Cboe Global Markets Reports Trading Volume for March 2023

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Apr 05, 2023, 16:30 ET

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 %

¹Canadian 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 1/100^th 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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Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel, including compensation inflation; increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; global expansion of operations; factors that impact the quality and integrity of our indices; our ability to manage our growth and strategic acquisitions or alliances effectively; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit and default risks, associated with operating a European clearinghouse; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing potential conflicts between our regulatory responsibilities and our for-profit status; our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the impacts of pandemics; the accuracy of our estimates and expectations; litigation risks and other liabilities; and operating a digital asset business and clearinghouse, including the expected benefits of our Cboe Digital acquisition, cybercrime, changes in digital asset regulation, losses due to digital asset custody, and fluctuations in digital asset prices. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2022 and other filings made from time to time with the SEC.

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SOURCE Cboe Global Markets, Inc.