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Market sentiment weakened in Q2 2018 amid increased uncertainties and concerns over the trade war initiated by the US. Cash Market headline ADT in Q2 2018 dropped to $106.8 billion, 27 per cent below Q1 2018, but was 37 per cent above Q2 2017. With the inclusion of China A shares in MSCI Inc’s Emerging Markets Index in Q2 2018, the Northbound ADT reached record quarterly high, being 7 per cent higher than the previous record achieved in Q1 2018. Trading volumes in the Derivatives Market moderated in Q2 2018 due to decreased volatility, with a 5 per cent drop in the ADV of HKFE contracts and 28 per cent drop in ADV of stock options against Q1 2018.
Revenue and other income of Q2 2018 was 3 per cent lower than Q1 2018. Lower trading and clearing revenue was partly offset by seasonal increases in depository, custody and nominee services fees and higher net investment income from Margin Funds in Q2 2018.
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