Cboe Global Markets Reports Trading Volume for January 2023

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Cboe Global Markets (CBOE) announced its trading volume statistics for January 2023, revealing a total of 291.8 million contracts traded across its U.S. options exchanges. Notably, S&P 500 Index options saw a total of 53.1 million contracts traded, with an average of 2.7 million contracts per day. In European Equities, Cboe achieved a market share of 25.1%, maintaining its position as Europe's largest stock exchange. However, U.S. Equity trading showed a decline in matched shares, with on-exchange activity down 20.6% from the previous year. Overall trading volume demonstrates both strength in index options and challenges in U.S. equities.

Positive

• 291.8 million total contracts traded in January 2023.
• S&P 500 Index options contracts traded: 53.1 million.
• Cboe achieved 25.1% market share in European Equities.
• Cboe BIDS Europe had a 36% share in large-in-scale market.

Negative

• On-exchange U.S. Equities matched shares decreased by 20.6%.
• Total futures contracts traded dropped 36.0% year-over-year.

CHICAGO, Feb. 3, 2023 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today reported January monthly trading volume statistics across its global business lines.

The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain January 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
	Jan 2023	Jan 2022	% Chg	Dec 2022	%    Chg	Jan 2023	Jan 2022	%    Chg
Multiply-listed options (contracts, k)	11,219	11,573	-3.1 %	10,615	5.7 %	11,219	11,573	-3.1 %
Index options (contracts, k)	3,371	2,553	32.1 %	3,222	4.6 %	3,371	2,553	32.1 %
Futures (contracts, k)	194	303	-36.0 %	191	1.5 %	194	303	-36.0 %
U.S. Equities - On-Exchange (matched shares, mn)	1,425	1,794	-20.6 %	1,345	5.9 %	1,425	1,794	-20.6 %
U.S. Equities - Off-Exchange (matched shares, mn)	92	108	-14.9 %	70	31.3 %	92	108	-14.9 %
Canadian Equities1 (matched shares, k)	149,307	42,651	250.1 %	152,571	-2.1 %	149,307	42,651	250.1 %
European Equities (€, mn)	10,290	11,737	-12.3 %	8,522	20.7 %	10,290	11,737	-12.3 %
Cboe Clear Europe Cleared Trades2 (k)	112,593	132,328	-14.9 %	95,464	17.9 %	112,593	132,328	-14.9 %
Cboe Clear Europe Net Settlements2 (k)	865	889	-2.7 %	821	5.3 %	865	889	-2.7 %
Australian Equities3 (AUD, mn)	667	844	-21.0 %	661	0.9 %	667	844	-21.0 %
Japanese Equities3 (JPY, bn)	166	158	4.8 %	59	178.7 %	166	158	4.8 %
Global FX ($, mn)	42,037	37,320	12.6 %	35,870	17.2 %	42,037	37,320	12.6 %

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.

January 2023 Trading Volume Highlights

U.S. Options

• A total of 291.8 million contracts traded across all four Cboe U.S. options exchanges in January 2023.
• 53.1 million S&P 500 Index (SPX) options contracts were traded in total for the month, with an ADV of 2.7 million.
• Trading in SPX options with same-day expiration reached 1.2 million in ADV, comprising 44 percent of overall SPX volume and up five percent from December 2022.
• SPX options volume during Global Trading Hours (GTH) posted the second-best month ever in January with an ADV of 58,000 contracts – 55 percent above 2022 levels.
• Total volume in Cboe Volatility Index® (VIX®) options was 11.4 million contracts, with an ADV of 571,000 contracts, up 10 percent from December 2022.
• Total volume in Russell 2000® Index (RUT) options was 1.1 million contracts, with an ADV of 55,000 contracts, the highest since January 2022.

European Equities and Derivatives

• Cboe Europe Equities had an overall market share of 25.1 percent in January, making it Europe's largest stock exchange.
• Cboe BIDS Europe, Cboe's European block trading platform, had a 36 percent share of the LIS (large-in-scale) market, making it the largest platform of its type for the tenth successive month (Source: big xyt).
• Cboe Europe Derivatives traded 3,824 contracts, a record monthly figure and beating the previous high of 3,647 contracts in December 2022.

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 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.

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SOURCE Cboe Global Markets, Inc.

FAQ

What were CBOE's trading volumes for January 2023?

Cboe reported a total of 291.8 million contracts traded in January 2023.

How did S&P 500 Index options perform in January 2023?

In January 2023, S&P 500 Index options totaled 53.1 million contracts traded, with an average daily volume of 2.7 million.

What is CBOE's market share in European Equities as of January 2023?

Cboe achieved a 25.1% market share in European Equities in January 2023.

Was there a decline in U.S. Equities trading for CBOE in January 2023?

Yes, Cboe reported a 20.6% decrease in matched shares for on-exchange U.S. Equities compared to January 2022.

What was the change in futures trading volume for CBOE?

Cboe reported a 36.0% decline in total futures contracts traded year-over-year.