Exchange operator Cboe’s profit rises as trading volumes surge
2022.07.29 15:54
FILE PHOTO: Chicago Board Options Exchange (CBOE) Global Markets sign hangs at its headquarters building in Chicago, Illinois, U.S., September 19, 2018. REUTERS/Michael Hirtzer/File Photo/File Photo
(Reuters) -Exchange operator Cboe Global Markets (NYSE:CBOE) 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 (NASDAQ:CME) 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.
