ICE Total FX volumes down 28% from March record; Q1 revenue grows 7% YoY


North American multinational network of electronic exchanges and clearing houses Intercontinental Exchange (NYSE: ICE) has today reported its trading metrics for April 2015 as well as it’s first quarter financial results.

Average daily volumes for April came in at 59,000 contracts, representing a 28.9% decline compared with the previous month of March, where a record 83,000 contracts pushed through. This is much higher year over year however, 237% higher than April of 2014 when volatility was at record lows and volumes were at a standstill across the FX industry.

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Other ICE April 2015 Highlights:

  • Commodity ADV increased 11% led by Brent, Other Oil and Sugar contracts up 21%, 37%, and 30% respectively, from the prior April.
  • Financials ADV declined 28% from the previous April primarily due to continued low volatility in Continental European short-term interest rate and single stock equity contracts.
  • Futures and options average daily volume (ADV) declined 11% compared to April 2014.

Strong First Quarter 2015 Results

First quarter 2015 consolidated revenues, less transaction-based expenses, increased 7% to $850 million compared to the same period in 2014. Included in this amount are transaction and clearing revenues, less transaction-based expenses, of $506 million.

Consolidated data services revenues for the first quarter of 2015 were a record $187 million, up 19% year-over-year and listings revenues were a record $101 million, up 12% compared to the prior first quarter. Consolidated other revenues were $56 million.

Consolidated operating expenses were $388 million for the first quarter of 2015, including $19 million in NYSE integration costs. Consolidated operating income for the first quarter was $462 million and operating margin was 54%. The effective tax rate for the first quarter was 27%.

Consolidated cash flows from operations were $465 million in the first three months of 2015. Operational capital expenditures were $30 million and capitalized software development costs totaled $21 million.

ICE had unrestricted cash of $752 million and $3.2 billion in outstanding debt, excluding $1.0 billion reserved for the repayment of the June 2015 Eurobonds as of March 31, 2015.

ICE also stated they will provide a 15% increase in their quarterly cash dividend payment to $0.75 per share this quarter.

“We delivered another record quarter by growing revenues and reducing our expense base, while serving our customers’ needs amid a dynamic time,” said ICE Chairman and CEO Jeffrey C. Sprecher. “We grew revenues across each major business line, including data services and listings where we posted record revenues, as well as in cash equities and commodities markets. And again this quarter, NYSE led in total capital raised globally. We continue to innovate across all of our businesses to deliver growth and solid returns for our shareholders.”

To view the official Q1 financial statement from ICE, click here.

To see April’s volume report across all assets, click here.

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ICE Total FX volumes down 28% from March record; Q1 revenue grows 7% YoY

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