Wall Street performed unusually well in the third quarter of 2005, helping off-set the year’s first-half declines and pushing profit forecasts for full-year 2005 beyond those of last year, Securities Industry Association Senior Vice President and Chief Economist Frank Fernandez reported in his most recent SIA Research Report. Fernandez predicted industry profits for 2005 would reach $21.21 billion, 2.6% above the $20.72 billion earned in 2004, but still 11.6% below 2003’s profits of $24.05 billion. Also included in the report is the release of actual securities results for the second quarter of 2005.
Once results become available for securities firms reporting on a calendar quarter ending September 30, more detailed estimates of industry results will be provided for the third quarter of 2005 as well as a revised forecast for the fourth quarter of 2005 and full year 2006.
This issue of SIA Research Reports also includes a summary of the proceedings of the annual SIA Research Management Conference held on September 27 and a monthly statistical review of securities markets.
The full report can be found at http://www.sia.com/research/pdf/RsrchRprtVol6-9.pdf
