Revenues and KPIs for three months ended 31 December 2010 (“Q3”):
Operational Developments:
Three months ended
|
|
Variance at
|
|
Nine months ended
|
|
Variance at
|
|||
31 December
|
|
constant
|
|
31 December
|
|
constant
|
|||
|
2010
|
2009
|
Variance
|
currency
|
|
2010
|
2009
|
Variance
|
currency
|
|
£m
|
£m
|
%
|
%
|
|
£m
|
£m
|
%
|
%
|
Revenue
|
|||||||||
Capital Markets
|
69.4
|
72.0
|
(4%)
|
(2%)
|
206.2
|
223.3
|
(8%)
|
(6%)
|
|
Post Trade Services
|
23.9
|
25.7
|
(7%)
|
(2%)
|
72.2
|
75.3
|
(4%)
|
(0%)
|
|
Information Services
|
43.9
|
43.0
|
2%
|
4%
|
131.4
|
128.7
|
2%
|
3%
|
|
Technology Services
|
11.4
|
10.3
|
11%
|
11%
|
35.8
|
24.1
|
49%
|
50%
|
|
Other
|
0.5
|
0.3
|
1.3
|
1.3
|
|||||
Total revenue
|
149.1
|
151.3
|
(1%)
|
1%
|
446.9
|
452.7
|
(1%)
|
1%
|
|
Net treasury income through CCP business
|
14.8
|
3.4
|
330%
|
348%
|
31.6
|
13.1
|
141%
|
151%
|
|
Other income
|
2.0
|
1.5
|
30%
|
33%
|
5.8
|
4.6
|
26%
|
26%
|
|
Total income
|
165.9
|
156.3
|
6%
|
9%
|
484.3
|
470.4
|
3%
|
5%
|
More detailed revenues by segment are provided in tables below:
Capital Markets
Three months ended
|
|
Variance at
|
|
Nine months ended
|
|
Variance at
|
|||
31 December
|
|
constant
|
|
31 December
|
|
constant
|
|||
|
2010
|
2009
|
Variance
|
currency
|
|
2010
|
2009
|
Variance
|
currency
|
Revenue
|
£m
|
£m
|
%
|
%
|
|
£m
|
£m
|
%
|
%
|
Primary Markets
|
|||||||||
Annual fees
|
9.6
|
8.7
|
10%
|
12%
|
28.3
|
26.2
|
8%
|
10%
|
|
Admission fees
|
9.5
|
9.5
|
0%
|
0%
|
24.8
|
26.3
|
(6%)
|
(5%)
|
|
|
19.1
|
18.2
|
5%
|
6%
|
53.1
|
52.5
|
1%
|
2%
|
|
Secondary Markets
|
|||||||||
Cash equities UK
|
19.5
|
23.0
|
(15%)
|
(15%)
|
63.4
|
76.7
|
(17%)
|
(17%)
|
|
Cash equities Italy
|
6.8
|
7.1
|
(4%)
|
1%
|
21.5
|
24.3
|
(12%)
|
(8%)
|
|
Derivatives
|
3.8
|
4.7
|
(19%)
|
(16%)
|
12.3
|
15.2
|
(19%)
|
(17%)
|
|
Fixed income
|
8.3
|
7.6
|
9%
|
15%
|
22.9
|
21.3
|
8%
|
12%
|
|
|
38.4
|
42.4
|
(9%)
|
(7%)
|
120.1
|
137.5
|
(13%)
|
(11%)
|
|
Other
|
11.9
|
11.4
|
4%
|
8%
|
33.0
|
33.3
|
(1%)
|
2%
|
|
Total revenue
|
69.4
|
72.0
|
(4%)
|
(2%)
|
206.2
|
223.3
|
(8%)
|
(6%)
|
Post Trade Services
Three months ended
|
|
Variance at
|
|
Nine months ended
|
|
Variance at
|
|||
31 December
|
|
constant
|
|
31 December
|
|
constant
|
|||
|
2010
|
2009
|
Variance
|
currency
|
|
2010
|
2009
|
Variance
|
currency
|
|
£m
|
£m
|
%
|
%
|
|
£m
|
£m
|
%
|
%
|
Revenue
|
|||||||||
Clearing
|
8.4
|
8.9
|
(6%)
|
0%
|
25.2
|
24.9
|
1%
|
5%
|
|
Settlement
|
4.5
|
5.0
|
(10%)
|
(6%)
|
13.4
|
15.8
|
(15%)
|
(12%)
|
|
Custody & other
|
11.0
|
11.8
|
(7%)
|
(2%)
|
33.6
|
34.6
|
(3%)
|
1%
|
|
Total revenue
|
23.9
|
25.7
|
(7%)
|
(2%)
|
72.2
|
75.3
|
(4%)
|
(0%)
|
|
Net treasury income through CCP business
|
14.8
|
3.4
|
330%
|
348%
|
31.6
|
13.1
|
141%
|
151%
|
|
Total income
|
38.7
|
29.1
|
33%
|
40%
|
103.8
|
88.4
|
17%
|
22%
|
Information Services
Three months ended
|
|
Variance at
|
|
Nine months ended
|
|
Variance at
|
|||
31 December
|
|
constant
|
|
31 December
|
|
constant
|
|||
|
2010
|
2009
|
Variance
|
currency
|
|
2010
|
2009
|
Variance
|
currency
|
|
£m
|
£m
|
%
|
%
|
|
£m
|
£m
|
%
|
%
|
Revenue
|
|||||||||
Real time data
|
24.4
|
26.3
|
(7%)
|
(6%)
|
72.6
|
80.3
|
(10%)
|
(8%)
|
|
Other information services
|
19.5
|
16.7
|
17%
|
18%
|
58.8
|
48.4
|
21%
|
23%
|
|
Total revenue
|
43.9
|
43.0
|
2%
|
4%
|
131.4
|
128.7
|
2%
|
3%
|
Technology Services
Three months ended
|
|
Variance at
|
|
Nine months ended
|
|
Variance at
|
|||
31 December
|
|
constant
|
|
31 December
|
|
constant
|
|||
|
2010
|
2009
|
Variance
|
currency
|
|
2010
|
2009
|
Variance
|
currency
|
|
£m
|
£m
|
%
|
%
|
|
£m
|
£m
|
%
|
%
|
Revenue
|
|||||||||
MillenniumIT
|
4.1
|
2.6
|
58%
|
52%
|
13.1
|
2.6
|
-
|
-
|
|
Technology
|
7.3
|
7.7
|
(5%)
|
(4%)
|
22.7
|
21.5
|
6%
|
7%
|
|
Total revenue
|
11.4
|
10.3
|
11%
|
11%
|
35.8
|
24.1
|
49%
|
50%
|
Financial Position
Basis of Preparation
Average €:£ rate 3 months ended 31 December 2010
|
Closing €:£ rate at 31 December 2010
|
Average €:£ rate 9 months ended 31 December 2010
|
Average €:£ rate 3 months ended 31 December 2009
|
Closing €:£ rate at 31 December 2009
|
Average €:£ rate 9 months ended 31 December 2009
|
€1.164
|
€1.167
|
€1.180
|
€1.106
|
€1.123
|
€1.131
|
Capital Markets - Primary Markets
|
|||||||||
Three months ended
|
|
|
Nine months ended
|
|
|||||
|
31 December
|
Variance
|
|
31 December
|
Variance
|
||||
2010
|
|
2009
|
%
|
|
2010
|
|
2009
|
%
|
|
New Issues
|
|
|
|||||||
UK Main Market, PSM & SFM
|
25
|
14
|
79%
|
59
|
36
|
64%
|
|||
UK AIM
|
35
|
18
|
94%
|
86
|
31
|
177%
|
|||
Borsa Italiana
|
3
|
4
|
(25%)
|
6
|
6
|
0%
|
|||
Total
|
63
|
|
36
|
75%
|
|
151
|
|
73
|
107%
|
|
|
|
|
|
|
|
|
|
|
Company Numbers (as at period end)
|
|
|
|||||||
UK Main Market, PSM & SFM
|
1,475
|
1,499
|
(2%)
|
||||||
UK AIM
|
1,195
|
1,293
|
(8%)
|
||||||
Borsa Italiana
|
296
|
296
|
0%
|
||||||
Total
|
2,966
|
|
3,088
|
(4%)
|
|
||||
|
|
|
|
|
|
||||
Market Capitalisation (as at period end)
|
|
|
|
|
|
||||
UK Main Market (£bn)
|
1,952
|
1,732
|
13%
|
||||||
UK AIM (£bn)
|
79
|
57
|
39%
|
||||||
Borsa Italiana (€bn)
|
425
|
457
|
(7%)
|
||||||
Borsa Italiana (£bn)
|
366
|
406
|
(10%)
|
||||||
Total (£bn)
|
2,397
|
|
2,195
|
9%
|
|
||||
|
|
|
|
|
|
|
|
|
|
Money Raised (£bn)
|
|
|
|
|
|
|
|
|
|
UK New
|
3.6
|
1.0
|
260%
|
8.7
|
2.2
|
295%
|
|||
UK Further
|
6.8
|
20.8
|
(67%)
|
18.3
|
51.7
|
(65%)
|
|||
Borsa Italiana new and further
|
2.0
|
2.1
|
(5%)
|
3.1
|
13.6
|
(77%)
|
|||
Total (£bn)
|
12.4
|
|
23.9
|
(48%)
|
|
30.1
|
|
67.5
|
(55%)
|
Capital Markets - Secondary Markets
|
|||||||||
|
Three months ended
|
|
|
Nine months ended
|
|
||||
|
31 December
|
Variance
|
|
31 December
|
Variance
|
||||
2010
|
|
2009
|
%
|
|
2010
|
|
2009
|
%
|
|
Equity Volume Bargains (m)
|
|||||||||
UK
|
33.8
|
34.5
|
(2%)
|
109.9
|
112.9
|
(3%)
|
|||
Borsa Italiana
|
14.6
|
15.0
|
(3%)
|
46.7
|
48.5
|
(4%)
|
|||
Total
|
48.4
|
|
49.5
|
(2%)
|
|
156.6
|
|
161.4
|
(3%)
|
Equity Value Traded
|
|||||||||
UK (£bn)
|
268
|
283
|
(5%)
|
881
|
863
|
2%
|
|||
Borsa Italiana (€bn)
|
165
|
175
|
(6%)
|
579
|
552
|
5%
|
|||
Borsa Italiana (£bn)
|
142
|
159
|
(11%)
|
492
|
490
|
0%
|
|||
Total (£bn)
|
410
|
|
442
|
(7%)
|
|
1,373
|
|
1,353
|
1%
|
Equity Average Daily Bargains ('000)
|
|
|
|
|
|
|
|
|
|
UK
|
528
|
539
|
(2%)
|
578
|
594
|
(3%)
|
|||
Borsa Italiana
|
229
|
239
|
(4%)
|
242
|
254
|
(5%)
|
|||
Total
|
757
|
|
778
|
(3%)
|
|
820
|
|
848
|
(3%)
|
Equity Average Daily Value Traded
|
|||||||||
UK (£bn)
|
4.2
|
4.4
|
(5%)
|
4.6
|
4.5
|
2%
|
|||
Borsa Italiana (€bn)
|
2.6
|
2.8
|
(7%)
|
3.0
|
2.9
|
3%
|
|||
Borsa Italiana (£bn)
|
2.2
|
2.5
|
(12%)
|
2.5
|
2.6
|
(4%)
|
|||
Total (£bn)
|
6.4
|
|
6.9
|
(7%)
|
|
7.1
|
|
7.1
|
0%
|
SETS Yield (basis points)
|
0.72
|
0.81
|
(11%)
|
0.71
|
0.88
|
(19%)
|
Three months ended
|
|
|
Nine months ended
|
|
|||||
|
31 December
|
Variance
|
|
31 December
|
Variance
|
||||
2010
|
|
2009
|
%
|
|
2010
|
|
2009
|
%
|
|
Derivatives (contracts m)
|
|||||||||
EDX
|
9.0
|
15.3
|
(41%)
|
26.2
|
46.6
|
(44%)
|
|||
of which Russian / IOB
|
8.3
|
11.4
|
(27%)
|
24.0
|
28.6
|
(16%)
|
|||
IDEM
|
9.5
|
10.6
|
(10%)
|
36.1
|
32.9
|
10%
|
|||
Total
|
18.5
|
|
25.9
|
(29%)
|
|
62.3
|
|
79.5
|
(22%)
|
|
|
|
|
|
|
|
|
|
|
Fixed Income
|
|
|
|
|
|||||
MTS cash and Bondvision (€bn)
|
649
|
668
|
(3%)
|
1,896
|
1,699
|
12%
|
|||
MTS money markets (€bn term adjusted)
|
15,827
|
10,441
|
52%
|
47,123
|
28,729
|
64%
|
|||
MOT (€bn)
|
57
|
51
|
12%
|
171
|
167
|
2%
|
|||
MOT number of trades (m)
|
1.11
|
0.78
|
42%
|
2.95
|
2.52
|
17%
|
Post Trade Services
|
|||||||||
Three months ended
|
|
|
Nine months ended
|
|
|||||
|
31 December
|
Variance
|
|
31 December
|
Variance
|
||||
2010
|
|
2009
|
%
|
|
2010
|
|
2009
|
%
|
|
CC&G Clearing (m)
|
|||||||||
Equity clearing (trades)
|
15.2
|
15.9
|
(4%)
|
49.3
|
50.6
|
(3%)
|
|||
Derivative clearing (contracts)
|
9.5
|
10.6
|
(10%)
|
36.0
|
32.9
|
9%
|
|||
Total Contracts
|
24.7
|
|
26.5
|
(7%)
|
|
85.3
|
|
83.5
|
2%
|
Open interest (contracts as at period end)
|
3.0
|
2.9
|
3%
|
||||||
|
|
|
|
||||||
Monte Titoli
|
|
|
|
|
|||||
Pre Settlement instructions (trades m)
|
7.5
|
8.2
|
(9%)
|
22.6
|
26.4
|
(14%)
|
|||
Settlement instructions (trades m)
|
9.4
|
11.4
|
(18%)
|
29.3
|
37.8
|
(22%)
|
|||
Custody assets under management (average €tn)
|
3.00
|
2.95
|
2%
|
2.99
|
2.85
|
5%
|
Information Services
|
||||
Three months ended
|
|
|||
|
31 December
|
Variance
|
||
2010
|
|
2009
|
%
|
|
UK Terminals
|
||||
Professional - UK
|
38,000
|
38,000
|
0%
|
|
Professional - International
|
55,000
|
55,000
|
0%
|
|
Total
|
93,000
|
|
93,000
|
0%
|
Borsa Italiana Professional Terminals
|
140,000
|
|
143,000
|
(2%)
|
|
|
FY 2010
|
|
FY 2011
|
||||||
£ millions
|
|
Q1
|
Q2
|
Q3
|
Q4
|
FY 2010
|
|
Q1
|
Q2
|
Q3
|
|
|
|
|
|
|
|
|
|
|
|
Annual Fees
|
|
8.9
|
8.6
|
8.7
|
9.0
|
35.2
|
|
9.3
|
9.4
|
9.6
|
Admission Fees
|
|
9.0
|
7.7
|
9.5
|
7.8
|
34.0
|
|
8.8
|
6.5
|
9.5
|
Cash equities UK
|
|
28.4
|
25.3
|
23.0
|
25.1
|
101.8
|
|
24.4
|
19.6
|
19.5
|
Cash equities Italy
|
|
9.1
|
8.1
|
7.1
|
7.4
|
31.7
|
|
8.7
|
6.0
|
6.8
|
Derivatives
|
|
5.5
|
5.0
|
4.7
|
4.3
|
19.5
|
|
4.9
|
3.5
|
3.8
|
Fixed Income
|
|
6.7
|
7.1
|
7.6
|
7.9
|
29.3
|
|
7.4
|
7.2
|
8.3
|
Other
|
|
11.0
|
10.9
|
11.4
|
10.5
|
43.8
|
|
10.7
|
10.5
|
11.9
|
Capital Markets
|
|
78.6
|
72.7
|
72.0
|
72.0
|
295.3
|
|
74.2
|
62.7
|
69.4
|
|
|
|
|
|
|
|
|
|
|
|
Clearing
|
|
8.9
|
7.1
|
8.9
|
8.5
|
33.4
|
|
9.7
|
7.2
|
8.4
|
Settlement
|
|
6.0
|
4.8
|
5.0
|
5.3
|
21.1
|
|
5.0
|
3.9
|
4.5
|
Custody & other
|
|
12.3
|
10.5
|
11.8
|
10.9
|
45.5
|
|
12.2
|
10.3
|
11.0
|
Post Trade Services
|
|
27.2
|
22.4
|
25.7
|
24.7
|
100.1
|
|
26.9
|
21.4
|
23.9
|
|
|
|
|
|
|
|
|
|
|
|
Real time data
|
|
27.4
|
26.6
|
26.3
|
23.4
|
103.7
|
|
24.0
|
24.3
|
24.4
|
Other information
|
|
16.7
|
15.0
|
16.7
|
17.3
|
65.5
|
|
20.0
|
19.1
|
19.5
|
Information Services
|
|
44.1
|
41.6
|
43.0
|
40.7
|
169.2
|
|
44.0
|
43.4
|
43.9
|
|
|
|
|
|
|
|
|
|
|
|
MillenniumIT
|
|
-
|
-
|
2.6
|
4.1
|
6.7
|
|
4.9
|
4.1
|
4.1
|
Technology
|
|
6.6
|
7.2
|
7.7
|
11.2
|
32.7
|
|
7.6
|
7.9
|
7.3
|
Technology Services
|
|
6.6
|
7.2
|
10.3
|
15.3
|
39.4
|
|
12.5
|
12.0
|
11.4
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
0.5
|
0.3
|
0.3
|
0.4
|
1.5
|
|
0.4
|
0.4
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue
|
|
157.0
|
144.2
|
151.3
|
153.1
|
605.5
|
|
158.2
|
139.9
|
149.1
|
|
|
|
|
|
|
|
|
|
|
|
Net treasury income through CCP business
|
|
4.9
|
4.8
|
3.4
|
3.1
|
16.2
|
|
5.9
|
10.8
|
14.8
|
Other income
|
|
1.3
|
1.8
|
1.5
|
1.9
|
6.5
|
|
1.9
|
1.9
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
Total income
|
|
163.2
|
150.8
|
156.3
|
158.1
|
628.3
|
|
166.0
|
152.6
|
165.9
|