It's official: the IntercontinentalExchange (ICE) is expanding. In the third quarter, trade us stock exchange posted a record turnover of $ 256 million (174 million), up 27 over the same period of last year.
This is certainly still far from the $ 650 million generated by its first rival, CME Group, in the last quarter. But unlike it, the ICE is growing both in revenues and net income. Profits advanced 16 on an annual basis on the interval July-September, at 140 million (EUR 95.4 million).
Its operating margin for the period amounted to to 55, more than comfortable performance in time settling stock exchange operators.
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The bond of the derivatives
The OTC segment from transaction and clearing fees jumped by 39 between the third quarter of 2008 and the third quarter of 2009, to $ 125 million. The ICE very quickly felt the interest might be drawn from the sudden attention paid by the regulators on these financial instruments, considered partly responsible for the stock earthquake in 2008. Share and across the Atlantic, the authorities claim concert the mandatory passage of "credit default swaps" (CDS), these credit derivatives to hedge risk of default by a third party, by a clearing house.
First to be installed on any new market, the ICE today offers of exchanges and clearing of CDS and standardized services both in the United States and Europe. Stock market operator has also decided to publish its results on the day of the first anniversary of the European structure, ICE Clear Europe, which has a guarantee fund of $ 500 million for its CDS clearing services. October 31, branch of ICE Clear Europe dedicated to these credit derivatives had offset contracts totalling 631 billion euro of notional value and 65 billion euros in commitments.
When presenting the quarterly figures yesterday, the Executive Director of the ICE, Jeff Sprecher, is shown confidence in the coming months. Banks are recruiting more specialists to manage the new obligations related to credit derivatives exchanges, he said. "We are in a transition period for the time being", however said in response to a question about the health of the credit market.
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