United States derivative market CME Group has reported a 17% fall in net income for the first quarter, according to a news release on May 1.

Despite revenues rising over the three-month period, earnings stood at $497 million, compared with $599 million this time a year ago.

CME Group chairman and chief executive Terry Duffy said the results amounted to the third-highest quarterly volume in its history “despite low levels of volatility in several product areas.”

The group’s revenue had hit record highs in Q1 2018, with volatility in the markets helping to drive trading in its futures markets.

In April, CME Group reported that it had achieved record levels of trading volume on bitcoin (BTC) futures — achieving an all-time high of 22,542 contracts. This was equivalent to 112,700 BTC, which is worth $653 million at press time.

CME Group launched its bitcoin futures service in December 2017.