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UPDATE 1-Options exchange Cboe's profit edges past estimates

(Adds details from results, CEO quote, background)

Nov 7 (Reuters) - Cboe Global Markets Inc's profit topped analysts' forecasts in the third quarter, as the largest U.S. options exchange earned higher fees from record trading of options and futures and its purchase of European exchange operator Bats.

Cboe said on Tuesday net income allocated to common stockholders surged 48 percent to $59.7 million or 53 cents per share in the quarter ended Sept. 30. http://reut.rs/2hbH3ti

Excluding one-time items, Cboe earned 89 cents per share. Analysts on average had expected 88 cents, according to Thomson Reuters I/B/E/S.

Cboe's revenue soared to $611.4 million, from $168.7 million last year, driven mainly by Bats Global, Europe's largest stock exchange, which the company bought for $3.2 billion last year.

U.S. exchanges have been on an acquisition spree as they try to diversify their revenue streams, mainly as a hedge against swings in market volatility, that affects trading and clearing revenues.

The third quarter also saw "strong record quarterly average daily trading volume in VIX options and futures," said Chief Executive Edward Tilly. (Reporting By Aparajita Saxena in Bengaluru; Editing by Sai Sachin Ravikumar)