First quarter 2003 revenues totalled NOK 52.9 (59.6) million. The reduction from last year's first quarter is largely due to reduced trading in the equity market and lower revenues from sales of financial market data. Oslo Børs's costs continued their positive trend. Total operating expenses were reduced from NOK 44.5 million in the first quarter of 2002 to NOK 40.4 million in the quarter under review.
The decline in international securities markets intensified in the first quarter of 2003. The Oslo Børs Benchmark Index fell 9.7% during the period. Transaction numbers in the equity market fell about 15% from the fourth quarter of 2002 to the first quarter of 2003. In value terms, turnover dropped from about NOK 107 billion to 102 billion in the same period. Activity in the business area Fixed Income Markets remained high in the first quarter. Turnover in the derivatives market was also on a positive trend.
Sales of financial market data are mainly measured by the number of terminals with access to market data from Oslo Børs. Manpower reductions and general tightening measures brought a reduction of some 6 per cent in the number of terminals in the first quarter. Revenues were about 3 per cent down on the fourth quarter of 2002.
The number of Oslo Børs's remote members was further increased with the admission of Merrill Lynch International in the first quarter. Merrill Lynch started trading on Oslo Børs in March. In April, Deutsche Bank AG's membership was approved. Based on the current market outlook, Oslo Børs expects lower revenues than last year and anticipates operating expenses totalling just under NOK 160 million. A somewhat weaker overall profit performance is expected in 2003 than in 2002.
Click here for the complete first quarter 2003 report.
