CHICAGO, July 6, 2021 /PRNewswire/ -- Cboe Global Markets,
Inc. (Cboe: CBOE), a leading provider of global market
infrastructure and tradable products, today reported June monthly
trading volume statistics across its global business lines, and
provided guidance for selected revenue per contract/net revenue
capture metrics for the second quarter of 2021.
The data sheet "Cboe Global Markets Monthly Volume & RPC/Net
Revenue Capture Report" contains an overview of certain June
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.
Trading Volume for
Current Month
|
Year-To-Date
|
|
June
|
June
|
%
|
May
|
%
|
June
|
June
|
%
|
2021
|
2020
|
Chg
|
2021
|
Chg
|
2021
|
2020
|
Chg
|
OPTIONS VOLUME
(contracts, thousands)
|
Year-To-Date
|
Trading
Days
|
22
|
22
|
|
20
|
|
124
|
125
|
|
Total
Volume
|
264,230
|
234,193
|
12.8%
|
220,065
|
20.1%
|
1,472,290
|
1,291,792
|
14.0%
|
Total
ADV
|
12,010
|
10,645
|
12.8%
|
11,003
|
9.2%
|
11,873
|
10,334
|
14.9%
|
FUTURES VOLUME
(contracts, thousands)
|
Year-To-Date
|
Trading
Days
|
22
|
22
|
|
20
|
|
124
|
125
|
|
Total
Volume
|
4,002
|
4,040
|
-0.9%
|
5,328
|
-24.9%
|
29,121
|
29,572
|
-1.5%
|
Total
ADV
|
182
|
184
|
-0.9%
|
266
|
-31.7%
|
235
|
237
|
-0.7%
|
U.S. EQUITIES –
ON-EXCHANGE MATCHED VOLUME (shares, millions)
|
Year-To-Date
|
Trading
Days
|
22
|
22
|
|
20
|
|
124
|
125
|
|
Total
Volume
|
32,992
|
44,432
|
-25.7%
|
31,166
|
5.9%
|
229,185
|
238,800
|
-4.0%
|
Total ADV
|
1,500
|
2,020
|
-25.7%
|
1,558
|
-3.8%
|
1,848
|
1,910
|
-3.3%
|
U.S. EQUITIES –
OFF-EXCHANGE MATCHED VOLUME (shares,
millions)1
|
Year-To-Date
|
Trading
Days
|
22
|
22
|
|
20
|
|
124
|
125
|
|
Total
Volume
|
1,667
|
N/A
|
|
1,626
|
2.5%
|
10,845
|
N/A
|
|
Total ADV
|
76
|
N/A
|
|
81
|
-6.8%
|
87
|
N/A
|
|
CANADIAN EQUITIES
MATCHED VOLUME (shares, thousands)2
|
Year-To-Date
|
Trading
Days
|
22
|
N/A
|
|
20
|
|
125
|
N/A
|
|
Total
Volume
|
918,516
|
N/A
|
|
986,015
|
-6.8%
|
7,410,589
|
N/A
|
|
Total ADV
|
41,751
|
N/A
|
|
49,301
|
-15.3%
|
59,285
|
N/A
|
|
EUROPEAN EQUITIES
(€ millions)
|
Year-To-Date
|
Trading
Days
|
22
|
22
|
|
21
|
|
126
|
127
|
|
Total Notional
Value
|
€ 154,308
|
€156,944
|
-1.7%
|
€ 151,546
|
1.8%
|
€ 933,029
|
€ 980,425
|
-4.8%
|
Total ADNV
|
€ 7,014
|
€7,134
|
-1.7%
|
€ 7,216
|
-2.8%
|
€ 7,405
|
€ 7,720
|
-4.1%
|
EUROCCP
(thousands)3
|
Year-To-Date
|
Cleared
Trades
|
95,209
|
N/A
|
|
102,684
|
-7.3%
|
593,025
|
N/A
|
|
Net
Settlements
|
824
|
N/A
|
|
772
|
6.7%
|
4,791
|
N/A
|
|
GLOBAL FX ($
millions)4
|
Year-To-Date
|
Trading
Days
|
22
|
22
|
|
21
|
|
128
|
129
|
|
Total Notional
Value
|
$740,204
|
$761,662
|
-2.8%
|
$688,812
|
7.5%
|
$4,446,635
|
$4,837,674
|
-8.1%
|
Total ADNV
|
33,646
|
34,621
|
-2.8%
|
32,801
|
2.6%
|
34,739
|
37,501
|
-7.4%
|
ADV= average daily
volume
|
ADNV= average daily
notional value
|
1U.S. Equities Off-Exchange data
reflects Cboe's acquisition of BIDS Trading effective on December
31, 2020.
|
2Canadian Equities data reflects
Cboe's acquisition of MATCHNow effective on August 4,
2020.
|
3EuroCCP data reflects Cboe's
acquisition of EuroCCP effective on July 1, 2020.
|
4Global FX metrics continue to
include Spot and as of January 2021 include SEF
products.
|
Second-Quarter 2021 RPC/Net Revenue Capture Guidance
Options
The company currently expects RPC for total options for the second
quarter of 2021 to be 3 to 4 percent lower than the amounts noted
below for the two months ended May 31,
2021, primarily reflecting a higher percentage of volume
from multi-listed options, which have a lower RPC. The RPC for both
multi-listed and index options for the second quarter is expected
to be in line with the respective two-month average noted
below.
Futures
The RPC for futures in the second quarter of 2021 is expected to be
in line with the two-month average noted below.
U.S. Equities – On-Exchange
The touched revenue
capture for U.S. Equities on-exchange volume for the
second quarter of 2021 is expected to be 4 to 5 percent below the
two-month average noted below, largely due to a shift in the
mix of shares traded. The mix shift reflects a higher percentage of
shares priced at or above a dollar versus shares priced below a
dollar, resulting in higher volume-based rebates in June versus the
two-month average. The projected revenue capture for the second
quarter of 2021 is expected to exceed the first quarter by 30 to 35
percent.
U.S. Equities – Off-Exchange
The touched RPC for U.S.
Equities off-exchange volume in the second quarter of 2021 is
expected to be in line with the two-month average noted below.
Canadian Equities
The revenue capture for Canadian
Equities for the second quarter of 2021 is expected to be 4 to 5
percent above the two-month average noted below, primarily
reflecting a mix shift, with Conditionals accounting for a higher
percentage of trading in June.
European Equities
The revenue capture for European
Equities for the second quarter of 2021 is expected to be in line
with the two-month average noted below.
Global FX
The revenue capture for Global FX for the
second quarter of 2021 is expected to be in line with the two-month
average noted below.
EuroCCP Fee per Trade Cleared
The revenue capture for
EuroCCP Fee per Trade Cleared for the second quarter of 2021 is
expected to be in line with the two-month average noted below.
EuroCCP Net Fee per Settlement
The revenue capture for
EuroCCP Net Fee per Settlement for the second quarter of 2021 is
expected to be in line with the two-month average noted below.
These expectations are estimated, preliminary and may change.
There can be no assurance that our final RPC for the three months
ended June 30, 2021, 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,
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 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.
(In USD unless
stated otherwise)
|
Avg for
Two-
Months
Ended
|
2Q21
Guidance
vs.
Two-Month
Avg
|
Avg for Three-Months Ended
|
Product:
|
May-21
|
|
May-21
|
Apr-21
|
Mar-21
|
Feb-21
|
Multi-Listed Options
(per contract)
|
$0.068
|
In line
|
$0.067
|
$0.066
|
$0.067
|
$0.066
|
Index Options (per
contract)
|
$0.816
|
In line
|
$0.819
|
$0.814
|
$0.803
|
$0.799
|
Total Options (per
contract)
|
$0.200
|
3.0 to 4.0%
below
|
$0.194
|
$0.184
|
$0.177
|
$0.173
|
Futures (per
contract)
|
$1.652
|
In line
|
$1.644
|
$1.659
|
$1.639
|
$1.625
|
U.S. Equities –
On-Exchange (per 100 touched shares)
|
$0.021
|
4.0 to 5.0%
below
|
$0.017
|
$0.015
|
$0.015
|
$0.018
|
U.S. Equities –
Off-Exchange (per 100 touched shares)
|
$0.123
|
In line
|
$0.120
|
$0.122
|
$0.121
|
$0.125
|
Canadian Equities
(per 10,000 touched shares)
|
CAD 7.42
|
4.0 to 5.0%
above
|
CAD 7.43
|
CAD 7.03
|
CAD 7.18
|
CAD 7.24
|
European Equities
(per matched notional value)
|
0.265
|
In line
|
0.268
|
0.277
|
0.284
|
0.282
|
Global FX (per one
million dollars traded)
|
$2.711
|
In line
|
$2.679
|
$2.661
|
$2.653
|
$2.670
|
EuroCCP Fee per Trade
Cleared
|
€0.01
|
In line
|
€0.01
|
€0.01
|
€0.01
|
€0.01
|
EuroCCP Net Fee per
Settlement
|
€0.86
|
In line
|
€0.86
|
€0.85
|
€0.86
|
€0.84
|
|
NOTE: February U.S
Equities - Off Exchange includes one month of non-Cboe
ownership.
|
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
|
|
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
Cboe®, Cboe Global Markets®, Cboe Volatility Index®, CFE®, and
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Cboe Global Markets, Inc. and its affiliates do not
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speaks only as of this date. Cboe Global Markets, Inc. disclaims
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Nothing in this announcement should be considered a solicitation
to buy or an offer to sell any securities or futures in any
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Investors must consult their tax adviser or legal counsel for
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make no warranty, expressed or
implied, including, without limitation,
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recipients of the products and
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of their respective securities, generally, or the performance of
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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
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"continue," and the negative of these terms and other comparable
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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
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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 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; 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; our index providers' ability to maintain the
quality and integrity of their indices and to perform under our
agreements; 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
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and our ability to make payments on or refinance our debt
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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, 2020 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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SOURCE Cboe Global Markets, Inc.