Hong Kong’s bourse operator has reported a profit jump and record third-quarter revenue in the three months through September, as the Chinese mainland’s stimulus measures and interest rate cuts globally boosted trading volumes across markets.

Hong Kong Exchanges and Clearing’s (HKEX) net profit rose 7 percent year-on-year in the third quarter to HK$3.15 billion ($405 million), beating market expectations.

Revenue grew 6 percent to HK$5.37 billion from the same period last year, recording its best performance for the third quarter, HKEX’s earnings report said. But it was 1 percent lower than the previous three-month period, when incomes hit a record second-quarter high.

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Core business revenue reached HK$4.85 billion, up 3 percent year-on-year, driven by higher trading and clearing income from across the cash, derivatives and commodities markets.

Bonnie Chan, chief executive officer of HKEX, said “the vibrancy and diversity” of Hong Kong’s markets were on full display in late September thanks to policy tailwinds.

Shares listed in the city were on a tear after the US Federal Reserve kicked off its monetary easing cycle and the central government unveiled a sweeping stimulus package at the end of the third quarter to reboot the world’s second-largest economy’s growth engine.

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The much-needed trading euphoria brought the Hong Kong stock market an advance of nearly 20 percent in the quarter, although the rally appeared to fade quickly after this month.

HKEX shares finished 1.2 percent higher before surging as much as 4 percent on Wednesday.

The benchmark Hang Seng Index climbed 1.27 percent, closing at 20,760.15 points.

HKEX’s listing business, which had long suffered from a stagnant new offering market, also picked up. In the three months ending September, the city’s bourse saw 15 initial public offerings, raising HK$42.2 billion, more than tripling the funds raised in the first half. 

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“Looking ahead, we remain steadfast in our commitment to further enhancing the vibrancy, resilience, and competitiveness of our markets,” Chan said.

She added that the exchange operator is well-equipped to handle the changing macro-environment and drive sustained growth by consistently expanding its product portfolio, forming international partnerships, and investing in infrastructure.