Chicago Mercantile Exchange (CME) posted record revenues for
the first quarter and exchange leaders said, during last
Tuesday's annual meeting, that it is strategically poised for
The exchange reported net income for the first quarter of
$26.1m, a 40% jump from $18.7m a year earlier. Net revenues
climbed 25% to a record $126m in the first quarter, up from
$101.1m for the same period a year earlier. And earnings per
diluted share rose to 77 cents, up 22% from 63 cents.
The record earnings were due largely to record volumes for
the exchange during the first three months. CME posted an
average daily volume of 2.4m contracts in the first quarter, a
20% increase from the same quarter last year. In March 2003,
the exchange hit an average daily volume record of almost 2.8m
contracts. Trading on its Globex platform continued to make
major gains in volume as well with an average daily volume of
1.1m contracts in the first quarter, up 109% from a year
earlier. Much of the Globex volume was fueled by its e-mini
contracts, which averaged 958,000 contracts in the first
quarter, more than doubling the 450,000 daily average a year
earlier. Globex volume also accounted for 44% of CME's total
volume, up from 25% a year earlier.
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