Q2 2012 Earnings Call Transcript

Transcript Call Date 08/03/2012

Operator: Good day, ladies and gentlemen, and welcome to the Second Quarter 2012 NYSE Euronext Earnings Conference Call. My name is Shiquana, and I will be your coordinator for today. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards the end of this conference.

I would now like to turn the presentation over to your host, Mr. Stephen Davidson, Head of Investor Relations at NYSE Euronext. Please go ahead, sir.

Stephen c. Davidson - VP, IR: Thanks, Shiquana. Good morning and welcome to the NYSE Euronext second quarter 2012 earnings conference call. Before I introduce today's speakers, let me remind you that comments on the call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on NYSE Euronext's current expectations and involve risks and uncertainties that could cause NYSE Euronext's actual results to differ materially from those in the statements. These forward-looking statements speak as of today and you should not rely on them as representing our views in the future.

Please refer to our SEC filings for a full discussion of the risk factors that may affect any forward-looking statements. Except for any obligation to disclose material information under the federal securities laws, NYSE Euronext undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after this conference call.

We will discuss non-GAAP financial measures during this call. Non-GAAP measures are fully reconciled in the tables attached to the text of the earnings press release that we issued earlier today. We believe that these tables provide investors useful information about our business trends. However, our non-GAAP measures do not replace and are not superior to GAAP measures.

Duncan Niederauer, our Chief Executive Officer will review the highlights for the quarter, update you on the progress we have made in executing our strategy and focus on key developments in each of our segments. Michael Geltzeiler, Chief Financial Officer will then review the financial results for the quarter. We will then open the line for your questions. Also the room for the Q&A session is Larry Leibowitz, Chief Operating Officer.

We are incorporating slides for the call today which are available for viewing on our website and Duncan and Mike will refer to the slides during their remarks.

With that let me now turn the call over to Duncan.

Duncan L. Niederauer - CEO and Director: Thanks, Steve and good morning, everybody. Thanks for joining the call today. Before, I just thought it would make sense to point out that we're having this call at an important time in the markets. I think there's a lot going on obviously that has broader ramification. So what you'll hear this morning is that what – that some of our comments will be less focused on our company individually and instead focused on what I see as broader industry issues and the longer term outlook.

So, to start with, I thought I'd provide some introductory remarks on the operating environment, we'll obviously spend some time reviewing our results for the quarter and then Mike and I will update you in each of our businesses on kind of where we see things going and what the trajectory looks like. Now as many of you know in my role, I have the opportunity to do a lot of traveling and I have the privilege of getting to meet with corporate leaders and government leaders around the world on a pretty regular basis, and as you would expect what I'm asking them about these days is what do they think about the outlook for the operating environment, the global economy et cetera, and it won't surprise any of you that to a person everyone is talking about the tremendous and continuing uncertainty in the underlying foundation and whether you talk about the political landscape, the economic landscape et cetera.

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