- Cboe reports ADV growth for 2018 across each business segment
and several trading volume records
- Cboe SPX options and VIX futures set new annual ADV records,
among others
CHICAGO, Jan. 7, 2019 /PRNewswire/ -- Cboe
Global Markets, Inc. (Cboe: CBOE), one of the world's largest
exchange holding companies, today reported December monthly and
full-year 2018 trading volume and average revenue per contract
(RPC)/net revenue capture data at
www.cboe.com/monthlyvolrpc.
The data sheet "Cboe Global Markets Monthly Volume & RPC/Net
Revenue Capture Report" contains an overview of certain December
and full-year 2018 statistics. Data sheets are available on
an as reported and combined basis for 2017.
For comparability and informational purposes, the table below
presents trading volume on a combined basis, as of January 1, 2017, to reflect information
pertaining to Bats Global Markets, Inc., which was acquired by Cboe
Global Markets, Inc. on February 28,
2017.
MONTHLY TRADING
VOLUME
|
Full Year
|
|
December
|
December
|
%
|
November
|
%
|
|
|
%
|
2018
|
2017
|
Chg
|
2018
|
Chg
|
2018
|
2017
|
Chg
|
OPTIONS (contracts,
thousands)
|
Full Year
|
Trading
Days
|
19
|
20
|
|
21
|
|
251
|
251
|
|
Total
Volume
|
165,150
|
136,425
|
21.1%
|
162,138
|
1.9%
|
1,975,329
|
1,736,204
|
13.8%
|
Total
ADV
|
8,692
|
6,821
|
27.4%
|
7,721
|
12.6%
|
7,870
|
6,917
|
13.8%
|
FUTURES (contracts,
thousands)
|
Full Year
|
Trading
Days
|
20
|
20
|
|
21
|
|
252
|
251
|
|
Total
Volume
|
6,212
|
5,780
|
7.5%
|
5,696
|
9.1%
|
75,609
|
73,991
|
2.2%
|
Total
ADV
|
311
|
289
|
7.5%
|
271
|
14.5%
|
300
|
295
|
1.8%
|
U.S. EQUITIES
(shares, millions)
|
Full Year
|
Trading
Days
|
19
|
20
|
|
21
|
|
251
|
251
|
|
Total
Volume
|
30,579
|
22,763
|
34.3%
|
28,313
|
8.0%
|
337,777
|
311,952
|
8.3%
|
Total ADV
|
1,609
|
1,138
|
41.4%
|
1,348
|
19.4%
|
1,346
|
1,243
|
8.3%
|
EUROPEAN EQUITIES (€
millions)
|
Full Year
|
Trading
Days
|
19
|
19
|
|
22
|
|
256
|
256
|
|
Total Notional
Value
|
€ 176,619
|
€ 151,656
|
16.5%
|
€ 226,959
|
-22.2%
|
€
2,655,358
|
€
2,410,693
|
10.1%
|
Total ADNV
|
€ 9,296
|
€ 7,982
|
16.5%
|
€ 10,316
|
-9.9%
|
€ 10,372
|
€ 9,417
|
10.1%
|
GLOBAL FX ($
millions)
|
Full Year
|
Trading
Days
|
20
|
20
|
|
22
|
|
259
|
259
|
|
Total Notional
Value
|
$671,028
|
$623,450
|
7.6%
|
$766,930
|
-12.5%
|
$9,683,592
|
$7,650,885
|
26.6%
|
Total ADNV
|
$33,551
|
$31,173
|
7.6%
|
$34,860
|
-3.8%
|
$37,388
|
$29,540
|
26.6%
|
ADV= average daily volume
ADNV= average daily notional value
Numerous Trading Records Set in 2018
Several trading
records were set for the year. Average daily volume (ADV) across
all four of Cboe Global Markets' options exchanges (Cboe, C2, BZX
and EDGX) combined reached a new all-time high in 2018 with 7.87
million contracts, up 13 percent from 2017.
ADV in total index options trading at Cboe, C2 and BZX Options
exchanges set a record for the sixth consecutive year in 2018 with
2.23 million contracts, up 11 percent from 2017.
ADV in S&P 500® Index (SPX) options trading at Cboe reached
a new all-time high for the sixth consecutive year in 2018 with
1.48 million contracts, up 27 percent from 2017. This included
record ADV during global trading hours (GTH) of 10,371 contracts,
doubling 2016's 5,137 contracts, the previous high.
SPX Weeklys also set trading records in 2018 during both regular
trading hours (RTH) and GTH sessions. Trading in regular hours saw
an ADV of 886,926 contracts, up 27 percent from 2017, while GTH ADV
was 6,478 contracts, nearly three times higher than the previous
record of 2,329 contracts set in 2016.
Overall, trading on Cboe Futures Exchange (CFE) set a new record
in ADV with 300,036 contracts, up two percent from 2017. Trading in
VIX futures at CFE set a new ADV record in 2018 for the 14th
consecutive year with 294,914 contracts, just edging out 2017's ADV
of 294,259 contracts. VIX futures at CFE also set record annual ADV
in GTH for a third consecutive year with 30,494 contracts, up eight
percent from 2017.
Cboe FX reached a new all-time high in 2018 with average daily
notional value of $37.4 billion, 24
percent higher than the previous record of $30.1 billion set in 2014.
Fourth-Quarter 2018 Selected RPC Guidance
The company
currently expects average revenue per contract (RPC) for the
fourth-quarter of 2018 to be in line with the amounts noted below
for the two-months ended November 30,
2018. These expectations are estimated, preliminary and may
change. There can be no assurance that our final RPC for the
three-months ended December 31, 2018
will not differ materially from these expectations.
The following represents average RPC based on a two-month and a
three-month rolling average, reported on a one-month lag. The
average RPC represents total transaction fees for Cboe, C2, BZX,
EDGX options exchanges and CFE recognized for the period divided by
total contracts traded during the period. 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.
(In
Dollars)
|
Two-Months
Ended
|
Three-Months
Ended
|
Product:
|
Nov-18
|
Nov-18
|
Oct-18
|
Sep-18
|
Aug-18
|
Multiply-Listed
Options (Cboe, C2, BZX, EDGX)
|
$0.084
|
$0.079
|
$0.074
|
$0.068
|
$0.063
|
Index Options (Cboe
and C2)
|
$0.746
|
$0.740
|
$0.740
|
$0.737
|
$0.748
|
Total Options Average
Revenue Per Contract
|
$0.274
|
$0.265
|
$0.259
|
$0.244
|
$0.240
|
Futures
(CFE)
|
$1.679
|
$1.702
|
$1.717
|
$1.704
|
$1.683
|
About Cboe Global Markets, Inc.
Cboe Global Markets,
Inc. (Cboe: CBOE) is one of the world's largest exchange holding
companies, offering cutting-edge trading and investment solutions
to investors around the world. The company is committed to
relentless innovation, connecting global markets with world-class
technology, and providing seamless solutions that enhance the
customer experience.
Cboe offers trading across a diverse range of products in
multiple asset classes and geographies, including options, futures,
U.S. and European equities, exchange-traded products (ETPs), global
foreign exchange (FX) and multi-asset volatility products based on
the Cboe Volatility Index (VIX Index), the world's barometer for
equity market volatility.
Cboe's trading venues include the largest options exchange in
the U.S. and the largest stock exchange by value traded in
Europe. In addition, the company is the second-largest stock
exchange operator in the U.S. and a leading market globally for ETP
trading.
The company is headquartered in Chicago with offices in Kansas City, New
York, London, San Francisco, Singapore, Hong
Kong and Quito,
Ecuador. For more information, visit www.cboe.com.
Media
Contacts
|
|
Analyst
Contact
|
|
|
|
|
Suzanne
Cosgrove
|
Stacie
Fleming
|
|
Debbie
Koopman
|
+1-312-786-7123
|
+44-20-7012-8950
|
|
+1-312-786-7136
|
scosgrove@cboe.com
|
sfleming@cboe.com
|
|
dkoopman@cboe.com
|
CBOE-V
Cboe®, CFE®, EDGX®, BZX®, Cboe Volatility Index® and VIX® are
registered trademarks and Cboe Global MarketsSM, Cboe
Futures ExchangeSM and SPXSM are service
marks of Cboe Exchange, Inc. S&P 500® is a trademark of
Standard & Poor's Financial Services, LLC and has been licensed
for use by Cboe Exchange, Inc. Any products that have the an
S&P Index or Indexes as their underlying interest are not
sponsored, endorsed, sold or promoted by S&P OPCO LLC
("Standard & Poor's") or Cboe and neither Standard & Poor's
nor Cboe make any representations or recommendations concerning the
advisability of investing in products that have S&P indexes as
their underlying interests. All other trademarks and service marks
are the property of their respective owners.
Cautionary Statements Regarding Forward-Looking
Information
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 that involve a number of risks and
uncertainties. You can identify these statements by forward-looking
words such as "may," "might," "should," "expect," "plan,"
"anticipate," "believe," "estimate," "predict," "potential" or
"continue," and the negative of these terms and other comparable
terminology. All statements that reflect our expectations,
assumptions or projections about the future other than statements
of historical fact are forward-looking statements. These
forward-looking statements, which are subject to known and unknown
risks, uncertainties and assumptions about us, may include
projections of our future financial performance based on our growth
strategies and anticipated trends in our business. These statements
are only predictions based on our current expectations and
projections about future events. There are important factors that
could cause our actual results, level of activity, performance or
achievements to differ materially from those expressed or implied
by the forward-looking statements.
We operate in a very competitive and rapidly changing
environment. New risks and uncertainties emerge from time to time,
and it is not possible to predict all risks and uncertainties, nor
can we assess the impact of all factors on our business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking statements.
Some factors that could cause actual results to differ include:
the loss of our right to exclusively list and trade certain index
options and futures products; economic, political and market
conditions; compliance with legal and regulatory obligations; price
competition and consolidation in our industry; decreases in trading
volumes, market data fees or a shift in the mix of products traded
on our exchanges; legislative or regulatory changes; increasing
competition by foreign and domestic entities; our dependence on and
exposure to risk from third parties; our index providers' ability
to maintain the quality and integrity of their indexes and to
perform under our agreements; our ability to operate our business
without violating the intellectual property rights of others and
the costs associated with protecting our intellectual property
rights; our ability to attract and retain skilled management and
other personnel, including those experienced with post-acquisition
integration; our ability to accommodate trading volume and
transaction traffic, including significant increases, without
failure or degradation of performance of our systems; our ability
to protect our systems and communication networks from security
risks, including cyber-attacks and unauthorized disclosure of
confidential information; challenges to our use of open source
software code; our ability to meet our compliance obligations,
including managing potential conflicts between our regulatory
responsibilities and our for-profit status; damage to our
reputation; the ability of our compliance and risk management
methods to effectively monitor and manage our risks; our ability to
manage our growth and strategic acquisitions or alliances
effectively; unanticipated difficulties or expenditures relating to
the acquisition of Bats Global Markets, Inc., including, without
limitation, difficulties that result in the failure to realize
expected synergies, accretion, efficiencies and cost savings from
the acquisition within the expected time period (if at all),
whether in connection with integration, migrating trading
platforms, broadening distribution of product offerings or
otherwise; restrictions imposed by our debt obligations; our
ability to maintain an investment grade credit rating; potential
difficulties in our migration of trading platforms and our ability
to retain employees as a result of the acquisition; and the
accuracy of our estimates and expectations. More detailed
information about factors that may affect our actual results to
differ may be found in our filings with the SEC, including in our
Annual Report on Form 10-K for the year ended December 31, 2017 and other filings made from
time to time with the SEC.
We do not undertake, and we expressly disclaim, any duty to
update any forward-looking statement whether as a result of new
information, future events or otherwise, except as required by law.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date
hereof.
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