CHICAGO, Jan. 5, 2022 /PRNewswire/ -- Cboe Global Markets,
Inc. (Cboe: CBOE), a leading provider of global market
infrastructure and tradable products, today reported December
monthly and full year 2021 trading volume statistics and projected
rate per contract/net revenue capture for the fourth quarter of
2021 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 trading statistics and market share by business
segment, volume in select index products, and full quarter RPC/net
capture across business lines.
Trading Volume for
Current Month
|
Full
Year
|
|
Dec
|
Dec
|
%
|
Nov
|
%
|
|
|
%
|
2021
|
2020
|
Chg
|
2021
|
Chg
|
2021
|
2020
|
Chg
|
Multiply-listed
options ADV (contracts, k)
|
9,888
|
9,146
|
8.1%
|
11,436
|
-13.5%
|
10,084
|
8,318
|
21.2%
|
Index options ADV
(contracts, k)
|
2,282
|
1,530
|
49.2%
|
2,167
|
5.3%
|
1,971
|
1,814
|
8.6%
|
Futures ADV
(contracts, k)
|
240
|
153
|
57.1%
|
237
|
1.2%
|
230
|
201
|
14.8%
|
U.S. Equities -
On-Exchange ADV (matched shares, mn)
|
1,441
|
1,584
|
-9.0%
|
1,472
|
-2.1%
|
1,621
|
1,724
|
-6.0%
|
U.S. Equities -
Off-Exchange ADV (matched shares, mn)1
|
78
|
N/A
|
|
98
|
-20.4%
|
83
|
N/A
|
|
Canadian Equities ADV
(matched shares, k)2
|
34,588
|
50,199
|
-31.1%
|
45,042
|
-23.2%
|
49,391
|
43,129
|
14.5%
|
European Equities
ADNV (€, mn)
|
7,602
|
5,778
|
31.6%
|
10,054
|
-24.4%
|
7,698
|
6,884
|
11.8%
|
EuroCCP Total Cleared
Trades (k)3
|
105,787
|
83,965
|
26.0%
|
129,969
|
-18.6%
|
1,244,185
|
545,475
|
NM
|
EuroCCP Total Net
Settlements (k) 3
|
908
|
744
|
22.0%
|
923
|
-1.7%
|
9,940
|
4,085
|
NM
|
Australian Equities
ADNV (AUD, mn)4
|
656
|
N/A
|
|
807
|
-18.7%
|
770
|
N/A
|
|
Japanese Equities
ADNV (JPY, bn)4
|
114
|
N/A
|
|
111
|
2.7%
|
100
|
N/A
|
|
Global FX ADNV ($,
mn)5
|
30,496
|
32,687
|
-6.7%
|
35,945
|
-15.2%
|
33,903
|
34,701
|
-2.3%
|
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.
|
4Data reflects Cboe's
acquisition of Chi-X Asia Pacific effective on July 1,
2021; Australian Equities volumes exclude Trade
Reporting.
|
5Global FX metrics continue to
include Spot and as of January 2021 include SEF
products.
|
ADV= average daily
volume
|
ADNV= average daily
notional value
|
NM= Not
Meaningful
|
December 2021 and Full Year
Trading Volume Highlights
Options
- Total options volume for 2021 was 3.0 billion contracts, the
highest yearly volume on record and up 19 percent from 2020.
- Total options ADV reached a new all-time high of 12.1 million
contracts traded per day in 2021.
- ADV in S&P 500 Index (SPX) options was 1.6 million
contracts in December, up 45 percent from December 2020. For the year, 345 million SPX
options contracts were traded in total, with an ADV of 1.4 million
contracts.
- ADV in Cboe Volatility Index (VIX®) options was approximately
631,000 contracts in December, up 60 percent from December 2020. For the year, 132 million
contracts were traded in total, with an ADV of more than 522,000
contracts.
- MSCI® EAFE® (MXEA) options set a new annual volume record with
approximately 392,000 contracts traded in 2021.
- ADV in Russell 2000® Index
(RUT) options was nearly 52,000 contracts in 2021, up 51 percent
from 2020.
Futures
- ADV in VIX futures was 227,000 contracts in December. For the
year, more than 54 million contracts were traded in total, with an
ADV of 215,000 contracts.
- Total volume in Mini VIX futures was 3.4 million contracts in
2021, with 13,400 contracts traded per day.
- ADV in Cboe® iBoxx® iShares® $ High Yield Corporate Bond Index
(IBHY) futures was 1,084 contracts in 2021, up 101 percent from
2020. Total volume was 273,000 contracts for the
year.2
- ADV in Cboe® iBoxx® iShares® $ Investment Grade Corporate Bond
Index (IBIG) futures was 602 contracts in 2021, up 812 percent from
2020. A total of 152,000 contracts were traded for the
year.2
Global FX
- Cboe FX spot market share increased to 16.7% in 2021, marking
the fifth consecutive year of market share growth.1
- NDF trading volumes on Cboe SEF increased 4x from 2020, capped
by ADNV of $725 million for
fourth-quarter 2021.
U.S. Equities
- Total volume traded through Cboe's Retail Priority program was
more than 71 billion shares in 2021, up 108 percent from 2020, and
representing approximately 283 million shares in ADV.
- For the year, total notional value traded through Retail
Priority surpassed $2.5 trillion, up
146 percent from 2020, and representing more than $10 billion in ADNV.
European Equities
- Cboe LIS, Cboe Europe's block trading platform, reported record
ADNV traded of €432 million in 2021, up 31 percent on the €330
million ADNV traded in 2020.
- Cboe Europe Periodic Auctions set a record ADNV traded of €1.26
billion in 2021, up 26 percent on the €999 million ADNV traded in
2020.
Fourth-Quarter 2021 RPC/Net Revenue Capture Guidance
The projected RPC/net capture metrics for the fourth quarter of
2021 are estimated, preliminary and may change. There can be no
assurance that our final RPC for the three months ended
December 31, 2021, will not differ
materially from these projections.
(In USD unless
stated otherwise)
|
|
Three-Months
Ended
|
|
Product:
|
4Q
Projection
|
Nov-21
|
Oct-21
|
Sep-21
|
Aug-21
|
Multiply-Listed
Options (per contract)
|
0.066
|
0.068
|
0.068
|
0.069
|
0.067
|
Index
Options
|
0.847
|
0.857
|
0.858
|
0.851
|
0.844
|
Total
Options
|
0.200
|
0.201
|
0.201
|
0.200
|
0.188
|
Futures (per
contract)
|
1.655
|
1.647
|
1.639
|
1.626
|
1.631
|
U.S. Equities -
Exchange (per 100 touched shares)
|
0.025
|
0.024
|
0.022
|
0.020
|
0.019
|
U.S. Equities -
Off-Exchange (per 100 touched shares)
|
0.115
|
0.116
|
0.122
|
0.122
|
0.125
|
Canadian Equities
(per 10,000 touched shares)
|
CAD
8.48
|
CAD 8.19
|
CAD 8.25
|
CAD 8.34
|
CAD 8.60
|
European Equities
(per matched notional value)
|
0.255
|
0.255
|
0.262
|
0.262
|
0.267
|
Australian Equities
(per matched notional value)
|
0.169
|
0.173
|
0.173
|
0.173
|
0.173
|
Japanese Equities
(per matched notional value)
|
0.358
|
0.367
|
0.371
|
0.364
|
0.359
|
Global FX (per one
million dollars traded)
|
2.754
|
$2.742
|
$2.772
|
$2.774
|
$2.766
|
EuroCCP Fee per Trade
Cleared
|
0.011
|
0.011
|
0.011
|
0.010
|
0.010
|
EuroCCP Net Fee per
Settlement
|
0.883
|
0.884
|
0.879
|
0.869
|
0.906
|
The above represents average revenue per contract (RPC) or net
capture based on a three-month rolling average. 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 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 Chi-X 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 Chi-X 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. 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
and FX, across North America,
Europe and Asia Pacific. To learn more, visit
www.cboe.com.
Media
Contacts
|
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
1Market Share represents Cboe FX volume
divided by the total volume of publicly reporting spot FX venues
(Cboe FX, EBS, Refinitiv, and Euronext FX).
2The 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,
endorsed or promoted by the Index Sponsor. The Index Sponsor makes
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
therein.
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
Futures, the ability of the Indexes to track relevant markets'
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
to take the needs of any party into consideration in determining,
composing or calculating the Indexes. No party purchasing or
selling Cboe® iBoxx® iShares® $ High Yield Corporate Bond Index
Futures or Cboe® iBoxx® iShares® $ Investment Grade Corporate Bond
Index Futures, nor the Index Sponsor, shall have any liability to
any party for any act or failure to act by the Index Sponsor in
connection with the determination, adjustment, calculation or
maintenance of the Indexes. iBoxx® is a service mark of IHS Markit
Limited.
The iBoxx® iShares® $ High Yield Corporate Bond Index and the
iBoxx® iShares® $ Investment Grade Corporate Bond Index (the
"Indexes") and futures contracts on the Indexes ("Contracts") are
not sponsored by, or sold by BlackRock, Inc. or any of its
affiliates (collectively, " BlackRock"). BlackRock makes no
representation or warranty, express or implied to any person
regarding the advisability of investing in securities, generally,
or in the Contracts in particular. Nor does BlackRock make any
representation or warranty as to the ability of the Index to track
the performance of the fixed income securities market, generally,
or the performance of HYG, LQD or any subset of fixed income
securities.
BlackRock has not calculated, composed or determined the
constituents or weightings of the fixed income securities that
comprise the Indexes ("Underlying Data"). BlackRock is not
responsible for and has not participated in the determination of
the prices and amounts of the Contracts, or the timing of the
issuance or sale of such Contracts or in the determination or
calculation of the equation by which the Contracts are to be
converted into cash (if applicable). BlackRock has no obligation or
liability in connection with the administration or trading of the
Contracts. BlackRock does not guarantee the accuracy or the
completeness of the Underlying Data and any data included therein
and BlackRock shall have no liability for any errors, omissions or
interruptions related thereto.
BlackRock makes no warranty, express or implied, as to
results to be obtained by Markit or its affiliates, the parties to
the Contracts or any other person with respect to the use of the
Underlying Data or any data included therein. BlackRock makes no
express or implied warranties and expressly disclaims all
warranties of merchantability or fitness for a particular purpose
or use with respect to the Underlying Data or any data included
therein. Without limiting any of the foregoing, in no event shall
BlackRock have any liability for any special, punitive, direct,
indirect or consequential damages (including lost profits)
resulting from the use of the Underlying Data or any data included
therein, even if notified of the possibility of such
damages.
iShares® is a registered trade mark of BlackRock Fund
Advisors and its affiliates.
Cboe®, Cboe Global Markets®, Cboe Volatility
Index®, and VIX® are registered trademarks and
Cboe Futures ExchangeSM is a service
mark of Cboe Exchange, Inc. or its affiliates. Standard
& Poor's®, S&P®, 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,
MSCI, FTSE Russell, IHS Markit, or BlackRock. 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 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, 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.