I think the near-term strategy is: focus on getting listed share.
I still think there is big potential for consolidation across the Atlantic within the exchange space overall.
It was thinly traded yesterday, they haven't even given the shares to the members yet and the members are locked up. I believe that the real fundamentals of the stock will drive the valuation going forth.
We believe year-end redemptions drove a 10% decline in average assets under management to $3 billion.
A solid upside quarter (was) driven by tight expense controls and an improving rate per contract.
The London Stock Exchange is an all-electronic stock exchange that gives Nasdaq a global presence. There would be cost savings, too.
Guidance is below our previous estimate and implies higher expenses.
The trading activity has been solid, and the new money flows from clients have been outstanding.
Without that, Nasdaq was unwilling to increase its bid.
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