CME 4Q profit climbs 35 percent |
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Tue, 30 Jan 2007 13:56
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CHICAGO (AFX) - Options and future exchange Chicago Mercantile Exchange Holdings Inc. said Tuesday its fourth-quarter profit rose 35 percent as investors traded more currency, interest rate and commodity contracts.Net income grew to $102.6 million, or $2.91 per share, from $76.3 million, or $2.18 per share, in the fourth quarter of 2005.Fourth-quarter revenue rose 26 percent to $281.3 million from $222.5 million a year earlier, as the company booked higher revenue for hosting trades and clearing and processing contracts.Analysts polled by Thomson Financial forecast higher profit of $2.98 per share on revenue of $287 million.The exchange reported a 15 percent jump in operating expenses to $123 million because of higher labor and advertising costs.Chicago Mercantile Exchange allows investors to bet on prices for stocks, metals, currencies, oil, grains and other things without owning them by buying and selling contracts tied to the value of an underlying commodity or event.The exchange said trading volume reached 5.3 million contracts per day during the quarter, 29 percent higher than the fourth quarter of 2005. Investors traded more contracts tied to foreign currencies, commodities and swings in interest rates.Chicago Mercantile Exchange, which plans to buy Chicago Board of Trade later this year, said profit for 2006 totaled $407.3 million, or $11.60 per share, versus 2005 income of $306.9 million, or $8.81 per share.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Banking and insurance highlights to 15:45 GMT 