CHICAGO, April 3, 2025 /PRNewswire/ — Cboe Global Markets, Inc. (Cboe: CBOE), the world’s leading derivatives and securities exchange network, today reported March trading volume statistics across its global business lines and provided guidance for selected revenue per contract/net revenue capture metrics for the first quarter of 2025.
The data sheet “Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report” contains an overview of certain March 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
Mar
2025
Mar
2024
%
Chg
Feb
2025
%
Chg
Mar
2025
Mar
2024
%
Chg
Multiply-listed options (contracts, k)
13,529
10,570
28.0 %
13,556
-0.2 %
13,412
10,744
24.8 %
Index options (contracts, k)
5,270
4,057
29.9 %
4,469
17.9 %
4,771
4,089
16.7 %
Futures (contracts, k)
285
217
31.3 %
241
18.1 %
250
220
13.4 %
U.S. Equities – On-Exchange (matched shares, mn)
1,617
1,464
10.5 %
1,673
-3.4 %
1,642
1,510
8.7 %
U.S. Equities – Off-Exchange (matched shares, mn)
92
81
13.6 %
97
-5.2 %
91
82
10.4 %
Canadian Equities (matched shares, k)
153,961
159,704
-3.6 %
166,261
-7.4 %
159,593
146,253
9.1 %
European Equities (€, mn)
16,422
10,248
60.3 %
13,718
19.7 %
13,818
9,918
39.3 %
Cboe Clear Europe Cleared Trades (k)
157,411
96,734
62.7 %
131,723
19.5 %
412,072
294,326
40.0 %
Cboe Clear Europe Net Settlements (k)
1,130
828
36.5 %
1,021
10.6 %
3,201
2,525
26.8 %
Australian Equities (AUD, mn)
900
814
10.5 %
914
-1.6 %
820
765
7.2 %
Japanese Equities (JPY, bn)
312
357
-12.8 %
335
-7.0 %
324
316
2.5 %
Global FX ($, mn)
54,784
47,346
15.7 %
50,699
8.1 %
51,926
45,256
14.7 %
March and First Quarter 2025 Trading Volume Highlights
U.S. Options
Total volume across Cboe’s four options exchanges in the first quarter achieved an all-time high of 1.1 billion contracts, with an ADV of 18.2 million contracts traded, and included a multiply-listed options ADV record of 13.4 million contracts.In March, ADV across Cboe’s four options exchanges hit a monthly record of 18.8 million contracts traded.Cboe’s proprietary product suite set several new trading volume records for the month and quarter, including:New quarterly overall proprietary index options ADV record of 4.8 million contractsNew monthly overall proprietary index options ADV record of 5.3 million contractsNew quarterly S&P 500 Index (SPX) options ADV record of 3.6 million contractsNew monthly SPX options ADV record of 3.9 million contractsNew single-day SPX options record of 4.8 million contracts, set on March 10New quarterly XSP (Mini-SPX) options ADV record of 105 thousand contracts
European Equities
In March, Cboe Europe achieved a record high average daily notional value (ADNV) during continuous trading of €16.2 billion.Cboe BIDS Europe, Cboe’s European block trading platform, reported a monthly ADNV record of €836.0 million.
Global FX
Global FX reported a record monthly Spot Full Amount ADNV of $15.9 billion.
First-Quarter 2025 RPC/Net Revenue Capture Guidance
The projected RPC/net capture metrics for the first quarter of 2025 are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended March 31, 2025, will not differ materially from these projections.
(In USD unless stated otherwise)
Three-Months Ended
Product:
1Q Projection
Feb-25
Jan-25
Dec-24
Multiply-Listed Options (per contract)
$0.067
$0.063
$0.064
$0.064
Index Options
$0.908
$0.913
$0.904
$0.905
Total Options
$0.288
$0.278
$0.277
$0.281
Futures (per contract)
$1.743
$1.756
$1.760
$1.765
U.S. Equities – Exchange (per 100 touched shares)
$0.014
$0.015
$0.016
$0.018
U.S. Equities – Off-Exchange (per 100 touched shares)
$0.117
$0.120
$0.124
$0.126
Canadian Equities (per 10,000 touched shares)
CAD 4.294
CAD 3.921
CAD 3.920
CAD 4.008
European Equities (per matched notional value)
0.252
0.261
0.263
0.261
Australian Equities (per matched notional value)
0.156
0.154
0.153
0.154
Japanese Equities (per matched notional value)
0.243
0.241
0.231
0.233
Global FX (per one million dollars traded)
$2.810
$2.811
$2.767
$2.724
Cboe Clear Europe Fee per Trade Cleared
€ 0.008
€ 0.008
€ 0.008
€ 0.008
Cboe Clear Europe Net Fee per Settlement
€ 0.950
€ 0.988
€ 0.997
€ 1.002
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 Cboe Canada and the number of trading days for the period and includes revenue.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 trading fee relief 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 and FX 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 Media Contacts
Cboe 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
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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.
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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; increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our global operations, 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 our clearinghouses; 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 our business interests and our regulatory responsibilities; the loss of key customers or a significant reduction in trading or clearing volumes by key customers; 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 accuracy of our estimates and expectations; and litigation risks and other liabilities. 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, 2024 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.
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