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Surging market volatility is likely to translate into higher revenues for the major U.S. securities exchanges, Moody’s Ratings says.

In a new report, the rating agency said that when the leading U.S. exchange businesses —  including Intercontinental Exchange Inc., Nasdaq Inc., CME Group Inc. and Cboe Global Markets Inc. — start reporting their first-quarter earnings on April 23, it expects to see stronger revenues from trading and clearing. 

In the first quarter, “exchange-traded volumes across nearly all asset classes were higher sequentially and compared with a year ago, with the largest increases from a year ago in commodity derivatives, foreign exchange (FX) spot, equity derivatives and cash equities,” Moody’s said, citing industry trading data. 

“Volumes in interest rate derivatives, U.S. corporate bonds, commodity derivatives, equity derivatives and cash equity shares were the highest in eight years,” it noted. 

This broad rise in trading volumes is expected to generate higher trading and clearing fees for the U.S. exchanges, on both a quarter-over-quarter basis and a year-over-basis, as the exchanges continue to capture a consistent share of this activity, it said.

The share of equity trading being executed on exchanges, rather than in dark pools or over-the-counter, remains at around 50% of total volume, it noted.

And, as equity and index options volumes reached a new record in the first quarter, “market shares were largely stable sequentially,” it said — although the NYSE’s share of trading declined to 17% from 20% a year ago, with smaller exchanges, such as BOX and MEMX, gaining share.