(Reuters) -Intercontinental Exchange reported a 12.4% rise in second-quarter profit on Thursday, as spiraling global markets sent trading volumes surging at the owner of the New York Stock Exchange.
Heightened volatility in the global markets triggered by geopolitical turmoil and recession fears across asset classes have sent trading volumes surging with investors actively looking to rejig portfolios to hedge against potential risks.
ICE, which runs futures and equities exchanges as well as clearing houses, data services and a mortgage software business, saw revenue from its biggest exchanges segment rise 20% to $1.6 billion in the quarter ended June 30.
The results round out an upbeat second-quarter for U.S. exchanges, which benefited from market turbulence driving up trading volumes and robust demand for hedging products to navigate the downturn.
On an adjusted basis, ICE reported net income of $739 million, or $1.32 per share, in the April-June period, compared to $657 million, or $1.16 per share, last year.
Total revenue, excluding transaction-based expenses, rose 6.3% to $1.81 billion.
(Reporting by Manya Saini in Bengaluru; Editing by Shailesh Kuber)
