CHICAGO, April 3, 2020 /PRNewswire/ -- Cboe
Global Markets, Inc. (Cboe: CBOE), one of the world's largest
exchange holding companies, today reported March monthly trading
volume.
The data sheet "Cboe Global Markets Monthly Volume & RPC/Net
Revenue Capture Report" contains an overview of March and
year-to-date trading statistics and market share by business
segment, volume in select index products, and RPC, which is
reported on a one-month lag, across business lines.
MONTHLY TRADING
VOLUME
|
Year-To-Date
|
|
March
|
March
|
%
|
February
|
%
|
March
|
March
|
%
|
2020
|
2019
|
Chg
|
2020
|
Chg
|
2020
|
2019
|
Chg
|
OPTIONS (contracts,
thousands)
|
Year-To-Date
|
Trading
Days
|
22
|
21
|
|
19
|
|
62
|
61
|
|
Total
Volume
|
263,373
|
148,748
|
77.1%
|
209,552
|
25.7%
|
665,343
|
430,838
|
54.4%
|
Total
ADV
|
11,971
|
7,083
|
69.0%
|
11,029
|
8.5%
|
10,731
|
7,063
|
51.9%
|
FUTURES (contracts,
thousands)
|
Year-To-Date
|
Trading
Days
|
22
|
21
|
|
19
|
|
62
|
61
|
|
Total
Volume
|
7,545
|
5,338
|
41.3%
|
7,182
|
5.1%
|
20,514
|
14,112
|
45.4%
|
Total
ADV
|
343
|
254
|
34.9%
|
378
|
-9.3%
|
331
|
231
|
43.0%
|
U.S. EQUITIES
(shares, millions)
|
Year-To-Date
|
Trading
Days
|
22
|
21
|
|
19
|
|
62
|
61
|
|
Total
Volume
|
59,421
|
24,781
|
139.8%
|
28,464
|
108.8%
|
113,805
|
73,516
|
54.8%
|
Total ADV
|
2,701
|
1,180
|
128.9%
|
1,498
|
80.3%
|
1,836
|
1,205
|
52.3%
|
EUROPEAN EQUITIES (€
millions)
|
Year-To-Date
|
Trading
Days
|
22
|
21
|
|
20
|
|
64
|
63
|
|
Total Notional
Value
|
€ 259,065
|
€ 191,498
|
35.3%
|
€ 173,999
|
48.9%
|
€ 581,890
|
€ 580,817
|
0.2%
|
Total ADNV
|
€ 11,776
|
€ 9,119
|
29.1%
|
€ 8,700
|
35.4%
|
€ 9,092
|
€ 9,219
|
-1.4%
|
GLOBAL FX ($
millions)
|
Year-To-Date
|
Trading
Days
|
22
|
21
|
|
20
|
|
64
|
63
|
|
Total Notional
Value
|
$1,209,632
|
$809,512
|
49.4%
|
$825,067
|
46.6%
|
$2,773,720
|
$2,299,044
|
20.6%
|
Total ADNV
|
$54,983
|
$38,548
|
42.6%
|
$41,253
|
33.3%
|
$43,339
|
$36,493
|
18.8%
|
ADV= average daily volume
ADNV= average daily notional value
March 2020 Volume
Highlights
Options
- Cboe Global Markets' four options exchanges (C1, C2, BZX and
EDGX) combined set a new all-time monthly average daily volume
(ADV) record with nearly 12 million contracts traded per day.
- The four options exchanges had the highest combined single-day
volume of all-time on Thursday, March
12, with more than 16.7 million contracts traded.
- C1 Options Exchange set a new monthly total volume record with
more than 148 million contracts traded.
- BZX Options Exchange set a new all-time monthly ADV record with
more than 3.5 million contracts traded. The exchange also saw its
highest single-day volume of all-time on Thursday, March 12, with more than 5.3 million
contracts traded.
- EDGX Options Exchange set a new all-time monthly ADV record
with more than 1 million contracts traded.
- S&P 500 Index (SPX) options set a new all-time monthly
total volume record with more than 43.4 million contracts traded.
ADV was up 62 percent over March
2019.
- ADV in options on the Cboe Volatility Index (VIX) during March
was 1.18 million contracts, up 112 percent over the 556,214
contracts traded per day in March
2019.
Futures
- ADV in futures on the VIX at Cboe Futures Exchange (CFE) during
March was 342,162 contracts, up 36 percent over the 252,129
contracts traded per day in March
2019.
U.S. Equities
- Cboe Global Markets' four U.S. equities exchanges (BZX, BYX,
EDGX and EDGA) saw nearly 2.7 billion shares traded per day in
March, up 129 percent over the 1.18 billion shares in March 2019.
European Equities
- Cboe LIS, Cboe Europe's block trading platform, reported record
average daily notional value (ADNV) traded of €571 million in
March, up 112 percent over the €269 million ADNV traded in
March 2019.
- Cboe Periodic Auctions reported record ADNV traded of €1.7
billion in March, up 131 percent over the €726 million ADNV traded
in March 2019.
Global FX
- Global FX set a new all-time monthly record with nearly
$55 billion in notional value
(ADNV).
- Full Amount ADNV reached a new all-time monthly high with
$12 billion in notional value.
First-Quarter 2020 RPC/Net Revenue Capture
Guidance
Options
The company currently expects RPC
for total options for the first quarter of 2020 to be 6.0 to 7.0
percent higher than the amounts noted below for the two months
ended February 29, 2020, primarily
reflecting a higher percentage of volume from index options in
March compared to the two-month average. The RPC for multi-listed
options for the first quarter is expected to be 1.5 to 2.5 percent
above the two-month average, due in part to a mix shift, with ETFs
accounting for a higher percentage of total volume. The RPC for
index options is expected to be 1.5 to 2.5 percent above the
two-month average noted below, reflecting a mix shift by order
execution and type, as well as the impact of a fee increase for SPX
options implemented on February
2.
Futures
The RPC for futures in the first quarter of
2020 is expected to be 0.5 to 1.5 percent above the two-month
average noted below, reflecting lower volume-related rebates in
March.
U.S. Equities
The revenue capture for U.S. Equities
for the first quarter of 2020 is expected to be 7.0 to 8.0 percent
above the two-month average noted below, reflecting a mix shift in
volume.
European Equities
The revenue capture for European
Equities for the first quarter of 2020 is expected to be 5.5 to 6.5
percent below the two-month average noted below, reflecting the net
impact of volume-based tiers on March's higher volume.
Global FX
The revenue capture for Global FX for the
first quarter of 2020 is expected to be 1.0 to 2.0 percent below
the two-month average noted below, reflecting the impact of higher
volumes in March.
These expectations are estimated, preliminary and may change.
There can be no assurance that our final RPC for the three months
ended March 31, 2020, will not differ
materially from these expectations.
The following represents average RPC and met revenue capture
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 C1, C2, BZX and EDGX Options Exchanges and CFE recognized for
the period divided by total contracts traded during the period. For
U.S. Equities, "net capture per 100 touched shares" refers to
annual 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 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 Global FX, "net capture per one
million dollars traded" refers to transaction fees less
liquidity payments, if any, divided by the product 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.
(In Dollars unless
stated otherwise)
|
Two-
Months
Ended
|
1Q20
Guidance
vs.
Two-month
Avg
|
Three-Months
Ended
|
Product:
|
Feb-20
|
|
Feb-20
|
Jan-20
|
Dec-19
|
Nov-19
|
Multi-Listed
Options (per contract)
|
$0.053
|
1.5 to 2.5%
above
|
$0.053
|
$0.051
|
$0.055
|
$0.055
|
Index Options
(per contract)
|
$0.764
|
1.5 to 2.5%
above
|
$0.764
|
$0.758
|
$0.766
|
$0.765
|
Total Options (per
contract)
|
$0.219
|
6.0 to 7.0%
above
|
$0.221
|
$0.215
|
$0.225
|
$0.224
|
Futures (per contract)
|
$1.731
|
0.5 to 1.5%
above
|
$1.747
|
$1.779
|
$1.794
|
$1.788
|
U.S.
Equities (per 100 touched notional value)
|
$0.024
|
7.0 to 8.0%
above
|
$0.026
|
$0.025
|
$0.023
|
$0.020
|
European
Equities (per matched notional value, bps)
|
0.255
|
5.5 to 6.5%
below
|
0.255
|
0.256
|
0.248
|
0.243
|
Global
FX (per one million dollars traded)
|
$2.72
|
1.0 to 2.0%
below
|
$2.741
|
$2.787
|
$2.803
|
$2.818
|
About Cboe Global Markets, Inc.
Cboe Global Markets (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 defining markets to benefit its participants and drive
the global marketplace forward through product innovation, leading
edge technology and seamless trading solutions.
The company 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 volatility products based on the Cboe
Volatility Index (VIX Index), recognized as the world's premier
gauge of U.S. equity market volatility.
Cboe's subsidiaries include the largest options exchange and the
third largest stock exchange operator in the U.S. In addition, the
company operates one of the largest stock exchanges by value traded
in Europe and is a leading market
globally for ETP listings and trading.
The company is headquartered in Chicago with a network of domestic and global
offices across the Americas, Europe and Asia, including main hubs in New York, London, Kansas
City and Amsterdam. For
more information, visit www.cboe.com.
Media
Contacts
|
|
Analyst
Contact
|
|
|
|
|
Angela
Tu
|
Stacie
Fleming
|
|
Debbie
Koopman
|
+1-646-856-8734
|
+44-20-7012-8950
|
|
+1-312-786-7136
|
atu@cboe.com
|
sfleming@cboe.com
|
|
dkoopman@cboe.com
|
|
CBOE-V
BZX®, Cboe®, Cboe Global Markets®, Cboe Volatility
Index®, CFE®, EDGX®, and VIX® are registered
trademarks of Cboe Exchange, Inc. or its affiliates. S&P
500® and SPX® are registered trademarks of Standard & Poor's
Financial Services, LLC and has been licensed for use by Cboe
Exchange, Inc. Any products that have the S&P Index or
Indexes as their underlying interest are not sponsored, endorsed,
sold or promoted by 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: changes to trading behavior due to the temporary
suspension of open outcry trading in response to the novel
coronavirus (COVID-19); 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; our ability to protect our systems and
communication networks from security risks, cybersecurity risks,
insider threats and unauthorized disclosure of confidential
information; increasing competition by foreign and domestic
entities; our dependence on and exposure to risk from third
parties; fluctuations to currency exchange rates; 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; our ability to accommodate trading
volume and transaction traffic, including significant increases,
without failure or degradation of performance of our systems;
misconduct by those who use our markets or our products; 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; restrictions imposed by our debt
obligations; our ability to maintain an investment grade credit
rating; impairment of our goodwill, long-lived assets, investments
or intangible assets; 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, 2019 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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SOURCE Cboe Global Markets, Inc.