(Reuters) – Cboe Global Markets Inc (CBOE.Z) on Friday reported quarterly profits that beat market forecasts as volatility sparked by the coronavirus pandemic boosted trading volumes and demand for products linked to the exchange operator’s VIX index, Wall Street’s so-called “fear gauge.” 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 The S&P 500 index .SPX went from a record high in February to cratering more than 30 percent in just three weeks in March, and then rising on the back of massive government stimulus programs into April, which ended as the index’s best month since January 1987. Chicago-based Cboe, which runs stock and options exchanges, saw record trading volumes across asset classes, and particularly in its proprietary products, which include futures and options on the VIX, which measures the 30-day expected market volatility of the S&P 500. That helped drive a 43% rise in first-quarter net transaction fees to $253.1 million, which contributed to a 28% increase in overall net revenues to $358.3 million. Stripping out onetime items, like acquisition fees, Cboe earned $1.65 per share, bettering analysts’ estimates by 11 cents, according to… Read full this story
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