• All business lines post year-over-year increases: Options ADV up 69%, Futures up 35%, U.S. Equities up 129%, European Equities up 29% and Global FX up 43%
• Cboe's four options exchanges combined set a new monthly ADV record with nearly 12 million contracts traded
• S&P 500 Index (SPX) options set a new monthly total volume record with more than 43.4 million contracts traded
• Cboe Volatility Index (VIX) options and futures ADV up 112% and 36% year-over-year, respectively
• Cboe FX set a new monthly ADNV record with nearly $55 billion in notional value

Cboe Global Markets, Inc. (Cboe: CBOE), one of the world's largest exchange holding companies, today reported March monthly trading volume.

The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of March and year-to-date 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.

ADV= average daily volume
ADNV= average daily notional value

March 2020 Volume Highlights
Options

• Cboe Global Markets' four options exchanges (C1, C2, BZX and EDGX) combined set a new all-time monthly average daily volume (ADV) record with nearly 12 million contracts traded per day.
• The four options exchanges had the highest combined single-day volume of all-time on Thursday, March 12, with more than 16.7 million contracts traded.
• C1 Options Exchange set a new monthly total volume record with more than 148 million contracts traded.
• BZX Options Exchange set a new all-time monthly ADV record with more than 3.5 million contracts traded. The exchange also saw its highest single-day volume of all-time on Thursday, March 12, with more than 5.3 million contracts traded.
• EDGX Options Exchange set a new all-time monthly ADV record with more than 1 million contracts traded.
• S&P 500 Index (SPX) options set a new all-time monthly total volume record with more than 43.4 million contracts traded. ADV was up 62 percent over March 2019.
• ADV in options on the Cboe Volatility Index (VIX) during March was 1.18 million contracts, up 112 percent over the 556,214 contracts traded per day in March 2019.

Futures

• ADV in futures on the VIX at Cboe Futures Exchange (CFE) during March was 342,162 contracts, up 36 percent over the 252,129 contracts traded per day in March 2019.

U.S. Equities

• Cboe Global Markets' four U.S. equities exchanges (BZX, BYX, EDGX and EDGA) saw nearly 2.7 billion shares traded per day in March, up 129 percent over the 1.18 billion shares in March 2019.

European Equities

• Cboe LIS, Cboe Europe's block trading platform, reported record average daily notional value (ADNV) traded of €571 million in March, up 112 percent over the €269 million ADNV traded in March 2019.
• Cboe Periodic Auctions reported record ADNV traded of €1.7 billion in March, up 131 percent over the €726 million ADNV traded in March 2019.

Global FX

• Global FX set a new all-time monthly record with nearly $55 billion in notional value (ADNV).
• Full Amount ADNV reached a new all-time monthly high with $12 billion in notional value.

First-Quarter 2020 RPC/Net Revenue Capture Guidance
Options
The company currently expects RPC for total options for the first quarter of 2020 to be 6.0 to 7.0 percent higher than the amounts noted below for the two months ended February 29, 2020, primarily reflecting a higher percentage of volume from index options in March compared to the two-month average. The RPC for multi-listed options for the first quarter is expected to be 1.5 to 2.5 percent above the two-month average, due in part to a mix shift, with ETFs accounting for a higher percentage of total volume. The RPC for index options is expected to be 1.5 to 2.5 percent above the two-month average noted below, reflecting a mix shift by order execution and type, as well as the impact of a fee increase for SPX options implemented on February 2.

Futures
The RPC for futures in the first quarter of 2020 is expected to be 0.5 to 1.5 percent above the two-month average noted below, reflecting lower volume-related rebates in March.

U.S. Equities
The revenue capture for U.S. Equities for the first quarter of 2020 is expected to be 7.0 to 8.0 percent above the two-month average noted below, reflecting a mix shift in volume.

European Equities
The revenue capture for European Equities for the first quarter of 2020 is expected to be 5.5 to 6.5 percent below the two-month average noted below, reflecting the net impact of volume-based tiers on March's higher volume. 

Global FX
The revenue capture for Global FX for the first quarter of 2020 is expected to be 1.0 to 2.0 percent below the two-month average noted below, reflecting the impact of higher volumes in March. 

These expectations are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended March 31, 2020, will not differ materially from these expectations.

The following represents average RPC and met revenue capture based on a two-month and a three-month rolling average, reported on a one-month lag. The average RPC represents total transaction fees for C1, C2, BZX and EDGX Options Exchanges and CFE recognized for the period divided by total contracts traded during the period. For U.S. Equities, "net capture per 100 touched shares" refers to annual 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 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 exchange fee rates, volume-based discounts and transaction mix by contract type and product type.