(Compares with analysts' estimates, adds industry background, details on results)
Nov 2 (Reuters) - NYSE-owner Intercontinental Exchange Inc on Thursday reported a better-than-expected quarterly profit, helped by higher revenue in its market data services business.
Market data services include publication of daily indexes, historical price and other transaction data, view-only and mobile access to ICE's trading platform, end of day settlements and price data.
Revenue from the segment rose 6 percent to $518 million and helped offset a fall in the company's transaction and clearing business, the biggest contributor to total revenue.
Transaction and clearing revenue fell 2.4 percent to $758 million on lower market volatility.
To counter the lower market volatility compared to last year that was marked with uncertainties over Brexit and U.S. election, U.S. exchanges have been buying new products and companies to diversify.
ICE bought NGX and Shoran Energy Brokers from TMX Group to boost its energy trading business, while rival Nasdaq Inc acquired investment analytics provider eVestment Alliance LLC for $705 million.
Net income attributable to ICE rose 7 percent to $369 million in the third quarter ended Sept. 30. (http://reut.rs/2z8gIqI)
Excluding items, ICE earned 73 cents per share, beating analysts' average estimate of 70 cents, according to Thomson Reuters I/B/E/S.
Revenue rose 1 percent to $1.43 billion.
Total operating expenses fell 9.4 percent to $547 million. (Reporting By Aparajita Saxena in Bengaluru; Editing by Saumyadeb Chakrabarty and Sriraj Kalluvila)