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Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today reported June monthly trading volume statistics across its global business lines and provided guidance for selected revenue per contract/net revenue capture metrics for the second quarter of 2022.
The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain June 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 by Month |
Year-To-Date |
|||||||
|
June |
June |
% Chg |
May 2022 |
% |
June 2022 |
June 2021 |
% |
|
|
Multiply-listed options (contracts, k) |
10,255 |
10,232 |
0.2 % |
10,691 |
-4.1 % |
10,678 |
10,004 |
6.7 % |
|
Index options (contracts, k) |
2,842 |
1,778 |
59.9 % |
2,853 |
-0.4 % |
2,545 |
1,869 |
36.2 % |
|
Futures (contracts, k) |
201 |
182 |
10.3 % |
248 |
-19.0 % |
238 |
235 |
1.2 % |
|
|
1,634 |
1,500 |
9.0 % |
1,851 |
-11.7 % |
1,774 |
1,848 |
-4.0 % |
|
|
83 |
76 |
10.1 % |
104 |
-19.7 % |
101 |
87 |
15.0 % |
|
Canadian Equities1 (matched shares, k) |
33,799 |
41,751 |
-19.0 % |
38,013 |
-11.1 % |
38,550 |
59,285 |
-35.0 % |
|
European Equities (€, mn) |
10,226 |
7,014 |
45.8 % |
11,187 |
-8.6 % |
11,863 |
7,405 |
60.2 % |
|
EuroCCP Cleared Trades (k) |
116,357 |
95,209 |
22.2 % |
128,981 |
-9.8 % |
810,789 |
593,025 |
36.7 % |
|
EuroCCP Net Settlements (k) |
839 |
824 |
1.9 % |
892 |
-5.9 % |
5,304 |
4,791 |
10.7 % |
|
Australian Equities2 (AUD, mn) |
877 |
N/A |
836 |
4.9 % |
863 |
N/A |
||
|
Japanese Equities2 (JPY, bn) |
147 |
N/A |
111 |
32.1 % |
149 |
N/A |
||
|
Global FX ($, mn) |
40,521 |
33,646 |
20.4 % |
40,457 |
0.2 % |
40,769 |
34,739 |
17.4 % |
|
1 Canadian Equities does not include NEO. |
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|
2 Australian Equities and Japanese Equities data reflects Cboe's acquisition of Cboe Asia Pacific (formerly Chi-X Asia Pacific) effective on July 1, 2021. |
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|
ADV= Average Daily Volume |
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|
ADNV= Average Daily Notional Value |
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|
NM=Not Meaningful |
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June and Second-Quarter 2022 Trading Volume Highlights
- S&P 500 Index (SPX) options set a new monthly ADV record of 2.3 million contracts, surpassing the previous record of 2.2 million in May 2022. Total volume for the month reached nearly 48 million contracts.
- SPX Weeklys Tuesday- and Thursday-expiring options continued their strong debut, with approximately 5.1 million Tuesdays options and 4.4 million Thursdays options traded in June.
- Cboe opened its new trading floor in
Chicago on June 6.
European Equities and Derivatives
- Cboe Europe Equities had an overall market share of 23.5 percent in June, the highest month since August 2018.
- Cboe BIDS Europe, Cboe's European block trading platform, had a 33 percent share of the LIS (large-in-scale) market, making it the largest platform of its type (Source: big xyt).
- Cboe Europe Derivatives (CEDX) traded 1,872 contracts during June, up from 1,475 during May.
Second-Quarter 2022 RPC/Net Revenue Capture Guidance
The projected RPC/net capture metrics for the second quarter of 2022 are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended June 30, 2022, will not differ materially from these projections.
|
(In USD unless stated otherwise) |
Two-Months |
Three-Months Ended |
||||
|
Product: |
2Q Projection |
May-22 |
May-22 |
Apr-22 |
Mar-22 |
Feb-22 |
|
Multiply-Listed Options (per contract) |
0.066 |
0.067 |
0.067 |
0.066 |
0.067 |
0.066 |
|
Index Options |
0.884 |
0.880 |
0.870 |
0.863 |
0.857 |
0.850 |
|
Total Options |
0.234 |
0.229 |
0.221 |
0.211 |
0.210 |
0.210 |
|
Futures (per contract) |
1.697 |
1.675 |
1.675 |
1.667 |
1.637 |
1.625 |
|
|
0.020 |
0.017 |
0.018 |
0.018 |
0.017 |
0.019 |
|
|
0.108 |
0.110 |
0.116 |
0.117 |
0.117 |
0.111 |
|
Canadian Equities (per 10,000 touched shares) |
CAD 9.38 |
CAD 9.31 |
CAD 9.40 |
CAD 9.32 |
CAD 9.10 |
CAD 8.85 |
|
European Equities (per matched notional value) |
0.235 |
0.234 |
0.229 |
0.229 |
0.230 |
0.238 |
|
Australian Equities (per matched notional value) |
0.171 |
0.171 |
0.172 |
0.172 |
0.173 |
0.171 |
|
Japanese Equities (per matched notional value) |
0.258 |
0.249 |
0.244 |
0.242 |
0.228 |
0.257 |
|
Global FX (per |
2.705 |
2.713 |
2.696 |
2.685 |
2.674 |
2.723 |
|
EuroCCP Fee per Trade Cleared |
€ 0.009 |
€ 0.009 |
€ 0.009 |
€ 0.009 |
€ 0.009 |
€ 0.010 |
|
EuroCCP Net Fee per Settlement |
€ 0.796 |
€ 0.779 |
€ 0.809 |
€ 0.858 |
€ 0.924 |
€ 0.901 |
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 (does not include NEO). 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.
