CHICAGO, Oct. 3, 2024 /PRNewswire/ — Cboe Global Markets, Inc. (Cboe: CBOE), the world’s leading derivatives and securities exchange network, today reported September 2024 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 2024.
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.
Average Daily Trading Volume (ADV) by Month
Year-To-Date
Sep
2024
Sep
2023
%
Chg
Aug
2024
%
Chg
Sep
2024
Sep
2023
%
Chg
Multiply-listed options (contracts, k)
10,459
10,477
-0.2 %
10,344
1.1 %
10,587
10,844
-2.4 %
Index options (contracts, k)
4,130
3,949
4.6 %
4,403
-6.2 %
4,112
3,674
11.9 %
Futures (contracts, k)
232
236
-1.5 %
318
-26.8 %
250
220
13.5 %
U.S. Equities – On-Exchange (matched shares, mn)
1,234
1,267
-2.6 %
1,258
-1.9 %
1,369
1,398
-2.1 %
U.S. Equities – Off-Exchange (matched shares, mn)1
85
72
17.0 %
78
8.8 %
79
81
-2.4 %
Canadian Equities (matched shares, k)
148,628
145,392
2.2 %
137,798
7.9 %
144,297
134,229
7.5 %
European Equities (€, mn)
10,121
8,471
19.5 %
8,472
19.5 %
9,579
9,653
0.6 %
Cboe Clear Europe Cleared Trades2 (k)
102,208
86,594
18.0 %
98,844
3.4 %
900,227
890,090
1.1 %
Cboe Clear Europe Net Settlements2 (k)
943
814
15.9 %
982
-4.0 %
8,236
7,533
9.3 %
Australian Equities (AUD, mn)
891
683
30.5 %
860
3.6 %
790
697
13.3 %
Japanese Equities (JPY, bn)
312
187
66.3 %
334
-6.7 %
318
172
85.0 %
Global FX ($, mn)
48,096
46,417
3.6 %
51,330
-6.3 %
47,092
43,960
7.1 %
1 U.S. Equities – Off-Exchange ATS Block metrics restated to incorporate a tier of sell-side activity from July 2023 and forward, previously
excluded from reporting.
2 Cboe Clear Europe figures are totals (not ADV) for the months and years-to-date. As of April 2023, data has been restated to reflect both On-
Book and Off-Book cleared trades.
September and Third Quarter 2024 Trading Volume Highlights
U.S. Options
In the third-quarter, ADV for Cboe’s proprietary index options product suite reached an all-time high of 4.23 million contracts.Total volume in the third quarter in Cboe Volatility Index (VIX) options was 62.7 million contracts, with an ADV of 980 thousand contracts, the second-best quarterly volume on record.
Cboe Europe
Cboe Europe Periodic Auctions reported a monthly record average daily notional value (ADNV) of €2.4 billion in September, beating the previous record of €2.1 billion in April 2024.
Third-Quarter 2024 RPC/Net Revenue Capture Guidance
The projected RPC/net capture metrics for the third quarter of 2024 are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended September 30, 2024, will not differ materially from these projections.
(In USD unless stated otherwise)
Three-Months Ended
Product:
3Q Projection
Aug-24
Jul-24
Jun-24
Multiply-Listed Options (per contract)
$0.062
$0.060
$0.059
$0.062
Index Options
$0.892
$0.894
$0.895
$0.898
Total Options
$0.297
$0.292
$0.284
$0.295
Futures (per contract)
$1.774
$1.785
$1.788
$1.757
U.S. Equities – Exchange (per 100 touched shares)
$0.024
$0.025
$0.027
$0.027
U.S. Equities – Off-Exchange (per 100 touched shares)
$0.135
$0.140
$0.139
$0.136
Canadian Equities (per 10,000 touched shares)
CAD 4.264
CAD 4.065
CAD 4.085
CAD 4.046
European Equities (per matched notional value)
0.256
0.254
0.256
0.251
Australian Equities (per matched notional value)
0.155
0.154
0.155
0.155
Japanese Equities (per matched notional value)
0.222
0.218
0.230
0.229
Global FX (per one million dollars traded)
$2.679
$2.662
$2.686
$2.690
Cboe Clear Europe Fee per Trade Cleared
€ 0.009
€ 0.008
€ 0.008
€ 0.008
Cboe Clear Europe Net Fee per Settlement
€ 1.030
€ 1.022
€ 1.033
€ 1.038
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. 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.
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 Cboe Canada and the number of trading days for the period and includes revenue.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 trading fee relief 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.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.
About Cboe Global Markets
Cboe Global Markets (Cboe: CBOE), the world’s leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives and FX across North America, Europe and Asia Pacific. Above all, we are committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more about the Exchange for the World Stage, visit www.cboe.com.
Cboe Media Contacts
Cboe 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
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There are important risks associated with transacting in any of the Cboe Company products discussed here. Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: https://www.cboe.com/us_disclaimers/.
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.
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 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 vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel; increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; global expansion of operations; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our growth and strategic acquisitions or alliances effectively; 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 minimize the risks, including our credit, counterparty, investment, 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; 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; the impacts of pandemics; the accuracy of our estimates and expectations; litigation risks and other liabilities; and risks relating to digital assets, including winding down the Cboe Digital spot crypto market and transitioning digital asset futures contracts to CFE, operating a digital assets futures clearinghouse, cybercrime, changes in digital asset regulation, and fluctuations in digital asset prices. 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, 2023 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.
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