NYSE Profit Falls 25% in First Quarter
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The New York Stock Exchange said Thursday that its net income fell by 25% in the first quarter, to $11.5 million, as revenue rose 0.3%, to $268.8 million.
Trading volume in the period was 1.54 billion shares, valued at $47.9 billion, compared with 1.42 billion shares in the same period of 2003, the NYSE said.
New York Atty. Gen. Eliot Spitzer filed suit last week against the exchange, ousted Chairman Richard Grasso and former compensation committee head Ken Langone. Spitzer alleged in the suit that Grasso manipulated the NYSE’s board to win a $139.5-million pay package.
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