Aug 1 (Reuters) - Derivatives exchange Cboe Global Markets CBOE.Z reported a rise in second-quarter profit on Friday, as looming economic uncertainties fueled market turmoil and boosted options trading.

Investors and portfolio managers rushed to hedge their positions during the period, responding to a spike in market volatility fueled by renewed geopolitical tensions in the Middle East and unpredictable trade policies from U.S. President Donald Trump. That typically leads to a surge in trading volumes, driving up transaction and clearing fees for exchanges.

Cboe's options trading business revenue jumped 19% to $364.8 million, while Europe and Asia Pacific revenue climbed 30% to $70 million.

The company has "achieved another quarter of record net revenue and strong adjusted earnings growth, highlighting the durability across our exchange ecosystem", said Chief Financial Officer Jill Griebenow.

Average daily volume in index options hit 4.7 million contracts during the quarter ended June 30, compared with 4 million a year earlier.

Cboe wrapped up a strong quarter for exchanges across the country such as CME Group CME.O, Nasdaq NDAQ.O and Intercontinental Exchange ICE.N.

The company's net revenue rose 14% to a record high of $587.3 million.

Its adjusted net income rose to $257.8 million, or $2.46 per share, from $226.2 million, or $2.15 per share, a year earlier.

(Reporting by Prakhar Srivastava in Bengaluru; Editing by Shilpi Majumdar)

((Prakhar.srivastava2@thomsonreuters.com))