Equity Research

July 30, 2009 United States of America

Financial Services
NYSE Euronext, Inc. (NYX - US$ 27.39) 1-Overweight Brokers & Asset Managers
Earnings Review/Sales Analysis Roger A. Freeman, CFA Alex Kramm, CFA
1.212.526.4662 1.212.526.7179
Cost Savings Offset Pricing Impact roger.freeman@barcap.com alex.kramm@barcap.com
BCI, New York BCI, New York
Investment Conclusion
‰ NYX made further strides from a cost performance
EPS (US$) (FY Dec)
perspective, a key area of focus for investors since
the Euronext acquisition closed in 2007. That said, 2008 2009 2010 % Change
continued market share erosion and price Actual Old New St. Est. Old New St. Est. 2009 2010
compression in key transaction businesses likely 1Q 0.91A 0.43A 0.43A 0.43A N/A N/A 0.57E -53% N/A
offsets much of the enthusiasm in a period where 2Q 0.75A 0.45E 0.51A 0.45E N/A N/A 0.61E -32% N/A
investors are intently focused on organic growth, 3Q 0.72A 0.52E 0.52E 0.47E N/A N/A 0.62E -28% N/A
likely explaining the in line performance vs. the 4Q 0.52A 0.62E 0.62E 0.51E N/A N/A 0.62E 19% N/A
market so far today. NYX has a lot of balls in the Year 2.90A 2.02E 2.02E 1.84E 2.45E 2.45E 2.26E -30% 21%
air that we expect to generate new top and bottom P/E 13.6 11.2
line growth over the next couple of years. As such,
we believe considerable long term value exists, Market Data Financial Summary
particularly with the shares trading at 11x our 2010
estimate. We believe that stabilization of market Market Cap (Mil.) 7121 Revenue TTM (Mil.) 4717.0
share and pricing in US and European cash Dividend Yield 4.38
markets, despite having less impact than many 52 Week Range 49.45 - 14.52
realize, is likely a prerequisite for multiple
expansion.

Summary
‰ EPS of $0.51 were 6 cents ahead of our and the
Street's $0.45 forecast, although excluding a Stock Overview
curtailment gain on a change in the company's Reuters
NYSE EURONEXT, INC. - 7/ 3 0/ 20 0 9 NYX
employee medical plan, EPS was more like $0.48, Bloomberg NYX
still a modest beat. Upside came from better cost 45
ADR
performance vs. our forecast, partially offset by
weaker revenues driven by price cuts. 35

25
Stock Rating Target Price
New: 1-Overweight New: US$ 37.00 15
Volum e
Old: 1-Overweight Old: US$ 37.00
10M

Sector View: 2-Neutral

Aug Sep Oct Nov Dec Jan Feb Mar Ap r May Jun Jul
Source: Lehm anLive

Barclays Capital does and seeks to do business with companies covered in its research reports. As a result, investors should be
aware that the firm may have a conflict of interest that could affect the objectivity of this report.

Investors should consider this report as only a single factor in making their investment decision.

PLEASE SEE ANALYST(S) CERTIFICATION(S) ON PAGE 5 AND IMPORTANT DISCLOSURES BEGINNING

ON PAGE 6
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 Equity Research
TOP LINE FEELS THE IMPACT OF PRICING
Net revenue of $611mm came in $16mm below our forecast. The reason really was two-fold: blended price declines in the U.S. options
business as well as European cash equities trading. Both are in response to competitive dynamics. We expected pricing would be down, but
it was more than we had modeled. In particular, European cash equities pricing declined 18% sequentially, about in line with the 20% price
cut that NYX had characterized the European price concessions to represent. But when factoring in that the Euro also strengthened 4.5%
during the quarter, pricing declined closer to 23%, the difference being mix-related. U.S. options pricing also declined more than expected,
down 15% sequentially. We suspect this was more mix driven than anything else.

Software/technologies revenue also fell short of our forecast, but this was primarily a timing issue with a couple of large deals not having
closed by the end of the quarter. We expect 3Q revenue to increase sequentially, as these deals will have closed, even if the broader
market remains soft as the company described the 2Q.

Market share did decline during the quarter in US cash equities, though this did not create a variance vs. our forecast since we had already
updated our estimates with quarter-end data. U.S. options share within the NYSE Arca platform increased, but has since fallen off
meaningfully in July. US cash market share has fallen in July as well. The company did not offer much explanation for the July declines
other than to stress the competitiveness of the market. Flash orders garnered some attention on the call, and NYSE attributes some of its
market share losses in US cash equities to this in addition to internalization. Broadly speaking, we believe the company is watching market
share closely, as recent pricing initiatives in US cash and options do not appear to be helping market share, at least not this month. With the
VIX settling into lower levels, and market volumes slowing into the depths of the summer, the company may be getting a glimpse of more
steady-state volume and order flow dynamics that could once again prompt another round of tweaking of its pricing model. We will look to
monitor August trends for additional clues as to how NYX could respond.

COSTS PERFORMANCE IMPROVED, BUT A LITTLE LESS THAN FIRST GLANCE

Fixed operating costs came down by $25mm sequentially excluding new initiatives and currency. However, that figure also includes a
$10mm one-time gain from the curtailment of a health benefit plan. Excluding that as well as leaving FX in the aggregate expenses (since
we had modeled FX), we estimate expenses declined $22mm, still coming in better than the $15mm increase we had modeled. Savings
came from AMEX integration, reductions in global staffing and contractors and discretionary spending cuts. YTD operating costs are
$808mm ($818mm adjusting out the $10mm curtailment gain). That compares to unchanged full year currency-adjusted cost guidance of
$1.728bn-$1.803bn. The company did note that it would likely come in at the low end of that range now due to running ahead of mid-year
expectations. Using $1.728bn, that implies $910mm for the back half, which is higher than the first half. Keep in mind, though, that Liffe
clear costs start to come in for the 3Q, as do stepped-up costs for year-end technology integration (UTP roll-out in the US), data center
costs, NYSE Liffe startup costs and startup costs related to the New York Portfolio Clearing JV with DTCC. That will be partially offset by the
continued layering in of personnel reduction savings. Thus, we expect 3Q operating expenses to increase from 2Q, followed by a decline in
the 4Q.

OTHER NOTABLES

ARCA EUROPE OFF TO A SLOW START, BUT IT HAS COMPANY

NYSE Arca Europe has garnered only fractional market share since its launch. The company announced that 30 firms have signed up for
the platform and that numerous firms are active on it. Management noted, however, that progress has been slow for the same reasons as
the past couple of quarters, on account of strained resources at customers (broker-dealers) which have many competing calls on their
scaled down technology budgets. To be sure, NDAQ has been struggling as well likely on account of similar issues, though we are not
aware that NDAQ has as many dealers signed up for its platform (we look to get an update on this when the company reports its 2Q).

LIFFE CLEARING DETAILS EMERGE

As the new Liffe clearing initiative went live today, the company disclosed some contribution information. The initiative should generate
annual revenue in the $100mm range and be accretive to earnings immediately. Cost details were not provided, though we believe one
component will be some $30mm in an annual fees paid to LCH to manage the default fund. If we assume an additional 10% of revenues as
additional cost, we get to a 60% operating margin (the in house infrastructure for this processing is already in place), or about 16 cents per
share accretion annualized. We believe most analysts have not built this benefit into models, which we believe has accounted for much of
the difference between our estimate and consensus, and as such, estimates will likely come up on this disclosure.

DTCC JV OFFERS INTEREST FOOD FOR THOUGHT

The world of interest rate trading is anything but sleepy with ELX having just launched a competing platform against CME to trade Treasury
futures. Next year, NYSE plans to throw its hat into the ring with a platform of its own in a JV with the DTCC. NYSE has an interesting
angle. DTCC offers cash clearing for Treasuries already. NYX wants to offer a futures clearing platform. In conjunction, the JV would hope
to provide capital efficiencies through cross-margining of Treasuries and futures. Rollout is still about a year off, and we need to investigate
the offering more fully, but we believe that the promise of capital efficiencies, if deliverable, is an enticing offer to dealers who are likely
facing higher capital requirements going forward throughout their trading businesses as a result of regulatory overhaul initiatives.

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VALUATION REMAINS COMPELLING LONG TERM, IN OUR VIEW
NYX made further strides from a cost performance perspective, a key area of focus for investors since the Euronext acquisition closed in
2007. That said, continued market share erosion and price compression in key transaction businesses likely offsets much of the enthusiasm
in a period where investors are intently focused on organic growth, likely explaining the in line performance vs. the market so far today. NYX
has a lot of balls in the air that we expect to generate new top and bottom line growth over the next couple of years. As such, we believe
considerable long term value exists, particularly with the shares trading at 11x our 2010 estimate. We believe that stabilization of market
share and pricing in US and European cash markets, despite having less impact than many realize, is likely a prerequisite for multiple
expansion, because earnings power will likely continue to be second-guessed absent that.

EPS ESTIMATES STILL UNDER REVIEW

Our EPS estimates remain under review pending a more thorough update of the model. Upon initial review, there are no significant
standouts from the earnings this morning. Costs are running a bit ahead of plan although perhaps more back-end loaded than we had
forecast. QTD market share in equities and options is running below forecast as well, though the quarter is only one month complete. Liffe
clear looks to be close to what we have been modeling in. We anticipate modest adjustments.

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 Equity Research
Figure 1: NYSE Euronext – 2Q09 Earnings Review
Last Year (Year over Year) Last Quarter (Sequential)
Reported BarCap Estimate Reported Reported
NYX 2Q09 2Q09E Difference % 2Q08 Difference % 1Q09 Difference %

Net Revenues $611 $627 ($16) (2.6%) $792 ($181) (22.9%) $604 $7 1.2%
Cash Trading $615 $640 ($25) (3.9%) $511 $104 20.4% $620 ($5) (0.8%)
Derivatives Trading (Gross) $207 $214 ($7) (3.4%) $230 ($23) -- $187 $20 10.7%
- Rebates/Routing/Clearing $514 $536 ($22) (4.1%) $320 $194 60.6% $508 $6 1.2%
Trading (Net) $308 $318 ($10) (3.2%) $421 ($113) (26.8%) $299 $9 3.0%
Listing $101 $100 $1 1.0% $98 $3 3.1% $99 $2 2.0%
Market Data $101 $102 ($1) (1.0%) $105 ($4) (3.8%) $102 ($1) (1.0%)
Software/Technologies $44 $52 ($8) (14.7%) $119 ($75) (63.0%) $44 $0 0.0%
Other $57 $55 $2 2.8% $49 $8 16.3% $60 ($3) (5.0%)
Total Indirect Costs $398 $437 ($39) (8.9%) $497 ($99) (19.9%) $422 ($24) (5.7%)
Non-Operating Expenses $22 $22 $0 1.8% $15 $7 46.7% $21 $1 4.8%

EBITDA $279 $259 $20 7.7% $365 ($86) (23.6%) $250 $29 11.6%
Operating Income $213 $190 $23 12.0% $295 ($82) (27.8%) $182 $31 17.0%

Net Income (ex-Items) $132 $118 $14 12.2% $200 ($68) (34.0%) $112 $20 17.9%
EPS from Cont Ops $0.51 $0.45 $0.06 12.3% $0.75 ($0.24) (32.5%) $0.43 $0.08 17.9%

Margins
EBITDA Margin 45.7% 41.3% 4.3% 45.5% 0.2% 41.4% 4.3%
Operating Margin 34.9% 30.3% 4.5% 37.2% (2.4%) 30.1% 4.7%
Tax Rate 28.7% 29.0% (0.3%) 28.1% 0.6% 23.2% 5.5%
Net Income Margin 21.6% 18.8% 2.8% 25.3% (3.6%) 18.5% 3.1%

Revenue Mix
US Cash, net $65 $64 $1 1.5% $87 ($22) (25.2%) $54 $11 20.5%
US Derivatives, net $32 $37 ($5) (12.6%) $19 $13 68.0% $32 ($0) (0.2%)
US Market Data $57 $55 $2 4.1% $50 $7 14.0% $57 $0 0.0%
Europe Cash $85 $96 ($11) (11.2%) $155 ($70) (45.2%) $100 ($15) (15.0%)
Europe Derivatives $124 $122 $2 1.9% $160 ($36) (22.5%) $113 $11 9.7%
Europe Market Data $47 $47 ($0) (0.5%) $55 ($8) (14.5%) $45 $2 4.4%
Listing $101 $100 $1 1.0% $98 $3 3.1% $99 $2 2.0%
Software and Technologies $44 $52 ($8) (14.7%) $119 ($75) (63.0%) $44 $0 0.0%
Other $57 $55 $2 2.8% $49 $8 16.3% $60 ($3) (5.0%)

Metrics
US Market Volumes:
NYX's Matched Volume 204,936 204,936 0 0.0% 164,829 40,107 24.3% 219,242 (14,306) (6.5%)

Matched Market Share:

NYSE 39.3% 39.3% 0.0% 46.7% (7.4%) 41.5% (2.2%)
NASDAQ 13.6% 13.6% 0.0% 17.0% (3.4%) 15.5% (1.9%)
AMEX/Regional 23.6% 23.6% 0.0% 27.5% (4.0%) 25.5% (1.9%)
NYSE Arca's NYSE Share 14.1% 14.1% 0.0% 13.8% 0.3% 15.7% (1.7%)

NYX's Options Vol (mm) 896 896 0 0.0% 787 109 13.9% 801 96 12.0%

US Pricing
Net Fee/100 Matched Sh. $0.0318 $0.0313 $0.0005 1.5% $0.0528 ($0.021) (39.8%) $0.0246 $0.007 28.9%
Net Fee/Options Contract $0.196 $0.224 ($0.028) (12.6%) $0.196 ($0.001) (0.4%) $0.230 ($0.034) (15.0%)

European Volumes:
Cash Trades (000s) 90,183 90,183 0 0.0% 87,772 2,411 2.7% 86,629 3,554 4.1%
Liffe Contracts 302,754 302,754 0 0.0% 283,516 19,238 6.8% 238,089 64,665 27.2%

Euronext Pricing
Cash Fee/Trade $0.943 $1.062 ($0.119) (11.2%) $1.766 ($0.823) (46.6%) $1.154 ($0.212) (18.3%)

Derivatives Fee/Contract $0.532 $0.541 ($0.009) (1.6%) $0.702 ($0.170) (24.2%) $0.601 ($0.069) (11.5%)
Derivatives Rebate/Contract $0.122 $0.139 ($0.016) (11.8%) $0.138 ($0.015) (11.2%) $0.126 ($0.004) (3.0%)
Net Fee/Contract $0.410 $0.402 $0.008 1.9% $0.564 ($0.155) (27.4%) $0.475 ($0.065) (13.7%)
Source: Company reports, Barclays Capital estimates.
Note: In $ million unless otherwise noted.

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Analyst Certification:
We, Roger A. Freeman, CFA and Alex Kramm, CFA, hereby certify (1) that the views expressed in this research report accurately reflect our
personal views about any or all of the subject securities or issuers referred to in this research report and (2) no part of our compensation
was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report.

Other Team Members:

Bertrand, Eric (BCI, New York) 1.212.526.1369 eric.bertrand@barcap.com
Truong, Steven (BCI, New York) 1.212.526.9937 steven.truong@barcap.com

Company Description:
NYSE Euronext is the operator of several cash and derivatives exchanges in both the United States and Europe.

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 Equity Research

On September 20, 2008, Barclays Capital acquired Lehman Brothers' North American investment banking, capital markets, and private investment
management businesses. All ratings and price targets prior to the acquisition date relate to coverage under Lehman Brothers Inc.

Important Disclosures:
NYSE Euronext, Inc. (NYX) US$ 27.39 (30-Jul-2009) 1-Overweight / 2-Neutral
Rating and Price Target Chart:
NYSE EURONEXT
As of 07-Jul-2009
Currency = USD
120.00

112.00

104.00

96.00

88.00

80.00

72.00

64.00

56.00

48.00

40.00

32.00

24.00

16.00

7-06 10-06 1-07 4-07 7-07 10-07 1-08 4-08 7-08 10-08 1-09 4-09 7-09
Closing Price Price Target
Recommendation Change Drop Coverage
Source: FactSet
Currency=US$
Date Closing Price Rating Price Target Date Closing Price Rating Price Target
26-Jun-09 28.00 37.00 04-Aug-08 40.31 80.00
01-May-09 23.30 28.00 04-Apr-08 67.89 91.00
21-Apr-09 21.12 27.00 05-Feb-08 71.03 99.00
10-Feb-09 20.92 30.00 09-Jan-08 79.80 103.00
30-Jan-09 22.00 37.00 11-Jul-07 82.11 1 -Overweight
03-Nov-08 28.43 63.00 23-Mar-07 87.67 97.00
10-Oct-08 25.86 68.00 28-Jul-06 63.92 68.00
26-Sep-08 39.26 72.00
FOR EXPLANATIONS OF RATINGS REFER TO THE STOCK RATING KEYS LOCATED ON THE PAGE FOLLOWING THE LAST PRICE CHART.
Barclays Capital and/or Lehman Brothers Inc. and/or one of their affiliates has managed or co-managed within the past 12 months a 144A
and/or public offering of securities for NYSE Euronext, Inc..
Barclays Capital and/or Lehman Brothers Inc. and/or one of their affiliates has received compensation for investment banking services from
NYSE Euronext, Inc. in the past 12 months.
Barclays Capital and/or an affiliate expects to receive or intends to seek compensation for investment banking services from NYSE
Euronext, Inc. within the next 3 months.
Barclays Capital and/or an affiliate trade regularly in the shares of NYSE Euronext, Inc..
Barclays Capital and/or Lehman Brothers Inc. and/or one of their affiliates has received non-investment banking related compensation from
NYSE Euronext, Inc. within the last 12 months.
NYSE Euronext, Inc. is or during the past 12 months has been an investment banking client of Barclays Capital and/or Lehman Brothers
Inc. and/or one of their affiliates.
NYSE Euronext, Inc. is or during the last 12 months has been a non-investment banking client (securities related services) of Barclays
Capital and/or Lehman Brothers Inc. and/or one of their affiliates.
Barclays Capital is associated with specialist firm Barclays Capital Market Makers who makes a market in NYSE Euronext, Inc. stock. At
any given time, the associated specialist may have "long" or "short" inventory position in the stock; and the associated specialist may be on

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 Equity Research
the opposite side of orders executed on the Floor of the Exchange in the stock. Barclays Capital and/or an affiliate makes a market in the
securities of this company.
Valuation Methodology: Our $37 price target assumes a 15x multiple on our fy10 EPS estimate of $2.45.
Risks Which May Impede the Achievement of the Price Target: Key risks to our investment thesis include earnings sensitivity to market
volume and share fluctuations, pricing, the Archipelago integration, competition, regulatory changes including Reg NMS, challenges in
trading new asset classes, customer concentration and a limited float.

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 Equity Research
Important Disclosures Continued:
The analysts responsible for preparing this report have received compensation based upon various factors including the firm's total
revenues, a portion of which is generated by investment banking activities.

Company Name Ticker Price Price Date Stock / Sector Rating

NYSE Euronext, Inc. NYX US$ 27.39 30-Jul-2009 1-Overweight / 2-Neutral

Guide to the Barclays Capital Fundamental Equity Research Rating System:

Our coverage analysts use a relative rating system in which they rate stocks as 1-Overweight, 2-Equal Weight or 3-Underweight (see
definitions below) relative to other companies covered by the analyst or a team of analysts that are deemed to be in the same industry
sector (the “sector coverage universe”). Below is the list of companies that constitute the sector coverage universe:

BlackRock, Inc. (BLK) Blackstone Group LP (BX)

Charles Schwab Corp. (SCHW) CME Group (CME)
Duff & Phelps Corp. (DUF) E*TRADE Financial (ETFC)
Evercore Partners Inc. (EVR) FBR Capital Markets (FBCM)
Fortress Investment Group (FIG) GLG Partners, Inc. (GLG)
Goldman Sachs Group Inc. (GS) IntercontinentalExchange Inc. (ICE)
Invesco Limited (IVZ) Janus Capital Group Inc. (JNS)
Knight Capital Group (NITE) Legg Mason Inc. (LM)
MF Global Ltd. (MF) Morgan Stanley (MS)
NASDAQ OMX Group, Inc. (NDAQ) NYSE Euronext, Inc. (NYX)
Och-Ziff Capital Management Group (OZM) T Rowe Price Group Inc. (TROW)
TD Ameritrade Holding Corp. (AMTD)

In addition to the stock rating, we provide sector views which rate the outlook for the sector coverage universe as 1-Positive, 2-Neutral or
3-Negative (see definitions below). A rating system using terms such as buy, hold and sell is not the equivalent of our rating system.
Investors should carefully read the entire research report including the definitions of all ratings and not infer its contents from ratings alone.

Stock Rating
1-Overweight - The stock is expected to outperform the unweighted expected total return of the sector coverage universe over a 12-month
investment horizon.
2-Equal Weight - The stock is expected to perform in line with the unweighted expected total return of the sector coverage universe over a
12- month investment horizon.
3-Underweight - The stock is expected to underperform the unweighted expected total return of the sector coverage universe over a
12- month investment horizon.
RS-Rating Suspended - The rating and target price have been suspended temporarily due to market events that made coverage
impracticable or to comply with applicable regulations and/or firm policies in certain circumstances including when Barclays Capital is acting
in an advisory capacity in a merger or strategic transaction involving the company.

Sector View
1-Positive - sector coverage universe fundamentals/valuations are improving.
2-Neutral - sector coverage universe fundamentals/valuations are steady, neither improving nor deteriorating.
3-Negative - sector coverage universe fundamentals/valuations are deteriorating.

Distribution of Ratings:
Barclays Capital Equity Research has 1206 companies under coverage.
36% have been assigned a 1-Overweight rating which, for purposes of mandatory regulatory disclosures, is classified as a Buy rating; 45%
of companies with this rating are investment banking clients of the Firm.
48% have been assigned a 2-Equal Weight rating which, for purposes of mandatory regulatory disclosures, is classified as a Hold rating;
37% of companies with this rating are investment banking clients of the Firm.

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 Equity Research
14% have been assigned a 3-Underweight rating which, for purposes of mandatory regulatory disclosures, is classified as a Sell rating; 29%
of companies with this rating are investment banking clients of the Firm.

Barclays Capital offices involved in the production of Equity Research:

London
Barclays Capital, the investment banking division of Barclays Bank Plc (Barclays Capital, London)
New York
Barclays Capital Inc. (BCI, New York)
Tokyo
Barclays Capital Japan Limited (BCJL, Tokyo)

São Paulo
Banco Barclays S.A. (BBSA, São Paulo)

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