The Clearing Corporation (C-Corp) told shareholders last
week that it continued to lose money through the third quarter
and appealed to them to consider using the Eurex clearing link
in order to boost its bottom line in 2005.
In a letter to shareholders obtained by FO Week,
C-Corp president and ceo Dennis Dutterer and chairman Mike
Dawley said the company reported a net loss of $15.7m in the
first three quarters of the year. A full third quarter report
was not available. The letter indicated that C-Corp believes it
will improve its performance in the coming months. Still, 2003
can only be construed as a terrible year financially for the
"Our overall revenues have been limited this year due to the
low volume at Eurex US and the delay in approval of phase one
of the [clearing] link," the letter to shareholders said. "To
date, this activity has accounted for only 10% of our total
revenues. As stockholders, virtually all of you may trade on
Eurex US. Since phase one approval effectively gives firms
clearing choice, now is the time to look at your firm's level
of activity in these products and evaluate your interest in the
This article is available exclusively to subscribers
Please log in to continue reading.
Not yet a subscriber?
Click here to take a free trial.
Already have an account? |
Please fill in your details below and a customer service representative will contact you.