Cboe Global Markets Reports Trading Volume For March 2023

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 2023.

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.

1 Canadian Equities data include MATCHNow and NEO from June 2022 onwards. Before June 2022 it included MATCHNow only. "Net capture per 10,000 touched shares" refers to transaction fees divided by the product of one-ten thousandth ADV of shares for NEO and MATCHNow and the number of trading days for the period.  
2 Cboe Clear Europe figures are totals (not ADV) for the months and years-to-date.
3 Australian Equities and Japanese Equities data reflects Cboe's acquisition of Cboe Asia Pacific (formerly Chi-X Asia Pacific) effective on July 1, 2021.

March and First Quarter 2023 Trading Volume Highlights

U.S. Options

• Total volume across Cboe's four options exchanges reached a new monthly high of 337.2 million contracts in March, and a new daily high of 22.5 million contracts on March 10, 2023.
• Trading in S&P 500 Index (SPX) options set multiple new volume records for the month and quarter, including:
  • New quarterly ADV record of 2.8 million contracts
  • New monthly total volume record of 66.1 million contracts
  • New single-day volume record on March 10, 2023 with 4.2 million contracts traded
• Nanos options had its highest monthly ADV with 4,100 contracts traded per day in March. Introduced in March 2022, Nanos are 1/100th the size of the mini-SPX contract and designed to help traders more easily identify and size trades, providing greater precision when hedging or taking a directional position.

European Equities and Derivatives

• Cboe European Derivatives Exchange (CEDX) traded 6,574 contracts in March, a record total monthly volume figure, beating the previous high of 3,824 contracts in January 2023.
• Cboe Clear Europe, Cboe's pan-European clearing house, cleared a record 8 million trades on Euronext's stock exchanges in Amsterdam, Brussels, Paris, Lisbon and Milan under the preferred clearing model, surpassing the previous high of 7.2 million trades cleared in November 2022.

Global FX

• Cboe FX set multiple volume records for the first quarter of 2023, including:
  • Spot FX quarterly ADNV of $43.9 billion
  • Spot Full Amount quarterly ADNV of $13.9 billion
  • Non-Deliverable Forwards (NDF) quarterly ADNV of $1.1 billion

First-Quarter 2023 RPC/Net Revenue Capture Guidance

The projected RPC/net capture metrics for the first quarter of 2023 are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended March 31, 2023, will not differ materially from these projections.

The above represents average revenue per contract (RPC) or net capture is based on a three-month rolling average, reported on a one-month lag. 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, "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 and includes revenue from NEO from June 2022. 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 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 Cboe 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 Cboe Japan and the number of trading days. For Cboe Clear Europe, "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 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.