Cboe Global Markets Reports Trading Volume For December And Full Year 2021

Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today reported December monthly and full year 2021 trading volume statistics and projected rate per contract/net revenue capture for the fourth quarter of 2021 across its global business lines.

The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain December and full-year trading statistics and market share by business segment, volume in select index products, and full quarter RPC/net capture across business lines.

December 2021 and Full Year Trading Volume Highlights

Options

• Total options volume for 2021 was 3.0 billion contracts, the highest yearly volume on record and up 19 percent from 2020.
• Total options ADV reached a new all-time high of 12.1 million contracts traded per day in 2021.
• ADV in S&P 500 Index (SPX) options was 1.6 million contracts in December, up 45 percent from December 2020. For the year, 345 million SPX options contracts were traded in total, with an ADV of 1.4 million contracts.
• ADV in Cboe Volatility Index (VIX®) options was approximately 631,000 contracts in December, up 60 percent from December 2020. For the year, 132 million contracts were traded in total, with an ADV of more than 522,000 contracts.
• MSCI® EAFE® (MXEA) options set a new annual volume record with approximately 392,000 contracts traded in 2021.
• ADV in Russell 2000® Index (RUT) options was nearly 52,000 contracts in 2021, up 51 percent from 2020.

Futures

• ADV in VIX futures was 227,000 contracts in December. For the year, more than 54 million contracts were traded in total, with an ADV of 215,000 contracts.
• Total volume in Mini VIX futures was 3.4 million contracts in 2021, with 13,400 contracts traded per day.
• ADV in Cboe® iBoxx® iShares® $ High Yield Corporate Bond Index (IBHY) futures was 1,084 contracts in 2021, up 101 percent from 2020. Total volume was 273,000 contracts for the year.2
• ADV in Cboe® iBoxx® iShares® $ Investment Grade Corporate Bond Index (IBIG) futures was 602 contracts in 2021, up 812 percent from 2020. A total of 152,000 contracts were traded for the year.2

Global FX

• Cboe FX spot market share increased to 16.7% in 2021, marking the fifth consecutive year of market share growth.1
• NDF trading volumes on Cboe SEF increased 4x from 2020, capped by ADNV of $725 million for fourth-quarter 2021.

U.S. Equities

• Total volume traded through Cboe's Retail Priority program was more than 71 billion shares in 2021, up 108 percent from 2020, and representing approximately 283 million shares in ADV.
• For the year, total notional value traded through Retail Priority surpassed $2.5 trillion, up 146 percent from 2020, and representing more than $10 billion in ADNV.

European Equities

• Cboe LIS, Cboe Europe's block trading platform, reported record ADNV traded of €432 million in 2021, up 31 percent on the €330 million ADNV traded in 2020.
• Cboe Europe Periodic Auctions set a record ADNV traded of €1.26 billion in 2021, up 26 percent on the €999 million ADNV traded in 2020.

Fourth-Quarter 2021 RPC/Net Revenue Capture Guidance

The projected RPC/net capture metrics for the fourth quarter of 2021 are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended December 31, 2021, will not differ materially from these projections.

The above represents average revenue per contract (RPC) or net capture based on a three-month rolling average. 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 – On-Exchange, "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. 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 EuroCCP, "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 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 Chi-X 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 Chi-X Japan 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 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.