Intercontinental Exchange Notches Up Record Volumes In Q1
Zacks Investment Research | Apr 04, 2018 11:37PM ET
Intercontinental Exchange, Inc. (NYSE:ICE) has grossed record average daily volume (ADV) for the first quarter of 2018. While both total Futures and Commodities ADV rose 4% each, Energy futures ADV increased 3%.
Agriculture & Metals futures ADV shot up 18% year over year in the first quarter, fueled by a record Sugar futures ADV with 17% rise, 20% increase in Cocoa ADV and a 23% expansion in Cotton futures ADV.
Increase of 9% in Interest Rate futures ADV was driven by a record Sterling ADV, rising 20% year over year. While equity ADV gained 9%, equity options surged 62% year over year.
Volumes in the first quarter were driven by better numbers in January and February. Soft volumes in March were a partial offset.
Total Futures and Options volume in March declined 11.3% to 5.9 million contracts. A 1.5% lower Commodities ADV and 19.6% lower Financials ADV were responsible for the downside. Revenues per contract were 13 cents for March, down 38.5% year over year.
Revenues per contract were 13 cents for March 2018, down 38.5% year over year.
Recently, securities exchanges, namely CBOE Holdings Inc. (NASDAQ:CBOE) , CME Group Inc. (NASDAQ:CME) and MarketAxess Holdings Ltd. (NASDAQ:MKTX) also posted respective volumes.
CBOE Global Markets’ March ADV of 8.5 million contracts contracted about 18% year over year while CME Group’s ADV of 20.8 million contracts per day improved 23% year over year. MarketAxess has reported a trading volume of $152.3 billion for March 2018.
Intercontinental Exchange is scheduled to report first-quarter 2018 results before the market opens on May 3. The Zacks Consensus Estimate for quarterly earnings is pegged at 88 cents on revenues of $1.2 billion, reflecting 18.9% and 4.6% year-over-year growth, respectively.
Our proven model does not conclusively show that the company is likely to deliver a positive surprise. This is because although the stock’s favorable Zacks Rank #3 (Hold) increases the predictive power of ESP, its .
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