CHICAGO, Jan. 5, 2023
/PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), a leading
provider of global market infrastructure and tradable products,
today reported December monthly and full year 2022 trading volume
statistics and projected rate per contract/net revenue capture for
the fourth quarter of 2022 across its global business lines.
The data sheet "Cboe Global Markets Monthly Volume & RPC/Net
Revenue Capture Report" contains an overview of certain December
and full year 2022 trading statistics and market share by business
segment, volume in select index products, and full quarter RPC/net
capture, which is reported on a one-month lag, across business
lines.
Average Daily
Trading Volume (ADV) by Month
|
Year-To-Date
|
|
|
|
|
|
|
|
|
|
Dec
2022
|
Dec
2021
|
%
Chg
|
Nov
2022
|
%
Chg
|
Dec
2022
|
Dec
2021
|
%
Chg
|
Multiply-listed options
(contracts, k)
|
10,615
|
9,888
|
7.4 %
|
11,657
|
-8.9 %
|
10,784
|
10,084
|
6.9 %
|
Index options
(contracts, k)
|
3,222
|
2,282
|
41.2 %
|
3,266
|
-1.4 %
|
2,847
|
1,971
|
44.5 %
|
Futures (contracts,
k)
|
191
|
240
|
-20.5 %
|
183
|
4.4 %
|
218
|
230
|
-5.3 %
|
U.S. Equities -
On-Exchange (matched shares, mn)
|
1,345
|
1,441
|
-6.7 %
|
1,508
|
-10.8 %
|
1,614
|
1,621
|
-0.4 %
|
U.S. Equities -
Off-Exchange (matched shares, mn)
|
70
|
78
|
-10.7 %
|
89
|
-21.3 %
|
90
|
83
|
9.0 %
|
Canadian
Equities1 (matched
shares, k)
|
152,571
|
34,588
|
341.1 %
|
136,248
|
12.0 %
|
91,769
|
49,391
|
85.8 %
|
European Equities (€,
mn)
|
8,522
|
7,602
|
12.1 %
|
10,689
|
-20.3 %
|
10,829
|
7,698
|
40.7 %
|
Cboe Clear Europe
Cleared Trades2 (k)
|
95,464
|
105,787
|
-9.8 %
|
121,563
|
-21.5 %
|
1,493,270
|
1,244,185
|
20.0 %
|
Cboe Clear Europe Net
Settlements2 (k)
|
821
|
908
|
-9.5 %
|
859
|
-4.4 %
|
10,341
|
9,940
|
4.0 %
|
Australian
Equities3 (AUD,
mn)
|
661
|
656
|
0.8 %
|
741
|
-10.8 %
|
784
|
N/A
|
|
Japanese
Equities3 (JPY,
bn)
|
59
|
114
|
-48.0 %
|
111
|
-46.2 %
|
143
|
N/A
|
|
Global FX ADNV ($,
mn)
|
35,870
|
30,268
|
18.5 %
|
42,844
|
-16.3 %
|
40,906
|
33,892
|
20.7 %
|
1Canadian
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.
|
December 2022 and Full Year
Trading Volume Highlights
U.S. Options
- Total options volume was 3.4 billion contracts in 2022, the
third consecutive record-breaking year.
- Total options ADV reached a new all-time high of 13.6 million
contracts traded per day in 2022.
- Total index options volume set a new annual record of 714.7
million contracts in 2022.
- For the year, a record 558.4 million S&P 500 Index (SPX)
options contracts were traded, with an ADV of 2.2 million
contracts, beating the previous high of 371.3 million contracts in
2018.
- ADV for SPX options with zero days to expiry increased 83
percent throughout 2022 and comprised 43 percent of overall SPX
volumes in December.
- Trading in SPX options during Global Trading Hours (GTH) set a
new annual volume record of 9.4 million contracts, up 194 percent
from the previous record in 2021.
- Total volume in Mini-S&P 500 Index (XSP) options surpassed
1.4 million in December, with an ADV of 68,000 contracts, the
highest month since February
2020.
- MSCI® EAFE® Index (MXEA) options set a
new annual volume record with 496,000 contracts traded in 2022, up
27 percent from the previous record in 2021.
Global FX
- Spot ADNV set a new annual volume record of $40.0 billion.
- Spot Full Amount ADNV closed the year out at $12.3 billion.
- Non-Deliverable Forwards (NDF) ADNV reached a new all-time
yearly high of $880 million.
European Equities and Derivatives
- Cboe BIDS Europe, Cboe's European block trading platform, had a
36 percent share of the LIS (large-in-scale) market, a record high
for market share and making it the largest platform of its type for
the ninth successive month (Source: big xyt).
- Cboe Europe Derivatives traded 3,647 contracts in December, a
record monthly figure and beating the previous high of 2,688
contracts in November 2022.
Fourth-Quarter 2022 RPC/Net Revenue Capture Guidance
The projected RPC/net capture metrics for the fourth quarter of
2022 are estimated, preliminary and may change. There can be no
assurance that our final RPC for the three months ended
December 31, 2022, will not differ
materially from these projections.
(In USD unless
stated otherwise)
|
|
Three-Months
Ended
|
Product:
|
4Q Projection
|
Nov-22
|
Oct-22
|
Sep-22
|
Multiply-Listed Options
(per contract)
|
0.061
|
0.062
|
0.064
|
0.061
|
Index
Options
|
0.877
|
0.883
|
0.892
|
0.896
|
Total
Options
|
0.249
|
0.252
|
0.252
|
0.242
|
Futures (per
contract)
|
1.693
|
1.686
|
1.703
|
1.700
|
U.S. Equities -
Exchange (per 100 touched shares)
|
0.024
|
0.023
|
0.023
|
0.023
|
U.S. Equities -
Off-Exchange (per 100 touched shares)
|
0.112
|
0.109
|
0.111
|
0.114
|
Canadian Equities (per
10,000 touched shares)
|
CAD
3.97
|
CAD
4.08
|
CAD
4.18
|
CAD
4.32
|
European Equities (per
matched notional value)
|
0.222
|
0.222
|
0.224
|
0.229
|
Australian Equities
(per matched notional value)
|
0.142
|
0.145
|
0.166
|
0.168
|
Japanese Equities (per
matched notional value)
|
0.265
|
0.259
|
0.255
|
0.259
|
Global FX (per one
million dollars traded)
|
2.693
|
2.658
|
2.676
|
2.692
|
Cboe Clear Europe Fee
per Trade Cleared
|
0.008
|
0.008
|
0.008
|
0.008
|
Cboe Clear Europe Net
Fee per Settlement
|
1.005
|
0.997
|
0.972
|
0.902
|
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.
About Cboe Global Markets, Inc.
Cboe Global Markets
(Cboe: CBOE), a leading provider of market infrastructure and
tradable products, delivers cutting-edge trading, clearing and
investment solutions to market participants around the world. The
company is committed to operating a trusted, inclusive global
marketplace, providing leading products, technology and data
solutions that enable participants to define a sustainable
financial future. Cboe provides trading solutions and products in
multiple asset classes, including equities, derivatives, FX and
digital assets, across North
America, Europe and
Asia Pacific. To learn more, visit
www.cboe.com.
Media
Contacts
|
|
Analyst
Contact
|
Angela
Tu
|
Tim
Cave
|
|
Kenneth Hill,
CFA
|
|
+1-646-856-8734
|
+44 (0)
7593-506-719
|
|
+1-312-786-7559
|
|
atu@cboe.com
|
tcave@cboe.com
|
|
khill@cboe.com
|
|
CBOE-V
Cboe®, Cboe Global Markets®, Cboe
Volatility Index®, VIX® and
XSP® are registered trademarks and Cboe
Futures ExchangeSM is a service mark of Cboe
Exchange, Inc. or its affiliates. Standard &
Poor's®, S&P®, SPX®, and
S&P 500® are registered trademarks of Standard &
Poor's Financial Services, LLC, and have been licensed for use by
Cboe Exchange, Inc. All other trademarks and service
marks are the property of their respective owners.
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.
Cboe Global Markets, Inc. and its affiliates do not recommend
or make any representation as to possible benefits from any
securities, futures or investments, or third-party products or
services. Cboe Global Markets, Inc. is not affiliated with S&P.
Investors should undertake their own due diligence regarding their
securities, futures, and investment practices. This press release
speaks only as of this date. Cboe Global Markets, Inc. disclaims
any duty to update the information herein.
Nothing in this announcement should be considered a
solicitation to buy or an offer to sell any securities or futures
in any jurisdiction where the offer or solicitation would be
unlawful under the laws of such jurisdiction. Nothing contained in
this communication constitutes tax, legal or investment
advice. Investors must consult their tax adviser or legal
counsel for advice and information concerning their particular
situation.
Cboe Global Markets, Inc. and its
affiliates make no warranty, expressed
or implied, including, without
limitation, any warranties as of
merchantability, fitness for a particular
purpose, accuracy, completeness or
timeliness, the results to be
obtained by recipients of the
products and services described herein, or
as to the ability of the indices referenced in this press release
to track the performance of their respective securities, generally,
or the performance of the indices referenced in this press release
or any subset of their respective securities, and shall not in any
way be liable for any inaccuracies, errors. Cboe Global
Markets, Inc. and its affiliates have not calculated, composed or
determined the constituents or weightings of the securities that
comprise the third-party indices referenced in this press release
and shall not in any way be liable for any inaccuracies or errors
in any of the indices referenced in this press release.
Options involve risk and are not suitable for all market
participants. Prior to buying or selling an option, a person should
review the Characteristics and Risks of Standardized Options
(ODD), which is required to be provided to all such persons.
Copies of the ODD are available from your broker or from The
Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, IL 60606.
Futures trading is not suitable for all investors and
involves the risk of loss. That risk of loss can be substantial and
can exceed the amount of money deposited for a futures position.
You should, therefore, carefully consider whether futures trading
is suitable for you in light of your circumstances and financial
resources. You should put at risk only funds that you can afford to
lose without affecting your lifestyle. For additional information
regarding futures trading risks, see the Risk Disclosure
Statement set forth in Appendix A to CFTC Regulation
1.55(c) and the Risk Disclosure Statement for Security
Futures Contracts.
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 impact of the novel coronavirus ("COVID-19") pandemic,
including changes to trading behavior broadly in the market; 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
or clearing volumes, market data fees or a shift in the mix of
products traded on our exchanges; legislative or regulatory changes
or changes in tax regimes; 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; factors that
impact the quality and integrity of our indices; 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 minimize the
risks, including our credit and default risks, associated with
operating a European clearinghouse; our ability to accommodate
trading and clearing 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 or for whom we clear transactions; 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;
our ability to maintain BIDS Trading as an independently managed
and operated trading venue, separate from and not integrated with
our registered national securities exchanges; 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 and our
ability to make payments on or refinance 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, 2021 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/cboe-global-markets-reports-trading-volume-for-december-and-full-year-2022-301715037.html
SOURCE Cboe Global Markets, Inc.