Cboe Global Markets Reports September 2020 Trading Volume

• Options ADV up 6 percent, Futures up 11 percent, U.S. Equities up 12 percent, European Equities up 19 percent and Global FX up 11 percent from previous month
• Total options volume up 34 percent year-over-year
• ADV in SPX options, VIX futures and VIX options up 20 percent, 22 percent and 5 percent, respectively
• Total U.S. equities volume up 34 percent year-over-year

Cboe Global Markets, Inc. (Cboe: CBOE), a market operator and global trading solutions provider, today reported September monthly trading volume.

The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of September 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 that provides electronic trading statistics for Cboe Options Exchange is available on the website.

September 2020 Volume Highlights

• Each of Cboe Global Markets' four options exchanges saw an increase in ADV from the previous month: Cboe Options up 4 percent, Cboe C2 up 9 percent, Cboe BZX up 10 percent and Cboe EDGX up 6 percent over August 2020
• ADV across all four options exchanges was also higher when compared to a year ago: Cboe Options up 6 percent, Cboe C2 up 11 percent, Cboe BZX up 58 percent and Cboe EDGX up 131 percent over September 2019
• Cboe EDGX Options Exchange set a monthly ADV record of 1,383,950 contracts
• Cboe Futures Exchange (CFE) ADV was 195,995 contracts, up 11 percent from August 2020
• ADV in S&P 500 Index (SPX) options was 1,176,743 contracts, up 20 percent from August 2020
• ADV in Cboe Volatility Index (VIX) futures was 172,911 contracts, up 22 percent from August 2020
• ADV in VIX options was 364,391 contracts, up 5 percent from August 2020
• Total volume in Mini VIX futures (VXM) surpassed one million contracts since launch on August 9
• Global FX total ADNV up 5% year-over-year, and up 11% from August 2020

Third-Quarter 2020 RPC/Net Revenue Capture Guidance
Options
The company currently expects RPC for total options for the third quarter of 2020 to be 5 to 6 percent higher than the amounts noted below for the two months ended August 31, 2020, primarily reflecting the higher RPC expected for multi-listed options for September compared to the two-month average. The RPC for multi-listed options for the third quarter is expected to be 8 to 10 percent above the two-month average, reflecting lower volume-related rebates in September. 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 third 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 third quarter of 2020 is expected to be 15 to 17 percent below the two-month average noted below, primarily reflecting the impact of fee changes implemented during the quarter.

European Equities
The revenue capture for European Equities for the third quarter of 2020 is expected to be in line with the two-month average.  

Global FX
The revenue capture for Global FX for the third quarter of 2020 is expected to be in line with the two-month average.

These expectations are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended September 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 (C1), 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.