Earnings per share were $10,882. Operating revenue decreased to $184.2 million in 2003 from $189.2 million during the prior year.
Clearing and transaction fees decreased 0.7% during 2003 despite higher trading and clearing volume, which was offset by an increase in fees refunded to members under the proprietary fee reduction program which was discontinued at the end of the year.
Net income in 2002 was $12.3 million and earnings per share were $15,072.
During 2003, futures and options trading and clearing volume on the Exchange was a record 139.2 million, a 4% increase over the 133.7 million contracts traded and cleared in 2002. Volume submitted for clearing only through the NYMEX ClearPortsm clearing platform was 6 million contracts, an increase from 0.5 million in 2002.
Operating expenses totaled $165.5 million in 2003 compared with $162.4 million in 2002, primarily due to higher general and administrative expenses.
Other developments during the year included:
- NYMEX Holdings paid total dividends of $9,191 per share during 2003, and declared its third dividend, $3,064 per share, to shareholders of record as of December 31, 2003.
- NYMEX Division seat values reached a record $1.625 million.
- The clearing functions of the NYMEX and COMEX Divisions were consolidated, and the separate guaranty funds were aggregated and maintained as a single fund to be drawn upon in the event of a default by a clearing member of either division. The company also obtained a $100 million default insurance policy that would be drawn upon in the event the guarantee fund was depleted.
- The New York Board of Trade (NYBOT) took occupancy on trading floor and office space at the Exchange headquarters under a 10-year lease with the Exchange.
- The NYMEX ClearPortsm trading system, launched in January 2003, became the venue for electronically trading a slate of energy futures contracts that are not listed for trading on the floor.
