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Cboe Global Markets (CBOE) Reports Mixed Q2 & June Volumes
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Cboe Global Markets (CBOE - Free Report) reported mixed average daily volume (ADV) for the second quarter and June 2021. ADV of 12.1 million contracts per day was up 14.5% year over year in the second quarter due to solid performance in Options, partly offset by lower Futures volume. U.S. Equities Global Forex, European Equities declined. There were 124 trading days in the second quarter of this year.
Total contracts for the second quarter were 1.5 billion, up 13.6% year over year. Of this, Options improved 14% to 1.5 billion, while Futures decreased 1.5% to 29.1 million. While Options ADV was 11.8 million, Futures ADV was 0.2 million.
Total volumes of U.S. Equities were 229.2 billion shares, down 4% year over year. European Equities reflected a decline of 4.8% year over year to €933 billion. Meanwhile, Global FX decreased 8.1% to $4.4 trillion. Total volumes of Canadian Equities traded were 7.4 billion in the second quarter while U.S. Equities – Off-Exchange Matched volumes were 10.8 billion shares.
Concurrently, the company reported ADV of 12.2 million contracts for June. ADV increased 12.6%, attributable to higher volumes in Options, partly offset by lower volumes in Futures. U.S. Equities Global Forex and European Equities decreased in the month.
Nonetheless, Cboe Global is likely to continue witnessing solid average daily volumes, given its compelling product portfolio, which drives transaction fees that account for the lion’s share of total operating revenues. It plans to invest approximately $25 million in organic growth initiatives in 2021.
This Zacks Rank #3 (Hold) derivatives exchange in the United States has a strong market position and global reach with strength in its proprietary products, primarily SPX options, VIX options and VIX futures.
With respect to revenues per contract (RPC), Cboe Global estimates second-quarter Options RPC to be 3%-4% for the two months ended May 31, 2021 average, largely driven by 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.
RPC for Futures is expected to be in line with the two-month ended May 31 average.
Shares of CBOE Global Markets have gained 26.1% year to date compared with the industry's growth of 15.1%. Diversified product portfolio, compelling growth, expense synergies, increasing transaction fees and solid liquidity position are likely to help shares sustain the momentum.
Image Source: Zacks Investment Research
Recently, MarketAxess Holdings (MKTX - Free Report) reported June volumes of $567 billion, consisting of $122.1 billion in credit volume and $327.5 billion in rates volume. CME Group (CME - Free Report) reported ADV of 18.4 million contracts for June. ADV improved 7%, attributable to higher volumes in four product lines. Intercontinental Exchange (ICE - Free Report) reported ADV of 5.9 million contracts for June. ADV increased 12.1%, attributable to higher volumes in Commodities as well as Financials.
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Cboe Global Markets (CBOE) Reports Mixed Q2 & June Volumes
Cboe Global Markets (CBOE - Free Report) reported mixed average daily volume (ADV) for the second quarter and June 2021. ADV of 12.1 million contracts per day was up 14.5% year over year in the second quarter due to solid performance in Options, partly offset by lower Futures volume. U.S. Equities Global Forex, European Equities declined. There were 124 trading days in the second quarter of this year.
Image Source: Zacks Investment Research
Total contracts for the second quarter were 1.5 billion, up 13.6% year over year. Of this, Options improved 14% to 1.5 billion, while Futures decreased 1.5% to 29.1 million. While Options ADV was 11.8 million, Futures ADV was 0.2 million.
Total volumes of U.S. Equities were 229.2 billion shares, down 4% year over year. European Equities reflected a decline of 4.8% year over year to €933 billion. Meanwhile, Global FX decreased 8.1% to $4.4 trillion. Total volumes of Canadian Equities traded were 7.4 billion in the second quarter while U.S. Equities – Off-Exchange Matched volumes were 10.8 billion shares.
Concurrently, the company reported ADV of 12.2 million contracts for June. ADV increased 12.6%, attributable to higher volumes in Options, partly offset by lower volumes in Futures. U.S. Equities Global Forex and European Equities decreased in the month.
Nonetheless, Cboe Global is likely to continue witnessing solid average daily volumes, given its compelling product portfolio, which drives transaction fees that account for the lion’s share of total operating revenues. It plans to invest approximately $25 million in organic growth initiatives in 2021.
This Zacks Rank #3 (Hold) derivatives exchange in the United States has a strong market position and global reach with strength in its proprietary products, primarily SPX options, VIX options and VIX futures.
With respect to revenues per contract (RPC), Cboe Global estimates second-quarter Options RPC to be 3%-4% for the two months ended May 31, 2021 average, largely driven by 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.
RPC for Futures is expected to be in line with the two-month ended May 31 average.
Shares of CBOE Global Markets have gained 26.1% year to date compared with the industry's growth of 15.1%. Diversified product portfolio, compelling growth, expense synergies, increasing transaction fees and solid liquidity position are likely to help shares sustain the momentum.
Recently, MarketAxess Holdings (MKTX - Free Report) reported June volumes of $567 billion, consisting of $122.1 billion in credit volume and $327.5 billion in rates volume. CME Group (CME - Free Report) reported ADV of 18.4 million contracts for June. ADV improved 7%, attributable to higher volumes in four product lines. Intercontinental Exchange (ICE - Free Report) reported ADV of 5.9 million contracts for June. ADV increased 12.1%, attributable to higher volumes in Commodities as well as Financials.
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