- Multiple volume records set in 2020
- Total options volume reaches new all-time high of more than
2.5 billion contracts
- Total U.S. equities volume reaches new all-time high of more
than 436 billion shares
- Options ADV up 38 percent, U.S. Equities ADV up 50 percent and
Global FX ADNV up 7 percent over 2019
CHICAGO, Jan. 6, 2021 /PRNewswire/ -- Cboe Global Markets,
Inc. (Cboe: CBOE), a market operator and global trading solutions
provider, today reported December monthly and full-year 2020
trading volume, and provided selected revenue per contract (RPC)
guidance for the fourth quarter of 2020.
The data sheet "Cboe Global Markets Monthly Volume & RPC/Net
Revenue Capture Report" contains an overview of certain December
and full-year trading statistics and market share by business
segment, volume in select index products, and RPC, which is
reported on a one-month lag, across business
lines.
Monthly Trading
Volume
|
Full
Year
|
|
December
|
December
|
%
|
November
|
%
|
|
|
%
|
2020
|
2019
|
Chg
|
2020
|
Chg
|
2020
|
2019
|
Chg
|
OPTIONS VOLUME
(contracts, thousands)
|
Full
Year
|
Trading
Days
|
22
|
21
|
|
20
|
|
253
|
252
|
|
Total
Volume
|
234,872
|
151,227
|
55.3%
|
217,088
|
8.2%
|
2,563,360
|
1,849,373
|
38.6%
|
Total
ADV
|
10,676
|
7,201
|
48.3%
|
10,854
|
-1.6%
|
10,132
|
7,339
|
38.1%
|
FUTURES
(contracts, thousands)
|
Full
Year
|
Trading
Days
|
22
|
21
|
|
20
|
|
253
|
252
|
|
Total
Volume
|
3,365
|
4,760
|
-29.3%
|
3,503
|
-3.9%
|
50,748
|
62,756
|
-19.1%
|
Total
ADV
|
153
|
227
|
-32.5%
|
175
|
-12.7%
|
201
|
249
|
-19.5%
|
U.S EQUITIES
MATCHED VOLUME (shares, millions)
|
Full
Year
|
Trading
Days
|
22
|
21
|
|
20
|
|
253
|
252
|
|
Total
Volume
|
34,841
|
22,567
|
54.4%
|
34,495
|
1.0%
|
436,252
|
289,253
|
50.8%
|
Total ADV
|
1,584
|
1,075
|
47.4%
|
1,725
|
-8.2%
|
1,724
|
1,148
|
50.2%
|
CANADIAN EQUITIES
MATCHED VOLUME (shares, thousands)*
|
Full
Year
|
Trading
Days
|
21
|
N/A
|
|
21
|
|
104
|
N/A
|
|
Total
Volume
|
1,054,171
|
N/A
|
|
999,209
|
5.5%
|
4,485,445
|
N/A
|
|
Total ADV
|
50,199
|
N/A
|
|
47,581
|
5.5%
|
43,129
|
N/A
|
|
EUROPEAN EQUITIES
(€ millions)
|
Full
Year
|
Trading
Days
|
22
|
20
|
|
21
|
|
258
|
256
|
|
Total Notional
Value
|
€ 127,125
|
€ 115,490
|
10.1%
|
€ 172,358
|
-26.2%
|
€
1,776,201
|
€
1,962,721
|
-9.5%
|
Total ADNV
|
€ 5,778
|
€ 5,775
|
0.1%
|
€ 8,208
|
-29.6%
|
€ 6,884
|
€ 7,667
|
-10.2%
|
GLOBAL FX ($
millions)
|
Full
Year
|
Trading
Days
|
22
|
21
|
|
21
|
|
260
|
259
|
|
Total Notional
Value
|
$719,116
|
$628,110
|
14.5%
|
$789,053
|
-8.9%
|
$9,022,160
|
$8,367,126
|
7.8%
|
Total ADNV
|
$32,687
|
$29,910
|
9.3%
|
$37,574
|
-13.0%
|
$34,701
|
$32,306
|
7.4%
|
*Canadian Equities
data reflects Cboe's acquisition of MATCHNow effective on the first
business day of the month, Tuesday, August 4, 2020.
|
ADV= average daily
volume
|
ADNV= average daily
notional value
|
December 2020 and Full Year
Volume Highlights
Options
- Cboe Global Markets' four options exchanges each set new total
annual volume records in 2020: Cboe Options with more than 1.3
billion contracts, Cboe C2 with nearly 230 million contracts, Cboe
BZX with more than 687 million contracts and Cboe EDGX with more
than 296 million contracts traded.
- Total options ADV reached a new all-time high of 10.1 million
contracts traded per day in 2020.
- In December, ADV at each options exchange rose compared to a
year ago: Cboe Options up 19 percent, Cboe C2 up 65 percent, Cboe
BZX up 94 percent and Cboe EDGX up 126 percent.
- ADV in S&P 500® Index (SPX) options was nearly 1.1 million
contracts in December, up 2 percent from November. For the year,
nearly 313 million SPX options contracts traded in total, with an
ADV of 1.2 million contracts.
- ADV in Cboe Volatility Index® (VIX®) options was more than
390,000 contracts in December. For the year, nearly 125 million VIX
options contracts traded in total, with an ADV of more than 492,000
contracts.
- Options on the MSCI® Emerging Markets (MXEF) Index set a new
total volume record with nearly 329,000 contracts traded in
2020.
- Options on the MSCI® EAFE® (MXEA) Index
set a new total volume record with more than 167,000 contracts
traded in 2020.
- ADV in Russell 2000® Index
(RUT) options was more than 38,000 contracts in December, up 10
percent from December 2019.
Futures
- ADV in VIX futures was more than 139,000 contracts in December.
For the year, more than 48 million VIX futures contracts traded in
total, with an ADV of 192,000 contracts.
- Total volume in Mini VIX (VXM) futures has surpassed 2 million
contracts since launch on August
9.
- On December 28, Cboe® iBoxx®
iShares® $ High Yield Corporate Bond Index (IBHY) futures set a new
daily volume record with 4,451 contracts traded, representing more
than $648 million in notional
value.
- ADV in IBHY futures was more than 1,000 contracts during
December, up more than 1,200 percent from December 2019, and up 54 percent from
November.
- ADV in Cboe® iBoxx® iShares® $ Investment Grade Corporate Bond
Index (IBIG) futures during December was more than 250 contracts,
up 15 percent from November.
U.S. Equities
- Cboe Global Markets' four U.S. equities exchanges (BZX, BYX,
EDGX and EDGA) combined set a new ADV record with more than 1.7
billion shares traded per day in 2020.
- Cboe EDGX Equities Exchange set a new all-time high with ADV of
more than 705 million shares in 2020.
- In December, U.S. equities ADV was up 47 percent and total
volume was up 54 percent from a year ago.
- In December, U.S. equities market share during continuous
trading, excluding auctions, was 15.4 percent, ranking the second
highest among U.S. exchanges.
European Equities
- Cboe Europe Periodic Auctions set a record ADNV traded of €999
million in 2020, up 36 percent on the €736 million ADNV traded in
2019.
- Cboe LIS, Cboe Europe's block trading platform, reported record
ADNV traded of €329 million in 2020, up 20 percent on the €274
million ADNV traded in 2019.
Fourth-Quarter 2020 RPC/Net Revenue Capture Guidance
Options
The company currently expects RPC for total options for the fourth
quarter of 2020 to be 2 to 3 percent lower than the two-month
average noted below, primarily reflecting the lower RPC expected
for multi-listed options for December compared to the two-month
average, as well as a higher percentage of volume from multi-listed
options. The RPC for multi-listed options for the fourth quarter is
expected to be 1 to 2 percent below the two-month average,
reflecting higher volume-related rebates in December. The RPC for
index options is expected to be in line with the two-month average
noted below.
Futures
The RPC for futures in the fourth quarter of 2020 is expected to be
in line with the two-month average noted below.
U.S. Equities
The revenue capture for U.S. Equities for the fourth quarter of
2020 is expected to be 15 to 17 percent above the two-month average
noted below, primarily reflecting the impact of fee changes
implemented during the quarter.
Canadian Equities
The revenue capture for Canadian Equities for the fourth quarter of
2020 is expected to be 4 to 5 percent below the two-month average
noted below, primarily reflecting a shift in mix by customer type
in December.
European Equities
The revenue capture for European Equities for the fourth quarter of
2020 is expected to be in line with the two-month average.
Global FX
The revenue capture for Global FX for the fourth quarter of 2020 is
expected to be in line with the two-month average.
These expectations are estimated, preliminary and may change.
There can be no assurance that our final RPC for the three months
ended December 31, 2020, will not
differ materially from these expectations.
The following represents average revenue per contract (RPC)
or net capture based on a two-month average and 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 (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 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 Global
FX, "net capture per one million
dollars traded" refers to transaction fees less liquidity
payments, if any, divided by the product 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 fee rates,
volume-based discounts and transaction mix by contract type and
product type.
(In USD unless
stated otherwise)
|
Avg
for Two-
Months
Ended
|
4Q20
Guidance
vs.
Two-month
Avg
|
Avg
for Three-Months Ended
|
Product:
|
Nov-20
|
|
Nov-20
|
Oct-20
|
Sep-20
|
Aug-20
|
Multi-Listed Options
(per contract)
|
$0.070
|
1.0 to 2.0%
below
|
$0.067
|
$0.063
|
$0.056
|
$0.052
|
Index
Options
|
$0.806
|
In line
|
$0.820
|
$0.831
|
$0.842
|
$0.848
|
Total
Options
|
$0.189
|
2.0 to 3.0%
below
|
$0.188
|
$0.184
|
$0.173
|
$0.172
|
Futures (per
contract)
|
$1.578
|
In line
|
$1.561
|
$1.467
|
$1.527
|
$1.602
|
U.S. Equities (per
100 touched shares)
|
$0.012
|
15.0 to 17.0%
above
|
$0.012
|
$0.012
|
$0.017
|
$0.021
|
Canadian Equities
(per 10,000 touched shares)
|
CAD 8.62
|
4.0 to 5.0%
below
|
CAD 8.49
|
CAD 8.22
|
CAD 8.20
|
CAD 8.20
|
European Equities
(per matched notional value)
|
0.258
|
In line
|
0.254
|
0.250
|
0.245
|
0.238
|
Global FX (per one
million dollars traded)
|
$2.62
|
In line
|
$2.63
|
$2.70
|
$2.70
|
$2.72
|
About Cboe Global Markets, Inc.
Cboe Global Markets (Cboe: CBOE) provides cutting-edge trading
and investment solutions to market participants around the world.
The company is committed to defining markets through product
innovation, leading edge technology and seamless trading
solutions.
The company offers trading across a diverse range of products in
multiple asset classes and geographies, including options, futures,
U.S., Canadian and European equities, exchange-traded products
(ETPs), global foreign exchange (FX) and volatility products based
on the Cboe Volatility Index (VIX Index), recognized as the world's
premier gauge of U.S. equity market volatility.
Cboe's subsidiaries include the largest options exchange and the
third largest stock exchange operator in the U.S. In addition, the
company operates one of the largest stock exchanges by value traded
in Europe, and owns EuroCCP, a
leading pan-European equities clearing house. Cboe also is a
leading market globally for ETP listings and
trading.
The company is headquartered in Chicago with a network of domestic and global
offices across the Americas, Europe and Asia, including main hubs in New York, London, Kansas
City and Amsterdam. For
more information, visit www.cboe.com.
Media
Contacts
|
|
Analyst
Contact
|
Angela
Tu
|
Tim
Cave
|
|
Debbie
Koopman
|
+1-646-856-8734
|
+44 (0)
7593-506-719
|
|
+1-312-786-7136
|
atu@cboe.com
|
tcave@cboe.com
|
|
dkoopman@cboe.com
|
CBOE-V
BZX®, Cboe®, Cboe Global Markets®, Cboe Volatility
Index®, CFE®, EDGX®, and VIX® are registered
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are service marks of Cboe Exchange, Inc. or its
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Cboe®, Cboe Global Markets®, Cboe Volatility Index®, CFE®,
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or services. Cboe Global Markets, Inc. is not affiliated with MSCI,
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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 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
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of the securities that comprise the indices referenced in this
press release and shall not in any way be liable for any
inaccuracies, errors.
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
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The iBoxx® iShares® $ High Yield Corporate Bond Index and the
iBoxx® iShares® $ Investment Grade Corporate Bond Index (the
"Indexes") referenced herein are the property of Markit Indices
Limited ("Index Sponsor") and have been licensed for use in
connection with Cboe® iBoxx® iShares® $ High Yield Corporate Bond
Index Futures and Cboe® iBoxx® iShares® $ Investment Grade
Corporate Bond Index Futures. Each party to a Cboe® iBoxx® iShares®
$ High Yield Corporate Bond Index Futures or Cboe® iBoxx® iShares®
$ Investment Grade Corporate Bond Index Futures transaction
acknowledges and agrees that the transaction is not sponsored,
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no representation whatsoever, whether express or implied, and
hereby expressly disclaims all warranties (including, without
limitation, those of merchantability or fitness for a particular
purpose or use), with respect to the Indexes or any data included
therein or relating thereto, and in particular disclaims any
warranty either as to the quality, accuracy and/or completeness of
the Indexes or any data included therein, the results obtained from
the use of the Indexes and/or the composition of the Indexes at any
particular time on any particular date or otherwise and/or the
creditworthiness of any entity, or the likelihood of the occurrence
of a credit event or similar event (however defined) with respect
to an obligation, in the Indexes at any particular time on any
particular date or otherwise. The Index Sponsor shall not be liable
(whether in negligence or otherwise) to the parties or any other
person for any error in the Indexes, and the Index Sponsor is under
no obligation to advise the parties or any person of any error
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The Index Sponsor makes no representation whatsoever, whether
express or implied, as to the advisability of purchasing or selling
Cboe® iBoxx® iShares® $ High Yield Corporate Bond Index Futures and
Cboe® iBoxx® iShares® $ Investment Grade Corporate Bond Index
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performances, or otherwise relating to the Indexes or any
transaction or product with respect thereto, or of assuming any
risks in connection therewith. The Index Sponsor has no obligation
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composing or calculating the Indexes. No party purchasing or
selling Cboe® iBoxx® iShares® $ High Yield Corporate Bond Index
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any party for any act or failure to act by the Index Sponsor in
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The iBoxx® iShares® $ High Yield Corporate Bond Index and the
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BlackRock has not calculated, composed or determined the
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This press release contains forward-looking statements within
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We operate in a very competitive and rapidly changing
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actual results to differ materially from those contained in any
forward-looking statements.
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 as well
as due to the temporary suspension of open outcry trading in
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of our goodwill, long-lived assets, investments or intangible
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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, 2019 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.
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