Chicago-based exchange operator CBOE Holdings outperformed its biggest rivals in the first quarter, as its monopoly position as a provider of Vix index products left it perfectly placed to benefit from investor demand.

CBOE Holdings, which operates Chicago Board Options Exchange and the CBOE Futures Exchange, this morning reported net profits of $32.9m and revenues of $121.4m for the first three months of 2012. The revenue figure was down just 2% compared to the same period a year ago and compared favourably to large slumps at rival global futures market operators including International Securities Exchange and Nasdaq OMX PHLX.