LME bidder ups income
INTERCONTINENTAL Exchange (ICE), one of the parties believed to be preparing a bid for the London Metal Exchange, yesterday reported a nine per cent rise in revenues for the first quarter compared to the same period last year.
ICE, which runs clearing houses and exchanges, said revenues had grown to a record $365m (£225.4m) in the three months to 31 March. Net income rose 15 per cent to $148m.
OTC energy trades provided the biggest boost to the figures, with revenues growing 15 per cent from the first quarter of 2011 to $163m.
ICE is vying with HKEx, CME Group and NYSE Euronext to buy LME, according to sources.