| (in € 1,000) | 1st quarter (unaudited) | Change (%) | |
| 2002 | 2003 | ||
| Listing | 13 162 | 5 751 | -56,3% |
| Cash Trading | 44 601 | 47 621 | 6,8% |
| Derivatives trading | 73 217 | 80 975 | 10,6% |
| Clearing | 44 261 | 42 331 | -4,4% |
| Settlement & Custody | 7 462 | 5 364 | -28,1% |
| Information services | 22 012 | 22 101 | 0,4% |
| Sales of developed software solutions | 33 024 | 39 537 | 19,7% |
| Other revenues | 4 261 | 2 383 | -44,1% |
| TOTAL | 242 000 | 246 063 | 1,7% |
Business Analysis
- Listing fees. Listing revenues are down to €5.8 million against €13.2 million in Q1, 2002 due to the absence of any IPO activity as well as any secondary offerings.
- Cash trading. The cash trading revenues reached €47.6 million during Q1, 2003, representing an increase of 6.8% compared on the same period of 2002 (€44.6 million). The strong growth in the number of trades during the first quarter of this year (+12.8%) realised this strong revenue growth despite a fall of the average fee per trade by 3.8%.
- Derivatives trading. Total volumes on Euronext.liffe were stable. Due to a favourable product mix, revenues increased by 10.6% amounting to €81million for Q1, 2003 against €73.2million for the same period in 2002.
- Clearing. The growth in the number of cash trades mentioned above was not sufficient to offset the decline in their value. This, combined with a decrease in the continental derivatives volumes, caused a decline in clearing revenues of 4.4%, from €44.3 million in Q1, 2002 to €42.3 million in Q1, 2003..
- Settlement and custody. Revenues decreased by €2.1million in line with the market activity in Belgium and in Portugal.
- Information services. Revenues from information services are more or less stable: up 0.4%, totalling €22.1million in Q1, 2003 compared to €22million in the same period in 2002.
- Sales of developed software/solutions. These revenues, amounting to €39.5million, compared to €33million in Q1 2002, were positively affected by the sale of LIFFE CONNECTä system to the CBOT (revenue of €5.2million during this quarter). Restated from this extension of Liffe Market Solutions' activity, this business registered a 3.9% growth, due to the satisfactory performance of GL Trade (€ 31.6million in the first quarter of 2003 compared to €28.1million in Q1, 2002).
- Other Revenues : The decrease of the other revenues (€2.4million in Q1, 2003 compared to €4.3million in Q1 2002) is mainly linked to the decrease of permit and entrance fees in Amsterdam following the completion of the move from floor to screen-based trading.
