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 2022.
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 by Month |
Year-To-Date |
|||||||
|
Mar |
Mar |
% Chg |
Feb 2022 |
% |
Mar 2022 |
Mar 2021 |
% |
|
|
Multiply-listed options (contracts, k) |
10,604 |
9,784 |
8.4% |
10,805 |
-1.9% |
10,978 |
10,779 |
1.8% |
|
Index options (contracts, k) |
2,303 |
1,794 |
28.4% |
2,403 |
-4.1% |
2,414 |
1,901 |
27.0% |
|
Futures (contracts, k) |
197 |
232 |
-15.0% |
270 |
-27.0% |
254 |
256 |
-0.9% |
|
|
1,953 |
2,048 |
-4.7% |
1,758 |
11.1% |
1,842 |
2,201 |
-16.3% |
|
|
112 |
90 |
24.9% |
105 |
6.7% |
108 |
100 |
9.0% |
|
Canadian Equities (matched shares, k) |
42,575 |
64,034 |
-33.5% |
37,792 |
12.7% |
41,133 |
71,359 |
-42.4% |
|
European Equities (€, mn) |
13,968 |
8,228 |
69.8% |
12,672 |
10.2% |
12,831 |
7,513 |
70.8% |
|
EuroCCP Cleared Trades (k) |
181,548 |
116,942 |
55.2% |
140,562 |
29.2% |
454,438 |
298,224 |
52.4% |
|
EuroCCP Net Settlements (k) |
1,039 |
912 |
14.0% |
874 |
18.9% |
2,802 |
2,423 |
15.6% |
|
Australian Equities1 (AUD, mn) |
898 |
N/A |
893 |
0.6% |
879 |
N/A |
||
|
Japanese Equities1 (JPY, bn) |
172 |
N/A |
162 |
6.1% |
165 |
N/A |
||
|
Global FX ADNV ($, mn) |
45,421 |
38,462 |
18.1% |
42,926 |
5.8% |
41,983 |
37,074 |
13.2% |
|
1Australian Equities and Japanese Equities data reflects Cboe's acquisition of Chi-X Asia Pacific effective on July 1, 2021. |
|
ADV= Average Daily Volume |
|
ADNV= Average Daily Notional Value |
|
NM=Not Meaningful |
March and First Quarter 2022 Trading Volume Highlights
Options
- In first-quarter 2022, total volume across Cboe's four options exchanges was 830.3 million options contracts, setting a record for the second consecutive quarter. Quarterly average daily volume (ADV) reached a new all-time high of 13.4 million contracts traded per day.
- Cboe successfully launched Nanos, a first of its kind, one-multiplier, cash-settled listed options contract, on March 14. Nearly 7,200 contracts traded in total within the first two weeks of launch.
European Equities
- Cboe BIDS Europe, Cboe Europe's block trading platform, reported record average daily notional value (ADNV) traded of €669 million, beating the previous record of €608 million ADNV traded in January 2022.
- Cboe Europe Periodic Auctions reported record ADNV traded of €2.1 billion, beating the previous record of €2 billion ADNV traded in February 2022.
European Derivatives
- Cboe Europe Derivatives traded 2,464 contracts, a record monthly figure and up from 1,623 contracts in February 2022.
Global FX
- Spot ADNV was
$44.4 billion in March 2022, the second-highest volume month on record behind March 2020. - Spot Full Amount ADNV reached a new all-time monthly high with
$12.9 billion traded in March 2022. - Cboe SEF set a new monthly ADNV record in Non-Deliverable Forwards (NDFs) with
$957 million traded in March 2022.
First-Quarter 2022 RPC/Net Revenue Capture Guidance
The projected RPC/net capture metrics for the first quarter of 2022 are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended March 31, 2022, will not differ materially from these projections.
|
(In USD unless stated otherwise) |
Two-Months |
Three-Months Ended |
||||
|
Product: |
1Q Projection |
Feb-22 |
Feb-22 |
Jan-22 |
Dec-21 |
Nov-21 |
|
Multiply-Listed Options (per contract) |
0.068 |
0.068 |
0.066 |
0.067 |
0.066 |
0.068 |
|
Index Options |
0.858 |
0.861 |
0.850 |
0.846 |
0.845 |
0.856 |
|
Total Options |
0.210 |
0.211 |
0.210 |
0.203 |
0.199 |
0.201 |
|
Futures (per contract) |
1.647 |
1.622 |
1.625 |
1.631 |
1.651 |
1.647 |
|
|
0.017 |
0.016 |
0.019 |
0.021 |
0.025 |
0.024 |
|
|
0.114 |
0.111 |
0.111 |
0.113 |
0.115 |
0.116 |
|
Canadian Equities (per 10,000 touched shares) |
CAD 9.15 |
CAD 8.84 |
CAD 8.85 |
CAD 8.58 |
CAD 8.48 |
CAD 8.19 |
|
European Equities (per matched notional value) |
0.242 |
0.235 |
0.238 |
0.244 |
0.252 |
0.255 |
|
Australian Equities (per matched notional value) |
0.173 |
0.173 |
0.171 |
0.171 |
0.171 |
0.173 |
|
Japanese Equities (per matched notional value) |
0.228 |
0.223 |
0.257 |
0.291 |
0.358 |
0.367 |
|
Global FX (per |
2.667 |
2.677 |
2.723 |
2.746 |
2.770 |
2.740 |
|
EuroCCP Fee per Trade Cleared |
0.009 |
0.010 |
0.010 |
0.010 |
0.011 |
0.011 |
|
EuroCCP Net Fee per Settlement |
0.892 |
0.963 |
0.901 |
0.905 |
0.860 |
0.884 |
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.
