Nasdaq (NDAQ) Posts Mixed Q3 Volumes, Revenue Per Contract
Zacks Investment Research | Oct 09, 2017 10:47PM ET
Nasdaq, Inc. (NASDAQ:NDAQ) has reported mixed volumes for third-quarter 2017. While the U.S. equity options volume improved 4.9% year over year to 364 million contracts, revenue per contract was 14 cents and declined 17.6% on a year-over-year basis. Market share jumped to 41.0% from 39.2% in the year-ago quarter
European options and futures volumes were 19.2 million contracts in the third quarter, flat year over year. Revenue per contract was 51 cents, up 4.1% on a year-over-year basis.
Under its cash equities, Nasdaq’s U.S. matched equity volume in the third quarter totaled 69.1 billion shares, down 26% from the prior-year quarter. While the European equity volume expanded 22.6% year over year to $221 billion. Again, the U.S. Fixed income volume in the third quarter contracted 17.5% year over year to $3.9 billion. The European fixed income volume on the other hand was 6.8 million contracts, up 38.8% year over year.
Nasdaq’s strategic initiatives have always accelerated growth. A sustained improvement in revenues has been aided by the company’s scheme to build up non-transaction revenue base, including market technology, listing and information revenues. Management’s medium-term outlook calls for mid-single digit growth over the next three-five years. Strategic acquisitions have been helping the company diversify as well as add capabilities to its portfolio. The organization is also intensifying focus on Nasdaq Private Market Alternatives and the Nasdaq Ventures to ramp up growth over a longer term.
In the third quarter, there were 3,525 listed companies on Nasdaq compared with 3,452 in the year-ago quarter. Total listings improved 3.7% over the earlier-year quarter to 3,887.
Nasdaq’s shares have gained 11% year to date, underperforming the 22% rally of the Zacks Investment Research
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