Cboe Global Markets Reports Trading Volume for March 2022

Rhea-AI Summary

Cboe Global Markets reported significant trading volume statistics for March 2022, showcasing a record-breaking performance in various segments. Average daily volume in multiply-listed options reached 10,604k contracts, a 1.8% increase YoY. Index options surged 28.4% to 2,303k contracts, while futures saw a decline of 15%. U.S. equities on-exchange showed a 4.7% decrease, with significant dips in Canadian equities by 33.5%. European equities experienced a notable 69.8% growth. Notably, Cboe set records in options and European equities trading, indicating strong market engagement.

Positive

• Record total volume of 830.3 million options contracts in Q1 2022.
• Average daily volume in multiply-listed options rose by 1.8%.
• Index options volumes surged by 28.4% YoY.
• European equities saw a 69.8% increase in trading activity.
• Cboe launched Nanos options with nearly 7,200 contracts traded in the first two weeks.

Negative

• Futures volume decreased by 15% compared to the previous year.
• On-exchange U.S. equities matched shares fell by 4.7% YoY.
• Canadian equities trading decreased by 33.5% YoY.

CHICAGO, April 5, 2022 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), 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 2022	Mar 2021	% Chg	Feb 2022	% Chg	Mar 2022	Mar 2021	% Chg
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

• In first-quarter 2022, total volume across Cboe's four options exchanges was 830.3 million options contracts, setting a record for the second consecutive quarter. Quarterly average daily volume (ADV) reached a new all-time high of 13.4 million contracts traded per day.
• Cboe successfully launched Nanos, a first of its kind, one-multiplier, cash-settled listed options contract, on March 14. Nearly 7,200 contracts traded in total within the first two weeks of launch.

European Equities

• Cboe BIDS Europe, Cboe Europe's block trading platform, reported record average daily notional value (ADNV) traded of €669 million, beating the previous record of €608 million ADNV traded in January 2022.
• Cboe Europe Periodic Auctions reported record ADNV traded of €2.1 billion, beating the previous record of €2 billion ADNV traded in February 2022.

European Derivatives

• Cboe Europe Derivatives traded 2,464 contracts, a record monthly figure and up from 1,623 contracts in February 2022.

Global FX

• Spot ADNV was $44.4 billion in March 2022, the second-highest volume month on record behind March 2020.
• Spot Full Amount ADNV reached a new all-time monthly high with $12.9 billion traded in March 2022.
• Cboe SEF set a new monthly ADNV record in Non-Deliverable Forwards (NDFs) with $957 million traded in March 2022.

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 Ended	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 (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 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

CBOE-V

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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.

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SOURCE Cboe Global Markets, Inc.

FAQ

What were Cboe's trading volume statistics for March 2022?

Cboe reported 10,604k contracts for multiply-listed options, 2,303k for index options, and a decline of 15% in futures.

How did Cboe perform in European equities in March 2022?

Cboe saw a 69.8% increase in European equities trading volume in March 2022.

What records did Cboe achieve in Q1 2022?

Cboe set a record of 830.3 million options contracts traded in Q1 2022.

What is the significance of the Nanos options launched by Cboe?

The Nanos options, launched on March 14, saw nearly 7,200 contracts traded within the first two weeks.

How did U.S. equities perform on exchange in March 2022?

U.S. equities on-exchange saw a 4.7% decrease in matched shares compared to the previous year.