Nov 1 (Reuters) - Cboe Global Markets ( CBOE ) beat

estimates for third-quarter profit on Friday, helped by strong

options trading as investors actively hedged against

geopolitical and economic uncertainties.

A robust equities market, shifts in the U.S. Federal

Reserve's key policy rates and the potential economic fallout

from the Middle East conflict have investors and portfolio

managers on edge, prompting them to hedge their positions.

Cboe's options trading business revenue grew 10% compared

with last year, while futures revenue climbed 17%.

Average daily volumes in total company options increased to

14.88 million contracts in the quarter ended Sept. 30, from

14.59 million a year earlier.

Volumes in S&P 500 index options were also higher,

with third-quarter ADV increasing to 4.23 million contracts from

3.74 million contracts. Meanwhile, options linked to the VIX

volatility index, increased 33% year-over-year.

Demand for options contracts opened on the same day they

expire, or 0DTE (zero-days-to-expiry), grew 7% compared to last

year and comprised 48% of S&P 500 volumes in the reported

quarter.

Cboe's third-quarter total revenue, less cost, rose 11% to

$532 million from a year earlier, beating an estimate of $530.76

million, according to data compiled by LSEG.

The company now expects 2024 total net revenue growth in the

range of 7 to 9 percentage points, compared to an earlier

guidance of a rise of 6 to 8 percentage points.

The exchange operator's net income allocated to common

shareholders on an adjusted basis was $232.9 million, or $2.22

per share, in the three months ended Sept. 30, compared with

$218.9 million, or $2.06 apiece in the year-ago period. Analysts

were expecting a profit of $2.19 per share.

Cboe's shares have gained 19.6% so far in 2024,

outperforming peer CME Group ( CME ), but below the Nasdaq

and NYSE-parent Intercontinental Exchange ( ICE ).