Ladies and gentlemen, thank you for standing by. I'm Constantinos, your call's co-operator. Welcome, and thank you for joining the Hellenic Exchanges - Athens Stock Exchange conference call and live webcast to present and discuss the nine months 2021 financial results. At this time, I would like to turn the conference over to Mr. Nikos Koskoletos, CFO, and Mr. Stelios Konstantinou, Head of Investor Relations. Gentlemen, you may now proceed.
Good afternoon, ladies and gentlemen, and good morning, as always, to those of you listening to us from the other side of the Atlantic. We would like to present the financial results of the group for the nine months of 2021, which were published yesterday and are available in the IR section of our website. Take any questions that you might have. Nick?
Thank you, Stelios. My best to all participants. Some highlights about the performance of our market before we get into the financial performance of the group. In the nine months of 2021, the average capitalization for the capital markets actually increased by 26% to close to EUR 60 billion versus EUR 47 billion and change in the nine months period of 2020. Breaking that down, we see that the listed banks market cap increased by almost 50% while the market cap of the rest of the market increased by 22%.
For the quarter, in Q3, the average market cap stood 43% higher than the respective period last year, where price levels were still reflecting a different macro backdrop than the one envisioned post the positive news related to the vaccines that hit the market in November of last year. The average daily traded value that also increased by 16% to EUR 74 million year to date for the nine-month period. EUR 63.4 million was the value for the same period last year. While in terms of quarters, we saw similar increases as the market data, market cap data that I mentioned before. In terms of velocity, we saw some positive swings earlier in the year, which have pulled back in the past few months.
Given the higher overall price levels, it produces higher trading value than what would otherwise been the case. Derivatives. On the derivatives, the activity increased by almost 50% to close to 57,000 contracts, compared to 38.4 thousand last year for the same period. On data feed, you see that we had an increase in the revenues there, which was related to some price increase that we announced. We didn't have any significant changes to our client base, so we still maintain the upside, should we have increased interest on our data feed from more users. Finally, so far in 2021, as a year, has been a strong year in terms of capital raising, both from the bond market, which continues the positive run that we've had over the past few years.
We had an increased activity in equity issuance as well, bringing total issues at EUR 7.5 billion from EUR 1.2 billion last year, which is almost quite impressively almost double the 2016-2020 cumulative period in terms of capital raising. I believe that as the Greek macro growth story develops and RRF funds start flowing through the system, the capital market will also come to the limelight as the investment gap still remains quite large. As beneficial as the EU funds are, more funding is required, and we believe that the capital markets can and should have a pivotal role in the capital formation process. With that said, Stelios will go into a more detailed presentation of results. I'll pass the floor to him. Stelios.
Thank you, Nick. Let's start with the overview of our nine months 2021 financial performance from the top. The consolidated turnover of the group in the nine months of 2021 was EUR 27 million, compared to EUR 22.1 million in the nine months of last year, and that's up 22.3%. If we analyze revenue further, we see that trading-based revenue, i.e., from trading, clearing, and settlement, was up 10% on the back of higher ADTV in the cash market in the nine-month period compared to last year. Market cap-based revenue, i.e., exchange depository and clearing house services, was up 46%, mainly due to increased corporate actions activity. While revenue from ancillary services, which includes market data, support of other markets, et cetera, was up 29%.
Let's now look at the six most important revenue drivers, which combined for about 90% of total revenue. Revenue from clearing made up 28% of total turnover and amounted to EUR 7.6 million, compared to EUR 6.8 million in the nine-month period last year, and that's up 11%. The increase is due to a 13% increase in clearing revenue in the cash market, while derivatives market revenue was up 4.6%. Revenue from trading represents 15% of total consolidated turnover, and in the nine-month period was up 8% at EUR 4.1 million, compared to EUR 3.8 million last year.
Now, as far as revenue from the derivatives market for trading and clearing is concerned, in the nine-month period, trading activity measured in number of contracts increased by 48% to 56,700 contracts compared to 38,400. However, revenue was up 4.6% and the average revenue per contract was down 30% to EUR 0.146 EUR/ contract compared to EUR 0.207/ contract. As you know, pricing depends on the type of investor, the product being traded, and the prices of the underlying securities, and as a result, market volumes and our revenue do not always go hand in hand.
Lastly, on derivatives, trading and clearing revenue in the nine months of 2021 was EUR 1.51 million compared to EUR 1.45 million, and that corresponds to 13% of total trading and clearing revenue, and 5.6% of total turnover. Moving on, revenue from exchange services makes up 11% of total turnover, and this line includes the quarterly subscription fees paid by listed companies, fees on rights issues and IPOs, as well as fees paid by members. That amounted to EUR 3.1 million, up 33% compared to the nine-month period last year. Revenue from depository services is up 64%, amounting to EUR 3.3 million compared to EUR 2 million in the nine months of 2020.
Revenue from this line makes up 12% of total turnover, and includes revenue from rights issues, quarterly subscriptions paid by operators, and revenue from inheritances and the like. Most revenue from that line was from A, corporate actions by issuers at EUR 1.6 million compared to EUR 800 thousand last year, and B, subscription fees of operators, which is a custody type like fee that is based on the capitalization of the market, which came in at EUR 1.5 million compared to EUR 1.1 million last year. Revenue from ancillary services makes up 14% of total turnover, and in the nine months of 2021, it was up 60% to EUR 3.8 million compared to EUR 2.4 million in the nine-month period last year.
This increase is due to the more than 100% increase in revenue from supporting other markets, which came in at EUR 2.16 million in the nine months of this year, compared to EUR 1 million over the same period last year. In particular, this significant increase is mainly due to the provision of additional services following the start of the operation of the spot electricity market of the energy exchange under the European model, the Target Model, the so-called Target Model, the provision of services to Boursa Kuwait, the Cyprus Stock Exchange, and DESFA, which is the Hellenic Gas Transmission System Operator. In addition to the significant increase in revenue from the support of other markets, we also saw revenue from Xnet increase by 30% and revenue from colocation services increase by 13%.
Finally, on the top line, revenue from market data makes up 8% of total turnover and includes the fees that we collect from data vendors for the provision of Athens market data. Revenue from this market, from market data rather, increased by 8%. Turning now to the expense side. Total operating expenses, including ancillary services, increased by 3.1% in the nine months of 2021 at EUR 13.1 million compared to EUR 14.6 million last year. Operating expenses were up by approximately EUR 340,000 or 2.5% in the nine-month period at EUR 14.1 million compared to EUR 13.7 million.
If we break down OpEx, we see that personnel costs were slightly down at EUR 8.15 million compared to EUR 8.2 million last year, while all other expenses were up 7.7% at EUR 4.8 million compared to EUR 4 million last year. In turn, the main drivers behind the increase is an increase of approximately EUR 100,000 in consultant fees and an increase of approximately EUR 318,000 in maintenance and IT support. Personnel, remuneration and expenses accounts for 58% of total OpEx, compared to 60% in the nine-month 2020 period, and is by far the largest expense category.
Headcount at the group at the end of September 2021 was 231 people, compared to 228 at the end of the same period last year. Turning now to the bottom line. The earnings before interest and taxes of the group increased by 131% to EUR 7.6 million, compared to EUR 3.3 million in the nine months of 2020. The net after-tax earnings of the group amounted to EUR 7 million, compared to EUR 2.54 million in the nine months of last year. That's a 177% increase. The effective tax rate, the effective consolidated tax rate on earnings in the nine months of 2021 was 11.1%, compared to 25.5% over the nine months period last year.
We remind you that for 2020, the nominal corporate income tax rate was 24%, while for 2021, the nominal rate is 22%. Turning now to the balance sheet. The cash and cash equivalents of the group at the end of September 2021 increased to EUR 68.7 million, compared to EUR 68 million at the end of 2020. At the parent company, cash and cash equivalents were EUR 28.5 million, compared to EUR 17.9 million.
Approximately 20% of the cash, i.e., about EUR 13.5 million at the end of the nine-month period, is kept at the central bank, where interest rates are negative, currently at -0.5%. Also on the balance sheet, a further EUR 259.4 million that we report as both an asset and a liability are actually third-party cash assets and concern margins in the cash and derivatives markets. These funds are also deposited at the Bank of Greece. With that comment, I would like to thank you and open the call to any questions that you might have.
The first question is from the line of [Menis Souvlosman] with Ambrosia Capital. Please go ahead.
Hello. Many thanks for the presentation and your time. Two on my side, please. One, on the ancillary side, obviously you've been progressing on that front quite significantly over the last two quarters. Can you give us any color on the outlook for Q4 and maybe a bit beyond, say, for 2022? Particularly with the energy business with much higher electricity prices. On the management front, if you could give us any color on the CEO change process, how is that coming along? Are you looking internally, externally? Any color there would be helpful. Thank you.
Okay. Hi, Osman. Thanks for the questions. Now, with regards to the ancillary services, I think we had mentioned in the past that our target is the sum of data feeds all the way down to the Xnet, what is the structure of our current income statement, is to be close to. We're working on getting to a EUR 10 million figure. That is something that obviously is not this year's target. It is something that we are currently working on achieving over the next couple of years, but we could, if things work out, get to that point earlier than the end of 2023.
Now, with regards to guidance, on the energy exchange, we had mentioned that, overall it's on maturity, it's sized up to be a EUR 1.8 million relationship. That is one thing. What is happening in the energy market is something that is not affecting our revenue stream with regards to the licensing that we are collecting from that relationship, nor is affecting the support that we're offering to the energy exchange. We do not have any moving parts that is basically exposed to the fluctuation of the energy prices. That is one thing to keep in mind. With regards to the fourth quarter, I think what happened in Q3 more or less could be a fair assumption as to what we could be expecting for the fourth quarter.
Moving on to remind you that in Q-Q, especially in the energy exchange, what we had, we had a few deliverables that kind of boosted the actual figure on a quarterly basis. Other than that, we do not see any significant surprises other than the things that we are working on and trying to broaden the audience to which we could be offering services to, given our portfolio of things that we're looking to offer other market infrastructure. That is with regards to the first part, the first question that you had. Now with regards to the second question, the. It, there's not much that we can actually say on the process. It's something that. It's at the board level.
The nomination committee has elected to go through a process, and through that process, as soon as that process is completed, I'm pretty sure that the board will be coming out with an announcement as per its original statement that we will be having a change at the beginning of early next year, I believe, was the actual wording. Nothing other than that, given the process that has been elected by the board through the nomination committee, and to be honest, we don't really have anything more to say on that, 'cause it's up to the nomination committee.
Got it. Thank you.
Ladies and gentlemen, there are no further questions at this time. I'll now turn the conference over to management for any closing comments. Thank you.
So, uh.
Nick, go ahead.
Yeah. Just wanted to thank you all for participating. Looking forward to speaking with you whenever you guys have the opportunity to reach out. We will be seeing you again, I guess, through this platform when we announce our annual results at the end of March.
Thank you for participating. Have a good day. Bye-bye.
Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for calling Apple Plaza. Goodbye.