HB FRANKFURT. A threat of further depreciation of the U.S. equity options exchange ISE has overshadowed solid quarterly results of the German stock market and sent the shares of the stock exchange operator into the red. The title fell on Thursday against the market trend, just under one percent to 50.82 euros and were the second biggest loser on the Dax. The probability of a renewed depreciation have increased, the German stock exchange had announced on Wednesday night. Should the long-term business prospects will not improve the Eurex daughter was in the fourth quarter to expect a reduction in value.
"The imminent depreciation of tangible assets of ISE is clearly a big disappointment for us," said LBBW analyst Martin Peter. In mid-May have emphasized the management problems, the growth scenario for ISE is completely intact. A 20 percent drop in market share is fully priced in the first ISE amortization in the fourth quarter of 2009.
A real surprise is the announcement for many experts not. Even before some analysts had thought that the misery is endured not because of falling trade volumes in the U.S. options exchange. The summary of the derivatives exchange Eurex ISE, the only major acquisition in recent years the German stock exchange loses, has long been market share to rivals such as Nasdaq OMX, NYSE Euronext € CBOE. They dig the ISE with fee reductions ever the water. There are also regulatory hurdles.
It is not clear yet how much the stock market still has to write off. The still recognized intangible assets of ISE are according to analysts at 850 million euros. They expect, however, no depreciation in full, first estimates range from 250 to 500 million euros. In the fourth quarter of 2009, the German stock market has already written off 420 million euros on the ISE, and was therefore the first time in its history slipped into the red.
The operations of the German stock exchange group with business lines Xetra, Eurex and Clearstream were in the third quarter, despite Wall summer months in total slightly better than expected by analysts: A slight increase in revenue from one percent to 504.3 million euros and the strict austerity measures were the operating result (EBIT) before restructuring costs by seven percent to 257.4 million euros increase. The adjusted surplus rose by nine percent to 171 million euros. Analysts had expected only with a turnover of 502 million euros. Adjusted EBIT they had expected 240 million euros, 139 million euros in surplus.
The recovery of the global economy have had the volumes in the cash and futures markets, despite the less pronounced fluctuations slightly increase, said the stock market. However, the momentum slowed in the second quarter compared to the more lively again.