Revenues totalled NOK 62.2 (54.7) million in the fourth quarter. The increase from the previous year's third quarter was largely due to increased trading and to accrual-accounting effects on sales figures for financial market data. For the full year 2003 revenues totalled NOK 228.5 (222.3) million. Higher trading revenues made up for lower revenues from sales of market data and reduced listing fee receipts. The number of terminals with access to market data from Oslo Børs fell by about 8 % in 2003.
Oslo Børs's costs continued their positive trend. Total fourth-quarter operating expenses came to NOK 46.4 (44.1) million. Operating costs for the full year 2003 totalled NOK 159.4 (169.8) million.
The relatively high activity in the market in the third quarter continued in the fourth quarter. The Oslo Børs Benchmark Index (OSEBX) measured 170.97 at year-end after an increase of about 19.9 % over the quarter. The Benchmark Index rose 48.4 % for the full year 2003.
Activity in the business area Fixed Income Markets has stabilised. At quarter-end 826 (838) bonds were quoted. Trading in the derivatives market showed a positive trend compared with the previous year. In the fourth quarter traded contracts numbered about 1,089,000 (796,000), while for the full year 2003 traded contracts totalled about 3,824,000 (3,176,000). Premium for 2003 averaged NOK 7.0 compared with NOK 7.5 in 2002.
Activity was generally high in the Oslo Børs's marketplaces in the second half of 2003. The bourse's revenues for 2004 will vary in step with activity levels, above all with trading in the share market and the trend in sales of financial market data measured in the number of terminals.
Compared with 2003, Oslo Børs's operating expenses for 2004 will be adversely affected by certain factors. These include depreciation of the Norwegian krone, wage regulation effective from 1 January 2004 and one-time items which reduced the bourse's costs in 2003. Prices for 2004 have so far not been increased.
Please click here for the Report 4th quarter 2003 (pdf)
