Exchange operator Cboe’s profit rises on swelled up trading volumes

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Investors turned to Cboe’s proprietary products, such as options linked to the VIX volatility index and the S&P 500, as they rejigged portfolios to hedge against risks brought on by economic uncertainty.

Revenue from the company’s options segment grew 20% to $283.2 million in the quarter.

The Chicago-based group, which provides trading platforms for equities, foreign exchange and derivative products across markets in different regions, saw its net revenue rise 10% to $467.1 million.

Cboe’s results wrap up a strong quarter for exchange operators. Its peer, New York Stock Exchange-parent Intercontinental Exchange (NYSE:ICE), also reported upbeat results on Thursday.

Cboe reported a net income of $188.7 million, or $1.78 per share, for the quarter ended June 30 on an adjusted basis, up from $177.3 million, or $1.67 per share, a year earlier.