RESILIENCE OF THIRD PARTY REVENUES IN SPITE OF MARKET CONDITIONS Revenues (unaudited) Comments Adjusted revenues (unaudited) Q1'16 Q1'15 ∆∆ Q1'16
Listing impacted by the pause of the IPO market resulting ∆∆ from uncertain macro conditions and by soft secondary (€mm) vs Q1’15 market activity Listing 14.2 15.3 -7.4% Trading revenue 60.1 63.3 -5.1% o/w cash trading 49.1 52.1 -5.7%
Lighter trading activity during the last two weeks of March o/w derivatives trading 11.0 11.2 -2.2% combined with lower number of trading days (62 compared Market data & indices 26.2 24.6 6.7% to 63 in Q1 2015) impacted cash trading revenues Post-trade 17.8 16.7 6.5% o/w clearing 13.0 11.7 11.2%
Strong performance of commodities more than offset o/w settlement & custody 4.8 5.0 -4.5% decline in financial derivatives and enabled clearing revenue Market solutions & other 8.1 9.3 -12.9% to post a strong performance Other income 0.0 0.8 -94.0% Total third party revenue and other income 126.5 130.0 -2.7%
Positive impact of new products and services launched in the course of 2015 as well as some fee adjustments on market data revenue
Absence of recovery in the average value of assets under custody continues to impact revenues from settlement & custody
Phase out of the delivery and service provision of our NSC® and UTP® platforms to customers continue to impact market solution revenue 8