We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Intercontinental Exchange (ICE) Q1 & March Volumes Drop Y/Y
Read MoreHide Full Article
Intercontinental Exchange (ICE - Free Report) reported soft average daily volume (ADV) for the first quarter and March 2021. ADV of 6.6 million contracts per day was down 21.1% year over year in the first quarter due to lower volumes in Commodities as well as Financials. There were 61 trading days in the first quarter of this year.
Though Future and Options volumes declined in the first quarter, per Ben Jackson, president of Intercontinental Exchange “during the first quarter, our customers continued to rely on our liquid and growing futures and options markets to manage risk across asset classes.”
Commodities ADV declined 16% to 3.8 million owing to 14.3% lower Energy ADV and 27.7% lower Agriculture and Metals ADV. Financials ADV declined 19.3% attributable to lower interest rate volume and foreign exchange volume.
Intercontinental Exchange also updated its expense guidance for the first quarter of 2021. The company now expects first quarter GAAP non-operating expenses to be in the range of $51 million to $56 million. Adjusted non-operating expenses are expected to be in the range of $78 million to $83 million, accounting for a $30 million dividend related to its investment in Euroclear and FX. Earlier, it had guided adjusted non-operating expense in the range of $105 - $110 million.
Concurrently, it reported ADV of 6.5 million contracts for March. ADV dropped 30.8%, attributable to lower volumes in Commodities as well as Financials.
Shares of this Zacks Rank #2 (Buy) company have outperformed the industry in the past year. The stock has rallied 33.5% compared with the industry’s increase of 25.6%. 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.
Recently, MarketAxess Holdings (MKTX - Free Report) reported March volumes of $689.6 billion consisting of $292.6 billion in credit volume and $397.0 billion in rates volume. CME Group (CME - Free Report) reported ADV of 21.7 million contracts for March. ADV dropped 32%, attributable to lower volumes across all six product lines. Cboe Global Markets (CBOE - Free Report) reported March ADV of 11.8 million, down 4.1% year over year.
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
Image: Bigstock
Intercontinental Exchange (ICE) Q1 & March Volumes Drop Y/Y
Intercontinental Exchange (ICE - Free Report) reported soft average daily volume (ADV) for the first quarter and March 2021. ADV of 6.6 million contracts per day was down 21.1% year over year in the first quarter due to lower volumes in Commodities as well as Financials. There were 61 trading days in the first quarter of this year.
Though Future and Options volumes declined in the first quarter, per Ben Jackson, president of Intercontinental Exchange “during the first quarter, our customers continued to rely on our liquid and growing futures and options markets to manage risk across asset classes.”
Commodities ADV declined 16% to 3.8 million owing to 14.3% lower Energy ADV and 27.7% lower Agriculture and Metals ADV. Financials ADV declined 19.3% attributable to lower interest rate volume and foreign exchange volume.
Intercontinental Exchange also updated its expense guidance for the first quarter of 2021. The company now expects first quarter GAAP non-operating expenses to be in the range of $51 million to $56 million. Adjusted non-operating expenses are expected to be in the range of $78 million to $83 million, accounting for a $30 million dividend related to its investment in Euroclear and FX. Earlier, it had guided adjusted non-operating expense in the range of $105 - $110 million.
Concurrently, it reported ADV of 6.5 million contracts for March. ADV dropped 30.8%, attributable to lower volumes in Commodities as well as Financials.
Shares of this Zacks Rank #2 (Buy) company have outperformed the industry in the past year. The stock has rallied 33.5% compared with the industry’s increase of 25.6%. 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.
Recently, MarketAxess Holdings (MKTX - Free Report) reported March volumes of $689.6 billion consisting of $292.6 billion in credit volume and $397.0 billion in rates volume. CME Group (CME - Free Report) reported ADV of 21.7 million contracts for March. ADV dropped 32%, attributable to lower volumes across all six product lines. Cboe Global Markets (CBOE - Free Report) reported March ADV of 11.8 million, down 4.1% year over year.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>