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Cboe Global Markets Reports June 2020 Trading Volume

Date 06/07/2020

  •  Options ADV up 50 percent, U.S. Equities ADV up 83 percent and Global FX up 5 percent over June 2019
  • Cboe's four options exchanges combined set a new single day volume record with more than 16 million contracts traded
  • Cboe EDGX Options Exchange monthly ADV of more than one million contracts a new all-time high
  • Cboe EDGX Equities Exchange new monthly ADV record with more than 431 million shares traded per day

Cboe Global Markets, Inc. (Cboe: CBOE), one of the world's largest exchange holding companies, today reported June monthly trading volume.

The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of June and year-to-date trading statistics and market share by business segment, volume in select index products, and RPC, which is reported on a one-month lag, across business lines. In addition, a supplemental data sheet which provides electronic trading statistics for Cboe Options Exchange is also available on the website.

MONTHLY TRADING VOLUME

Year-To-Date


June

June

%

May

%

June

June

%

2020

2019

Chg

2020

Chg

2020

2019

Chg

OPTIONS (contracts, thousands)

Year-To-Date

Trading Days

22

20


20


125

124


Total Volume 

234,193

141,989

64.9%

191,428

22.3%

1,291,792

888,274

45.4%

Total ADV 

10,645

7,099

49.9%

9,571

11.2%

10,334

7,163

44.3%

FUTURES (contracts, thousands)

Year-To-Date

Trading Days

22

20


20


125

124


Total Volume

4,040

4,132

-2.2%

2,675

51.1%

29,572

30,326

-2.5%

Total ADV 

184

207

-11.1%

134

37.3%

237

245

-3.3%

U.S. EQUITIES (shares, millions)

Year-To-Date

Trading Days

22

20


20


125

124


Total Volume

44,432

22,039

101.6%

37,944

17.1%

238,800

142,148

68.0%

Total ADV

2,020

1,102

83.3%

1,897

6.5%

1,910

1,146

66.6%

EUROPEAN EQUITIES (€ millions)

Year-To-Date

Trading Days

22

20


21


127

126


Total Notional Value

€ 156,944

€ 157,399

-0.3%

€ 118,132

32.9%

€ 980,425

€ 1,101,199

-11.0%

Total ADNV

€ 7,134

€ 7,870

-9.4%

€ 5,625

26.8%

€ 7,720

€ 8,740

-11.7%

GLOBAL FX ($ millions)

Year-To-Date

Trading Days

22

20


21


129

128


Total Notional Value

$761,662

$661,640

15.1%

$658,664

15.6%

$4,837,674

$4,414,111

9.6%

Total ADNV

$34,621

$33,082

4.7%

$31,365

10.4%

$37,501

$34,485

8.7%

ADV= average daily volume
ADNV= average daily notional value

June 2020 Volume Highlights

  • Each of Cboe Global Markets' four options exchanges posted gains in ADV over June 2019: Cboe Options up 26 percent, C2 up 23 percent, Cboe BZX up 95 percent and Cboe EDGX up 154 percent.
  • The four options exchanges had the highest combined single-day volume of all-time on June 5, with more than 16 million contracts traded.
  • Cboe EDGX Options Exchange set a new monthly total volume record with more than 29 million contracts traded. The exchange also set a new all-time monthly ADV record with more than 1.3 million contracts traded.
  • S&P 500 Index (SPX) options ADV during June was 1.22 million contracts, up 12 percent over the 1.09 million contracts traded per day in May 2020.
  • ADV in options on the Cboe Volatility Index (VIX) during June was 408,569 contracts, up 3 percent over the 395,062 contracts traded per day in June 2019.
  • ADV in futures on the VIX at Cboe Futures Exchange (CFE) during June was 182,944 contracts, up 38 percent over the 132,407 contracts traded per day in May 2020.
  • Cboe EDGX Equities Exchange set a new all-time monthly total volume record with 9.5 billion shares traded. The exchange also set a new all-time monthly ADV record with more than 431 million shares traded per day. On June 8, the exchange saw its highest single-day volume of all-time with more than 613 million shares traded.

Second-Quarter 2020 RPC/Net Revenue Capture Guidance
Options
The company currently expects RPC for total options for the second quarter of 2020 to be in line to 1.0 percent higher than the amounts noted below for the two months ended May 31, 2020, primarily reflecting the higher RPC projected for multi-listed options for June compared to the two-month average. The RPC for multi-listed options for the second quarter is expected to be 5.0 to 6.0 percent above the two-month average, reflecting lower volume-related rebates in June. The RPC for index options is expected to be in line with the two-month average noted below.

Futures
The RPC for futures in the second quarter of 2020 is expected to be in line with the two-month average noted below.

U.S. Equities
The revenue capture for U.S. Equities for the second quarter of 2020 is expected to be in line with the two-month average noted below.

European Equities
The revenue capture for European Equities for the second quarter of 2020 is expected to be 4.0 to 5.0 percent below the two-month average noted below, reflecting a higher percentage of ADNV from lower net capture venues in June.

Global FX
The revenue capture for Global FX for the second quarter of 2020 is expected to be 1.5 to 2.5 percent below the two-month average noted below, reflecting the net impact of volume-based tiers on higher volumes in June.

These expectations are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended June 30, 2020, will not differ materially from these expectations.

The following represents average RPC and net revenue capture based on a two-month and a three-month rolling average, reported on a one-month lag. The average RPC represents total transaction fees for Cboe Options, C2, BZX and EDGX Options Exchanges and CFE recognized for the period divided by total contracts traded during the period. For U.S. Equities, "net capture per 100 touched shares" refers to annual 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 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 Global FX, "net capture per one million dollars traded" refers to transaction fees less liquidity payments, if any, divided by the product 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.

(In Dollars unless stated otherwise)

Two-
Months
Ended

2Q20 Guidance
vs.
Two-month Avg

Three-Months Ended

Product:

May-20


May-20

Apr-20

Mar-20

Feb-20

Multi-Listed Options (per contract)

$0.049

5.0 to 6.0% above

$0.050

$0.053

$0.053

$0.053

Index Options (per contract)

$0.873

In line

$0.836

$0.808

$0.781

$0.764

     Total Options (per contract)

$0.182

In line to 1.0% above

$0.212

$0.227

$0.234

$0.221

Futures (per contract)

$1.748

In line

$1.768

$1.742

$1.750

$1.747

U.S. Equities (per 100 touched notional value)

$0.025

In line

$0.026

$0.026

$0.026

$0.026

European Equities (per matched notional value, bps)

0.262

4.0 to 5.0% below

0.246

0.244

0.244

0.255

Global FX (per one million dollars traded)

$2.803

1.5 to 2.5% below

$2.732

$2.722

$2.694

$2.741