Financial - Data & Stock Exchanges

Volatility was the industry's tailwind this quarter: the average sentiment score edged up from 7 to 7.11 as the exchanges converted record trading activity into record results. Cboe Global Markets (CBOE) improved from 9 to 10, posting record net revenue of $729 million, up 29% year-over-year, with adjusted diluted EPS rising 48% to a record $3.70 as SPX options average daily volume increased 34% year-over-year to 4.9 million contracts; additional realignment actions lift expected annualized savings to $100 million-$120 million while reducing headcount by approximately 20%. Intercontinental Exchange (ICE) rose from 8 to 9 on record Q1 net revenues of $3 billion, up 18%, adjusted EPS of $2.35 up 37% year-over-year, and a first-quarter record $1.2 billion of adjusted free cash flow, with the interest rate complex growing nearly 70% and global oil complex revenues up 47%. CME Group (CME) posted record revenue of $1.9 billion, up 14%, adjusted EPS of $3.36 rising 20%, and average daily volume of 36.2 million contracts, the highest quarterly average daily volume in its history, plus over 150,000 new prediction-market accounts since the December launch.