CHICAGO, April 5, 2023 /PRNewswire/ -- Cboe Global
Markets, Inc. (Cboe: CBOE), a leading provider of global market
infrastructure and tradable products, today reported March monthly
trading volume statistics across its global business lines and
provided guidance for selected revenue per contract/net revenue
capture metrics for the first quarter of 2023.
The data sheet "Cboe Global Markets Monthly Volume & RPC/Net
Revenue Capture Report" contains an overview of certain
March trading statistics and market share by business segment,
volume in select index products, and RPC/net capture, which is
reported on a one-month lag, across business lines.
Average Daily
Trading Volume (ADV) by Month
|
Year-To-Date
|
|
|
|
|
|
|
|
|
|
Mar
2023
|
Mar
2022
|
%
Chg
|
Feb
2023
|
%
Chg
|
Mar
2023
|
Mar
2022
|
%
Chg
|
Multiply-listed options
(contracts, k)
|
10,795
|
10,604
|
1.8 %
|
11,219
|
-3.8 %
|
11,062
|
10,978
|
0.8 %
|
Index options
(contracts, k)
|
3,867
|
2,303
|
67.9 %
|
3,502
|
10.4 %
|
3,595
|
2,414
|
48.9 %
|
Futures (contracts,
k)
|
269
|
197
|
36.3 %
|
227
|
18.4 %
|
232
|
254
|
-8.6 %
|
U.S. Equities -
On-Exchange (matched shares, mn)
|
1,629
|
1,953
|
-16.6 %
|
1,427
|
14.2 %
|
1,501
|
1,842
|
-18.5 %
|
U.S. Equities -
Off-Exchange (matched shares, mn)
|
89
|
112
|
-20.5 %
|
87
|
1.8 %
|
89
|
108
|
-17.6 %
|
Canadian
Equities1 (matched
shares, k)
|
146,362
|
42,575
|
243.8 %
|
157,861
|
-7.3 %
|
150,812
|
41,133
|
266.6 %
|
European Equities (€,
mn)
|
12,301
|
13,968
|
-11.9 %
|
11,531
|
6.7 %
|
11,383
|
12,831
|
-11.3 %
|
Cboe Clear Europe
Cleared Trades2 (k)
|
132,558
|
181,548
|
-27.0 %
|
112,446
|
17.9 %
|
357,597
|
454,438
|
-21.3 %
|
Cboe Clear Europe Net
Settlements2 (k)
|
970
|
1,039
|
-6.7 %
|
827
|
17.4 %
|
2,662
|
2,802
|
-5.0 %
|
Australian
Equities3 (AUD,
mn)
|
804
|
898
|
-10.4 %
|
785
|
2.5 %
|
754
|
879
|
-14.2 %
|
Japanese
Equities3 (JPY,
bn)
|
189
|
164
|
14.8 %
|
194
|
-2.9 %
|
183
|
162
|
13.3 %
|
Global FX ($,
mn)
|
49,560
|
45,421
|
9.1 %
|
42,991
|
15.3 %
|
44,992
|
41,983
|
7.2 %
|
1 Canadian Equities data include MATCHNow and NEO
from June 2022 onwards. Before
June 2022 it included MATCHNow only.
"Net capture per 10,000 touched shares" refers to transaction fees
divided by the product of one-ten thousandth ADV of shares for NEO
and MATCHNow and the number of trading days for the
period.
2 Cboe Clear Europe figures are totals (not ADV)
for the months and years-to-date.
3 Australian Equities and Japanese Equities data
reflects Cboe's acquisition of Cboe Asia Pacific (formerly Chi-X
Asia Pacific) effective on July 1,
2021.
March and First Quarter 2023 Trading Volume
Highlights
U.S. Options
- Total volume across Cboe's four options exchanges reached a new
monthly high of 337.2 million contracts in March, and a new daily
high of 22.5 million contracts on March 10,
2023.
- Trading in S&P 500 Index (SPX) options set multiple new
volume records for the month and quarter, including:
-
- New quarterly ADV record of 2.8 million contracts
- New monthly total volume record of 66.1 million contracts
- New single-day volume record on March
10, 2023 with 4.2 million contracts traded
- Nanos options had its highest monthly ADV with 4,100 contracts
traded per day in March. Introduced in March
2022, Nanos are 1/100th the size of the mini-SPX
contract and designed to help traders more easily identify and size
trades, providing greater precision when hedging or taking a
directional position.
European Equities and Derivatives
- Cboe European Derivatives Exchange (CEDX) traded 6,574
contracts in March, a record total monthly volume figure, beating
the previous high of 3,824 contracts in January 2023.
- Cboe Clear Europe, Cboe's pan-European clearing house, cleared
a record 8 million trades on Euronext's stock exchanges in
Amsterdam, Brussels, Paris, Lisbon
and Milan under the preferred
clearing model, surpassing the previous high of 7.2 million trades
cleared in November 2022.
Global FX
- Cboe FX set multiple volume records for the first quarter of
2023, including:
-
- Spot FX quarterly ADNV of $43.9
billion
- Spot Full Amount quarterly ADNV of $13.9
billion
- Non-Deliverable Forwards (NDF) quarterly ADNV of $1.1 billion
First-Quarter 2023 RPC/Net Revenue Capture Guidance
The projected RPC/net capture metrics for the first quarter of
2023 are estimated, preliminary and may change. There can be no
assurance that our final RPC for the three months ended
March 31, 2023, will not differ
materially from these projections.
(In USD unless
stated otherwise)
|
|
Three-Months
Ended
|
Product:
|
1Q Projection
|
Feb-23
|
Jan-23
|
Dec-22
|
Multiply-Listed Options
(per contract)
|
0.064
|
0.059
|
0.057
|
0.060
|
Index
Options
|
0.891
|
0.888
|
0.883
|
0.876
|
Total
Options
|
0.267
|
0.253
|
0.245
|
0.248
|
Futures (per
contract)
|
1.720
|
1.721
|
1.704
|
1.689
|
U.S. Equities -
Exchange (per 100 touched shares)
|
0.019
|
0.024
|
0.024
|
0.024
|
U.S. Equities -
Off-Exchange (per 100 touched shares)
|
0.114
|
0.118
|
0.116
|
0.113
|
Canadian Equities (per
10,000 touched shares)
|
CAD
4.054
|
CAD 3.908
|
CAD 3.890
|
CAD 3.901
|
European Equities (per
matched notional value)
|
0.221
|
0.221
|
0.222
|
0.224
|
Australian Equities
(per matched notional value)
|
0.161
|
0.162
|
0.140
|
0.142
|
Japanese Equities (per
matched notional value)
|
0.239
|
0.251
|
0.264
|
0.265
|
Global FX (per one
million dollars traded)
|
2.656
|
2.689
|
2.688
|
2.689
|
Cboe Clear Europe Fee
per Trade Cleared
|
€
0.008
|
€ 0.008
|
€ 0.008
|
€ 0.007
|
Cboe Clear Europe Net
Fee per Settlement
|
€
0.933
|
€ 0.870
|
€ 0.894
|
€ 0.886
|
The above represents average revenue per contract (RPC) or net
capture is based on a three-month rolling average, reported on a
one-month lag. For Options and Futures, the average RPC represents
total net transaction fees recognized for the period divided by
total contracts traded during the period for options exchanges: BZX
Options, Cboe Options, C2 Options and EDGX Options; futures include
contracts traded on Cboe Futures Exchange, LLC (CFE).
For U.S. Equities, "net capture per 100 touched shares"
refers to transaction fees less liquidity payments and routing and
clearing costs divided by the product of one-hundredth ADV of
touched shares on BZX, BYX, EDGX and EDGA and the number of trading
days for the period. For U.S. Equities – Off-Exchange,
"net capture per 100 touched shares" refers to transaction fees
less OMS/EMS costs and clearing costs divided by the product of
one-hundredth ADV of touched shares on BIDS Trading and the number
of trading days for the period. For Canadian Equities, "net capture
per 10,000 touched shares" refers to transaction fees divided by
the product of one-ten thousandth ADV of shares for MATCHNow and
the number of trading days for the period and includes revenue from
NEO from June 2022. For European
Equities, "net capture per matched notional value" refers to
transaction fees less liquidity payments in British pounds divided
by the product of ADNV in British pounds of shares matched on Cboe
Europe Equities and the number of trading days. For Australian
Equities, "net capture per matched notional value" refers to
transaction fees less liquidity payments in Australian Dollars
divided by the product of ADNV in Australian Dollars of shares
matched on Cboe Australia and the number of trading days. For
Japanese Equities, "net capture per matched notional value" refers
to transaction fees less liquidity payments in Japanese Yen divided
by the product of ADNV in Japanese Yen of shares matched on Cboe
Japan and the number of trading days. For Cboe Clear Europe, "Fee
per Trade Cleared" refers to clearing fees divided by number of
non-interoperable trades cleared and "Net Fee per Settlement"
refers to settlement fees less direct costs incurred to settle
divided by the number of settlements executed after netting. For
Global FX, "net capture per one million dollars traded"
refers to transaction fees less liquidity payments, if any, divided
by the Spot and SEF products of one-thousandth of ADNV traded on
the Cboe FX Markets and the number of trading days, divided by two,
which represents the buyer and seller that are both charged on the
transaction. Average transaction fees per contract can be affected
by various factors, including exchange fee rates, volume-based
discounts and transaction mix by contract type and product
type.
About Cboe Global Markets, Inc.
Cboe Global Markets (Cboe: CBOE), a leading provider of market
infrastructure and tradable products, delivers cutting-edge
trading, clearing and investment solutions to market participants
around the world. The company is committed to operating a trusted,
inclusive global marketplace, providing leading products,
technology and data solutions that enable participants to define a
sustainable financial future. Cboe provides trading solutions and
products in multiple asset classes, including equities,
derivatives, FX and digital assets, across North America, Europe and Asia
Pacific. To learn more, visit www.cboe.com.
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Media
Contacts
|
Analyst
Contact
|
|
Angela
Tu
|
Tim
Cave
|
Kenneth Hill,
CFA
|
|
+1-646-856-8734
|
+44 (0)
7593-506-719
|
+1-312-786-7559
|
atu@cboe.com
|
tcave@cboe.com
|
khill@cboe.com
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CBOE-V
Cboe®, Cboe Global Markets®, Cboe Volatility Index®,
and VIX® are registered trademarks of Cboe
Exchange, Inc. or its affiliates. Standard & Poor's®, S&P®,
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or any subset of their respective securities, and shall not in any
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comprise the third-party indices referenced in this press release
and shall not in any way be liable for any inaccuracies or errors
in any of the indices referenced in this press release.
Options involve risk and are not suitable for all market
participants. Prior to buying or selling an option, a person should
review the Characteristics and Risks of Standardized Options
(ODD), which is required to be provided to all such persons.
Copies of the ODD are available from your broker or from The
Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, IL 60606.
Futures trading is not suitable for all investors and
involves the risk of loss. That risk of loss can be substantial and
can exceed the amount of money deposited for a futures position.
You should, therefore, carefully consider whether futures trading
is suitable for you in light of your circumstances and financial
resources. You should put at risk only funds that you can afford to
lose without affecting your lifestyle. For additional information
regarding futures trading risks, see the Risk Disclosure
Statement set forth in Appendix A to CFTC Regulation
1.55(c) and the Risk Disclosure Statement for Security
Futures Contracts.
Cautionary Statements Regarding Forward-Looking
Information
This press release contains forward-looking statements within
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actual results to differ materially from those contained in any
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Some factors that could cause actual results to differ
include: the loss of our right to exclusively list and trade
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Readers are cautioned not to place undue reliance on these
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hereof.
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