CHICAGO, Jan. 4, 2024
/PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), the world's
leading derivatives and securities exchange network, today reported
December and full year 2023 trading volume statistics and projected
rate per contract/net revenue capture for the fourth quarter of
2023 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 2023 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
|
|
|
|
|
|
|
|
|
|
Dec
2023
|
Dec
2022
|
%
Chg
|
Nov
2023
|
%
Chg
|
Dec
2023
|
Dec
2022
|
%
Chg
|
Multiply-listed options
(contracts, k)
|
10,472
|
10,615
|
-1.4 %
|
10,436
|
0.3 %
|
10,814
|
10,784
|
0.3 %
|
Index options
(contracts, k)
|
3,984
|
3,222
|
23.7 %
|
3,972
|
0.3 %
|
3,800
|
2,847
|
33.4 %
|
Futures (contracts,
k)
|
201.1
|
191
|
5.2 %
|
203
|
-0.9 %
|
223
|
218
|
2.3 %
|
U.S. Equities -
On-Exchange (matched shares, mn)
|
1,670
|
1,345
|
24.2 %
|
1,350
|
23.7 %
|
1,414
|
1,614
|
-12.4 %
|
U.S. Equities -
Off-Exchange (matched shares, mn)
|
68
|
70
|
-3.0 %
|
72
|
-5.8 %
|
78
|
90
|
-13.7 %
|
Canadian Equities
(matched shares, k)
|
151,854
|
152,571
|
-0.5 %
|
137,443
|
10.5 %
|
136,110
|
91,769
|
48.3 %
|
European Equities (€,
mn)
|
8,816
|
8,522
|
3.4 %
|
8,922
|
-1.2 %
|
9,398
|
10,829
|
-13.2 %
|
Cboe Clear Europe
Cleared Trades (k)
|
83,648
|
95,940
|
-12.8 %
|
97,892
|
-14.6 %
|
1,172,028
|
1,499,898
|
-21.9 %
|
Cboe Clear Europe Net
Settlements (k)
|
770
|
821
|
-6.2 %
|
869
|
-11.4 %
|
10,045
|
10,341
|
-2.9 %
|
Australian Equities
(AUD, mn)
|
777
|
661
|
17.6 %
|
681
|
14.2 %
|
704
|
784
|
-10.2 %
|
Japanese Equities (JPY,
bn)
|
192
|
59
|
223.3 %
|
182
|
5.9 %
|
177
|
143
|
23.5 %
|
Global FX ADNV ($,
mn)
|
45,600
|
35,870
|
27.1 %
|
47,272
|
-3.5 %
|
44,706
|
40,906
|
9.3 %
|
1 Canadian
Equities data includes MATCHNow and NEO (now operating as Cboe
Canada) from June 2022 onwards. Before June 2022 it included
MATCHNow only.
|
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.
|
December and Full Year 2023 Trading Volume Highlights
US Options
- Total volume across Cboe's four options exchanges was 3.7
billion contracts in 2023, the fourth consecutive record-breaking
year
- Total options ADV reached an all-time high of 14.6 million
contracts traded per day in 2023
- Cboe's proprietary product suite set several volume records for
the year, including:
- S&P 500 Index (SPX) options traded a total of 729.3 million
contracts, with an ADV of 2.9 million contracts
- Cboe Volatility Index (VIX) options traded a total of 185.7
million contracts, with an ADV of 743 thousand contracts
- Trading in SPX options set a new single-day volume record on
December 14, 2023 with 4.8 million
contracts traded
Global FX
- Global FX reported several records for full year 2023,
including:
- Overall Spot ADV of $43.6
billion
- Cboe SEF (Swap Execution Facility) Non-Deliverable Forwards ADV
of $1.1 billion
Fourth-Quarter 2023 RPC/Net Revenue Capture Guidance
The projected RPC/net capture metrics for the fourth quarter of
2023 are estimated, preliminary and may change. There can be no
assurance that our final RPC for the three months ended
December 31, 2023, will not differ
materially from these projections.
(In USD unless
stated otherwise)
|
|
Three-Months
Ended
|
Product:
|
4Q
Projection
|
Nov-2023
|
Oct-2023
|
Sept-2023
|
Multiply-Listed Options
(per contract)
|
0.061
|
0.057
|
0.056
|
0.055
|
Index
Options
|
0.909
|
0.901
|
0.900
|
0.894
|
Total
Options
|
0.298
|
0.293
|
0.286
|
0.270
|
Futures (per
contract)
|
1.748
|
1.726
|
1.714
|
1.753
|
U.S. Equities -
Exchange (per 100 touched shares)
|
0.015
|
0.021
|
0.022
|
0.022
|
U.S. Equities -
Off-Exchange (per 100 touched shares)
|
0.142
|
0.136
|
0.135
|
0.129
|
Canadian Equities (per
10,000 touched shares)
|
CAD 3.925
|
CAD 3.909
|
CAD 3.907
|
CAD 3.976
|
European Equities (per
matched notional value)
|
0.230
|
0.231
|
0.229
|
0.232
|
Australian Equities
(per matched notional value)
|
0.161
|
0.159
|
0.155
|
0.155
|
Japanese Equities (per
matched notional value)
|
0.235
|
0.236
|
0.242
|
0.257
|
Global FX (per one
million dollars traded)
|
2.616
|
2.609
|
2.627
|
2.643
|
Cboe Clear Europe Fee
per Trade Cleared
|
€ 0.010
|
€ 0.009
|
€ 0.010
|
€ 0.010
|
Cboe Clear Europe Net
Fee per Settlement
|
€ 0.923
|
€ 0.922
|
€ 0.919
|
€ 0.927
|
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 MATCHNow and the number of trading
days for the period and includes revenue from NEO (now operating as
Cboe Canada) 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 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, FX, and digital assets, 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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You should, therefore, carefully consider whether futures trading
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SOURCE Cboe Global Markets, Inc.