Cboe Global Markets Reports Trading Volume for September 2024
Cboe Global Markets (CBOE) reported its September 2024 trading volume statistics and provided guidance for Q3 2024 revenue metrics. Key highlights include:
- Index options ADV reached an all-time high of 4.23 million contracts in Q3.
- VIX options volume hit 62.7 million contracts in Q3, the second-best quarterly volume on record.
- Cboe Europe Periodic Auctions set a monthly record ADNV of €2.4 billion in September.
The report also detailed ADV changes across various product lines, with notable increases in European Equities (19.5% YoY), Australian Equities (30.5% YoY), and Japanese Equities (66.3% YoY). However, some segments saw declines, such as Futures (-26.8% MoM) and U.S. Equities - On-Exchange (-2.6% YoY).
Cboe Global Markets (CBOE) ha riportato le sue statistiche di volume di trading di settembre 2024 e fornito indicazioni sulle metriche di guadagno per il terzo trimestre 2024. I punti salienti includono:
- L'ADV delle opzioni su indici ha raggiunto un massimo storico di 4,23 milioni di contratti nel terzo trimestre.
- Il volume delle opzioni VIX ha toccato i 62,7 milioni di contratti nel terzo trimestre, il secondo miglior volume trimestrale registrato.
- Le Aste Periodiche di Cboe Europe hanno stabilito un record mensile di ADNV di 2,4 miliardi di euro a settembre.
Il rapporto ha anche dettagliato le variazioni dell'ADV tra diverse linee di prodotto, con aumenti notevoli nei Titoli europei (19,5% su base annua), Titoli australiani (30,5% su base annua) e Titoli giapponesi (66,3% su base annua). Tuttavia, alcuni segmenti hanno registrato cali, come i Contratti a termine (-26,8% su base mensile) e i Titoli statunitensi - Su Borsa (-2,6% su base annua).
Cboe Global Markets (CBOE) informó sobre sus estadísticas de volumen de trading de septiembre de 2024 y proporcionó orientaciones sobre las métricas de ingresos del tercer trimestre de 2024. Los aspectos más destacados incluyen:
- El ADV de opciones sobre índices alcanzó un máximo histórico de 4,23 millones de contratos en el tercer trimestre.
- El volumen de opciones VIX alcanzó los 62,7 millones de contratos en el tercer trimestre, el segundo mejor volumen trimestral registrado.
- Las Subastas Periódicas de Cboe Europe establecieron un récord mensual de ADNV de 2,4 mil millones de euros en septiembre.
El informe también detalló los cambios en el ADV a través de varias líneas de productos, con aumentos notables en Acciones europeas (19,5% interanual), Acciones australianas (30,5% interanual) y Acciones japonesas (66,3% interanual). Sin embargo, algunos segmentos vieron disminuciones, como Futuros (-26,8% mes a mes) y Acciones estadounidenses - En bolsa (-2,6% interanual).
Cboe Global Markets (CBOE)는 2024년 9월 거래량 통계와 2024년 3분기 수익 지표에 대한 가이드를 보고했습니다. 주요 내용은 다음과 같습니다:
- 지수 옵션 평균 거래량(ADV)은 3분기에 423만 계약으로 사상 최고치를 기록했습니다.
- VIX 옵션 거래량은 3분기에 6천270만 계약에 도달하여 두 번째로 좋은 분기 거래량을 기록했습니다.
- Cboe Europe의 정기 경매는 9월에 24억 유로의 월간 기록 ADNV를 설정했습니다.
보고서는 또한 다양한 제품군에서 ADV 변화에 대해 자세히 설명하였으며, 유럽 주식(전년 대비 19.5%), 호주 주식(전년 대비 30.5%), 일본 주식(전년 대비 66.3%)에서 눈에 띄는 증가가 있었습니다. 그러나 일부 부문에서는 선물(전월 대비 -26.8%) 및 미국 주식 - 거래소 상장(전년 대비 -2.6%)와 같은 감소가 있었습니다.
Cboe Global Markets (CBOE) a publié ses statistiques de volume de trading pour septembre 2024 et a fourni des indications sur les métriques de revenus du troisième trimestre 2024. Les faits marquants incluent :
- L'ADV des options sur indices a atteint un niveau record de 4,23 millions de contrats au troisième trimestre.
- Le volume des options VIX a atteint 62,7 millions de contrats au troisième trimestre, le deuxième meilleur volume trimestriel enregistré.
- Les enchères périodiques de Cboe Europe ont établi un record mensuel d'ADNV de 2,4 milliards d'euros en septembre.
Le rapport a également détaillé les variations de l'ADV à travers diverses lignes de produits, avec des augmentations notables dans les actions européennes (19,5 % d'une année sur l'autre), les actions australiennes (30,5 % d'une année sur l'autre) et les actions japonaises (66,3 % d'une année sur l'autre). Cependant, certains segments ont vu des déclins, comme les contrats à terme (-26,8 % par rapport au mois précédent) et les actions américaines - sur marché (-2,6 % d'une année sur l'autre).
Cboe Global Markets (CBOE) berichtete über seine Handelsvolumina für September 2024 und gab eine Prognose zu den Umsatzkennzahlen für das dritte Quartal 2024 ab. Die wichtigsten Highlights sind:
- Der durchschnittliche tägliche Handelsvolumen (ADV) von Indexoptionen erreichte im dritten Quartal mit 4,23 Millionen Verträgen einen Allzeithoch.
- Das Volumen von VIX-Optionen erreichte im dritten Quartal 62,7 Millionen Verträge, was das zweitbeste Quartalsvolumen in der Geschichte darstellt.
- Die periodischen Auktionen von Cboe Europe stellten im September einen monatlichen Rekord-ADNV von 2,4 Milliarden Euro auf.
Der Bericht spezifizierte auch ADV-Änderungen über verschiedene Produktlinien, mit bemerkenswerten Anstiegen bei europäischen Aktien (19,5% im Jahresvergleich), australischen Aktien (30,5% im Jahresvergleich) und japanischen Aktien (66,3% im Jahresvergleich). Einige Segmente verzeichneten jedoch Rückgänge, wie Futures (-26,8% zum Vormonat) und US-Aktien - Börsengehandelt (-2,6% im Jahresvergleich).
- Index options ADV reached an all-time high of 4.23 million contracts in Q3 2024
- VIX options volume hit 62.7 million contracts in Q3, the second-best quarterly volume on record
- Cboe Europe Periodic Auctions set a monthly record ADNV of €2.4 billion in September
- European Equities trading volume increased by 19.5% YoY
- Australian Equities trading volume grew by 30.5% YoY
- Japanese Equities trading volume surged by 66.3% YoY
- Futures trading volume decreased by 26.8% MoM
- U.S. Equities - On-Exchange trading volume declined by 2.6% YoY
- Global FX trading volume decreased by 6.3% MoM
Insights
Cboe Global Markets' September 2024 trading volume report shows mixed results across various segments. Key highlights include:
- Index options ADV increased by
4.6% year-over-year, with the Q3 ADV reaching an all-time high of 4.23 million contracts. - VIX options volume in Q3 was the second-best on record at 62.7 million contracts.
- European equities trading volume surged by
19.5% year-over-year. - Japanese equities trading volume saw a significant increase of
66.3% year-over-year.
However, some segments experienced declines, such as U.S. equities on-exchange volume dropping by
The trading volume data for September 2024 reveals interesting trends in investor behavior and market dynamics. The significant growth in index options and VIX options volumes suggests increased hedging activity and volatility expectations among investors. This could be indicative of market uncertainty or a shift in risk management strategies.
The substantial growth in European, Australian and Japanese equities trading volumes points to increased international diversification by investors and potentially growing interest in non-U.S. markets. This trend could be driven by factors such as relative valuations, currency movements, or geopolitical considerations.
The decline in U.S. equities on-exchange volume, coupled with the increase in off-exchange volume, indicates a shift towards alternative trading venues. This trend may have implications for market structure and liquidity distribution. The projected revenue per contract metrics show stability, which is positive for Cboe's revenue predictability but may limit upside potential from pricing improvements.
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 | % | Sep 2024 | Sep 2023 | % | |
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 % |
1,234 | 1,267 | -2.6 % | 1,258 | -1.9 % | 1,369 | 1,398 | -2.1 % | |
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 |
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- |
September and Third Quarter 2024 Trading Volume Highlights
- 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) | ||||
Index Options | ||||
Total Options | ||||
Futures (per contract) | ||||
Canadian Equities (per 10,000 touched shares) | ||||
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 | ||||
Cboe Clear Europe Fee per Trade Cleared | ||||
Cboe Clear Europe Net Fee per Settlement | ||||
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
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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SOURCE Cboe Global Markets, Inc.
FAQ
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