| Years ended December 31, 2008 and 2007 (In thousands of dollars, except per share amounts) |
|
2008 |
|
2007 |
| Revenue: |
|
|
|
|
| Issuer services |
$ |
152,793 |
$ |
133,939 |
| Trading, clearing and related |
|
222,850 |
|
169,237 |
| Market data |
|
135,533 |
|
110,241 |
| Business services and other |
|
22,013 |
|
11,170 |
| Total revenue |
|
533,189 |
|
424,587 |
| |
|
|
|
|
| Expenses: |
|
|
|
|
| Compensation and benefits |
|
110,486 |
|
96,251 |
| Information and trading systems |
|
36,354 |
|
26,505 |
| General and administration |
|
53,638 |
|
42,951 |
| Amortization |
|
25,340 |
|
15,838 |
| Total operating expenses |
|
227,818 |
|
181,545 |
| |
|
|
|
|
| Income from operations |
|
305,371 |
|
234,042 |
| |
|
|
|
|
| Income from investments in affiliates |
|
1,426 |
|
374 |
| Investment income |
|
14,824 |
|
14,036 |
| Interest expense (note 13) |
|
(10,508) |
|
(55) |
| Mark to market on interest rate swaps (note 14) |
|
(13,289) |
|
- |
| Other acquisition related expenses (note 2) |
|
(15,902) |
|
- |
| |
|
|
|
|
| Income before income taxes |
|
281,922 |
|
257,397 |
| |
|
|
|
|
| Income taxes (note 20) |
|
98,149 |
|
108,700 |
| |
|
|
|
|
| Net income before non-controlling interests |
|
183,773 |
$ |
148,697 |
| |
|
|
|
|
| Non-controlling interests (note 2) |
|
1,821 |
|
- |
| |
|
|
|
|
| Net income |
$ |
181,952 |
$ |
148,697 |
| |
|
|
|
|
| Earnings per share (note 19): |
|
|
|
|
| Basic |
$ |
2.48 |
$ |
2.19 |
| Diluted |
$ |
2.47 |
$ |
2.17 |
| |
|
|
|
|
| See accompanying notes to consolidated financial statements. |
|
|
|
|
