year --

  -- Non-GAAP Diluted EPS of $0.44 Excluding Merger Expenses, Exit Costs and
                            Discrete Tax Items --

              -- Project 14 Accelerating and Gaining Traction --

          -- Global Leader in IPOs Year-to-Date; Pipeline Strong --

  -- Refinanced Portion of Outstanding Debt, Annualized Cost Savings of $24
                        Million Anticipated in 2014 --

         -- A Total of 16 Million Shares Repurchased Year-to-Date --

Financial and Operating Highlights^1, 2

  *Diluted EPS of $0.44, down from $0.71 in 3Q11, which benefited from
    extreme market volatility
  *Net revenue of $559 million, down 21%, including $20 million negative FX
    impact
  *Fixed operating expenses of $388 million, down 7% on a constant dollar /
    portfolio basis
  *Operating income of $171 million, down 41%, including $10 million negative
    FX impact
  *Repurchased 4.7 million shares at average price of $25.46; 15.9 million
    shares year-to-date
  *Board declares fourth quarter 2012 cash dividend of $0.30 per share

^1 All comparisons versus 3Q11 unless otherwise stated. Excludes merger
expenses, exit costs and discrete tax items.

^2 A full reconciliation of our non-GAAP results to our GAAP results is
included in the attached tables. See also our statement on non-GAAP financial
measures at the end of this earnings release.

Business Wire

NEW YORK -- November 06, 2012

NYSE Euronext (NYX) today reported net income of $108 million, or $0.44 per
diluted share, for the third quarter of 2012, compared to net income of $200
million, or $0.76 per diluted share, for the third quarter of 2011. Results
for the third quarter of 2012 and 2011 include $18 million and $29 million,
respectively, of pre-tax merger expenses and exit costs. In the third quarter
of 2012, our GAAP effective tax rate included a discrete net deferred tax
benefit of approximately $12 million, principally related to the enacted
reduction in the corporate tax rate from 25% to 23% in the United Kingdom.
Excluding merger expenses, exit costs and discrete tax items, net income in
the third quarter of 2012 was $108 million, or $0.44 per diluted share,
compared to $186 million, or $0.71 per diluted share, in the third quarter of
2011.

“In the third quarter, we continued to execute against our strategy and
deliver on our multi-year growth commitments, known as Project 14, which we
believe will drive a step-up in the underlying earnings power of the company
in the coming years, even if trading volumes remain lackluster,” said Duncan
L. Niederauer, CEO, NYSE Euronext. “We are investing in future growth drivers
like NYSE Clearing and this quarter we launched new futures contracts based on
MSCI global indices and the Russell Europe SMID 300 Index. Additionally, we
are moving into adjacencies in the governance and compliance segment with our
acquisition of Corpedia. Turning to the efficiency stream of Project 14, we
are diligently pulling costs out of the platform with expenses running solidly
below prior year levels. Lastly, we are continuing to return capital to our
investors through dividends and share repurchases.”

The table below summarizes the financial results^1 for the third quarter of
2012:

                                                                   
                                                     % Δ                               % Δ
                                                     3Q12        Year-to-Date          YTD
                                                                                       '12
($ in millions,                                      vs.                               vs.
except EPS)         3Q12    2Q12    3Q11     3Q11        2012     2011     YTD
                                                                                       '11
Total Revenues ^2     $902      $986      $1,258     (28%)       $2,840     $3,498     (19%)
Total Revenues,
Less                  559       602       704        (21%)       1,762      2,044      (14%)
Transaction-Based
Expenses ^3
Other Operating       388       396       416        (7%)        1,189      1,251      (5%)
Expenses ^4
Operating Income      $171      $206      $288       (41%)       $573       $793       (28%)
^4
Net Income ^4         $108      $128      $186       (42%)       $357       $522       (32%)
Diluted Earnings    $0.44   $0.51   $0.71    (38%)       $1.41    $1.98    (29%)
Per Share ^4
Operating Margin      31%       34%       41%        (10         33%        39%        (6
                                                     ppts)                             ppts)
Adjusted EBITDA     42%     45%     51%      (9          44%      49%      (5
Margin                                               ppts)                             ppts)

^1 A full reconciliation of our non-GAAP results to our GAAP results is
included in the attached tables. See also our statement on non-GAAP financial
measures at the end of this earnings release.
^2 Includes activity assessment fees.
^3 Transaction-based expenses include Section 31 fees, liquidity payments and
routing & clearing fees.
^4 Excludes merger expenses, exit costs, disposal activities and discrete tax
items.


“Our results for the quarter reflect the traction that we are gaining with our
efficiency efforts. Against our Project 14 goals, we have taken $82 million
out of our expense base year-to-date, which exceeds our 2012 objective of
saving 25% of the total $250 million cost reduction plan. This puts us ahead
of our full-year 2012 cost guidance,” commented Michael S. Geltzeiler, Group
Executive Vice President and CFO, NYSE Euronext. “Turning to the capital
front, we restructured our investment in Qatar, avoiding $80 million in future
payments, we repurchased 16 million shares year-to-date and we refinanced a
portion of our outstanding debt at very attractive levels. The latter will
result in annual run-rate interest expense savings of approximately $15
million and $24 million in 2013 and 2014, respectively. All of these actions
are repositioning the company for an anticipated return to growth.”

THIRD QUARTER 2012 CONSOLIDATED RESULTS

Total revenues, less transaction-based expenses, which include Section 31
fees, liquidity payments and routing and clearing fees (net revenue), were
$559 million in the third quarter of 2012, down $145 million, or 21% compared
to the third quarter of 2011 and included a $20 million negative impact from
foreign currency fluctuations. The $125 million decrease in net revenue, on a
constant currency basis, compared to the third quarter of 2011 was primarily
driven by lower average daily volumes (“ADV”), mostly attributable to the
derivatives business. Third quarter of 2011 financial results benefited from
extreme market volatility in Europe and the U.S. driven by the European
sovereign debt crisis and the U.S. debt ceiling issue. Market volatility since
the third quarter of 2011 has significantly declined, reaching multi-year lows
in August of 2012.

Other operating expenses, excluding merger expenses and exit costs, were $388
million in the third quarter of 2012, down $28 million, or 7% compared to the
third quarter of 2011. Excluding the impact of new business initiatives and a
$10 million positive impact attributable to foreign currency fluctuations,
other operating expenses were down $29 million, or 7%, compared to the third
quarter of 2011. Year-to-date on the same basis, other expenses are running
$65 million, or 5% below prior year levels.

Year-to-date, Project 14 savings are $82 million, which represents 33% of the
total $250 million expected to be saved by the end of 2014, running well above
the 25%, or $63 million, expected for the full-year 2012.

Operating income, excluding merger expenses and exit costs, was $171 million,
down $117 million, or 41% compared to the third quarter of 2011 and included a
$10 million negative impact attributable to foreign currency fluctuations.

Adjusted EBITDA, excluding merger expenses and exit costs, was $235 million,
down $125 million, or 35% compared to the third quarter of 2011. Adjusted
EBITDA margin was 42% in the third quarter of 2012, compared to 51% in the
third quarter of 2011.

Loss from associates is primarily related to New York Portfolio Clearing. Net
(income) loss attributable to noncontrolling interest consists primarily of
net income attributable to NYSE Amex Options which was partially offset by the
net loss attributable to NYSE Liffe U.S.

Based on current projections for profits and changes to UK tax rates, we now
expect our non-GAAP effective tax rate to be 24% for the full-year 2012. In
the third quarter of 2012, the 21% effective tax rate reflects a tax rate
true-up to adjust the year-to-date tax rate to 24% from 25%, which added $0.02
to third quarter 2012 diluted earnings per share.

The weighted average diluted shares outstanding in the third quarter of 2012
was 247 million, down from 263 million in third quarter of 2011. During the
third quarter of 2012, a total of 4.7 million shares were repurchased at an
average price of $25.46 per share and year-to-date a total of 15.9 million
shares have been repurchased at an average price of $26.66. The current
repurchase authorization had $128 million remaining as of September 30, 2012.

At September 30, 2012, total debt was $2.5 billion. Cash, cash equivalents and
short term financial investments (including $24 million related to Section 31
fees collected from market participants and due to the SEC) were $0.4 billion
and net debt was $2.1 billion at the end of the third quarter of 2012. The
ratio of debt-to-EBITDA at the end of the third quarter of 2012 was 2.4.

On October 5, 2012 NYSE Euronext closed on the public offering of $850 million
2.00% notes due in October 2017. The proceeds from this offering were used to
fund the purchase of $336 million of our outstanding $750 million 4.80% notes
due in June 2013 and €80 million of our €1 billion 5.375% notes due in June
2015 and for other general corporate purposes, including the reduction in
outstanding commercial paper. The refinancing is expected to save an
annualized $15 million and $24 million in interest expense in 2013 and 2014,
respectively.

Total capital expenditures were $41 million in the third quarter of 2012 and
$125 million year-to-date.

Headcount as of September 30, 2012 of 3,061 was 16 below year-end 2011 levels
despite the addition of 99 employees from the acquisition of Corpedia in June
of 2012.

The Board of Directors declared a cash dividend of $0.30 per share for the
fourth quarter of 2012. The fourth quarter 2012 dividend is payable on
December 28, 2012 to shareholders of record as of the close of business on
December 14, 2012. The anticipated ex-date will be December 12, 2012.

THIRD QUARTER 2012 SEGMENT RESULTS

Below is a summary of business segment results:

            Derivatives                            Cash Trading & Listings                Info. Svcs. & Tech. Solutions
($ in         Net         Operating   Adjusted     Net         Operating   Adjusted               Operating   Adjusted
millions)
             Revenue^1   Income^2    EBITDA^2     Revenue^1   Income^2    EBITDA^2     Revenue   Income^2    EBITDA^2
3Q12          $164          $68           $78          $282          $104          $145         $113        $23           $36
2Q12          $182          $85           $95          $300          $127          $170         $119        $27           $40
3Q11          $226        $129        $140         $353        $155        $202         $125      $31         $45
YTD 2012      $522          $232          $262         $886          $350          $476         $353        $78           $118
YTD 2011      $675        $387        $427         $1,008      $408        $547         $363      $95         $128

^1 Net revenue defined as total revenues less transaction-based expenses
including Section 31 fees, liquidity payments and routing & clearing fees.
^2 Excludes merger expenses and exit costs.

DERIVATIVES

Derivatives net revenue of $164 million in the third quarter of 2012 decreased
$62 million, or 27% compared to the third quarter of 2011 and included a $4
million negative impact from foreign currency fluctuations. The $58 million
decrease in derivatives net revenue, on a constant currency basis, compared to
the third quarter of 2011, was driven by lower average daily trading volumes.
While market conditions continue to be challenging for derivatives trading,
the third quarter of 2012 was a strong quarter for new product development and
growth initiatives which will benefit the company in the future:

  *NYSE Euronext and Bank of China Limited recently signed a Memorandum of
    Understanding to work together and consider mutually beneficial business
    ventures. The agreement will strengthen NYSE Euronext’s banking
    relationship with Bank of China and NYSE Euronext will provide guidance to
    Bank of China which will establish itself as a General Clearing Member of
    the London market of NYSE Liffe. With the increased importance of the
    renminbi (RMB) in the capital markets, both parties will work together to
    develop and launch RMB denominated products and explore the potential for
    RMB to be used as collateral in NYSE Euronext’s new clearinghouse in
    London.
  *New York Portfolio Clearing, LLC (“NYPC”), a joint venture of The
    Depository Trust & Clearing Corporation and NYSE Euronext and a market
    leader in derivatives clearing, announced that J.P. Morgan Securities LLC
    and BNP Paribas Securities Corp. will join the expanding group of firms
    enjoying the capital efficiencies generated by the NYPC model.
  *Swapnote product ADV in the third quarter of 2012 increased 26% compared
    to the third quarter of 2011 and increased 30% compared to the second
    quarter of 2012. The growth in ADV was primarily driven by a new market
    making program designed to expand liquidity in the product. Additionally,
    ADV in Medium Gilt futures increased 62% compared to the third quarter of
    2011 and increased 108% versus the second quarter of 2012. The increase
    was driven by the re-launch of the Designated Market Making Program for
    Short and Medium term Gilt futures.
  *NYSE Liffe launched 3 year mid-curve options on Euribor and Sterling in
    July 2012. The Euribor 3 year mid-curve option is the fastest growing new
    product for NYSE Liffe on record with open interest approaching 385,000
    contracts and ADV of 23,000 contracts in first few months of trading.
  *NYSE Liffe was the first European exchange to launch futures contracts on
    the Russell Europe SMID 300 Index on its market leading wholesale
    derivatives service, Bclear, on October 1, 2012. The Russell Europe SMID
    300 Index contains the 300 most rapidly tradable constituents from the
    small- and mid-cap opportunity set in developed European markets.
  *NYSE Liffe U.S. announced the addition of three new futures contracts
    based on MSCI global indices. The addition of mini MSCI Canada, mini MSCI
    Emerging Markets Latin America and mini MSCI World index futures offers
    customers more flexibility and control in implementing their desired
    exposure to key global markets and provides accessibility to a wider range
    of in-demand global economies.

CASH TRADING AND LISTINGS

Cash Trading and Listings net revenue of $282 million in the third quarter of
2012 decreased $71 million, or 20% compared to the third quarter of 2011 and
included an $11 million negative impact from foreign currency fluctuations.
The $60 million decrease in net revenue, on a constant currency basis,
compared to the third quarter of 2011 was primarily driven by lower average
daily trading volumes.

  *European cash ADV of 1.3 million transactions in the third quarter of 2012
    decreased 31% from 1.9 million transactions in the third quarter of 2011
    and decreased 23% from second quarter of 2012 levels. European cash market
    share (value traded) in NYSE Euronext’s four core markets was 68% in the
    third quarter of 2012, up from 66% in the third quarter of 2011 and up
    from 66% in the second quarter of 2012.
  *NYSE Euronext announced the launch of a Retail Matching Facility (RMF) on
    its European regulated cash markets, a new service which enables Retail
    Liquidity Providers to offer price improvement to retail investors. This
    initiative, which meets all pre- and post-trade MiFID requirements, will
    be available in mid- January 2013.
  *In the U.S., cash trading ADV in the third quarter of 2012 decreased 39%
    to 1.6 billion shares from 2.6 billion shares in the third quarter of 2011
    and decreased 13% from the second quarter of 2012. Tape A matched market
    share was 32% in the third quarter of 2012, down from 36% in the third
    quarter of 2011 and down slightly from second quarter of 2012. Trading off
    exchange, as reported by the Trade Reporting Facility (“TRF”) has
    increased to 32% of overall consolidated average daily volume in the third
    quarter of 2012 from 28% in the third quarter of 2011.
  *Through the third quarter of 2012, NYSE Euronext was ranked #1 in IPOs
    both globally and in the United States. NYSE Euronext raised $27.0 billion
    in total global proceeds on 86 Initial Public Offerings (IPOs). In the
    U.S., NYSE Euronext listed 57% of all IPOs, bringing 57 IPOs to the U.S.
    market. NYSE Euronext has steadily captured share in
    technology-basedIPOs. NYSE Euronext listed 50% of the technology IPOs in
    the U.S., including the recent IPOs of ServiceNow, Inc., Palo Alto
    Networks Inc., and Trulia Inc. NYSE Euronext also leads the market for
    Non-U.S. issuers, notably listing the $3.6 billion initial public offering
    of Banco Santander (Mexico), the second largest U.S. IPO of 2012.
  *NYSE Euronext welcomed two additional transfers in the third quarter of
    2012, U.S. Physical Therapy Inc. and On Assignment, Inc. Through the third
    quarter of 2012, 10 companies transferred to the NYSE with three
    departures from the NYSE and one from NYSE MKT. Since 2010, a total of 40
    companies have transferred to NYSE and 14 have transferred to another U.S.
    exchange.
  *Corpedia and Corporate Board Member, both NYSE Euronext companies,
    announced a partnership to provide corporate directors, chief compliance
    officers, general counsel, and executives with a robust, integrated suite
    of governance oversight solutions. The suite features director education
    resources and online training in key risk areas, comparative tools, and
    research and Continuing Legal Education programs to help directors and
    officers achieve the highest standards of corporate conduct and
    compliance.

INFORMATION SERVICES AND TECHNOLOGY SOLUTIONS

Information Services and Technology Solutions revenue was $113 million in the
third quarter of 2012, a decrease of $12 million, or 10% compared to the third
quarter of 2011 and included a $5 million negative impact from foreign
currency fluctuations. Net revenue in the third quarter of 2011 included $5
million in onetime sales to the Tokyo and Warsaw Stock Exchanges. The $2
million decrease in revenue, on a constant currency basis, excluding the
onetime sales, compared to the third quarter of 2011, was driven by declines
in enterprise software and market solutions revenue. The decline in revenue
year-over-year is the result of the challenging environment for financial
services technology sales which has delayed client decisions on purchases of
software and connectivity services. To drive the business forward, NYSE
Technologies appointed Jon Robson as its new Chief Executive Officer. Based in
New York, he reports to Dominique Cerutti, President & Deputy CEO, NYSE
Euronext. Highlights for the third quarter of 2012 included:

  *NYSE Technologies announced a partnership with Russell Investments to
    provide technology solutions and server co-location for RussellTick, which
    includes real time index data for the $3.9 trillion Russell index series.
    Utilizing the existing NYSE Euronext Global Index Feed (GIF) technology,
    NYSE Euronext will become the real time distributor of Russell’s real time
    product RussellTick in early December 2012.
  *NYSE Technologies is currently revamping global data agreements, including
    pricing, to better reflect how data is used today. This is anticipated to
    result in more data products and more favorable pricing and is expected to
    drive market data revenue higher.
  *NYSE Technologies announced that in collaboration with Bolsa Mexicana de
    Valores (BMV) and Americas Trading Group (ATG) it has built and deployed a
    state-of-the-art trading infrastructure complete with global connectivity,
    risk management functionality and direct market data distribution for
    customers trading in Mexican markets.

The accompanying tables include information integral to assessing the
Company’s financial performance.

Analyst/Investor/Media Call: November 6, 2012 at 8:00 a.m. (NY/ET) / 2:00 p.m.
(Paris/CET)

A presentation and live audio webcast of the third quarter 2012 earnings
conference call will be available on the Investor Relations section of NYSE
Euronext’s website, http://www.nyseeuronext.com/ir. Those wishing to listen to
the live conference via telephone should dial-in at least ten minutes before
the call begins. An audio replay of the conference call will be available
approximately one hour after the call on the Investor Relations section of
NYSE Euronext’s website, http://www.nyseeuronext.com/ir or by dial-in
beginning approximately two hours following the conclusion of the live call.

Live Dial-in Information:
United States: 800.510.0146
International: 617.614.3449
Passcode: 90239424

Replay Dial-in Information:
United States: 888.286.8010
International: 617.801.6888
Passcode: 14297656

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.

NYSE Euronext Earnings News Release with Tables and Operating Data

About NYSE Euronext

NYSE Euronext (NYX) is a leading global operator of financial markets and
provider of innovative trading technologies. The company's exchanges in Europe
and the United States trade equities, futures, options, fixed-income and
exchange-traded products. With approximately 8,000 listed issues (excluding
European Structured Products), NYSE Euronext's equities markets - the New York
Stock Exchange, NYSE Euronext, NYSE MKT, NYSE Alternext and NYSE Arca -
represent one-third of the world’s equities trading, the most liquidity of any
global exchange group. NYSE Euronext also operates NYSE Liffe, one of the
leading European derivatives businesses and the world's second-largest
derivatives business by value of trading. The company offers comprehensive
commercial technology, connectivity and market data products and services
through NYSE Technologies. NYSE Euronext is in the S&P 500 index. For more
information, please visit: http://www.nyx.com.

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Disclaimer and Cautionary Note Regarding Forward-Looking Statements

This press release 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 press release speaks only as of this date. NYSE Euronext disclaims any
duty to update the information herein.

                                                                 
NYSE Euronext
Condensed consolidated statements of income (unaudited)
(in millions, except per share data)

                                                                  
                      Three months ended                      Nine months ended Sept.
                                                              30,
                      Sept.        June 30,     Sept. 30,     2012          2011
                      30, 2012     2012         2011
                                                                            
                                                                            
Revenues
Transaction and       $ 570        $ 649        $ 904         $ 1,828       $ 2,461
clearing fees
Market data             85           87           93            263           281
Listing                 112          112          113           334           334
Technology              81           87           92            254           263
services
Other revenues         54         51         56          161         159   
Total revenues          902          986          1,258         2,840         3,498
Transaction-based
expenses:
Section 31 fees         74           86           109           226           287
Liquidity
payments, routing      269        298        445         852         1,167 
and clearing
Total revenues,
less                   559        602        704         1,762       2,044 
transaction-based
expenses
Other operating
expenses
Compensation            145          152          160           457           480
Depreciation and        64           66           72            196           212
amortization
Systems and             44           44           46            133           143
communications
Professional            76           69           77            218           219
services
Selling, general
and                     59           65           61            185           197
administrative
Merger expenses        18         12         29          61          68    
and exit costs
Total other
operating              406        408        445         1,250       1,319 
expenses
                                                                            
Operating income        153          194          259           512           725
Net interest and
investment income       (28  )       (28  )       (29   )       (84   )       (88   )
(loss)
Loss from               (2   )       (2   )       (2    )       (5    )       (5    )
associates
Net loss on
disposal                -            (2   )       -             (2    )       -
activities
Other income           1          3          (1    )      4           -     
(loss)
Income before           124          165          227           425           632
income taxes
Income tax             (12  )      (34  )      (21   )      (91   )      (126  )
provision
Net income              112          131          206           334           506
Net (income) loss
attributable to        (4   )      (6   )      (6    )      (14   )      2     
noncontrolling
interest
Net income
attributable to       $ 108       $ 125       $ 200        $ 320        $ 508   
NYSE Euronext
                                                                            
Basic earnings
per share             $ 0.44       $ 0.50       $ 0.76        $ 1.27        $ 1.94
attributable to
NYSE Euronext
Diluted earnings
per share             $ 0.44       $ 0.49       $ 0.76        $ 1.26        $ 1.93
attributable to
NYSE Euronext
                                                                            
Basic weighted
average shares          246          252          262           252           262
outstanding
Diluted weighted
average shares         247        253       263         253        263   
outstanding
                                                                            
                                                                            
We use non-GAAP financial measures of operating performance. Non-GAAP measures do not
replace and are not superior to the presentation of our GAAP financial results but
are provided to improve overall understanding of our current financial performance
and our prospects for the future.
                                                                            
                      Three months ended                      Nine months ended Sept.
                                                              30,
Non-GAAP              Sept.        June 30,    Sept. 30,     2012          2011
Reconciliation        30, 2012     2012         2011
                                                                            
Income (loss)
before income         $ 124        $ 165        $ 227         $ 425         $ 632
taxes - GAAP
Excluding:
Merger expenses         18           12           29            61            68
and exit costs
Net loss on
disposal               -          2          -           2           -     
activities
Income before
income taxes - as       142          179          256           488           700
adjusted
Income tax             (30  )      (45  )      (64   )      (117  )      (180  )
provision
Net income - as         112          134          192           371           520
adjusted
Net (income) loss
attributable to        (4   )      (6   )      (6    )      (14   )      2     
noncontrolling
interest
Net income
attributable to       $ 108       $ 128       $ 186        $ 357        $ 522   
NYSE Euronext -
as adjusted
                                                                            
Diluted earnings
per share             $ 0.44      $ 0.51      $ 0.71       $ 1.41       $ 1.98  
attributable to
NYSE Euronext
                                                                                    

                                                                                                                                                    
NYSE Euronext
Segment Results (unaudited)
(in millions)
                                                                                                                                               
                            Three months ended                                                             Three months ended
                            September 30, 2012                                                             September 30, 2011
                                                         Information                                                                    Information
                                            Cash         Services                                                          Cash         Services
                                            Trading      and                                                               Trading      and
                                            and          Technology      Corporate                                         and          Technology      Corporate
                                                                         and                                                                            and
                            Derivatives     Listings     Solutions       Eliminations     Consolidated     Derivatives     Listings     Solutions       Eliminations     Consolidated
                                                                                                                                                                         
Revenues
Transaction and             $    198        $  372       $    -          $    -           $    570         $    288        $  616       $    -          $    -           $    904
clearing fees
Market data                      11            42             32              -                85               11            49             33              -                93
Listing                          -             112            -               -                112              -             113            -               -                113
Technology                       -             -              81              -                81               -             -              92              -                92
services
Other revenues                  11           43            -              -               54              9            47            -              -               56
Total revenues                   220           569            113             -                902              308           825            125             -                1,258
Transaction-based
expenses:
Section 31 fees                  -             74             -               -                74               -             109            -               -                109
Liquidity
payments, routing               56           213           -              -               269             82           363           -              -               445
and clearing
Total revenues,
less                             164           282            113             -                559              226           353            125             -                704
transaction-based
expenses
Depreciation and      [a]        10            41             13              -                64               11            47             14              -                72
amortization
Merger expenses
and exit costs        [b]        13            2              2               1                18               1             6              2               20               29
(M&E)
Other operating                 86           137           77             24              324             86           151           80             27              344
expenses
Operating income      [c]   $    55         $  102       $    21         $    (25)        $    153         $    128        $  149       $    29         $    (47)        $    259
- GAAP
Operating income      [c]
excluding M&E         +     $    68         $  104       $    23         $    (24)        $    171         $    129        $  155       $    31         $    (27)        $    288
                      [b]
                      [c]
                      +
Adjusted EBITDA       [a]   $    78        $  145      $    36        $    (24)       $    235         $    140       $  202      $    45        $    (27)       $    360
                      +
                      [b]
                                                                                                                                                                         
Operating margin                 41%           37%            20%             N/M              31%              57%           44%            25%             N/M              41%
excluding M&E
Adjusted EBITDA                  48%           51%            32%             N/M              42%              62%           57%            36%             N/M              51%
margin
                                                                                                                                                                         
                                                                                                                                                
                            Nine months ended                                                              Nine months ended
                            September 30, 2012                                                             September 30, 2011
                                                         Information                                                                    Information
                                            Cash         Services                                                          Cash         Services
                                            Trading      and                                                               Trading      and
                                            and          Technology      Corporate                                         and          Technology      Corporate
                                                                         and                                                                            and
                            Derivatives     Listings     Solutions       Eliminations     Consolidated     Derivatives     Listings     Solutions       Eliminations     Consolidated
                                                                                                                                                                         
Revenues
Transaction and             $    623        $  1,205     $    -          $    -           $    1,828       $    825        $  1,636     $    -          $    -           $    2,461
clearing fees
Market data                      33            131            99              -                263              35            147            99              -                281
Listing                          -             334            -               -                334              -             334            -               -                334
Technology                       -             -              254             -                254              -             -              264             (1)              263
services
Other revenues                  33           127           -              1               161             31           129           -              (1)             159
Total revenues                   689           1,797          353             1                2,840            891           2,246          363             (2)              3,498
Transaction-based
expenses:
Section 31 fees                  -             226            -               -                226              -             287            -        #      -                287
Liquidity
payments, routing               167          685           -              -               852             216          951           -              -               1,167
and clearing
Total revenues,
less                             522           886            353             1                1,762            675           1,008          363             (2)              2,044
transaction-based
expenses
Depreciation and      [a]        30            126            40              -                196              40            139            33              -                212
amortization
Merger expenses
and exit costs        [b]        21            15             12              13               61               3             11             4               50               68
(M&E)
Other operating                 260          410           235            88              993             248          461           235            95              1,039
expenses
Operating income      [c]   $    211        $  335       $    66         $    (100)       $    512         $    384        $  397       $    91         $    (147)       $    725
- GAAP
Operating income      [c]
excluding M&E         +     $    232        $  350       $    78         $    (87)        $    573         $    387        $  408       $    95         $    (97)        $    793
                      [b]
                      [c]
                      +
Adjusted EBITDA       [a]   $    262       $  476      $    118       $    (87)       $    769         $    427       $  547      $    128       $    (97)       $    1,005
                      +
                      [b]
                                                                                                                                                                         
Operating margin                 44%           40%            22%             N/M              33%              57%           40%            26%             N/M              39%
excluding M&E
Adjusted EBITDA                  50%           54%            33%             N/M              44%              63%           54%            35%             N/M              49%
margin
                                                                                                                                                                         
                                                                                                                                                                         
N/M = Not                   We use non-GAAP financial measures of operating performance. Non-GAAP measures do not replace and are not superior to the presentation of our GAAP
meaningful                  financial results but are provided to improve overall understanding of our current financial performance and our prospects for the future.

                                                            
NYSE Euronext
Fixed operating expenses (unaudited)
(in millions)
                                                                   
Expense Base Development on a Constant $ /
Constant Portfolio Basis
                                                   
Fixed operating expenses for the three             $  406
months ended September 30, 2012 - GAAP
Less:
Merger expenses and exit costs                       (18    )
                                                   $  388
Excluding the impact of:
Currency translation                                  10
New business initiatives                             (11    )  
Fixed operating expenses for the three
months ended September 30, 2012 - as               $  387         [a]
adjusted
                                                                   
Fixed operating expenses for the three             $  445
months ended September 30, 2011 - GAAP
Less:
Merger expenses and exit costs                       (29    )
                                                   $  416         [b]
                                                                   
Variance ($)                                       $  (29    )     [a] - [b] =
                                                                   [c]
Variance (%)                                         -7     %     [c] / [b]
                                                                   
Fixed operating expenses for the nine months       $  1,250
ended September 30, 2012 - GAAP
Less:
Merger expenses and exit costs                       (61    )
                                                   $  1,189
Excluding the impact of:
Currency translation                                  26
New business initiatives                             (29    )
Fixed operating expenses for the nine months       $  1,186       [a]
ended September 30, 2012 - as adjusted
                                                                   
Fixed operating expenses for the nine months       $  1,319
ended September 30, 2011 - GAAP
Less:
Merger expenses and exit costs                       (68    )
                                                   $  1,251       [b]
                                                                   
Variance ($)                                       $  (65    )     [a] - [b] =
                                                                   [c]
Variance (%)                                         -5     %     [c] / [b]
                                                                   
                                                                   
Expense Base Development Versus Project 14
Cost Savings Plan
                                                                   
Fixed operating expenses for the nine months       $  1,250
ended September 30, 2012 - GAAP
Less:
Merger expenses and exit costs                        (61    )
New business initiatives                              (31    )
Currency translation (1)                             11     
Fixed operating expenses for the nine months       $  1,169       [a]
ended September 30, 2012 - as adjusted
                                                                   
Fixed operating expenses for the nine months       $  1,319
ended September 30, 2011 - GAAP
Less:
Merger expenses and exit costs                       (68    )
Fixed operating expenses for the nine months       $  1,251       [b]
ended September 30, 2011 - as adjusted
                                                                   
                                                                   
Year to Date Project 14 Cost Savings - ($)         $  82          [b]-[a] =
                                                                   [c]
                                                                   
Year to Date Project 14 Cost Savings - (%)           7      %     [c] / [b]
                                                                   
Project 14 Cost Savings to date as % of              33     %
total $250 million plan
                                                                   
                                                                   
(1) We measure the Project 14 cost savings utilizing constant currency rates
of $1.35 for the Euro and $1.60 for the Pound Sterling.


We use non-GAAP financial measures of operating performance. Non-GAAP measures
do not replace and are not superior to the presentation of our GAAP financial
results but are provided to improve overall understanding of our current
financial performance and our prospects for the future.

                                                             
NYSE Euronext
Condensed consolidated statements of financial condition (unaudited)
(in millions)
                                                                  
                                           September 30, 2012     December 31,
                                                                  2011
                                                                  
Assets
Current assets:
Cash, cash equivalents, and short term     $      341             $   432
financial investments
Accounts receivable, net                          477                 497
Deferred income taxes                             71                  108
Other current assets                             160                152
Total current assets                              1,049               1,189
                                                                  
Property and equipment, net                       944                 963
Goodwill                                          4,139               4,027
Other intangible assets, net                      5,715               5,697
Deferred income taxes                             535                 594
Other assets                                     577                637
Total assets                               $      12,959          $   13,107
                                                                  
Liabilities and equity
Accounts payable and accrued expenses      $      650             $   992
Deferred revenue                                  225                 130
Short term debt                                   866                 39
Deferred income taxes                            3                  23
Total current liabilities                         1,744               1,184
                                                                  
Long term debt                                    1,616               2,036
Deferred income taxes                             1,898               1,900
Accrued employee benefits                         562                 620
Deferred revenue                                  373                 371
Other liabilities                                25                 63
Total liabilities                                6,218              6,174
                                                                  
Redeemable noncontrolling interest               281                295
                                                                  
Equity                                            6,460               6,638
                                                                 
Total liabilities and equity               $      12,959          $   13,107
                                                                      

                                                                                                                                                                      
NYSE Euronext
Selected Statistical Data:
Volume Summary
                                                                                                                                                                                                   
                    Average Daily Volume                                                 Total Volume                                                              Total Volume
                                                  % ∆                        % ∆                                         % ∆                           % ∆
(Unaudited)         3Q12           2Q12           3Q12        3Q11           3Q12        3Q12            2Q12            3Q12        3Q11              3Q12        YTD 2012        YTD 2011        % ∆
                                                  vs.                        vs.                                         vs.                           vs.
                                                  2Q12                       3Q11                                        2Q12                          3Q11
                                                                                                                                                                                                   
Number of
Trading Days -        65             62                         66                         65              62                          66                          192             193
European Cash
Number of
Trading Days -        65             63                         66                         65              63                          66                          193             193
European
Derivatives
Number of
Trading Days -        63             63                         64                         63              63                          64                          188             189
U.S. Markets
                                                                                                                                                                                                   
European
Derivatives
Products              3,386          4,654        -27.2 %       4,349        -22.1 %       219,866         293,182       -25.0 %       287,064         -23.4 %     729,643         917,115         -20.4 %
(contracts in
thousands)
of which Bclear       829            1,743        -52.5 %       826          0.3   %       53,856          109,827       -51.0 %       54,508          -1.2  %     207,412         237,718         -12.7 %
Avg. Net
Revenue Per         $ 0.657        $ 0.674        -2.5  %     $ 0.679        -3.2  %     $ 0.657         $ 0.674         -2.5  %     $ 0.679           -3.2  %
Contract (ex.
Bclear)
Avg. Net
Revenue Per
Contract (ex.       $ 0.657        $ 0.673        -2.4  %     $ 0.666        -1.4  %     $ 0.657         $ 0.673         -2.4  %     $ 0.666           -1.4  %
Bclear) -
Currency
Neutral
                                                                                                                                                                                                   
Total Interest        1,735          1,953        -11.2 %       2,347        -26.1 %       112,531         123,059       -8.6  %       154,927         -27.4 %     350,918         462,950         -24.2 %
Rate Products^1
                                                                                                                                                                                                   
Short Term
Interest Rate         1,587          1,801        -11.9 %       2,198        -27.8 %       102,912         113,479       -9.3  %       145,086         -29.1 %     321,829         435,804         -26.2 %
Products
Medium and Long
Term Interest         148            152          -2.7  %       149          -0.8  %       9,619           9,580         0.4   %       9,841           -2.3  %     29,089          27,146          7.2   %
Rate Products
                                                                                                                                                                                                   
Total Equity          1,551          2,622        -40.9 %       1,923        -19.4 %       100,803         165,188       -39.0 %       126,943         -20.6 %     361,965         438,033         -17.4 %
Products^2
                                                                                                                                                                                                   
Individual            1,100          2,065        -46.7 %       1,250        -12.0 %       71,513          130,086       -45.0 %       82,515          -13.3 %     267,841         323,229         -17.1 %
Equity Products
Futures               696            1,603        -56.5 %       658          5.9   %       45,265          100,962       -55.2 %       43,421          4.2   %     179,402         205,169         -12.6 %
Options               404            462          -12.6 %       592          -31.8 %       26,248          29,124        -9.9  %       39,094          -32.9 %     88,439          118,060         -25.1 %
Equity Index          451            557          -19.1 %       673          -33.1 %       29,290          35,102        -16.6 %       44,428          -34.1 %     94,124          114,805         -18.0 %
Products
                                                                                                                                                                                                   
of which Bclear       829            1,743        -52.5 %       826          0.3   %       53,856          109,827       -51.0 %       54,508          -1.2  %     207,412         237,718         -12.7 %
Individual            754            1,667        -54.8 %       733          2.8   %       49,014          105,025       -53.3 %       48,400          1.3   %     193,037         221,876         -13.0 %
Equity Products
Futures               670            1,561        -57.1 %       635          5.6   %       43,560          98,312        -55.7 %       41,901          4.0   %     174,532         201,767         -13.5 %
Options               84             107          -21.3 %       98           -14.8 %       5,454           6,713         -18.8 %       6,499           -16.1 %     18,505          20,109          -8.0  %
Equity Index          74             76           -2.3  %       93           -19.5 %       4,842           4,801         0.8   %       6,108           -20.7 %     14,375          15,841          -9.3  %
Products
                                                                                                                                                                                                   
Commodity             100            78           28.3  %       79           27.7  %       6,532           4,935         32.4  %       5,193           25.8  %     16,761          16,131          3.9   %
Products
                                                                                                                                                                                                   
U.S.
Derivatives
Products
(contracts in
thousands)
Avg. Net
Revenue Per
Contract (ex.       $ 0.144        $ 0.150        -4.0  %     $ 0.154        -6.5  %     $ 0.144         $ 0.150         -4.0  %     $ 0.154           -6.5  %
Liffe U.S.
volumes)
                                                                                                                                                                                                   
Equity Options        3,533          3,915        -9.8  %       4,866        -27.4 %       222,578         246,634       -9.8  %       311,430         -28.5 %     725,134         840,169         -13.7 %
Contracts^3
Total
Consolidated          13,812         14,911       -7.4  %       18,477       -25.2 %       870,150         939,423       -7.4  %       1,182,554       -26.4 %     2,794,081       3,248,325       51.6  %
Options
Contracts
                                                                                                                                                                                                   
Share of Total
Consolidated          25.6   %       26.3   %                   26.3   %                   25.6    %       26.3    %                   26.3      %                 26.0      %     25.9      %     0.1   %
Options
Contracts
                                                                                                                                                                                                   
NYSE Liffe U.S.
                                                                                                                                                                                                   
Futures and
Futures Options       66.4           73.4         -9.5  %       117.8        -43.7 %       4,247.6         4,769.3       -10.9 %       7,774.6         -45.4 %     15,178.2        15,099.8        0.5   %
Volume*
                                                                                                                                                                                                   
European Cash
Products              1,318          1,709        -22.8 %       1,907        -30.9 %       85,695          105,934       -19.1 %       125,891         -31.9 %     294,556         338,267         -12.9 %
(trades in
thousands)
Avg. Net
Revenue Per         $ 0.537        $ 0.519        3.5   %     $ 0.635        -15.4 %     $ 0.537         $ 0.519         3.5   %     $ 0.635           -15.4 %
Transaction
Avg. Net
Revenue Per
Transaction -       $ 0.537        $ 0.506        6.1   %     $ 0.563        -4.6  %     $ 0.537         $ 0.506         6.1   %     $ 0.563           -4.6  %
Currency
Neutral
                                                                                                                                                                                                   
Equities              1,272          1,656        -23.2 %       1,832        -30.5 %       82,698          102,668       -19.5 %       120,893         -31.6 %     284,805         325,084         -12.4 %
Exchange-Traded       13             14           -12.2 %       25           -49.3 %       819             890           -8.0  %       1,641           -50.1 %     2,650           3,988           -33.6 %
Funds
Structured            28             33           -15.2 %       46           -39.1 %       1,831           2,059         -11.1 %       3,052           -40.0 %     6,125           8,223           -25.5 %
Products
Bonds                 5              5            4.7   %       5            15.8  %       348             317           9.7   %       305             14.0  %     976             972             0.4   %
                                                                                                                                                                                                   
U.S. Cash
Products              1,583          1,818        -12.9 %       2,608        -39.3 %       99,758          114,541       -12.9 %       166,914         -40.2 %     325,180         440,850         -26.2 %
(shares in
millions)
Avg. Net
Revenue Per 100     $ 0.0401       $ 0.0428       -6.3  %     $ 0.0383       4.7   %     $ 0.0401        $ 0.0428        -6.3  %     $ 0.0383          4.7   %
Shares Handled
                                                                                                                                                                                                   
NYSE Listed
(Tape A) Issues
^4
                                                                                                                                                                                                   
Handled Volume        1,134          1,304        -13.0 %       1,806        -37.2 %       71,463          82,157        -13.0 %       115,591         -38.2 %     232,644         311,061         -25.2 %
^5
Matched Volume        1,078          1,239        -13.0 %       1,717        -37.2 %       67,921          78,081        -13.0 %       109,900         -38.2 %     220,535         294,921         -25.2 %
^6
Total NYSE
Listed                3,412          3,885        -12.2 %       4,801        -28.9 %       214,981         244,756       -12.2 %       307,295         -30.0 %     703,537         838,416         -16.1 %
Consolidated
Volume
                                                                                                                                                                                                   
Share of Total
Consolidated
Volume
Handled Volume        33.2   %       33.6   %                   37.6   %     -4.4  %       33.2    %       33.6    %                   37.6      %                 33.1      %     37.1      %
^5
Matched Volume        31.6   %       31.9   %                   35.8   %     -4.2  %       31.6    %       31.9    %                   35.8      %                 31.3      %     35.2      %
^6
                                                                                                                                                                                                   
NYSE Arca, MKT
and Regional
(Tape B) Listed
Issues
                                                                                                                                                                                                   
Handled Volume        222            279          -20.3 %       469          -52.6 %       14,005          17,582        -20.3 %       30,007          -53.3 %     48,029          72,582          -33.8 %
^5
Matched Volume        202            251          -19.5 %       423          -52.2 %       12,741          15,826        -19.5 %       27,094          -53.0 %     43,238          65,340          -33.8 %
^6
Total NYSE Arca
& NYSE MKT
Listed                939            1,188        -20.9 %       1,798        -47.8 %       59,184          74,843        -20.9 %       115,086         -48.6 %     203,650         279,949         -27.3 %
Consolidated
Volume
                                                                                                                                                                                                   
Share of Total
NYSE Arca &
NYSE MKT Listed
Consolidated
Volume
Handled Volume        23.7   %       23.5   %                   26.1   %                   23.7    %       23.5    %                   26.1      %                 23.6      %     25.9      %
^5
Matched Volume        21.5   %       21.1   %                   23.5   %                   21.5    %       21.1    %                   23.5      %                 21.2      %     23.3      %
^6
                                                                                                                                                                                                   
Nasdaq Listed
Issues (Tape C)
                                                                                                                                                                                                   
Handled Volume        227            240          -5.5  %       333          -31.9 %       14,289          15,123        -5.5  %       21,316          -33.0 %     44,507          57,208          -22.2 %
^5
Matched Volume        196            206          -4.7  %       292          -33.0 %       12,342          12,950        -4.7  %       18,719          -34.1 %     38,067          49,214          -22.6 %
^6
Total Nasdaq
Listed                1,661          1,802        -7.8  %       2,183        -23.9 %       104,663         113,554       -7.8  %       139,681         -25.1 %     329,548         392,592         -16.1 %
Consolidated
Volume
                                                                                                                                                                                                   
Share of Total
Nasdaq Listed
Consolidated
Volume
Handled Volume        13.7   %       13.3   %                   15.3   %                   13.7    %       13.3    %                   15.3      %                 13.5      %     14.6      %
^5
Matched Volume        11.8   %       11.4   %                   13.4   %                   11.8    %       11.4    %                   13.4      %                 11.6      %     12.5      %
^6
                                                                                                                                                                                                   
Exchange-Traded
Funds ^5,7
                                                                                                                                                                                                   
Handled Volume        205            265          -22.7 %       455          -55.0 %       12,903          16,693        -22.7 %       29,119          -55.7 %     45,002          68,122          -33.9 %
^5
Matched Volume        186            238          -21.7 %       410          -54.6 %       11,739          14,995        -21.7 %       26,271          -55.3 %     40,453          61,281          -34.0 %
^6
Total ETF
Consolidated          890            1,167        -23.7 %       1,783        -50.1 %       56,048          73,495        -23.7 %       114,109         -50.9 %     196,741         267,573         -26.5 %
Volume
                                                                                                                                                                                                   
Share of Total
ETF
Consolidated
Volume
Handled Volume        23.0   %       22.7   %                   25.5   %                   23.0    %       22.7    %                   25.5      %                 22.9      %     25.5      %
^5
Matched Volume        20.9   %       20.4   %                   23.0   %                   20.9    %       20.4    %                   23.0      %                 20.6      %     22.9      %
^6
       

^1  Data includes currency products.
^2   Includes trading activities for Bclear, NYSE Liffe's service for Equity
     OTC derivatives.
^3   Includes trading in U.S. equity options contracts, not equity-index
     options.
^4   Includes all volume executed in NYSE Euronext's U.S. crossing sessions.
     Represents the total number of shares of equity securities and ETFs
^5   internally matched on the NYSE Euronext's U.S. exchanges or routed to and
     executed at an external market center. NYSE Arca routing includes
     odd-lots.
^6   Represents the total number of shares of equity securities and ETFs
     executed on the NYSE Euronext's U.S. exchanges.
^7   Data included in previously identified categories.
^*   ADVs calculated with the appropriate number of NYSE Liffe U.S. trading
     days.
     Source: NYSE Euronext, Options Clearing Corporation and Consolidated Tape
     as reported for equity securities.
     All trading activity is single-counted, except European cash trading
     which is double counted to include both buys and sells.
     

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