Electronic Trading At CME Helps Lift Net Income by 54%
Associated Press</br></br>CHICAGO -- Chicago Mercantile Exchange Holdings Inc. reported that first-quarter profit surged 54% as electronic trading helped lift volume at the futures market.</br></br>The company had net income of $70.9 million, or $2.04 a share, up from $46.1 million, or $1.35 a share, a year earlier. Revenue jumped 32% to $223.9 million as clearing and transaction fees increased 31% to $160.8 million.</br></br>The results exceeded the expectations of analysts surveyed by Thomson Financial, who were looking for profit of $1.93 a share on revenue of $211.6 million. Shares of the company were up $11.39, or 6.4%, to $189.40 in 4 p.m. New York Stock Exchange composite trading.</br></br>Average daily CME volume climbed 39% to 3.9 million contracts, and trading on its Globex electronic platform rose 95% to 2.6 million contracts a day. Electronic volume represented 66% of its volume.