CHICAGO, Jan. 5, 2023 /PRNewswire/ — Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today reported December monthly and full year 2022 trading volume statistics and projected rate per contract/net revenue capture for the fourth quarter of 2022 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 2022 trading statistics and market share by business segment, volume in select index products, and full quarter 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 2022 | Dec 2021 | %Chg | Nov2022 | % Chg | Dec2022 | Dec2021 | % Chg | |
| Multiply-listed options (contracts, k) | 10,615 | 9,888 | 7.4 % | 11,657 | -8.9 % | 10,784 | 10,084 | 6.9 % |
| Index options (contracts, k) | 3,222 | 2,282 | 41.2 % | 3,266 | -1.4 % | 2,847 | 1,971 | 44.5 % |
| Futures (contracts, k) | 191 | 240 | -20.5 % | 183 | 4.4 % | 218 | 230 | -5.3 % |
| U.S. Equities – On-Exchange (matched shares, mn) | 1,345 | 1,441 | -6.7 % | 1,508 | -10.8 % | 1,614 | 1,621 | -0.4 % |
| U.S. Equities – Off-Exchange (matched shares, mn) | 70 | 78 | -10.7 % | 89 | -21.3 % | 90 | 83 | 9.0 % |
| Canadian Equities1 (matched shares, k) | 152,571 | 34,588 | 341.1 % | 136,248 | 12.0 % | 91,769 | 49,391 | 85.8 % |
| European Equities (€, mn) | 8,522 | 7,602 | 12.1 % | 10,689 | -20.3 % | 10,829 | 7,698 | 40.7 % |
| Cboe Clear Europe Cleared Trades2 (k) | 95,464 | 105,787 | -9.8 % | 121,563 | -21.5 % | 1,493,270 | 1,244,185 | 20.0 % |
| Cboe Clear Europe Net Settlements2 (k) | 821 | 908 | -9.5 % | 859 | -4.4 % | 10,341 | 9,940 | 4.0 % |
| Australian Equities3 (AUD, mn) | 661 | 656 | 0.8 % | 741 | -10.8 % | 784 | N/A | |
| Japanese Equities3 (JPY, bn) | 59 | 114 | -48.0 % | 111 | -46.2 % | 143 | N/A | |
| Global FX ADNV ($, mn) | 35,870 | 30,268 | 18.5 % | 42,844 | -16.3 % | 40,906 | 33,892 | 20.7 % |
| 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. |
December 2022 and Full Year Trading Volume Highlights
U.S. Options
- Total options volume was 3.4 billion contracts in 2022, the third consecutive record-breaking year.
- Total options ADV reached a new all-time high of 13.6 million contracts traded per day in 2022.
- Total index options volume set a new annual record of 714.7 million contracts in 2022.
- For the year, a record 558.4 million S&P 500 Index (SPX) options contracts were traded, with an ADV of 2.2 million contracts, beating the previous high of 371.3 million contracts in 2018.
- ADV for SPX options with zero days to expiry increased 83 percent throughout 2022 and comprised 43 percent of overall SPX volumes in December.
- Trading in SPX options during Global Trading Hours (GTH) set a new annual volume record of 9.4 million contracts, up 194 percent from the previous record in 2021.
- Total volume in Mini-S&P 500 Index (XSP) options surpassed 1.4 million in December, with an ADV of 68,000 contracts, the highest month since February 2020.
- MSCI® EAFE® Index (MXEA) options set a new annual volume record with 496,000 contracts traded in 2022, up 27 percent from the previous record in 2021.
Global FX
- Spot ADNV set a new annual volume record of $40.0 billion.
- Spot Full Amount ADNV closed the year out at $12.3 billion.
- Non-Deliverable Forwards (NDF) ADNV reached a new all-time yearly high of $880 million.
European Equities and Derivatives
- Cboe BIDS Europe, Cboe’s European block trading platform, had a 36 percent share of the LIS (large-in-scale) market, a record high for market share and making it the largest platform of its type for the ninth successive month (Source: big xyt).
- Cboe Europe Derivatives traded 3,647 contracts in December, a record monthly figure and beating the previous high of 2,688 contracts in November 2022.
Fourth-Quarter 2022 RPC/Net Revenue Capture Guidance
The projected RPC/net capture metrics for the fourth quarter of 2022 are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended December 31, 2022, will not differ materially from these projections.
| (In USD unless stated otherwise) | Three-Months Ended | |||
| Product: | 4Q Projection | Nov-22 | Oct-22 | Sep-22 |
| Multiply-Listed Options (per contract) | 0.061 | 0.062 | 0.064 | 0.061 |
| Index Options | 0.877 | 0.883 | 0.892 | 0.896 |
| Total Options | 0.249 | 0.252 | 0.252 | 0.242 |
| Futures (per contract) | 1.693 | 1.686 | 1.703 | 1.700 |
| U.S. Equities – Exchange (per 100 touched shares) | 0.024 | 0.023 | 0.023 | 0.023 |
| U.S. Equities – Off-Exchange (per 100 touched shares) | 0.112 | 0.109 | 0.111 | 0.114 |
| Canadian Equities (per 10,000 touched shares) | CAD 3.97 | CAD 4.08 | CAD 4.18 | CAD 4.32 |
| European Equities (per matched notional value) | 0.222 | 0.222 | 0.224 | 0.229 |
| Australian Equities (per matched notional value) | 0.142 | 0.145 | 0.166 | 0.168 |
| Japanese Equities (per matched notional value) | 0.265 | 0.259 | 0.255 | 0.259 |
| Global FX (per one million dollars traded) | 2.693 | 2.658 | 2.676 | 2.692 |
| Cboe Clear Europe Fee per Trade Cleared | 0.008 | 0.008 | 0.008 | 0.008 |
| Cboe Clear Europe Net Fee per Settlement | 1.005 | 0.997 | 0.972 | 0.902 |
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. 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 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 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. 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, FX and digital assets, across North America, Europe and Asia Pacific.
| Media Contacts | Analyst Contact | |||||
| Angela Tu | Tim Cave | Kenneth Hill, CFA | ||||
| +1-646-856-8734 | +44 (0) 7593-506-719 | +1-312-786-7559 | ||||
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.
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Some factors that could cause actual results to differ include: the impact of the novel coronavirus (“COVID-19”) pandemic, including changes to trading behavior broadly in the market; the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security risks, cybersecurity risks, insider threats and unauthorized disclosure of confidential information; increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; fluctuations to currency exchange rates; factors that impact the quality and integrity of our indices; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to attract and retain skilled management and other personnel; our ability to minimize the risks, including our credit and default risks, associated with operating a European clearinghouse; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing potential conflicts between our regulatory responsibilities and our for-profit status; our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; our ability to manage our growth and strategic acquisitions or alliances effectively; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; and the accuracy of our estimates and expectations. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2021 and other filings made from time to time with the SEC.
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