Hong Kong Exchange and Clearing's 3Q In Line; Fair Value Lowered as Trading Volume Remains Soft
Wide moat-rated Hong Kong Exchange and Clearing's third-quarter result was in line with our expectations. Revenue was 3.5% lower against the last quarter at HKD 2.6 billion. On a year-on-year basis, it was similar to the second-quarter result and was materially lower against a strong comparable period last year. The third quarter last year benefited from the tail-end of the spike in equity trading volume between April and June, as previously noted. Good cost control saw operating expense steady ...Hong Kong Exchanges and Clearing is an exchange controller under the Securities and Futures Ordinance. Co. operates recognised stock and futures markets in Hong Kong. Co. also operates Hong Kong Securities Clearing Company Limited (HKSCC), HKFE Clearing Corporation Limited (HKCC), The SEHK Options Clearing House Limited (SEOCH) and OTC Clearing Hong Kong Limited (OTC Clear). HKSCC, HKCC and SEOCH provide clearing and settlement services, while OTC Clear provides OTC interest rate derivatives and non-deliverable forwards clearing and settlement services. Co.'s operating segment include: cash, equity & financial derivatives, commodities, clearing, and platform & infrastructure.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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