(Reuters) - Exchange operator Cboe Global Markets reported a rise in fourth-quarter adjusted profit on Friday, driven by increased options trading as investors sought to hedge risks.

Demand for options products remained high as investors hedged against risks from economic and geopolitical uncertainties such as the war in the Middle East.

Cboe's options trading segment revenue grew 3% in the quarter compared with last year, while futures revenue fell 7%.

Heightened concerns about interest-rate cuts, a potential trade war and geopolitical tensions kept investors on edge despite a strong market rally, driving demand for hedging.

"While the robust options volumes were a standout for 2024, the results were notable in that each category, Derivatives Markets, Data Vantage, and Cash and Spot Markets, contributed to the fourth-quarter and full-year growth," said CEO Fredric Tomczyk.

Average daily volumes in total company options increased to 15.7 million contracts in the reported quarter, from 14.9 million a year earlier.

On an adjusted basis, the exchange operator's net income allocated to common shareholders came in at $221.2 million, or $2.10 per share, in the three months ended December 31, compared with $218.8 million, or $2.06 per share in the year-ago period.

Cboe's fourth-quarter net revenue rose 5% to $524.5 million from a year earlier, while revenue from North America equities rose 10% to $94.9 million.