1368007--2/27/2009--NYSE

related topics

{condition, economic, financial}

{operation, international, foreign}

{competitive, industry, competition}

{system, service, information}

{financial, litigation, operation}

{stock, price, share}

{product, market, service}

{regulation, government, change}

{cost, contract, operation}

{property, intellectual, protect}

{personnel, key, retain}

{tax, income, asset}

{product, candidate, development}

{acquisition, growth, future}

{provision, law, control}

{investment, property, distribution}

{stock, price, operating}

Risks Relating to Our Industry We face intense competition and compete globally with a broad range of market participants for listings and trading volumes. Our industry is characterized by intense price competition. Current economic conditions could negatively impact our business, financial condition and operating results. Risks Relating to Our Business Our share of trading in NYSE-listed securities has declined and may continue to decline. Our share of trading in Euronext-listed securities has declined and may continue to decline. Broad market trends and other factors beyond our control could significantly reduce demand for our services and harm our business, financial condition and operating results. Current economic conditions could make it difficult for us to finance our operations. If our goodwill or intangible assets become impaired we may be required to record a significant charge to earnings. We face foreign currency exchange rate risk and other market risks. Any strategic transactions that we undertake may require significant resources, result in significant unanticipated costs or liabilities or fail to deliver anticipated benefits. We face risks when entering into or increasing our presence in markets where we do not currently compete or entering into new business lines. Our business may be adversely affected by risks associated with clearing activities. We operate in a business environment that continues to experience significant and rapid technological change. Our reliance on third parties to perform certain clearing and regulatory services could adversely affect our business if these third parties fail to perform their obligations. Insufficient systems capacity and systems failures could adversely affect our business. Our networks and those of our third-party service providers may be vulnerable to security risks. We may be at greater risk from terrorism than other companies. Damage to our reputation could adversely affect our business. The loss of key personnel could adversely affect our business. A failure to protect our intellectual property rights, or allegations that we have infringed on the intellectual property rights of others, could adversely affect our business. We are subject to significant litigation risks and other liabilities. Perceptions about the legal and regulatory environment in the United States may make it difficult for us to compete with non-U.S. exchanges. Provisions of our organizational documents and Delaware law may delay or deter a change of control. The market price of our common stock may be volatile. We operate in a highly regulated industry and may be subject to censures, fines and other legal proceedings if we fail to comply with our legal and regulatory obligations. We may face competitive disadvantages if we do not receive necessary or timely regulatory approvals for new business initiatives. An extraterritorial change of law may adversely affect our business and, under certain special arrangements, our rights to control a substantial portion of our assets. Regulatory changes or future court rulings may have an adverse impact on our ability to derive revenue from market data fees. Conflicts of interest between our for-profit status and our regulatory responsibilities may adversely affect our business. Our obligation to fund NYSE Regulation limits our ability to reduce our expenses or use our cash in other ways.

Full 10-K form ▸

1368007--2/27/2009--NYSE_Euronext