| (in € 1,000) | 3rd quarter (unaudited | % change 2002 // 2001 | |
| 2001 | 2002 | ||
| (pro-forma) (1) | |||
| Cash trading | 44 666 | 51 488 | +15.3% |
| Listing fees | 11 268 | 7 484 | -33.6% |
| Derivatives trading | 64 164 | 76 415 | +19.1% |
| Clearing | 41 797 | 50 285 | +20.3% |
| Settlement and custody (2) | 5 889 | 6 028 | +2.4% |
| Information services (2) | 25 047 | 21 459 | -14.3% |
| Sales of developed software/solutions | 31 827 | 37 300 | +17.2% |
| Other income | 1 808 | 3 014 | +66.7% |
| TOTAL | 226 466 | 253 473 | +11.9% |
(1)Both years include Liffe and BVLP revenues
(2)Scope of consolidation change for both years: Do not include Necigef and La Cote Bleue - see business analysis note
Business Analysis
Cash trading
The business generated a strong revenues growth of 15.3 % compared to the 3rd quarter 2001.
The number of trades recorded during the quarter progressed by more than 30 % yoy; but two effects impacted negatively the revenues of the business:
- The observed increase of activity induced a decrease of the average price per trade by 5.6%;
- The end of invoicing the messages and modules following the implementation of NSC in Amsterdam on October 29th, 2001 impacted the quarterly revenues by € 2 mio.
The still uncertain market conditions did not encourage companies to go public. Therefore, revenues decreased this quarter by 33.6 % yoy. Realised revenues consist mainly of recurring listing fees. So far no improvement to be expected before 2003.
Derivatives trading
Derivatives markets registered this quarter a remarkable growth of activity with regard to Q3 2001 which was already a historically high quarter. The number of contracts negotiated on the Euronext.liffe derivatives markets increased by more than 10 % compared to Q3 2001. The Euribor contract in the UK increased strongly (+33.1 %) as well as the individual equity options in Amsterdam (+49.3%). Revenues have increased by 19.1 % over the quarter, reaching € 76.4 mio due to a favourable product mix.
Clearing
The strong increase in volumes cleared on cash trades as well as derivatives have more than offset the decline in the average amount per trade. As a result, revenues have increased by 20.3% to € 50.3mio.
Settlement and custody
Revenues are stable (+2.4%) and in line with our guidelines, amounting € 6 mio on the quarter.
Information services
Revenues from information services are down 14.3% yoy, to € 21.5 mio in line with the rationalisations in the financial industry.
Sales of developed software/solutions
GL Trade performed once again very well this quarter: revenues amount to € 32.6 mio, an increase of 28% compared to Q3 2001. Sales of software to external clients by Euronext.liffe represent € 4.7 mio in Q3, total revenues grow by 17.2%, at € 37.3 mio.
Other Revenues
The increase of other revenues (€ 3 mio over the quarter, an increase of +1.2 mio compared with the same period last year) is mainly linked to the increase of membership and grading fees in London (impact € 0.5 mio).
