Intercontinental Exchange ICE reported mixed average daily volume (ADV) for May 2021. ADV of 5.5 million contracts per day increased 7.6% year over year due to higher volumes in Financials, partially offset by about 1% decline in Commodities.
Agriculture and Metals ADV of 0.3 million contracts increased 0.3% year over year. Energy volume declined 1.1% to 2.8 million contracts per day. Commodities ADV was 3.2 million in the month.
Interest rate volume increased 26.8% to 2 million contracts per day. Equity Index volume decreased 5.8% to 0.3 million contracts. Foreign exchange volume was up 37% to nearly 0.04 million contracts.
Intercontinental Exchange's array of products along with a broad range of risk management services including trade execution, market data, pre- and post-trade processing and clearing services on an integrated platform ensures improving revenues. Strength in global data services should provide additional upside. It also remains well-poised for growth on the back of accelerated digitization taking place in the U.S. residential mortgage industry to overcome several inefficiencies existing across mortgage origination workflow.
Shares of this Zacks Rank #3 (Hold) company have outperformed the industry in the past year. The stock has gained 14.1% compared with the industry’s increase of 13.7%. The company’s product portfolio, along with a broad range of risk management services, strategic buyouts and a robust capital position will likely help the stock retain its growth momentum.
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Recently, MarketAxess Holdings MKTX reported May volumes of $478.7 billion, consisting of $204.4 billion in credit volume and $274.3 billion in rates volume. CME Group CME reported ADV of 20.6 million contracts for May. ADV increased 15%, attributable to higher volumes across all five product lines. Nasdaq NDAQ reported mixed volumes for May 2021. While U.S. equity options volume increased 36.5% year over year to 247 million contracts, European options and futures volume dropped 1.9% year over year to 15.3 million contracts.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Intercontinental Exchange Inc. (ICE) : Free Stock Analysis Report
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