FRANKFURT (Dow Jones) – High depreciation of the U.S. derivatives subsidiary, International Securities Exchange (ISE) led the German Stock Exchange in the fourth quarter as expected in the red.
As the Dow Group announced on Tuesday evening in Frankfurt, while sales rose to 518.4 million from EUR 505 million, while had expected Dow Jones Newswires poll of analysts of 528 million EUR turnover. At the same time the net loss after tax rose to 61.2 million from third parties, and EUR 33 million last year. Here, analysts had expected minus EUR 83 million. In the third quarter, the German stock market was in the black.
Again, the derivatives exchange caused quite a quarterly loss of DAX-listed company. Exactly one year ago, the German stock market to EUR 420 million already had been written originally purchased for EUR 2.8 billion U.S. subsidiary. As previously announced, the ISE, the parent company is now forced to income to around EUR 453.3 million depreciation, of which 220 million EUR.
Background to the recent book losses are still pending approvals for certain functions and the restrained market development. The U.S. derivatives subsidiary ISE is struggling, some American options exchanges that promote the business through high incentives to their customers. In addition, competitors such as belonging to the NYSE € Next Amex market participants as owners have brought on board. These direct order flow to the Amex to now. Even last summer, a U.S. court also ruled that only the Chicago Board Options Exchange (CBOE) lucrative options on the S & P may offer 500th
The prevailing low interest rate environment also impacted the quarterly results in the securities clearing. Net interest income in the banking business of the subsidiary were to Clearstream to 16.9 million, from EUR 17.7 million and met so that the market expectation.
EBIT of the Group was in the last quarter of minus EUR 219.3 million compared to minus EUR 166 million. Thus, it was below the forecast of analysts minus EUR 233 million. Basic earnings per share was EUR 0.33 EUR 0.18 EUR minus a year earlier.