VOLUME CHECK IN: $ICE volumes not looking great on their own, but doing much better relative to $CME:
June MTD volumes YoY growth:
Energy ADV -4%
Ags & Metals ADV -13%
Financials ADV -22%
@ICE_Markets @CMEGrouppic.twitter.com/XckdFCOYbe
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This, plus higher exposure to market data (more steady, long term revenue stream), explains why $ICE is outperforming since the March bottom:pic.twitter.com/oZwpzaNzKr
This plus the much higher interest rate exposure at Cme vs ice. Though cme says that the short term int. rate exposure is much less than what was 5-10 years ago. Cme more focused on driving volume grth esp. internationally. Ice more diversified & thoughtful capital allocator imo
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