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Tuesday, February 5, 2013

NYSE Euronext to cut costs ahead of ICE sale, (NYSE: NYX)

NYSE Euronext has pledged to reduce costs further to offset slower trading as it prepares for this year's planned sale to IntercontinentalExchange (ICE).The global exchange operator reported net quarterly revenue down 11 percent to $562 million on Tuesday and said that it will sell all or part of its 5 percent stake in Mumbai-based commodities market MCX."We are focused on building momentum in our business prior to closing the deal with ICE, which we expect in the second half of this year," NYSE Euronext Chief Executive Duncan Niederauer said.The takeover of NYSE Euronext, which operates European futures exchange Liffe, by energy market ICE will create a powerful derivatives exchange and clearing house group.

NYSE Euronext is a global operator of financial markets and provider of trading solutions. Shares of NYX remained unchanged at $34.87. In the past year, the shares have traded as low as $22.25 and as high as $35.05. On average, 5091110 shares of NYX exchange hands on a given day and today's volume is recorded at 0.