Nymex Holdings reported sharply higher quarterly earnings, beating Wall Street expectations, as the energy and metals exchange benefited from sizzling oil markets and a one-time gain from an investment in the Montreal Exchange.

The company, which is nearing a takeover by CME Group, also said it was satisfied with the direction debate was headed in Washington, where lawmakers have been weighing legislation that would curb speculation in energy markets.
“Continuing volatility in the energy markets” drove results, chief financial officer Kenneth Shifrin said on a conference call with investors and media.
Second-quarter net income more than doubled to $94.3 million, or 99 cents a share, from $41.7 million, or 44 cents a share, a year earlier.
Excluding the $30.6 million one-time investment gain, as well as expenses from the pending merger with derivatives exchange CME, earnings were 83 cents per share. Analysts on average were expecting 81 cents, according to Reuters Estimates.
Revenue rose 29 per cent to a record $210.8 million, above the $207.9 million Wall Street expected.
The investment gain was in cash and shares from Toronto Stock Exchange operator TMX Group, which acquired the Montreal Exchange in May.
Richard Repetto, an analyst at Sandler O’Neill, said Nymex’s “solid results” reflect its investments and performance, as well as the volatility in energy markets.
Crude oil futures notched a series of record high prices in the quarter, helping to boost Nymex’s average daily volume by 30 per cent. The exchange said volumes also benefited from investors grappling with volatile credit markets.
Nymex and other exchanges have been lobbying US lawmakers in recent weeks to kill proposed legislation that would tighten the position limits in energy futures contracts.