SunGard Data Systems reported third quarter net income and diluted net income per share up 29% and 6% respectively over 1998 results. Total net income reached $43,480,000 while net income per share was $0.33 for the quarter. Revenues were $351,679,000, a 20% increase over same period last year. The Investment Support Systems branch saw revenues grow 26% to $255 million, fueled by the launch of SunGard Insurance Systems' eLink for Internet access to enterprise accounting and portfolio systems. Trading volumes on the Brut ECN, which SunGard owns a majority stake in, increased by more than 80% in the third quarter.
Volume on the Chicago Mercantile Exchange's E-mini S&P 500 Index set a record on October 14 with a total of 75,797 contracts traded. At the end of the session, open interest remained at 21,465 for the E-mini, which is one-fifth the size of the S&P 500, the CME's leading stock market index contract. The S&P 500 also recorded high volume the same day with 129,559 contracts traded, a 20% increase over average daily volume this year.
Three more directors have been selected to fill eight non-director spots on the International Securities Exchange board. Frank Jones, Richard Schmalensee and Mark Kritzman will join three other recently announced non-industry directors on the board of 15. Jones is executive vice president and chief investment officer at The Guardian Life Insurance Company of America where he manages a $25 billion portfolio of bonds, equities and real estate. Schmalensee is a professor of economics and management and is Dean of the Sloan School of Management at MIT. Kritzman is managing partner of Windham Capital Management Boston, a currency management and asset allocation provider. The ISE has filed with the SEC to become a fully electronic options exchange and plans to list options on 600 widely owned stocks upon receiving SEC approval.
The SEC has issued an order requiring an inter-market linkage plan for multiply traded options to be developed by the U.S. Options exchanges including the American Stock Exchange, the Chicago Board Options Exchange, the Pacific Exchange and the Philadelphia Stock Exchange. The SEC is also requesting the ISE be involved in the linkage plan which needs to be submitted to the SEC for approval within 90 days.