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UPDATE 1-CME Group's profit beats on higher clearing and transaction fees

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Aug 1 - CME Group Inc, the world's largest futures market operator, reported a better-than-expected quarterly profit, helped by higher clearing and transaction fees.

Net income rose to $415.8 million, or $1.22 per share, in the second quarter ended June 30, from $320.1 million, or 95 cents per share, a year earlier.

On an adjusted basis, CME earned $1.23 per share, beating the average analyst estimate of $1.21, according to Thomson Reuters I/B/E/S.

Revenue for the quarter rose to $924.6 million from $906.4 million.

Clearing and transaction fees rose 3.17 percent to $792 million, helped by a rise in average daily volume that hit a record high this quarter.

The company, which owns the Chicago Board of Trade and other futures exchanges, said its average daily trading volume rose 9 percent to 16.5 million contracts.

Revenue from market data and information services fell 6.6 percent to $96.1 million.

Late last year, the company changed the pricing of its data services, which help investors make trading decisions and minimize risk.

Total expenses fell 7 percent to $319 million.

CME shares remained unchanged before the bell on Tuesday. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Supriya Kurane)