(Reuters) -Exchange operator Cboe Global Markets Inc on Friday reported a rise in second-quarter adjusted profit, as transaction volumes surged amid spiraling volatility in the global markets across asset classes.
Investors have actively looked to hedge against the risks imposed by a severe economic downturn by rejigging portfolios towards futures and fixed-income products, sending transaction volumes higher.
Rival futures exchange operator CME Group Inc sailed past Wall Street estimates for quarterly profit earlier this week on the back of robust trading volumes and demand for its hedging tools.
“Activity across our ecosystem – cash, data and derivatives – was robust,” said Cboe Chief Executive Officer Edward Tilly in a statement.
Net income, excluding one-time expenses, rose to $177.3 million, or $1.67 per share, in the three months ended June 30 from $147.4 million, or $1.38 per share, a year ago.
Cboe, which provides trading platforms and products in equities, derivatives and foreign exchange across North America, Europe and Asia Pacific, said net revenue in the quarter rose 21% to $424 million.
(Reporting by Manya Saini in Bengaluru and John McCrank in New York; Editing by Shailesh Kuber)
