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Intercontinental Exchange Posts Solid Q3 & September ADV

Zacks Equity Research

Intercontinental Exchange’s ICE third-quarter average daily volume (ADV) increased 12% year over year while open interest increased 11% year over year.

Concurrently, the company also reported solid September volumes attributable to higher Commodities as well as Financial ADV. Agriculture and Metals ADV of 0.5 million contracts improved 13.1%. Energy volume too increased 9.7% to 3.2 million contracts per day. Commodities ADV increased 10.2% to 3.7 million in September.

The company reported nearly 2% year-over-year increase in Financials volume that increased to 3.1 million contracts per day. There were 20 trading days in September.

Interest Rate volume increased 1.6% to 2.4 million contracts per day whereas Equity Index volume increased 3.4% to 0.7 million contracts in September. However, Foreign exchange volume decreased 2.8% to nearly 0.04 million contracts.

Revenues per contract were 12 cents for the month, in line with the year-ago period.

Shares of Intercontinental Exchange gained 7.4% in the third quarter, in line with the industry. The company’s compelling 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.


 

Recently, MarketAxess Holdings MKTX, CME Group CME and Cboe Global Markets CBOE reported trading volume for September 2019. MarketAxess’ trading volume of $176.1 billion for the month consisted of $88.7 billion in U.S. high-grade volume, $83.9 billion in other credit volume, and $3.5 billion in liquid products volume. CME Group reported double-digit increase in September ADV in Interest Rate options, Equity Indexes, Energy and Metals. Foreign Exchange and Agricultural Commodities reported single-digit decline in September ADV. Cboe Global Markets’ total ADV of 8.2 million contracts improved 13.4% year over year driven by solid performance across Option.

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