Ok. This morning NYX reported…..

NEW YORK, Feb 08, 2010 (BUSINESS WIRE) — NYSE Euronext (NYX) announced trading volumes for its global derivatives and cash equities exchanges for January 2010. Derivatives trading volumes in January 2010 were stronger, with European derivatives volumes increasing 32.4% and U.S. options trading volumes increasing 102.4% versus prior year. Cash equities trading volumes were mixed in January 2010, with European cash transactions increasing 4.1% and U.S. cash equities trading volumes declining 23.7% from prior year levels, respectively. Both European and U.S. cash trading volumes, however, increased from fourth quarter 2009 levels.

Familar theme? Derivatives Revenue Up. Overseas Equities Revenue Up. Cash Equities Revenue in the USA down big.

So My Long Winded Point From Yesterday….. Ditto Today…. :

“Well, if I were regulating these exchanges, I would have to ask myself how important a stable secondary trading platform and structure is to management of a firm that 1) constantly changes its pricing, 2) is increasingly more interested in events and structures in countries outside the USA (until those margins become painfully cruddy too), and 3) has its bread buttered by High Freak colo fees to such an extent that Colo revenue is larger than transaction revenue in the USA? The folks who run and monitor the playing field are so immersed in these short term tactics, with not one consideration for anyone who thinks and trades slower than a millisecond. I guess it can work out OK for long term players by accident; certainly not by design.”