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HomeBusinessCboe GLOBAL MARKETS REPORTS TRADING VOLUME FOR DECEMBER AND FULL YEAR 2023

Cboe GLOBAL MARKETS REPORTS TRADING VOLUME FOR DECEMBER AND FULL YEAR 2023

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-V

Cboe®, Cboe Global Markets®, Cboe Volatility Index®, and VIX® 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.

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.

Some factors that could cause actual results to differ include: 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 vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel, including compensation inflation; increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; global expansion of operations; factors that impact the quality and integrity of our indices; our ability to manage our growth and strategic acquisitions or alliances effectively; 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 minimize the risks, including our credit, counterparty, investment, 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; 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; the impacts of pandemics; the accuracy of our estimates and expectations; litigation risks and other liabilities; and operating a digital asset business and clearinghouse, including the expected benefits of our Cboe Digital acquisition, cybercrime, changes in digital asset regulation, losses due to digital asset custody, and fluctuations in digital asset prices. 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, 2022 and other filings made from time to time with the SEC.

We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

SOURCE Cboe Global Markets, Inc.

Originally published at https://www.prnewswire.com/news-releases/cboe-global-markets-reports-trading-volume-for-december-and-full-year-2023-302026711.html
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