ICE’s Equity Options Trading Volumes See Improvement In October
IntercontinentalExchange‘s equity options volumes saw a 6% year on year (y-o-y) growth in October, despite a dip in its market share by 90 basis points. The growth in volumes is largely due to a 12% increase in industry-wide equity options daily trading volumes, owing to the improvement in U.S. macro conditions. The market share decline is likely due to competitor NASDAQ’s strong position in equity options after the acquisition of ISE in 2016. However, ICE’s trading volumes and market share have improved from prior months.
Cash equities suffered the most, with a more than 11% drop in trading volumes and 180 basis point drop in market share. As industry-wide volumes remained largely unchanged, the company’s market share losses are a concern.
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The exchange generates around 30% of its revenues from these asset classes. With a timid performance across both of them, we expect the company’s top-line to be under pressure.
We have a $70 price estimate for Intercontinental Exchange’s stock, which is slightly ahead of the current market price.
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