drying up is no longer valid. I think the recession is a good test for all exchanges to prove they are recession proof. The reason NYX didn't move up on good February numbers is because NYX failed to show in the 4th qtr that volume means nothing to the bottom line. Duncan needs to prove this wrong for the 1st 2008 qtr going forward. If he can, NYX will begin its uptrend after 1st qtr earnings. If Duncan fails to do so, NYX is stuck in a ugly trading range in the low 60's for much more time to come. Can Duncan turn NYX around in one qtr will be difficult, but if he can the NYX story will flourish fast.
So far NYX transactions for this quarter are significantly higher than forecasted.
Perhaps the fact that NYX has the lions share of the ETF/ETN market is the keydriver, with the AMEX aquisition they will have a hammerlock on this. It seems that ETF growth is exploding and this is basically the safest and sometimes only way to buy & go short commodities. ETF baskets are the fasteset growing segment coupled with options on ETF's. These are both written by NYX.
SO..Funny, for the first time in a while, NYX may have a huge strategic advantage that the Hedgies will start to run to.