The London Stock Exchange and Canada's TMX Group reported forecast-beating results on Friday as they applied for regulatory approval of their $3 billion deal to join forces.
Shares of the exchanges, both pressured by competition from alternative trading upstarts, rose after the results.
First-quarter profit at TMX, the operator of the Toronto Stock Exchange, rose 13 percent to C$64.3 million ($66.8 million), while revenue climbed 17 percent to C$174.7 million, on record volume and robust equity financing.
"I, along with maybe one or two others were already on the high end of Street estimates and they exceeded our estimates by a country mile," said National Bank Financial analyst Shubha Kahn.
The LSE exchange reported 2010 profit up 22 percent at 341 million pounds ($555.5 million), well above a forecast of 314 million in a poll of 14 analysts.
Revenue increased 7 percent to 675 million pounds, above analyst expectations of 651.1 million. The total dividend for the period was 26.8 pence, above a forecast 25.9p.
"We have seen strong growth in our fixed-income businesses, exchange-traded funds and derivatives. We are also starting to see positive impact from technology sales," Chief Executive Xavie