Financial Services
Nasdaq Profits Rise on OMX Merger
05/08/08 - 12:38 PM EDT
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The Nordic exchange provided record trading, with average daily derivatives trading volume reaching 789,898 contracts. Volumes for all products were up across the board at Nasdaq. "We expect the company's trading volumes to continue to benefit from growing demand for fast electronic trade execution and increased market volatility," wrote Stuart Plesser of Standard and Poor's research. "We see higher trading volumes and continued expansion of its NYSE-listed market share driving 8.6% gross profit growth in 2008." Plesser, however, kept his rating at a hold, due to increasing competition. He has a target price of $48 for the stock. Nasdaq OMX is not alone among stock and options trading companies in reporting record volumes. Commodities exchange operators CME Group CME and Nymex HoldingsNMX, which are combining, also delivered solid quarters. Futures broker InterContinental ExchangeICE announced record futures contracts last week and on Tuesday NYSE EuronextNYX announced record volumes that helped it deliver strong numbers. Nasdaq shares were recently down fractionally to $39.25.
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