The company's proprietary products, such as the options linked to the VIX volatility index and the S&P 500 , saw heavy demand as investors wary of an economic downturn and a potential recession hedged against market gyrations. The higher trading activity over the period pushed up transaction and clearing fees by 21.4% to $317.2 million for the three months ended Dec. 31. The Chicago-based company, which provides trading platforms for equities, foreign exchange and derivative products across markets in North America, Europe and the Asia-Pacific region, saw a 35% increase in revenue from its major options segment, to $273.2 million in the quarter. On an adjusted basis, net income rose to $1.80 per share in the fourth quarter, above Wall Street estimates of $1.76 per share, according to Refinitiv data. (Reporting by Anirban Chakroborti in Bengaluru; Editing by Krishna Chandra Eluri)
(Adds details from filing)
Feb 3 (Reuters) - Exchange operator Cboe Global Markets
Inc beat fourth-quarter profit estimates on
Friday, driven by heavy trading volumes from investors reworking
their portfolios to hedge against risks from the market rout.
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