NYSE EuronextNYX

Morningstar Rating

Stock Research and Analysis

by Michael Wong, CPA

The New York Stock Exchange is arguably the premier public company listing venue in the world. The 2007 merger with Euronext solidified the firm as the largest financial instrument exchange listing group. Listed companies have a market cap of about Read more

Bulls Say

Management has historically been disciplined at controlling costs.

NYSE's new initiatives including U.S. futures, block trading, dark pools, and clearing have the potential to be highly lucrative.

The company's investments in foreign exchanges in developing economies could become quite profitable.

A strengthening of European currencies against the U.S. dollar could boost earnings.

Regulatory changes such as increasing exchanges' role in over-the-counter derivatives or emissions trading could benefit the company. Read more

Bears Say

The exchange and brokerage industry in the U.S. and Europe will only become increasingly competitive.

The NYSE's share of trading in NYSE-listed securities has been declining sequentially in the last several quarters.

With a highly fixed cost structure, revenue declines can lead to even greater net income declines. Read more

Strategy

The company plans to be a leading global financial market group. With core operations in the U.S. and Europe, NYSE Euronext is investing in Asian and South American exchanges to create a truly global Read more

Management

Duncan Niederauer is CEO and a member of the board of directors. Before joining NYSE in 2007, Niederauer was a managing director and cohead of the equities division execution services franchise at Goldman Sachs GS, where he had been working since 1985. Read more

Profile

NYSE Euronext operates six equity and six derivative exchanges in six countries spanning two continents. The company provides venues and technology for the trading of equities, Read more

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