Cboe Global Markets, Inc., a leading provider of global market infrastructure and tradable products, today reported March monthly trading volume statistics across its global business lines and provided guidance for selected revenue per contract/net revenue capture metrics for the first quarter of 2022.
The data sheet “Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report” contains an overview of certain March 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 by Month |
Year-To-Date |
|||||||
Mar |
Mar |
% Chg |
Feb 2022 |
% |
Mar 2022 |
Mar 2021 |
% |
|
Multiply-listed options (contracts, k) |
10,604 |
9,784 |
8.4% |
10,805 |
-1.9% |
10,978 |
10,779 |
1.8% |
Index options (contracts, k) |
2,303 |
1,794 |
28.4% |
2,403 |
-4.1% |
2,414 |
1,901 |
27.0% |
Futures (contracts, k) |
197 |
232 |
-15.0% |
270 |
-27.0% |
254 |
256 |
-0.9% |
U.S. Equities – On-Exchange (matched shares, mn) |
1,953 |
2,048 |
-4.7% |
1,758 |
11.1% |
1,842 |
2,201 |
-16.3% |
U.S. Equities – Off-Exchange (matched shares, mn) |
112 |
90 |
24.9% |
105 |
6.7% |
108 |
100 |
9.0% |
Canadian Equities (matched shares, k) |
42,575 |
64,034 |
-33.5% |
37,792 |
12.7% |
41,133 |
71,359 |
-42.4% |
European Equities (€, mn) |
13,968 |
8,228 |
69.8% |
12,672 |
10.2% |
12,831 |
7,513 |
70.8% |
EuroCCP Cleared Trades (k) |
181,548 |
116,942 |
55.2% |
140,562 |
29.2% |
454,438 |
298,224 |
52.4% |
EuroCCP Net Settlements (k) |
1,039 |
912 |
14.0% |
874 |
18.9% |
2,802 |
2,423 |
15.6% |
Australian Equities1 (AUD, mn) |
898 |
N/A |
893 |
0.6% |
879 |
N/A |
||
Japanese Equities1 (JPY, bn) |
172 |
N/A |
162 |
6.1% |
165 |
N/A |
||
Global FX ADNV ($, mn) |
45,421 |
38,462 |
18.1% |
42,926 |
5.8% |
41,983 |
37,074 |
13.2% |
1Australian Equities and Japanese Equities data reflects Cboe’s acquisition of Chi-X Asia Pacific effective on July 1, 2021. |
ADV= Average Daily Volume |
ADNV= Average Daily Notional Value |
NM=Not Meaningful |
March and First Quarter 2022 Trading Volume Highlights
Options
European Equities
European Derivatives
Global FX
First-Quarter 2022 RPC/Net Revenue Capture Guidance
The projected RPC/net capture metrics for the first quarter of 2022 are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended March 31, 2022, will not differ materially from these projections.
(In USD unless stated otherwise) |
Two-Months |
Three-Months Ended |
||||
Product: |
1Q Projection |
Feb-22 |
Feb-22 |
Jan-22 |
Dec-21 |
Nov-21 |
Multiply-Listed Options (per contract) |
0.068 |
0.068 |
0.066 |
0.067 |
0.066 |
0.068 |
Index Options |
0.858 |
0.861 |
0.850 |
0.846 |
0.845 |
0.856 |
Total Options |
0.210 |
0.211 |
0.210 |
0.203 |
0.199 |
0.201 |
Futures (per contract) |
1.647 |
1.622 |
1.625 |
1.631 |
1.651 |
1.647 |
U.S. Equities – Exchange (per 100 touched shares) |
0.017 |
0.016 |
0.019 |
0.021 |
0.025 |
0.024 |
U.S. Equities – Off-Exchange (per 100 touched shares) |
0.114 |
0.111 |
0.111 |
0.113 |
0.115 |
0.116 |
Canadian Equities (per 10,000 touched shares) |
CAD 9.15 |
CAD 8.84 |
CAD 8.85 |
CAD 8.58 |
CAD 8.48 |
CAD 8.19 |
European Equities (per matched notional value) |
0.242 |
0.235 |
0.238 |
0.244 |
0.252 |
0.255 |
Australian Equities (per matched notional value) |
0.173 |
0.173 |
0.171 |
0.171 |
0.171 |
0.173 |
Japanese Equities (per matched notional value) |
0.228 |
0.223 |
0.257 |
0.291 |
0.358 |
0.367 |
Global FX (per one million dollars traded) |
2.667 |
2.677 |
2.723 |
2.746 |
2.770 |
2.740 |
EuroCCP Fee per Trade Cleared |
0.009 |
0.010 |
0.010 |
0.010 |
0.011 |
0.011 |
EuroCCP Net Fee per Settlement |
0.892 |
0.963 |
0.901 |
0.905 |
0.860 |
0.884 |
The above represents average revenue per contract (RPC) or net capture based on a three-month rolling average. 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 – On-Exchange, “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. 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 EuroCCP, “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 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 Chi-X 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 Chi-X 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. 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, 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 and FX, 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 |