NYSE Group Announces Fourth Quarter and Full Year 2006 Financial Results

NYSE Group, Inc. (NYSE: NYX) today reported net income of $45.5 million, or $0.29 per diluted share, for the three months ended December 31, 2006, a $65.8 million increase as compared to a $20.3 million loss, or $(0.18) per diluted share, for the three months ended December 31, 2005. These results are presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP). Fourth quarter 2006 results include the quarterly results from the operations of NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange, Inc.). The merger between NYSE, Inc. and Archipelago Holdings, Inc. closed on March 7, 2006. Fiscal 2005 results include only the operations of New York Stock Exchange, Inc., the predecessor of NYSE Group. Included in the fourth quarter 2006 results are $34.1 million in merger expenses and exit costs consisting of a restructuring charge in connection with a workforce reduction of more than 500 positions ($29.2 million), the acceleration of certain fixed asset useful lives ($2.8 million), and other professional fees incurred in connection with both the acquisition of Archipelago Holdings, Inc. and the pending combination with Euronext N.V. ($2.1 million). On a non-GAAP basis, giving effect to the Archipelago transaction as if it occurred at the beginning of the earliest period presented, and excluding the merger expenses and exit costs, the net income of NYSE Group for the three months ended December 31, 2006 would have been $70.8 million, or $0.45 per diluted share, a $65.7 million or twelve-fold increase as compared to net income, on a non-GAAP basis, of $5.1 million, or $0.03 per diluted share, for the three months ended December 31, 2005. A full reconciliation of these non-GAAP results is included in the attached tables. For the year ended December 31, 2006, net income and diluted earnings per share on a GAAP basis were $205.0 million and $1.36, respectively. This compares to GAAP net income and diluted earnings per share of $40.7 million and $0.35, respectively, for the year ended December 31, 2005. On a non-GAAP basis, net income increased 188% to $258.8 million, while diluted earnings per share increased 193% to $1.64. "NYSE Group experienced an extraordinary year in 2006. Beginning with the close of the Archipelago transaction and subsequent secondary offering which established the NYSE Group as a public company, we are successfully transforming the NYSE," said NYSE Group Chief Financial Officer and Executive Vice President, Nelson Chai. "Among other things, we have revamped our transaction pricing, restructured the profile of our business portfolio, including through the implementation of the Hybrid Market and taking full control of our technology expenses as a result of our 100% ownership of SIAC, announced the NASD Regulation transaction, and launched our new options platform. We are delivering against the integration savings previously announced in conjunction with the Archipelago transaction, including a 35% reduction in our workforce. Finally, the pending combination with Euronext will create the first true global exchange group. We have executed against an ambitious set of objectives and positioned NYSE Group for long-term growth while delivering substantial shareholder value. "Our recently announced agreement to acquire 5% of the National Stock Exchange, India’s largest financial marketplace, and our strategic alliance with the Tokyo Stock Exchange are a strong start to the new year. In 2007, we will finalize the roll out of our Hybrid Market, deliver against the integration targets in conjunction with the Archipelago transaction and complete the Euronext transaction. We will continue to improve our business model and lead the global transformation of the exchange landscape in order to benefit our investors, listed companies and market professionals." Other Financial Highlights Excluding the effect of activity assessment fees and Section 31 fees, the pre-tax margin of NYSE Group on a non-GAAP basis more than doubled to reach 22.9% of total revenues for the year ended December 31, 2006 as compared to 11.1% of total revenues for the year ended December 31, 2005. In conjunction with delivering merger related savings, NYSE Group total employee headcount was 2,578 as of December 31, 2006, a reduction of 718 positions as compared to total employee headcount of 3,296 as of December 31, 2005 and a reduction of 906 positions since March 2005 when NYSE, Archipelago and SIAC had 3,484 employees on a combined pro forma basis. As of December 31, 2006, NYSE Group had $985.8 million of cash, cash equivalents, investment and other securities (including $250.4 million related to Section 31 fees collected from market participants and due to the Securities and Exchange Commission) and no debt obligation. Fourth Quarter and Full Year Business Highlights As a result of the completion of the merger between New York Stock Exchange, Inc. and Archipelago on March 7, 2006, NYSE Group operates two securities exchanges - the NYSE and NYSE Arca. NYSE Group is the global leader in listings, cash equities and ETF trading, and holds well established positions in other product categories, including options, fixed-income, Nasdaq and Amex listed equity trading as well as market data. On June 1, NYSE Group and Euronext N.V. announced their agreement to combine the leading U.S. and pan-European securities trading exchanges with combined $28.2 trillion total global market capitalization of listed companies and average daily trading value of approximately $102 billion as of December 31, 2006. On November 28, NYSE Group and NASD announced the signing of a letter of intent to consolidate their member regulation operations into a new self-regulatory organization that will be the private sector regulator for all securities brokers and dealers doing business with the public in the United States. The transaction is expected to close in the second quarter of 2007. The NYSE Hybrid MarketSM is transforming the NYSE into a fast market with sub-second, fully electronic order executions while still maintaining the NYSE’s historic market quality and potential for price improvement. On January 24, the NYSE announced the completion of Phase III, the largest and most intensive part of the Hybrid Market rollout process, with all immediately eligible NYSE-listed securities trading on the Hybrid Market platform. Phase IV implementation began on January 25, 2007 and is expected to conclude no later than the current SEC Regulation NMS compliance date of March 5, 2007. Demonstrating the opportunity for customers to choose between an electronic or auction order execution, 20% of share volume is currently handled through trading-floor brokers and specialists utilizing new Hybrid Market electronic tools. In a recently issued independent report, research firm Elkins/McSherry found that NYSE-listed equities have the world’s lowest all-in trading costs. Additionally, the NYSE consistently delivered lower trading costs than Nasdaq according to all major independent research, including studies by Elkins/McSherry, ITG Plexus and Abel/Noser. A total of 206 new issuers listed on NYSE Group’s markets in 2006, representing total IPO proceeds of $34.9 billion. New listings included 28 transfers from other markets (up from 16 in 2005) and 29 non-US company listings (up from 19 in 2005). NYSE Group was the market of choice for many of the world’s most recognizable companies, including MasterCard (NYSE: MA), Chipotle Mexican Grill, Inc. (NYSE: CMG), J. Crew (NYSE: JCG), Tim Hortons (NYSE: THI) and NYMEX (NYSE: NMX). For the three months ended December 31, 2006, compared to the same period a year ago, NYSE Group recorded increased average daily volumes across all categories of securities, including handled volume increases of 4.7% in NYSE-listed issues, 13.8% in NYSE Arca and Amex-listed issues, 24.6% in Nasdaq-listed issues, 27.3% in ETFs, and 29.1% in equity options contracts. For the three months ended December 31, 2006, NYSE Group handled 117.3 billion shares of NYSE-listed issues, or 70.0% of the trading in NYSE-listed issues, versus 111.6 billion shares, or 72.4%, and 112.0 billion shares, or 78.7%, for the three months ended September 30, 2006 and December 31, 2005, respectively. NYSE Group’s share of trading in NYSE Arca and Amex-listed issues was 38.0% for the three months ended December 31, 2006 compared to 38.4% for the three months ended September 30, 2006 and 34.7% for the three months ended December 31, 2005. NYSE Group’s share of trading in Nasdaq-listed issues was 24.9% for the three months ended December 31, 2006 compared to 25.5% for the three months ended September 30, 2006 and 22.1% for the three months ended December 31, 2005. NYSE Group’s share of trading in ETFs was 44.0% for the three months ended December 31, 2006 compared to 43.5% for the three months ended September 30, 2006 and 40.5% for the three months ended December 31, 2005. In 2006, NYSE Group made several acquisitions (TransactTools, Matchpoint Trading, and the shares of SIAC formerly held by the Amex) and purchased a strategic stake in Marco Polo to further enhance its technology, trading systems and future product offerings. In the fixed income arena, the NYSE received an exemption from the SEC to begin trading certain unlisted debt securities of NYSE-listed companies and their wholly-owned subsidiaries, and will leverage NYSE Arca's core matching technology to develop its next generation bond trading platform, NYSE BondsSM. In the fourth quarter of 2006, NYSE Group completed the launch of NYSE Arca Options, offering automatic executions for customer and broker dealer options orders. As the first exchange to file a detailed plan for new options pricing in conjunction with the SEC penny pilot program that began on January 26, 2007, NYSE Arca Options introduced a plan designed to reward participants that improve market quality and provide liquidity. The NYSE also announced that it will create a Trade Reporting Facility for customers seeking a reliable and competitively priced venue to report internally executed transactions in the first quarter of 2007. The NYSE Composite Index (NYA), which closed the year at a record high, continued to outperform all other broad based indexes again in 2006. Designed to measure the performance of all common stocks, ADRs, REITs, and tracking stocks listed on the NYSE, the NYA finished the year with a gain of 17.9%. This was greater than the 16.3% increase that the Dow Jones Industrial Average achieved in 2006. To supplement NYSE Group’s consolidated financial statements prepared in accordance with GAAP and to better reflect period-over-period comparisons, NYSE Group uses non-GAAP financial measures of operating performance. A non-GAAP financial measure is a numerical measure of performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure, calculated and presented in accordance with GAAP. Non-GAAP financial measures do not replace and are not superior to the presentation of GAAP financial results, but are provided to (i) present the effects of certain merger expenses and exit costs, compensation charges, gains on sale of businesses and other investments, and (ii) improve overall understanding of NYSE Group’s current financial performance and its prospects for the future. Specifically, NYSE Group believes the non-GAAP financial results provide useful information to both management and investors regarding certain additional financial and business trends relating to financial condition and operating results. In addition, management uses these measures for reviewing financial results and evaluating financial performance. About NYSE Group, Inc. NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange LLC (the "NYSE”) and NYSE Arca, Inc. (formerly known as the Pacific Exchange, Inc.). NYSE Group is a leading provider of securities listing, trading and market data products and services. In 2006, on an average trading day, 2.3 billion shares, valued at $86.8 billion, were traded on the exchanges of the NYSE Group. The NYSE is the world’s largest and most liquid cash equities exchange. The NYSE provides a reliable, orderly, liquid and efficient marketplace where investors buy and sell listed companies' common stock and other securities. On December 31, 2006, the operating companies listed on the NYSE represented a total global market capitalization of $26.5 trillion. NYSE Arca, Inc. operates the former ArcaEx(R), the first open, all-electronic stock exchange in the United States, which has a leading position in trading exchange-traded funds and exchange-listed securities. NYSE Arca, Inc. is also an exchange for trading equity options. NYSE Arca, Inc.’s trading platforms provide customers with fast electronic execution and open, direct and anonymous market access. NYSE Regulation, an independent not-for-profit subsidiary, regulates member organizations through the enforcement of marketplace rules and federal securities laws. NYSE Regulation also ensures that companies listed on the NYSE and NYSE Arca meet their financial and corporate governance listing standards. For more information on NYSE Group, go to: www.nyse.com. Cautionary Note Regarding Forward-Looking Statements Certain statements in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on NYSE Group's current expectations and involve risks and uncertainties that could cause NYSE Group's actual results to differ materially from those set forth in the statements. There can be no assurance that such expectations will prove to be correct. Actual results may differ materially from those expressed or implied in the forward-looking statements. Factors that could cause NYSE Group's results to differ materially from current expectations include, but are not limited to: NYSE Group's ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk and U.S. and global competition, and other factors detailed in NYSE Group's Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NYSE Group that the projections will prove to be correct. NYSE Group undertakes no obligation to release any revisions to any forward-looking statements. NYSE Group, Inc. Condensed consolidated statements of income in accordance with GAAP (in thousands, except per share data)   Three months ended December 31, Year ended December 31, 2006  2005  2006  2005  (unaudited) (unaudited) (unaudited)   Revenues Activity assessment fees $ 180,794  $ 161,183  $ 673,177  $ 594,555  Transaction 221,761  37,436  675,900  145,828  Listing 89,836  85,828  356,091  342,718  Market data 56,369  44,741  222,484  178,169  Data processing 28,119  46,204  137,088  182,966  Regulatory 48,894  35,906  184,194  132,576  Licensing, facility and other   32,764    14,164    127,016    56,361  Total revenues 658,537  425,462  2,375,950  1,633,173  Section 31 fees (180,794) (161,183) (673,177) (594,555) Merger expenses and exit costs (34,143) (23,596) (54,485) (26,128) Compensation (121,517) (134,873) (558,357) (516,718) Liquidity payments (104,963) -  (264,927) -  Routing and clearing fees (24,716) -  (74,403) -  Systems and communications (28,652) (31,596) (119,618) (124,341) Professional services (24,872) (34,183) (110,399) (121,977) Depreciation and amortization (36,437) (24,909) (135,797) (103,430) Occupancy (22,009) (18,211) (84,945) (69,798) Marketing and other (31,828) (21,785) (102,770) (68,041) Regulatory fine income   2,551    2,502    36,392    35,374  Operating income 51,157  (22,372) 233,464  43,559  Investment and other income, net 10,712  10,761  73,983  47,320  Gain on sale of equity investment   -    -    20,925    -  Income before income tax provision and minority interest 61,869  (11,611) 328,372  90,879  Income tax provision (16,049) (7,869) (120,566) (48,158) Minority interest   (329)   (777)   (2,829)   (1,972) Net income (loss) $ 45,491  $ (20,257) $ 204,977  $ 40,749    Basic earnings (loss) per share $ 0.29  $ (0.18) $ 1.38  $ 0.35  Diluted earnings (loss) per share $ 0.29  $ (0.18) $ 1.36  $ 0.35    Basic weighted average shares outstanding 156,603  115,699  [a] 149,062  115,699  [a] Diluted weighted average shares outstanding 157,855  115,699  [a] 150,175  115,699  [a]     [a] Adjusted to reflect the merger with Archipelago on March 7, 2006 giving retroactive effect to the issuance of shares to former NYSE members.   NYSE Group, Inc. Condensed combined statement of income including non-GAAP financial measures (unaudited) (in thousands, except per share data)   We use non-GAAP financial measures of operating performance. Non-GAAP measures do not replace and are not superior the presentation of our GAAP financial results but are provided to improve overall understanding of our current financial performance and our prospects for the future.   Three months ended December 31, 2006 GAAP Adjustments Non-GAAP   Revenues Activity assessment fees $ 180,794  $ -  $ 180,794  Transaction 221,761  -  221,761  Listing 89,836  -  89,836  Market data 56,369  -  56,369  Data processing 28,119  -  28,119  Regulatory 48,894  -  48,894  Licensing, facility and other   32,764    -    32,764  Total revenues 658,537  -  658,537  Section 31 fees (180,794) -  (180,794) Merger expenses and exit costs (34,143) 34,143  [a] -  Compensation (121,517) -  (121,517) Liquidity payments (104,963) -  (104,963) Routing and clearing fees (24,716) -  (24,716) Systems and communications (28,652) -  (28,652) Professional services (24,872) -  (24,872) Depreciation and amortization (36,437) -  (36,437) Occupancy (22,009) -  (22,009) Marketing and other (31,828) -  (31,828) Regulatory fine income   2,551    -    2,551  Operating income 51,157  34,143  85,300  Investment and other income, net   10,712    -    10,712  Income before income tax provision and minority interest 61,869  34,143  96,012  Income tax provision (16,049) (8,877) [b] (24,926) Minority interest   (329)   -    (329) Net income $ 45,491  $ 25,266  $ 70,757    Basic earnings per share $ 0.45  Diluted earnings per share $ 0.45    Basic weighted average shares outstanding 156,603  Diluted weighted average shares outstanding 157,855    [a] To eliminate merger expenses and exit costs as they represent nonrecurring charges directly attributable to either the merger of the New York Stock Exchange, Inc. and Archipelago or the announced combination of NYSE Group and Euronext N.V.   [b] To adjust the income tax provision for the effect of the non-GAAP adjustment based upon a combined income tax rate of 26.0%.   NYSE Group, Inc. Condensed combined statements of income including non-GAAP financial measures (unaudited) (in thousands, except per share data)   We use non-GAAP financial measures of operating performance. Non-GAAP measures do not replace and are not superior the presentation of our GAAP financial results but are provided to improve overall understanding of our current financial performance and our prospects for the future.   Three months ended December 31, [a] Year ended December 31, [a] 2006  2005  2006 [b] 2005    Revenues Activity assessment fees $ 180,794  $ 209,170  $ 704,032  $ 759,143  Transaction 221,761  152,094  771,973  601,115  Listing 89,836  85,946  356,172  343,212  Market data 56,369  61,043  235,284  242,751  Data processing 28,119  46,204  137,088  182,966  Regulatory 48,894  39,046  186,375  141,269  Licensing, facility and other   32,764    16,867    129,010    66,969  Total revenues 658,537  610,370  2,519,934  2,337,425  Section 31 fees (180,794) (209,170) (704,032) (759,143) Compensation (121,517) (150,665) (533,445) (590,629) Liquidity payments (104,963) (53,985) (308,868) (206,907) Routing and clearing fees (24,716) (17,299) (89,201) (70,390) Systems and communications (28,652) (38,807) (124,263) (152,343) Professional services (24,872) (37,930) (112,978) (136,951) Depreciation and amortization (36,437) (33,604) (142,224) (142,860) Occupancy (22,009) (21,184) (87,400) (80,705) Marketing and other (31,828) (30,758) (105,760) (109,970) Regulatory fine income   2,551    2,522    36,628    35,394  Operating income 85,300  19,490  348,391  122,921  Investment and other income, net   10,712    12,001    67,517    51,821  Income before income tax provision and minority interest 96,012  31,491  415,908  174,742  Income tax provision (24,926) (25,570) (154,237) (82,810) Minority interest   (329)   (777)   (2,829)   (1,972) Net income $ 70,757  $ 5,144  $ 258,842  $ 89,960  Basic earnings per share $ 0.45  $ 0.03  $ 1.66  $ 0.56  Diluted earnings per share $ 0.45  $ 0.03  $ 1.64  $ 0.56    Basic weighted average shares outstanding 156,603  159,714  [c] 156,310  160,860  [c] Diluted weighted average shares outstanding 157,855  160,839  [c] 157,423  161,875  [c]     [a] The results of operations of NYSE Group are presented as if the following transactions had been completed at the beginning of the earliest period presented:   1. The acquisition of PCX Holdings and subsidiaries by Archipelago, 2. The disposition of Wave Securities by Archipelago, and 3. The merger between Archipelago and New York Stock Exchange, Inc.   In addition, merger expenses and exit costs of $34,143 and $58,298 have been eliminated from the results of operations for the three months ended December 31, 2006 and 2005, respectively, and $55,180 and $72,255 for the year ended December 31, 2006 and 2005, respectively, as they represent nonrecurring charges directly attributable to either the merger of New York Stock Exchange, Inc. and Archipelago or the announced combination of NYSE Group and Euronext N.V.   [b] One-time compensation charges of $37,690 recorded by NYSE Group at the time of the merger and a $2,378 acceleration of certain Archipelago stock options immediately prior to the merger were eliminated.   In addition, a $20,925 gain recorded by NYSE Group in connection with the sale of DTCC common shares to certain DTCC participants and a $7,215 gain in connection with the phase out of NSCC and FICC's service agreement with SIAC were eliminated.   [c] Adjusted to reflect the merger with Archipelago on March 7, 2006 giving retroactive effect to the issuance of shares to former NYSE members.   NYSE Group, Inc. Condensed Consolidated Statements of Financial Condition (in thousands)   December 31, 2006  2005  (unaudited)   Assets Current assets: Cash and cash equivalents $ 284,290  $ 43,492  Investment and other securities 701,476  1,108,479  Accounts receivable, net 334,690  184,185  Deferred income taxes 107,814  91,919  Other current assets   21,440    36,142  Total current assets 1,449,710  1,464,217    Property and equipment, net 378,128  343,534  Goodwill 535,906  -  Other intangible assets, net 584,041  -  Deferred income taxes 355,987  290,145  Other assets   158,767    106,249  Total assets $ 3,462,539  $ 2,204,145    Liabilities and stockholders' equity Current liabilities: Accounts payable and accrued expenses $ 396,392  $ 322,263  Section 31 fees payable 250,449  232,146  Deferred revenue 113,881  105,313  Deferred income taxes   68,468    25,238  Total current liabilities 829,190  684,960    Accrued employee benefits 354,447  323,373  Deferred revenue 322,222  329,197  Deferred income taxes 264,973  9,289  Other liabilities   22,688    23,037  Total liabilities 1,793,520  1,369,856    Minority interest -  35,164    Stockholders' equity 1,669,019  799,125      Total liabilities and stockholders' equity $ 3,462,539  $ 2,204,145  NYSE Group, Inc. Selected Statistical Data (shares and contracts in millions) Three Months Ended Twelve Months Ended Dec 31, 2006 Sept 30, 2006 Dec 31, 2005 Dec 31, 2006 Dec 31, 2005   Trading Days 63  63  63  251  252  NYSE Company listings (1): NYSE listed issuers(2) 2,713  2,704  2,672  2,713  2,672  Number of new issuer listings(3) 46  29  38  128  192  NYSE Listed Issues (4): NYSE Group Matched Volume (5) 114,434  108,826  110,299  458,495  415,078  NYSE Group Handled Volume (6) 117,280  111,584  111,969  468,577  421,518  Total NYSE Listed Consolidated Volume 167,612  154,161  142,319  635,065  523,505  NYSE Group Share of Total Consolidated Volume: Matched Volume (5) 68.3% 70.6% 77.5% 72.2% 79.3% Handled Volume (6) 70.0% 72.4% 78.7% 73.8% 80.5% NYSE Arca and Amex Listed Issues: NYSE Group Matched Volume (5) 7,077  6,873  6,077  27,808  19,500  NYSE Group Handled Volume (6) 7,989  7,939  7,023  31,915  22,491  Total NYSE Arca and Amex Listed Consolidated Volume 21,047  20,663  20,257  88,930  70,596  NYSE Group Share of Total Consolidated Volume: Matched Volume (5) 33.6% 33.3% 30.0% 31.3% 27.6% Handled Volume (6) 38.0% 38.4% 34.7% 35.9% 31.9% Nasdaq Listed Issues: NYSE Group Matched Volume (5) 25,048  24,700  19,593  101,829  82,165  NYSE Group Handled Volume (6) 30,524  30,022  24,488  124,592  103,106  Total Nasdaq Listed Consolidated Volume 122,707  117,785  110,568  506,144  449,730  NYSE Group Share of Total Consolidated Volume: Matched Volume (5) 20.4% 21.0% 17.7% 20.1% 18.3% Handled Volume (6) 24.9% 25.5% 22.1% 24.6% 22.9% Exchange-Traded Funds (4),(7): NYSE Group Matched Volume (5) 9,808  9,663  7,486  39,102  24,293  NYSE Group Handled Volume (6) 10,701  10,794  8,405  43,318  27,229  Total ETF Consolidated Volume 24,299  24,819  20,751  100,078  73,330  NYSE Group Share of Total Consolidated Volume: Matched Volume (5) 40.4% 38.9% 36.1% 39.1% 33.1% Handled Volume (6) 44.0% 43.5% 40.5% 43.3% 37.1% Equity Options (8): NYSE Group Options Contracts 59.9  44.0  46.4  196.6  144.8  Total Consolidated Options Contracts 498.3  429.4  402.4  1,844.2  1,369.0  NYSE Group Share of Total 12.0% 10.3% 11.5% 10.7% 10.6% Market Information: (9) Tape A share of trades (%) 79.2% 82.0% 88.9% 83.3% 90.4% Tape B share of trades (%) 37.3% 35.2% 46.2% 37.3% 47.4% Tape C share of trades and shares (%) 24.4% 24.5% 20.8% 23.7% 21.1% Professional subscribers 423,298  417,642  413,458  423,298  413,458  Regulatory Fees: Gross FOCUS revenues ($ billions) (10) 78.9  77.6  53.3  284.0  187.3  Operating Expenses: Employee headcount 2,578  2,914  3,296  2,578  3,296    (1) Number does not include issuers listed on NYSE Arca. There were 14 operating companies exclusively listed on NYSE Arca as of December 31, 2006. (2) Number of listed operating companies, closed-end funds and ETFs as of period end. (3) Includes initial public offerings, quotations and transfers from other markets of common equity securities. (4) Includes all NYSE Group Crossing Sessions 1, 2, 3 and 4. (5) Represents the total number of shares of equity securities and ETFs executed on the NYSE Group's exchanges. (6) Represents the total number of shares of equity securities and ETFs internally matched on the NYSE Group's exchanges or routed to and executed at an external market center. NYSE Arca routing includes odd-lots. (7) Data included in previously identified categories. (8) Includes trading in U.S. equity options contracts, not equity-index options. (9) Represents the NYSE Group share of qualifying trades for Tapes A and B reported by NYSE Group to the consolidated tape, as compared to the total number of qualifying trades for Tapes A and B reported to the consolidated tape by all other participating market centers. NYSE Group share of Tape C represents the average of: (i) the share of qualifying trades for Tape C reported by the NYSE Group to the consolidated tape, as compared to the total number of qualifying trades for Tape C reported to the consolidated tape by all other participating market centers; and (ii) the share of qualifying share volume for Tape C reported by the NYSE Group to the consolidated tape, as compared to the total qualifying share volume for Tape C reported by all other participating market centers. The consolidated tape refers to the collection of market data that multiple markets make available on a consolidated basis. (10) Gross FOCUS revenues represent revenues generated by member broker-dealers as reported on their "FOCUS" report (a report that is required to be filed with the SEC). A member broker-dealer's regulatory fee is based on the revenues reported. The NYSE records revenue on a six-month lag; the data is provided on this basis.