375 million contracts changed hands in October according to the Options Industry Council (OIC), representing a 28.75 percent increase over October 2007 and 1.4 million contracts more than the previous monthly volume record set in September. Average daily volume for the month was 16,344,995 contracts, also up 28.75 from the same period last year.
On October 20, year-to-date volume reached three billion contracts for the first time in history. It took 203 trading days to reach this milestone. Total options volume reached two billion contracts for the third time ever on July 22, taking only 140 trading days to reach that mark. The Options Clearing Corporation (OCC) reported October year-to-date volume stood at 3,116,322,848 contracts, an increase of 34.63 percent compared to the same period last year. Year-to-date daily volume is averaging 14,699,636 contracts, compared to 11,022,807 contracts at the same point in 2007.
Equity options saw 336,805,246 contracts traded, 25.54 percent higher than October 2007. Year-to-date equity options volume is 2,857,938,960 contracts, up 36.70 percent over the same point last year. Daily equity options volume averaged 14,643,706 contracts per day in October, an increase of 25.54 percent over the same month last year.
Showing posts with label 2008. Show all posts
Showing posts with label 2008. Show all posts
Monday, 3 November 2008
Wednesday, 29 October 2008
MarketAxess Q3 Results
MarketAxess Holdings Inc. (NASDAQ:MKTX) , the operator of a leading electronic trading platform for U.S. and European high-grade corporate bonds, emerging markets bonds and other types of fixed-income securities, today announced results for the third quarter ended September 30, 2008.
Total revenues for the third quarter of 2008 increased 2.2% to $22.7 million, compared to $22.2 million for the third quarter of 2007. Pre-tax income for the third quarter of 2008 was $2.1 million, compared to $3.6 million for the third quarter of 2007, a decrease of 42.4%. Net income for the third quarter of 2008 totaled $1.5 million, or $0.04 per share on a diluted basis, compared to $2.4 million, or $0.7 per share on a diluted basis, for the third quarter of 2007.
For the third quarter of 2008, pre-tax margin was 9.3%, compared to 16.4% for the third quarter of 2007.
"Credit market turbulence reached new heights in the third quarter, increasing our focus on innovative solutions to restore secondary market liquidity," said Richard M. McVey, chairman and chief executive officer of MarketAxess. "Our first step was the addition of 21 new dealers to the platform during the past quarter to augment liquidity sources for institutional investors on the system. We are also developing technology and trading solutions to increase the breadth of potential counterparties available to all system participants. While short term results are likely to be uneven, our strong cash flow and balance sheet allow us to make essential investments to improve the functioning of the corporate bond and credit default swap markets."
Third Quarter Results
Total revenue for the third quarter of 2008 increased 2.2% to $22.7 million, compared to $22.2 million for the third quarter of 2007. Commission revenue totaled $17.2 million on total trading volume of $49.0 billion, compared to $19.0 million in commission revenue on total trading volume of $75.7 billion for the third quarter of 2007.
U.S. high-grade corporate bond commissions decreased 10.1% to $10.8 million on trading volume of $27.5 billion for the third quarter of 2008, compared to $12.0 million in commissions on trading volume of $39.9 billion for the third quarter of 2007. U.S. high-grade fixed-rate and floating-rate bond trading volume totaled $24.4 billion and $1.8 billion, respectively, compared to $31.2 billion and $6.1 billion, respectively, in the third quarter of 2007. Total U.S. high-grade trading volume includes single-dealer inquiries of $1.4 billion and $2.6 billion for the third quarter of 2008 and the third quarter of 2007, respectively. Effective September 1, 2008, single-dealer inquiry trades are being reported within U.S. high-grade fixed-rate and floating-rate bond trading volume. U.S. high-grade trading volume as a percentage of FINRA's high-grade TRACE trading volume decreased to an estimated 6.4%, compared to an estimated 7.8% for the third quarter of 2007.
Total revenues for the third quarter of 2008 increased 2.2% to $22.7 million, compared to $22.2 million for the third quarter of 2007. Pre-tax income for the third quarter of 2008 was $2.1 million, compared to $3.6 million for the third quarter of 2007, a decrease of 42.4%. Net income for the third quarter of 2008 totaled $1.5 million, or $0.04 per share on a diluted basis, compared to $2.4 million, or $0.7 per share on a diluted basis, for the third quarter of 2007.
For the third quarter of 2008, pre-tax margin was 9.3%, compared to 16.4% for the third quarter of 2007.
"Credit market turbulence reached new heights in the third quarter, increasing our focus on innovative solutions to restore secondary market liquidity," said Richard M. McVey, chairman and chief executive officer of MarketAxess. "Our first step was the addition of 21 new dealers to the platform during the past quarter to augment liquidity sources for institutional investors on the system. We are also developing technology and trading solutions to increase the breadth of potential counterparties available to all system participants. While short term results are likely to be uneven, our strong cash flow and balance sheet allow us to make essential investments to improve the functioning of the corporate bond and credit default swap markets."
Third Quarter Results
Total revenue for the third quarter of 2008 increased 2.2% to $22.7 million, compared to $22.2 million for the third quarter of 2007. Commission revenue totaled $17.2 million on total trading volume of $49.0 billion, compared to $19.0 million in commission revenue on total trading volume of $75.7 billion for the third quarter of 2007.
U.S. high-grade corporate bond commissions decreased 10.1% to $10.8 million on trading volume of $27.5 billion for the third quarter of 2008, compared to $12.0 million in commissions on trading volume of $39.9 billion for the third quarter of 2007. U.S. high-grade fixed-rate and floating-rate bond trading volume totaled $24.4 billion and $1.8 billion, respectively, compared to $31.2 billion and $6.1 billion, respectively, in the third quarter of 2007. Total U.S. high-grade trading volume includes single-dealer inquiries of $1.4 billion and $2.6 billion for the third quarter of 2008 and the third quarter of 2007, respectively. Effective September 1, 2008, single-dealer inquiry trades are being reported within U.S. high-grade fixed-rate and floating-rate bond trading volume. U.S. high-grade trading volume as a percentage of FINRA's high-grade TRACE trading volume decreased to an estimated 6.4%, compared to an estimated 7.8% for the third quarter of 2007.
CME Revenues Increase 20% Earnings Down 16%
CME Group Inc. (NASDAQ:CME) today reported total GAAP revenues increased 20 percent to $681 million, and GAAP operating income increased 22 percent to $421 million. Net income for the third quarter was $169 million, down 16 percent versus the prior year due primarily to an income tax adjustment and other non-core items. Diluted earnings per share on a GAAP basis were $2.81. The 2008 GAAP results reflect the operations of both Chicago Mercantile Exchange (CME) and Board of Trade of the City of Chicago (CBOT), as well as the results of NYMEX Holdings, Inc. (NYMEX) after August 22, 2008 when the acquisition closed.
Pro forma non-GAAP diluted earnings per share in the third quarter were $4.13. All pro forma results reflect the operations of both CME Group Inc. and NYMEX, as if they were combined for all periods reported. Additionally, third-quarter 2008 pro forma non-GAAP results exclude a net impact of $76 million of merger-related and other items, which are listed in detail in Table 1. Total revenues increased six percent to $787 million and total operating expenses decreased three percent compared with the same period last year at $269 million. A strong rate per contract and continued focus on expense discipline helped the company reach third-quarter operating income of $518 million, an increase of 11 percent from $468 million for the year-ago period, and its second highest pro forma operating margin ever, at 66 percent. Operating margin is defined as operating income as a percentage of total revenues. Pro forma net income was $278 million for third-quarter 2008. Pro forma measures do not replace and are not a substitute for GAAP financial results. They are provided to improve overall understanding of current financial performance and to provide a meaningful comparison with prior periods. A full reconciliation of these pro forma results is included with the attached financial statements.
"CME Group's record quarterly volumes in our E-mini and FX complexes in the third quarter highlight the diversity and strength of our product base," said CME Group Executive Chairman Terry Duffy. "We are focused on continued innovation across our product lines and our technology and to that end are very excited about the strategic opportunities offered by the completion of the NYMEX acquisition. NYMEX's energy and metals products, as well as the ClearPort over-the-counter clearing platform, provide additional ways for our customers to manage risk during even the most challenging market conditions. By combining these offerings with the extensive distribution and strong international presence established by CME, we look forward to ongoing growth in these globally significant products."
Pro forma non-GAAP diluted earnings per share in the third quarter were $4.13. All pro forma results reflect the operations of both CME Group Inc. and NYMEX, as if they were combined for all periods reported. Additionally, third-quarter 2008 pro forma non-GAAP results exclude a net impact of $76 million of merger-related and other items, which are listed in detail in Table 1. Total revenues increased six percent to $787 million and total operating expenses decreased three percent compared with the same period last year at $269 million. A strong rate per contract and continued focus on expense discipline helped the company reach third-quarter operating income of $518 million, an increase of 11 percent from $468 million for the year-ago period, and its second highest pro forma operating margin ever, at 66 percent. Operating margin is defined as operating income as a percentage of total revenues. Pro forma net income was $278 million for third-quarter 2008. Pro forma measures do not replace and are not a substitute for GAAP financial results. They are provided to improve overall understanding of current financial performance and to provide a meaningful comparison with prior periods. A full reconciliation of these pro forma results is included with the attached financial statements.
"CME Group's record quarterly volumes in our E-mini and FX complexes in the third quarter highlight the diversity and strength of our product base," said CME Group Executive Chairman Terry Duffy. "We are focused on continued innovation across our product lines and our technology and to that end are very excited about the strategic opportunities offered by the completion of the NYMEX acquisition. NYMEX's energy and metals products, as well as the ClearPort over-the-counter clearing platform, provide additional ways for our customers to manage risk during even the most challenging market conditions. By combining these offerings with the extensive distribution and strong international presence established by CME, we look forward to ongoing growth in these globally significant products."
Wednesday, 22 October 2008
Shoreline Trading Award
Shoreline Trading Group LLC a multi-prime brokerage and agency execution services to emerging and established asset managers, announced today that it was ranked as the Number 2 prime broker in its category in Alpha Magazine's 4th Annual Alpha Awards for Hedge Fund Service Providers. The awards are based on a comprehensive survey of hedge fund managers. The ranking in the survey is a first for Shoreline, reflecting its rapid growth relative to entrenched firms and proving the value to clients of its boutique approach to multi-prime brokerage.
In the context of the global market crisis, the award recognizes the confidence that asset managers have in Shoreline's ability to deliver its boutique business model: focused on accessing multiple prime brokerage firms through a single relationship and providing high quality customer service to its clients. Recognizing the fiduciary and operational risk requirements that funds have for multiple prime brokerage relationships, Shoreline introduces its accounts to the clearing and custody services of Goldman Sachs Execution & Clearing, JP Morgan Securities, Credit Suisse Securities Corp, and Fortis Securities. To facilitate these services, Shoreline provides hedge funds, institutions, and professional traders with trade execution platforms and turnkey back office solutions.
Said Michael Murray, Shoreline Partner: "In navigating today's turbulent global market conditions, asset managers require both expertise and experience. The recognition and confidence that hedge funds have placed in Shoreline through the Alpha Award confirms the successful efforts we've made to service our clients since 1996, and we are grateful to them. Our franchise has been built by a comprehensive focus on client service and a commitment to providing our clients with the various multi-prime brokerage and agency execution tools they require. Our clients, regardless of size, will continue to receive boutique, best-of-breed, world-class service, guidance, and insight to help them navigate the challenges and volatility of today's environment, to increase assets under management, and to improve alpha."
In the context of the global market crisis, the award recognizes the confidence that asset managers have in Shoreline's ability to deliver its boutique business model: focused on accessing multiple prime brokerage firms through a single relationship and providing high quality customer service to its clients. Recognizing the fiduciary and operational risk requirements that funds have for multiple prime brokerage relationships, Shoreline introduces its accounts to the clearing and custody services of Goldman Sachs Execution & Clearing, JP Morgan Securities, Credit Suisse Securities Corp, and Fortis Securities. To facilitate these services, Shoreline provides hedge funds, institutions, and professional traders with trade execution platforms and turnkey back office solutions.
Said Michael Murray, Shoreline Partner: "In navigating today's turbulent global market conditions, asset managers require both expertise and experience. The recognition and confidence that hedge funds have placed in Shoreline through the Alpha Award confirms the successful efforts we've made to service our clients since 1996, and we are grateful to them. Our franchise has been built by a comprehensive focus on client service and a commitment to providing our clients with the various multi-prime brokerage and agency execution tools they require. Our clients, regardless of size, will continue to receive boutique, best-of-breed, world-class service, guidance, and insight to help them navigate the challenges and volatility of today's environment, to increase assets under management, and to improve alpha."
Thursday, 16 October 2008
Huntington Bancshares 2008 Q3
Huntington Bancshares Incorporated (Nasdaq: HBAN; www.huntington.com) reported 2008 third quarter net income of $115.2 million, or $0.28 per common share. This compared with net income of $101.4 million, or $0.25 per common share, in the 2008 second quarter and $138.2 million, or $0.38 per common share, in the year-ago quarter.
Huntington also revised its 2008 full-year reported earnings target to $1.12-$1.16 per common share. This is down from the previously targeted amount of $1.25-$1.35 per common share. The decline reflects an assumed continuation of economic deterioration in our markets, the more volatile and more competitive funding environment, and lower market-related fee income.
Huntington also revised its 2008 full-year reported earnings target to $1.12-$1.16 per common share. This is down from the previously targeted amount of $1.25-$1.35 per common share. The decline reflects an assumed continuation of economic deterioration in our markets, the more volatile and more competitive funding environment, and lower market-related fee income.
PacWest Bancorp 2008 Q3 Awardss
PacWest Bancorp (NASDAQ:PACW) today announced net operating earnings for the third quarter of 2008 of $9.6 million, or $0.35 per diluted share, compared to net operating earnings of $12.8 million, or $0.47 per diluted share, for the second quarter of 2008. The decrease in net operating earnings for the third quarter of 2008 compared to the second quarter of 2008 is due mainly to a higher credit loss provision. Net operating earnings for the second quarter do not include charges for the goodwill write-off, a legal settlement and reorganization costs; there were no such charges in the third quarter of 2008. When these items are included, the net loss for the second quarter of 2008 was $474.5 million, or $17.47 per diluted share.
Net operating earnings for the nine months ended September 30, 2008, were $24.6 million, or $0.90 per diluted share, compared to net operating earnings of $74.0 million, or $2.55 per diluted share, for same period of 2007. The decrease in net operating earnings was due mainly to lower net interest income and higher credit loss provisions. Net operating earnings for the periods do not include charges for goodwill write-offs, a 2008 legal settlement and reorganization costs. When these items are included, the net loss for the nine months ended September 30, 2008 was $737.7 million, or $27.15 per diluted share, compared to net earnings of $73.3 million, or $2.53 per diluted share, for the same period of 2007.
Net operating earnings for the nine months ended September 30, 2008, were $24.6 million, or $0.90 per diluted share, compared to net operating earnings of $74.0 million, or $2.55 per diluted share, for same period of 2007. The decrease in net operating earnings was due mainly to lower net interest income and higher credit loss provisions. Net operating earnings for the periods do not include charges for goodwill write-offs, a 2008 legal settlement and reorganization costs. When these items are included, the net loss for the nine months ended September 30, 2008 was $737.7 million, or $27.15 per diluted share, compared to net earnings of $73.3 million, or $2.53 per diluted share, for the same period of 2007.
Blue Rive Bancshares 2008 Q3 Results
Blue River Bancshares, Inc. (OTC:BRBI.OB) (BULLETIN BOARD: BRBI.OB) today announced consolidated net income of $96,000 for the quarter ended September 30, 2008. This net income compares to consolidated net income from continuing operations for the same period of 2007 of $1,136,000. Fully diluted earnings per share were $.03 for the quarter ended September 30, 2008 and $.33 from continuing operations for the same period in 2007. Weighted average outstanding shares (fully diluted) were 3,187,320, as of September 30, 2008, compared to 3,459,787 shares at the end of the same quarter of 2007. Net interest income from continuing operations before loan loss provision for the three months ended September 30, 2008 was $1,810,000 as compared to $1,332,000 for the same period of 2007.
Non-interest income from continuing operations was $139,000 for the three months ended September 30,2008 compared to $1,832,000 for the same period of 2007. The change is primarily the result of the sale of the Paramount charter of $1,688,000 in the third quarter of 2007.
The loan loss provision from continuing operations was $402,000 for the three months ended September 30, 2008 versus $21,000 for the quarter ended September 30, 2007. In addition to providing for an increase in outstanding loans from continued operations at SCB Bank, the specific reserves were increased by $349,000 related to three single family homes and a commercial loan, all located in Kentucky.
Non-interest expense from continuing operations increased to $1,386,000 for the quarter ended September 30, 2008 as compared to $1,304,000 for the quarter ended September 30, 2007. This increase is primarily the result of increased salary expenses, FDIC insurance premiums and expenses related to the collection of loans.
Non-interest income from continuing operations was $139,000 for the three months ended September 30,2008 compared to $1,832,000 for the same period of 2007. The change is primarily the result of the sale of the Paramount charter of $1,688,000 in the third quarter of 2007.
The loan loss provision from continuing operations was $402,000 for the three months ended September 30, 2008 versus $21,000 for the quarter ended September 30, 2007. In addition to providing for an increase in outstanding loans from continued operations at SCB Bank, the specific reserves were increased by $349,000 related to three single family homes and a commercial loan, all located in Kentucky.
Non-interest expense from continuing operations increased to $1,386,000 for the quarter ended September 30, 2008 as compared to $1,304,000 for the quarter ended September 30, 2007. This increase is primarily the result of increased salary expenses, FDIC insurance premiums and expenses related to the collection of loans.
National Penn Bancshares Call
National Penn Bancshares, Inc. (NASDAQ:NPBC) announced today that it plans to release its 3rd Quarter 2008 earnings on Thursday, October 23, 2008, at 9 a.m. Eastern time.
The related earnings webcast will be broadcast live over the Internet on October 23rd at 1 p.m. Eastern time. National Penn Bancshares presenters will be Glenn E. Moyer, president and CEO; Scott V. Fainor, senior executive vice president and COO; and Michael R. Reinhard, CFO. Michelle H. Debkowski, corporate secretary and investor relations officer, will serve as moderator.
The related earnings webcast will be broadcast live over the Internet on October 23rd at 1 p.m. Eastern time. National Penn Bancshares presenters will be Glenn E. Moyer, president and CEO; Scott V. Fainor, senior executive vice president and COO; and Michael R. Reinhard, CFO. Michelle H. Debkowski, corporate secretary and investor relations officer, will serve as moderator.
Blackhawk Bancorp 2008 Q3 Results
Blackhawk Bancorp, Inc. (OTC:BHWB) (BULLETIN BOARD: BHWB) today announced improved financial results for the third quarter ended September 30, 2008.
Net income rose to $755,000, or $0.35 per fully diluted share, compared with $645,000, or $0.29 per diluted share in third quarter 2007. Net income for the first nine months of the year rose to $2,164,000, or $1.00 per fully diluted share, compared with $1,728,000, or $0.77 per diluted share for the same period in 2007. Total assets increased to $486.3 million as of September 30, 2008 compared with $464.7 million at year end 2007.
"By following a disciplined and focused approach to our business we're continuing to grow and improve performance," said Rick Bastian, president and CEO. "The strength of our core earnings has produced record earnings while, at the same time, we increased our reserve for bad debts," he added. Blackhawk's solid performance reflects an improved net interest margin and balance sheet growth. "Up to this point we've avoided major issues, but as the effects of the big bank problems and a weaker economy trickle down, we expect to feel some impact," said Bastian.
Net income rose to $755,000, or $0.35 per fully diluted share, compared with $645,000, or $0.29 per diluted share in third quarter 2007. Net income for the first nine months of the year rose to $2,164,000, or $1.00 per fully diluted share, compared with $1,728,000, or $0.77 per diluted share for the same period in 2007. Total assets increased to $486.3 million as of September 30, 2008 compared with $464.7 million at year end 2007.
"By following a disciplined and focused approach to our business we're continuing to grow and improve performance," said Rick Bastian, president and CEO. "The strength of our core earnings has produced record earnings while, at the same time, we increased our reserve for bad debts," he added. Blackhawk's solid performance reflects an improved net interest margin and balance sheet growth. "Up to this point we've avoided major issues, but as the effects of the big bank problems and a weaker economy trickle down, we expect to feel some impact," said Bastian.
Monarch Financial Q3 Results
Monarch Financial Holdings, Inc. (NASDAQ:MNRK) , the bank holding company for Monarch Bank, reported greatly improved third quarter net income and record year to date net income. Net income was $772,333 for the third quarter of 2008, up 146.4% from the third quarter of 2007 when net income was $313,461. For the first nine months of 2008 net income was a record $2,667,561 compared to $2,027,044 for the same period in 2007, a 31.6% increase. Diluted earnings for the third quarter were $0.14 per share, compared to $0.06 the previous year, a 133.3% increase. Year-to-date 2008 diluted earnings per share were $0.51, compared to $0.40 the previous year, a 27.5% increase.
"In the midst of a global financial crisis Monarch continues to perform well in our core lines of business of community banking, mortgage lending, and investment and insurance sales. While the marketplace continues to be extremely challenging for our company and our clients, we are pleased to grow revenues, profits and improve our balance sheet despite this environment. Turmoil among several of our local competitors proved positive, as it drove many substantial deposit clients to Monarch in search of a safe and sound bank," stated William 'Tree' Rountree, President and Chief Executive Officer. "We have been aggressive in dealing with non-performing assets and in building up our reserve for potential losses, which we feel is very prudent at this time. Like just about all banks, Monarch reported a higher level of non-performing assets this quarter, and we have aggressively charged-off any expected deficiency balances in these assets. We remain focused on building a strong company which we think will further differentiate us from the competition in these difficult economic times".
"In the midst of a global financial crisis Monarch continues to perform well in our core lines of business of community banking, mortgage lending, and investment and insurance sales. While the marketplace continues to be extremely challenging for our company and our clients, we are pleased to grow revenues, profits and improve our balance sheet despite this environment. Turmoil among several of our local competitors proved positive, as it drove many substantial deposit clients to Monarch in search of a safe and sound bank," stated William 'Tree' Rountree, President and Chief Executive Officer. "We have been aggressive in dealing with non-performing assets and in building up our reserve for potential losses, which we feel is very prudent at this time. Like just about all banks, Monarch reported a higher level of non-performing assets this quarter, and we have aggressively charged-off any expected deficiency balances in these assets. We remain focused on building a strong company which we think will further differentiate us from the competition in these difficult economic times".
PNC Financial Services 2008 Q3
The PNC Financial Services Group, Inc. (NYSE:PNC) today reported net income of $248 million, or $.71 per diluted share, for the third quarter of 2008 compared with net income of $407 million, or $1.19 per diluted share, for the third quarter of 2007 and net income of $505 million, or $1.45 per diluted share, for the second quarter of 2008.
For the first nine months of 2008, the company earned net income of $1.13 billion, or $3.24 per diluted share, compared with net income of $1.29 billion, or $3.85 per diluted share, for the first nine months of 2007.
For the first nine months of 2008, the company earned net income of $1.13 billion, or $3.24 per diluted share, compared with net income of $1.29 billion, or $3.85 per diluted share, for the first nine months of 2007.
Preferred Bank
Preferred Bank (NASDAQ:PFBC) , today announced plans to release its financial results for the quarter ended September 30, 2008 at the close of the market on Thursday, October 23, 2008. In conjunction with the release, management will host a conference call that day at 5:00 p.m. Eastern (2:00 p.m. Pacific). The call will be simultaneously broadcast over the Internet.
Interested participants and investors may access the conference call by dialing 877-326-9970 (domestic) or 303-205-0066 (international). There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank's web site at http://www.preferredbank.com/. Web participants are encouraged to go to the web site at least 15 minutes prior to the start of the call to register, download and install any necessary audio software.
Interested participants and investors may access the conference call by dialing 877-326-9970 (domestic) or 303-205-0066 (international). There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank's web site at http://www.preferredbank.com/. Web participants are encouraged to go to the web site at least 15 minutes prior to the start of the call to register, download and install any necessary audio software.
BoNY Mellon Q3 Results
The Bank of New York Mellon Corporation (NYSE:BK) today reported income from continuing operations of $305 million, or $0.26 per share, in the third quarter of 2008. This compares to income from continuing operations of $642 million, or $0.56 per share, in the third quarter of 2007 and $302 million, or $0.26 per share, in the second quarter of 2008.
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