Cboe Global Markets Reports Trading Volume For September 2022

Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today reported September monthly trading volume statistics across its global business lines and provided guidance for selected revenue per contract/net revenue capture metrics for the third quarter of 2022.

The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain September 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.

September and Third-Quarter 2022 Trading Volume Highlights

U.S. Options

• For the second consecutive month, total U.S. options volume reached an all-time high with volume across all four Cboe options exchanges of 309.3 million contracts in September, up two percent from the previous record in August.
• Trading in S&P 500 Index (SPX) options reached an all-time high, setting multiple records, including:
  • A new monthly volume record of 59.2 million contracts, up 15 percent from the previous record in August.
  • Average Daily Volume (ADV) in September also reached a new all-time high of 2.8 million contracts.
  • A new single-day volume record on September 23 with 3.8 million contracts traded, beating the previous record of 3.6 million on February 28, 2020.
  • SPX Weeklys Tuesdays and Thursdays options saw a total 14.6 million contracts traded, the highest monthly volume since launch.
• In addition, records were set in SPX options expiring on the trade date (zero-days-to-expiry), including:
  • A new monthly ADV record of 1.2 million contracts, up 26 percent from the previous record in August.
  • A new single-day volume record on September 2 with 1.5 million contracts traded, surpassing the previous high of 1.3 million on August 26.
• ADV in Mini-S&P 500 Index (XSP) options surpassed 40,000 contracts, the highest month since March 2020.
• ADV in Cboe Volatility Index (VIX) Weeklys options reached 36,000 contracts, a new monthly record since March 2020.

Global FX

• ADV of $45.8 billion in Spot was the highest month this year and $990 million on Cboe SEF (NDFs) was the highest month on record.

European Equities and Derivatives

• Cboe Europe Equities had an overall market share of 24.9 percent in September, its highest market share since January 2016, making it Europe's largest stock exchange for the third consecutive month.
• Cboe BIDS Europe, Cboe's European block trading platform, had a record 36 percent share of the LIS (large-in-scale) market, making it the largest platform of its type for the sixth consecutive month (Source: big xyt).
• EuroCCP, Cboe's pan-European clearing house, cleared a record 6.5 million sides on Euronext's stock exchanges in Amsterdam, Brussels, Paris and Lisbon under the preferred clearing model, beating the previous high of 6.1 million sides cleared in July 2022.

Australian Equities 

• Cboe Australia's continuous market share was 17.4 percent, its best month since February 2020.
• Cboe Australia's continuous market share in the Australian ETF market was 35.4 percent, its highest on record, and total market share was 41.7 percent, its second highest month on record.

Third-Quarter 2022 RPC/Net Revenue Capture Guidance

The projected RPC/net capture metrics for the third-quarter of 2022 are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended September 30, 2022, 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 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 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 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 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.