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Oslo Børs Holding ASA recorded a post-tax profit of NOK 39.7 (38.8) million for the third quarter. Revenues totalled NOK 110.4 (91.2) million in the third quarter. As in previous quarters, the third quarter was characterised by high activity in both the equity and derivatives markets. However, the level of activity in the third quarter was lower than in the second quarter.
The value of shares and primary capital certificates traded in the third quarter was NOK 548 billion (409), which was 23% lower than the second quarter but 34% higher than the third quarter of 2005. The number of transactions in the equity market in the third quarter totalled 1,967,000 (1,511,000), which was 22% lower than in the second quarter but 30% higher than in the same period of 2005.
At the end of the third quarter, 786 (837) bond loans and other interest bearing securities were listed on the stock exchange. In addition, 135 (19) loans were listed on the ABM (Alternative Bond Market).
The number of contracts traded in the derivatives market in the third quarter was 3,649,000 (1,617,000), an increase of 2% from the second quarter. The revenue generated by derivatives trading in the third quarter was 25% lower than in the second quarter and approximately 4% lower than in same period last year. The decline relative to the third quarter of 2005 reflects reduced fees introduced from April 2006 and a higher proportion of foreign and market maker trading in 2006.
The number of end-users with access to market data from Oslo Børs was around 5% higher at the end of the third quarter than at the end of the previous quarter, and around 27% higher than at the same time last year. Revenue from sales of market data was MNOK 33.9 in the third quarter, an increase of NOK 8 million from the same period last year, but was NOK 4 million lower than the previous quarter which included a non-recurring item of NOK 5 million caused by revised distributor figures for the number of end-users. After adjusting the figures for this item, revenue showed an increase of 3% from the previous quarter.
Third quarter operating costs amounted to NOK 56.8 (38.3) million, an increase of NOK 18.5 million from the third quarter of 2005. Salary and staff costs totalled NOK 32.6 (18.0) million in the third quarter, an increase of NOK 14.6 million or 81%. The increase includes a charge of NOK 12.3 million in connection with pension liabilities that Oslo Børs took on when appointing the new President & CEO. According to the employment contract of September 2005, the President & CEO shall have a full pension contribution periodat Oslo Børs and full pension from Oslo Børs at retirement age (62 years). The President & CEO is therefore deemed to have 16 out of 30 years of contribution upon joining Oslo Børs. The estimated liability takes into account pension rights from previous employers and National Insurance. Aside from this provision, the year-on-year increase in salary and staff costs reflects the annual salary increase on 1 January and an increase in the number of employees. Oslo Børs’ revenues vary in line with activity levels. Oslo Børs expects that its total operating costs for 2006 will be in the order of NOK 215 million.
