Until then, the
Section 31 fee rate will remain at the current rate of $23.
3 Transaction-based expenses include
Section 31 fees, liquidity payments and routing & clearing fees.
Total revenues, less transaction-based expenses, which include
Section 31 fees, liquidity payments and routing and clearing fees (net revenue), were $601 million in the first quarter of 2012, down $78 million, or 11% compared to the first quarter of 2011 and included a $9 million negative impact from foreign currency fluctuations.
Total revenues, less transaction-based expenses, which include
Section 31 fees, liquidity payments and routing and clearing fees (net revenue), was $679 million in the first quarter of 2011, up $34 million, or 5% compared to the first quarter of 2010 and was up 11% compared to the fourth quarter of 2010.
Besides, net revenues (defined as gross revenues less direct transaction costs consisting of
Section 31 fees, liquidity payments and routing and clearing fees) were $599 million, down 4% from $621 million in the prior year quarter.
3 Includes transaction-based expenses comprised of
section 31 fees, liquidity payments and routing & clearing fees.
Net revenues, defined as gross revenues less direct transaction costs consisting of
Section 31 fees, liquidity payments and routing and clearing fees, were $640 million in the fourth quarter of 2009, down 6% compared to $683 million in the fourth quarter of 2008, but up 3% compared to $624 million in the third quarter of 2009.
Net revenues, defined as gross revenues less direct transaction costs consisting of
Section 31 fees, liquidity payments and routing and clearing fees, were $624 million, down 14% compared to $724 million in the third quarter of 2008, but up 2% compared to the $611 million in the second quarter of 2009.
In addition to excluding merger expenses and exit costs and one-time items, pro forma non-GAAP results also exclude activity assessment and
Section 31 fees, as well as favorable discrete tax items.
Pro forma non-GAAP results exclude activity assessment and
Section 31 fees, merger expenses and exit costs, as well as favorable discrete tax credits.
Pro forma non-GAAP results exclude activity assessment and
Section 31 fees, merger expenses and exit costs, impairment charges, gains on sale of businesses and equity investments and other non-recurring items.
Fixed operating expenses (defined as operating expenses, net of
Section 31 fees, merger expenses, exit costs, liquidity payments, routing and clearing fees, and excluding regulatory fine income) decreased $19 million, or 4%, compared to the quarter ended June 30, 2007.
