- Cboe reports 2019 ADV growth for total options trading at C2
and EDGX Options Exchanges
- Cboe Mini-SPX (XSP) and FLEX options set new annual trading
volume records
- Futures ADV up 3.7% and Global FX ADNV up 5% over November 2019
CHICAGO, Jan. 6, 2020 /PRNewswire/ -- Cboe Global Markets,
Inc. (Cboe: CBOE), one of the world's largest exchange holding
companies, today reported December monthly and full-year 2019
trading volume, and provided selected revenue per contract (RPC)
guidance for the fourth quarter of 2019.
The data sheet "Cboe Global Markets Monthly Volume & RPC/Net
Revenue Capture Report" contains an overview of certain December
and full-year 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
|
Full Year
|
|
December
|
December
|
%
|
November
|
%
|
|
|
%
|
2019
|
2018
|
Chg
|
2019
|
Chg
|
2019
|
2018
|
Chg
|
OPTIONS (contracts,
thousands)
|
Full Year
|
Trading
Days
|
21
|
19
|
|
20
|
|
252
|
251
|
|
Total
Volume
|
151,227
|
165,150
|
-8.4%
|
144,869
|
4.4%
|
1,849,373
|
1,975,329
|
-6.4%
|
Total
ADV
|
7,201
|
8,692
|
-17.2%
|
7,243
|
-0.6%
|
7,339
|
7,870
|
-6.7%
|
FUTURES (contracts,
thousands)
|
Full Year
|
Trading
Days
|
21
|
20
|
|
20
|
|
252
|
252
|
|
Total
Volume
|
4,760
|
6,212
|
-23.4%
|
4,372
|
8.9%
|
62,756
|
75,609
|
-17.0%
|
Total
ADV
|
227
|
311
|
-27.0%
|
219
|
3.7%
|
249
|
300
|
-17.0%
|
U.S. EQUITIES
(shares, millions)
|
Full Year
|
Trading
Days
|
21
|
19
|
|
20
|
|
252
|
251
|
|
Total
Volume
|
22,567
|
30,579
|
-26.2%
|
22,828
|
-1.1%
|
289,253
|
337,777
|
-14.4%
|
Total ADV
|
1,075
|
1,609
|
-33.2%
|
1,141
|
-5.8%
|
1,148
|
1,346
|
-14.7%
|
EUROPEAN EQUITIES (€
millions)
|
Full Year
|
Trading
Days
|
20
|
19
|
|
21
|
|
256
|
256
|
|
Total Notional
Value
|
€ 115,490
|
€ 176,619
|
-34.6%
|
€ 129,607
|
-10.9%
|
€
1,962,721
|
€
2,655,358
|
-26.1%
|
Total ADNV
|
€ 5,775
|
€ 9,296
|
-37.9%
|
€ 6,172
|
-6.4%
|
€ 7,667
|
€ 10,372
|
-26.1%
|
GLOBAL FX ($
millions)
|
Full Year
|
Trading
Days
|
21
|
20
|
|
21
|
|
259
|
259
|
|
Total Notional
Value
|
$628,110
|
$671,028
|
-6.4%
|
$598,304
|
5.0%
|
$8,367,126
|
$9,683,592
|
-13.6%
|
Total ADNV
|
$29,910
|
$33,551
|
-10.9%
|
$28,491
|
5.0%
|
$32,306
|
$37,388
|
-13.6%
|
|
ADV= average daily
volume
|
ADNV= average daily
notional value
|
Trading Records Set in 2019
Several trading records were set for the year. ADV in total options
trading at C2 Options Exchange (C2) reached a new all-time high in
2019 with more than 681,000 contracts, up nearly 13 percent from
2018. EDGX Options Exchange (EDGX) also set a trading record in
2019 with ADV of more than 531,000 contracts, up 12 percent from
2018.
ADV in Mini-SPX options trading set a new record in 2019 with
more than 68,800 contracts, nearly three times higher than the
previous record of roughly 19,400 contracts set in 2018. Mini-SPX
options are 1/10th the size of the standard S&P 500 Index (SPX)
options contract. Cboe lists Mini-SPX options on both Cboe Options
Exchange and Cboe EDGX Options Exchange. For more information,
visit www.cboe.com/XSP.
FLEX options trading at Cboe Options Exchange set a new record
with more than 67,700 contracts trading per day, surpassing 2015's
record of just over 18,800 contracts traded per day. FLEX Options,
created by Cboe in 1993, offer investors the ability to customize a
variety of contract terms. Cboe lists FLEX options on indexes,
equities and exchange traded products (ETPs). For more information,
visit www.cboe.com/products/flex-cflex.
Fourth-Quarter 2019 Selected RPC Guidance
The company currently expects RPC for total options for the fourth
quarter of 2019 to be 0.5 to 1.5 percent higher than the amounts
noted below for the two months ended November 30, 2019. The RPC for multi-listed
options for the fourth quarter is expected to be 1.0 to 2.0 percent
above the two-month average, reflecting a mix shift and lower
volume-related rebates. The RPC for index options is expected to be
in line with the two-month average noted below. The fourth-quarter
options RPC also reflects a fee reclassification effective
October 7, 2019, post the Cboe
Options Exchange technology migration, which includes approximately
$1.3 million of revenue now reported
as transaction fees, with a corresponding decrease of $1.3 million in access and capacity fees due to
the fee classification. The RPC for futures is expected to be
in line with the two-month average noted below. These expectations
are estimated, preliminary and may change. There can be no
assurance that our final RPC for the three months ended
December 31, 2019, 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 Cboe Futures Exchange (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
|
4Q19
Guidance vs.
Two-month Avg
|
Three-Months
Ended
|
Product:
|
Nov-19
|
|
Nov-19
|
Oct-19
|
Sep-19
|
Aug-19
|
Multi-Listed
Options
|
$0.056
|
1.0 to 2.0%
above
|
$0.054
|
$0.057
|
$0.056
|
$0.058
|
Index
Options
|
$0.767
|
In line
|
$0.765
|
$0.764
|
$0.751
|
$0.748
|
Total Options Average
Revenue Per Contract
|
$0.223
|
0.5 to 1.5%
above
|
$0.224
|
$0.236
|
$0.236
|
$0.240
|
Futures
|
$1.797
|
In line
|
$1.788
|
$1.750
|
$1.746
|
$1.752
|
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 exchange 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 and SPXSM and
XSPSM are service marks of Cboe Exchange, Inc. or its
affiliates. S&P 500® is a registered trademark of
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for use by Cboe Exchange, Inc. Any products that have the
S&P Index or Indexes as their underlying interest are not
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investing in products that have S&P indexes as their underlying
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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,"
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These forward-looking statements, which are subject to known and
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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
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We operate in a very competitive and rapidly changing
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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
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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; our ability to
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providers' ability to maintain the quality and integrity of their
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others and the costs associated with protecting our intellectual
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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;
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to our use of open source software code; our ability to meet our
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damage to our reputation; the ability of our compliance and risk
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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, 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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