CBOE Holdings Inc, which runs the largest U.S. stock-options market, reported higher-than-expected first-quarter earnings on Tuesday due to rising trading volume.

Chicago-based CBOE Holdings said net income rose to $48.5 million, or 56 cents per share, from $41.8 million, or 48 cents, a year earlier. Adjusted earnings were 58 cents per share, beating analysts' estimates of 56 cents, according to Thomson Reuters I/B/E/S.

Operating revenue was $157.9 million, up from $142.7 million a year earlier and above estimates of $156.9 million.

Average daily trading volume for options on the CBOE Volatility Index (VIX) jumped 22 percent during the first quarter, while VIX futures volume soared 33 percent, according to CBOE