The New York Stock Exchange's regulation division on Friday said the specialist firms that trade on the NYSE floor actually netted nearly twice as much in the first quarter as it incorrectly reported on July 10.
The NYSE said due to an "error in collecting and publishing data" from the specialist firms it was issuing a revised version of the figures. It gave no further details in the statement about why the original figures were incorrect. It did not repeat the original, incorrect data for comparison.
In Friday's corrected release, it said first-quarter profit for the specialist firms rose nearly fivefold, to $212 million from $43 million a year earlier, as trading activity surged.
Revenue rose 153 percent to $577 million, while costs rose to $196 million from $149 million, it said on Friday. Annualised return on capital after taxes rose to 19.9 percent from 4.1 percent.
The original, incorrect data, as reported by Reuters on July 10, had said net income for the specialists rose to $121 million, and that revenue rose 59 percent to $362 million, while costs were unchanged at $149 million. The incorrect version said annualised return on capital after taxes rose to 11.4 percent from 4.1 percent.
Specialists match trade orders from buyers and sellers to manage volatility and use their own capital to ensure liquidity. NYSE's regulation division is a not-for-profit subsidiary of the for-profit publicly traded NYSE.
Comments
Comments are closed.