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Why has the operating revenue contracted by about 3% quarter on quarter despite the increase in velocity?

April 26, 2017contracted increase operating quarter revenue velocity

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Why has the operating revenue contracted by about 3% quarter on quarter despite the increase in velocity?

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The total value of trade done during 4Q was lower than 3Q due to the number of holidays in 4Q. Hence, even though the velocity seems to be going up and the daily average volume traded seems to be improving, the revenue from the equities market has gone down slightly in the fourth quarter due to the lower number of trading days.