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Stock exchanges and the return of volatility
Exchanges are loving the credit crunch.
It’s official.
Exhibit A - The London Stock Exchange posted its biggest trading day ever amid the August carnage - for the first time executing more than 1m trades in a single session.
Exhibit B - Deutsche Börse predicts a record year in 2008, as the boom in equity and derivatives trading looks set to continue. Ebitda up 44 per cent in the third quarter as volatility’s come-back boosted trading volumes.
Exhibit C - On Friday NYSE Euronext as singing the same tune - only louder. Net income, excluding merger costs and non-recurring items, rose 73 per cent in Q3 and operating income 68 per cent, on the back of record trading volumes in Europe and the US. The non-adjusted bottom line rose 279 per cent.
Continued market volatility may at some point squeeze another part of the exchanges business - listings. But that line of work accounted for only 12 per cent of NYSE Euronext’s net revenues in the third quarter.
The exchanges are set to enjoy the frenzied trading that will come hand in hand with the second coming of the credit crisis.
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