CME Group Inc's stock surged 5.11% during intraday trading on Wednesday, following the release of its second-quarter financial results that exceeded Wall Street expectations.

The derivatives exchange operator reported adjusted earnings per share of $2.99, beating the consensus estimate of $2.91. Revenue for the quarter came in at $1.71 billion, also ahead of analyst forecasts. The company attributed the strong performance to heightened equity market volatility, which encouraged more investors to hedge their positions across products.

CME Group's equity index average daily volume jumped 13% during the quarter, driven by investor interest amid market fluctuations. Market data and information services revenue also saw significant growth, increasing 20% to a record $238.1 million. CEO Terry Duffy noted the first-half results were the strongest in the company's history, citing robust trading volumes.