Cboe Global Markets, Inc., a leading provider of global market infrastructure and tradable products, 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 % |
| Canadian 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. Cboe Clear Europe figures are totals (not ADV) for the months and years-to-date.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 |
Source: Cboe
