CME's quarterly profit jumps, bitcoin futures surge
CME Group Inc said on Wednesday its third-quarter profit more than doubled as trading in the futures exchange operators’ interest rate and energy products surged, while the approval of exchange-traded funds (ETF) tied to CME bitcoin futures also lifted volumes.
Average daily volume at CME rose 14% from a year earlier to 17.8 million contracts, mainly driven by double-digit growth in interest rate futures, up 53%, and energy futures, up 18%, as economies around the globe reopen from COVID-19 lockdowns.
CME’s bitcoin futures volumes rose 170% versus the third quarter of 2020, helped by the recent regulatory approval and launch of the first U.S. futures-linked bitcoin.
So far in October, average daily volume for the company’s bitcoin contracts is up 57% versus September, to over 12,000 contracts or more than 60,000 equivalent bitcoin worth a record $3.5 billion per day, he said.
Net profit attributable to CME rose to $926.5 million, or $2.58 per share, in the quarter ended Sept. 30, from $411.7 million, or $1.15 per share, a year earlier.
Total quarterly revenue was up nearly 3% to $1.11 billion, just off the mean estimate of analysts of $1.15 billion.
Reference: Reuters
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