This graph, taken from the FT day and from a search of Morgan Stanley, illuminates the income mix of NYSE Euronext Deutsche Boerse. As can be seen in the derivatives business-clearing is the main ingredient (37%) very much to the traditional business of listing and trading of shares "cash" (29%).
This component derivatives and clearing is expected to grow with the reform of the derivatives markets CTA (see previous post http://investmentbankerparis.blogspot.com/2011/02/les-bourses-en-fusion.html ) which aim i) to extend the Clearing (clearing) markets OTC derivatives and ii) to direct some to organized markets. This is a major driver of this consolidation.
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