Cboe exceeds profit expectations as volatility spurs options trading boom

Cboe holds the exclusive license to list options on the S&P 500 Index and offers a range of equity and derivatives products, including those tied to its flagship VIX volatility index, widely known as Wall Street's "fear gauge."

Its results round off a strong quarter for U.S. exchanges, with Nasdaq, CME and Intercontinental Exchange reporting profit ahead of Wall Street expectations.

Their stocks, however, have come under pressure from chatter about the CFTC's approval of perpetual futures, which investors perceive as a threat to the market share of incumbent exchanges.

"Cboe continues to fire on all cylinders, although the bear case narrative of perpetual futures lingers as an overhang on the stock," Raymond James analyst Patrick O'Shaughnessy said in a note.

Cboe is the only stock among the exchange operators to have risen this year, gaining more than , thanks to its market share in retail options trading and a workforce reorganization it announced in May.