CME: Trading volume exploded following Trump's election (CME)

(Reuters) - CME Group Inc, the world's largest futures market operator, reported a higher-than-expected quarterly profit, helped by a surge in trading volumes following the surprise election of U.S. President Donald Trump.The average daily trading volume at CME, which owns the Chicago Board of Trade and other futures exchanges, rose 24 percent to 16.3 million contracts in the fourth quarter ended Dec. 31.Five of the top ten daily volume days occurred within 2016, with three of those in the fourth quarter, the company said in a statement.Trump's victory injected uncertainty into futures markets, where customers trade contracts on products ranging from commodities to interest rates.Derek Sammann, CME's head of commodities and options, had said that infrastructure investments promised by Trump would require the use of copper and other materials, likely boosting price volatility for those goods.The company's net income rose to $373.4 million, or $1.10 cents per share, in the quarter from $291.7 million, or 86 cents per share, a year earlier.On an adjusted basis, CME earned $1.14 per share.The futures market operator's total revenue rose 12.2 percent to $912.9 million.Analysts on average had estimated earnings of $1.11 per share, excluding items, and revenue of $903.7 million, according to Thomson Reuters I/B/E/S. (Reporting by Diptendu Lahiri in Bengaluru and Tom Polansek in Chicago; Editing by Anil D'Silva)SEE ALSO:The bond bull market isn't over yetJoin the conversation about this storyNOW WATCH: Watch President Obama tear up while addressing Michelle in his farewell speech
Click here to read full news..