The Chicago Board of Trade, a takeover target for both the Intercontinental Exchange and the Chicago Mercantile Exchange, almost doubled its profits in the first quarter over the same period last year, bolstered by higher trading volumes and a rise in average exchange fee rates.

Profits at the Chicago exchange hit $68.4m (€50.3m) for the first quarter which ended March 31. Subtracting an exceptional $13m in merger-related expenses, profits were still 55% up on the $35.1m recorded in the first quarter of last year.