UPDATE 2-Deutsche Boerse profit drops as trade levels plunge

* Deutsche Boerse Q3 EBITDA down 38 pct to 243.7 mln eur

* Revenue 500.9 mln eur vs Reuters estimate of 524 mln eur

* Reaffirms cost guidance target, sees 2010 at same level

(Recasts, adds further details, background)

By Tyler Sitte

FRANKFURT, Nov 5 (Reuters) - German stock and derivatives market operator Deutsche Boerse (DB1Gn.DE) reported a 37 percent drop in third-quarter operating profit, trailing market expectations as trade volumes continued to shrink.

Deutsche Boerse followed a trend set by its peers. Only one of the five major exchanges reporting over the last two weeks, ICE (ICE.N), had revenues and profits grow. [nN02465172]

NASDAQ OMX Group (NDAQ.O) reported a third straight quarterly drop in profit on Thursday. [nN04461668]