CME Group quarterly profit falls on lackluster trading
Feb 5 (Reuters) - CME Group Inc fourth-quarter profit fell as trading sagged, hurt by the U.S. Federal Reserve's renewed commitment to low rates for another two and a half years.
The Chicago-based exchange operator said on Tuesday its net income was $167 million, or 50 cents a share, compared with $745.9 million a year earlier, or $2.25 a share. Revenue fell to $660.9 million from $736.5 million.
Stripping out one-time items for both quarters, earnings in the fourth quarter were 63 cents a share, in line with analyst expectations.
Trading in the fourth quarter fell 13 percent to a daily average of 10.2 million. The view that short-term borrowing costs will stay near zero until mid-2015 muted interest in contracts tied to lending rates, like futures on Treasuries and fed funds. Trading in contracts tied to stock indexes also fell.