April 29 (Bloomberg) -- Deutsche Boerse AG, the operator of the Frankfurt stock exchange, said first-quarter profit fell 26 percent as trading volumes declined.
Earnings before interest and taxes dropped to 192 million euros ($251 million) from 260 million euros a year earlier, the Frankfurt-based company said in an e-mailed statement today. Net income slid 17 percent to 121.2 million euros.
Deutsche Boerse and its rivals, including NYSE Euronext and London Stock Exchange Group Plc, have seen trading volumes drop following the global financial crisis of 2008. Traditional exchanges have also lost market share to new venues such as Bats Chi-X Europe. The German company says it’s focused on organic growth and Asia as it tries to drive profits.
CME Group Inc. has approached Deutsche Boerse to consider starting talks on a merger, four people familiar with the situation said in February. The European Commission blocked Deutsche Boerse’s acquisition of NYSE Euronext last year, citing concern over competition in the markets for derivatives and clearing.
Deutsche Boerse plans to cut about 250 jobs as part of a program to reduce costs by as much as 70 million euros annually by 2016. The exchange operator will spend 90 million euros to 120 million euros implementing the proposals.
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