Intercontinental Exchange's (ICE) May Volume Declines Y/Y

Intercontinental Exchange, Inc. (NYSE:ICE) reported soft average daily volume (ADV) for the month of May as the same decreased 18.7% to 5.3 million attributable to lower Financial as well as Commodities ADV. There were 22 trading days in May. Nonetheless, shares gained 0.5% in the last couple of trading sessions.

Though Agriculture ADV of 0.4 million contracts increased 4.9%, a 2.2% drop in Energy volume to 2.8 million contracts per day induced Commodities ADV decline of 1.4% to 3.2 million in May.

Interest Rate volume dropped 39% to 1.8 million contracts per day whereas Equity Index volume dropped 3.5% to 0.3 million contracts. Foreign exchange volume plunged 39% to nearly 0.02 million contracts.

Revenue per contract on a three-month rolling basis was 12 cents for the month, down 7.7% year over year.

Shares of Intercontinental Exchange have slightly underperformed the industry year to date. The stock has rallied 13.3% compared with the industry’s increase of 13.7%. Nonetheless, the company’s product portfolio along with a broad range of risk management services, strategic buyouts, solid energy franchise, increasing recurring market data revenues and a robust capital position will likely help the stock retain its momentum.

This Zacks Rank #3 (Hold) second-largest fixed income provider globally boasts 5,000 indices, representing more than $1 trillion in benchmark assets under management, 12 exchanges, six clearing houses and nine asset classes.

Recently, securities exchanges, namely Nasdaq Group Inc. (NASDAQ:NDAQ) , MarketAxess Holdings Ltd. (NASDAQ:MKTX) and CME Group Inc. (NASDAQ:CME) also posted their respective monthly volumes.

Nasdaq’s U.S. equity options volume increased 10% year over year to 154 million contracts, European options and futures volume increased 14.5% year over year to 8.7 million contracts. MarketAxess reported trading volume of $174 billion for May. Total volume included $89.3 billion in U.S. high-grade volume, $80.6 billion in other credit volume and $4.1 billion in liquid products volume. CME Group reported average daily volumes increase of 19% year over year to 23.9 million contracts per day on higher volumes across four product lines.

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