Intercontinental Exchange, Inc.ICE has recently released its February average daily volume numbers. The metric has considerably improved 15.8% year over year to 6.7 million contracts. Moreover, the same sequentially increased 7.6%.
The year-over-year improvement was driven by Financials volume, which surged 31.9% to 3.1 million contracts per day. Further, Commodities volume averaged approximately at 3.6 million contracts per day and increased 4.9% year over year. There were 20 trading days in February, similar to the year-ago month.
Energy volume rose 4.1% to about 3.1 million contracts per day while Agricultural and Metals volume increased 10.2% to 0.5 million contracts. Interest Rate volume soared 37.3% to 2.7 million contracts per day whereas Equity Index volume gained nearly 8% to 0.4 million contracts. Foreign exchange volume declined 20% to nearly 0.03 million contracts.
Revenues per contract were 13 cents for the reported month, down 23.5% year over year.
Shares of Intercontinental Exchange have underperformed the industry in a year's time. The stock has gained 23.9% compared with the industry's rally of 29.0%. However, we expect this Zacks Rank #2 (Buy) securities exchange provider's strategic buyouts, solid product portfolio, risk management services, strong asset under management and a robust capital position to turn the stock around in the near term. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Cboe Global Markets' February ADV of 10.6 million contracts soared nearly 44.5% year over year while CME Group reported a record ADV of 27.3 million contracts per day, having risen 48% year over year. Also, MarketAxess has reported a trading volume of $157.8 billion for the month.
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