Publicly-listed companies may be unhappy with the volatility that has plagued the markets in the past year, especially in the US, but some people are celebrating that same uncertainty.

The New York Stock Exchange has reported a 47 per cent increase in third-quarter profits. The exchange makes most of its money from companies looking to list on the market but this year's growth has continued apace despite the arrival of fewer companies to the market than in 1999. However, it has more than made up for the decline in new arrivals with a massive increase in turnover. Basically, with the uncertainty in the market, people are quicker to trade their shares rather than sit out any downturns.

The growth of day trading and people investing in margin trades rather than with money up front has accelerated the trend.

So, while many of its constituent firms look for a more stable new year, the exchange itself will be happy either way. Continued volatility will increase its take from turnover while stability would enhance its ability to capitalise on higher margin new listings. Nice to know someone cannot lose in the current environment.