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1、Financialreport20102Contents2Editorial27Consolidatedfinancialstatements4Newedgeataglance32Notestotheconsolidatedfinancialstatements16Managementreport62Statutoryauditors’reportontheconsolidatedfinancialstatementsContents
2、FinancialReport201012010markedanimp
3、ortantyearintheongoingprofitabilityanddevelopmentofNewedge.Oursuccesswasrootedinourabilitytocapitalizeonourexistingleadershippositionandourabilityasafirmtoadapttochangingglobaldynamics.TheresilienceoftheestablishedNewedgebusinessmodel–highlightedbyourinde
4、pendentstructureandagencybrokerapproach–andour3,000professionalscontinuedtohelpusremainprofitableinthemidstoffluctuatingmarkets,near-zerointerestrateenvironments,andregulatoryEditorialchanges.Atthesametime,theevolutionofourorganizationalstructureandcorpor
5、ategovernancefurtherimprovedouroperationalefficiencyandriskprofile,aswellasthevalueweprovidetoourclients.IncreasedProfitabilityIIn2010,NewedgegeneratednetbankingincomeofEUR984million,grossoperatingincomeofEUR150million,andnetincomeofEUR103million.IWeconti
6、nuedtocommandastrongmarketshareinlistedderivatives,growingourvolumesmorerapidlythanthemarketasawholeandposting12.6%executionand11.6%clearingmarketshareontheworld’sleadinglistedderivativesexchanges.Additionally,NewedgePrimeBrokeragereceivedseveralglobalawa
7、rdsandtheNo.1rankinginEuropeansolemandatesforMacro,FixedIncomeandFuturesfundstrategies.IGiventhechallengingbusinessenvironment,particularlywithregardtointerestrates,weachievedourprofitabilityinpartthroughbettermanage-mentofourcosts,conductingacompensation
8、reform,andanemphasisonclientcross-selling.EnhancedGovernanceandBusinessModelITheNewedgeBoardofDirectorsannouncedasignificantchangeinourcorporategovernanceduring2010,establishingtheChairmanoftheBoardfunctionasafull-time,independentpositionandnamingDuncanGo
9、ldie-Morrisontothatrole.Additionally,theBoardestablishedtwoViceChairmanpositions,withrepresentationfrombothSociétéGénéraleandCréditAgricoleCIB.IAtthesametimeastheChairmanshipchange,IwasappointedCEOofNewedgeGroupfrom
