(Reuters] -CME Group Inc (NASDAQ) announced a 24% jump in quarterly profits on Wednesday. Market volatility caused by Russia-Ukraine conflict and hedged investors against higher interest rates helped to fuel market volatility.

CME futures’ interest rates rebounded in Q3, after the U.S. Federal Reserve increased its benchmark rate by 1% in March 2018. This was the first increase since 2018, and there are several rate hikes due to rising inflation.

In the first quarter, the average daily volumes of this segment increased by 20%.

CME Revenues from clearing and transactions, which make up the bulk of CME’s income rose to $1.14billion from $1billion a year back,

The total revenue increased 7.4% to $1.3 billion

From $574.4 million or $1.60 per shares a year prior, net income to the company rose $711 million to $1.95/share in the March 31st quarter to $711 million.