A solid upside quarter (was) driven by tight expense controls and an improving rate per contract. |
A strong quarter pretty much any way you slice it. |
Guidance is below our previous estimate and implies higher expenses. |
I still think there is big potential for consolidation across the Atlantic within the exchange space overall. |
I think the near-term strategy is: focus on getting listed share. |
It was thinly traded yesterday, they haven't even given the shares to the members yet and the members are locked up. I believe that the real fundamentals of the stock will drive the valuation going forth. |
The London Stock Exchange is an all-electronic stock exchange that gives Nasdaq a global presence. There would be cost savings, too. |
The trading activity has been solid, and the new money flows from clients have been outstanding. |
We believe year-end redemptions drove a 10% decline in average assets under management to $3 billion. |
Without that, Nasdaq was unwilling to increase its bid. |