Transatlantic exchange operator Nasdaq Inc reported a 23% rise in adjusted quarterly profit on Wednesday, benefiting from the coronavirus-fueled market volatility that led to a surge in trading volumes in March.
FILE PHOTO: The Nasdaq logo is displayed at the Nasdaq Market site in New York, U.S., May 2, 2019. REUTERS/Brendan McDermid
Global financial markets were ravaged by the rapid spread of the pandemic in the first quarter. But the market volatility benefited exchange operators such as Nasdaq, which make most of their money from clearing and settling trades. Revenue at it market services unit - the biggest business - jumped 21%, boosted by “historic” trading volumes, mainly in the second half of the first quarter.Nasdaq’s non-trading businesses, which provide a broad range of news and information used by traders, reported a 7% rise in revenue.
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