UPDATE: CME February Daily Trading Volume Down 13% Over Strong Year Ago
March 02 2012 - 9:31AM
Dow Jones News
CME Group Inc.'s (CME) daily trading volume fell 13% in February
over the year-earlier period that hosted particularly strong
trading volume due to a wave of unrest in the Middle East and North
Africa.
Daily volume at the world's largest futures market operator
averaged 12.8 million contracts last month, down from February 2011
although up 10% from January.
Daily volume for interest-rate futures, its largest product by
that metric, averaged roughly 6 million contracts a day in
February, down 19% from a year earlier and up 15% from January.
Equity index volume declined 14% and 1.2%, respectively.
CME has in recent months worked to rebuild confidence in its
operations after facing criticism for its handling of the failure
last year of MF Global Holdings (MFGLQ), one of the largest brokers
on its markets.
Daily volume at competitor IntercontinentalExchange Inc. (ICE)
averaged 1.7 million contracts in February, down 4% from a year
earlier and up 12% from January.
Its largest product, Brent crude futures and options, posted an
8.9% increase in daily volume over the year earlier while rising
10% from January. Volume in West Texas Intermediate crude futures
and options slumped 38% from February 2011 but rose 18% from
January.
Fourth-quarter earnings at ICE rose 28% as solid trading volume
in the exchange operator's futures contracts and over-the-counter
energy business boosted revenue.
Class A shares of CME closed Thursday at $289.54 and were
inactive in premarket trade. Shares of ICE closed at $139.80 and
were also inactive premarket.
-By Mia Lamar, Dow Jones Newswires; 212-416-3207;
mia.lamar@dowjones.com
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