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Cboe Global (CBOE) Posts Strong May Volumes, Shares Gain

Zacks Equity Research

Shares of Cboe Global Markets, Inc. CBOE were up 0.4% in the last couple of trading sessions after the company reported solid volumes for May 2019. Total ADV of 8.5 million contracts improved 21.6% year over year driven by solid performance across Options and Futures. However, U.S. Equities, European Equities and global forex witnessed decline.

Total contracts for the month were nearly 186.1 million, up nearly 21.6% year over year. Of this, Options contracts declined 20.9% to 178.5 million while Futures increased 40.3% to 7.5 million. Options ADV was 8.1 million whereas Futures ADV was 0.3 million.

Total volumes of U.S. Equities came in at 25.2 billion shares, down 8.5% year over year. European Equities reflected a 22.5% deterioration year over year to €186.9 billion whereas Global FX fell 19.2% to $760.2 billion.

Nonetheless, CBOE Global should continue witnessing solid average daily volumes given its compelling product portfolio. This drives transaction fees, which accounts for the lion’s share of total operating revenues.

The 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. The company is also exploring new markets like the Middle East, Scandinavia and Asia, while pursuing jurisdictional approval in more established markets, including Switzerland and Israel.  

The company updates its diverse service offerings, makes technological advances from time to time abd offers a strategic economic market model in order to remain competitive amid changing industry dynamics.

Shares of CBOE Global Markets have slightly outperformed the industry year to date. The stock has rallied 13.8% compared with the industry’s increase of 13.7%.


Recently, securities exchanges, namely Nasdaq Group Inc. NDAQ, MarketAxess Holdings Ltd. MKTX and CME Group Inc. CME also posted their respective monthly volumes.

Nasdaq’s U.S. equity options volume increased 10% year over year to 154 million contracts, European options and futures volume increased 14.5% year over year to 8.7 million contracts. MarketAxess reported trading volume of $174 billion for May. Total volume included $89.3 billion in U.S. high-grade volume, $80.6 billion in other credit volume and $4.1 billion in liquid products volume. CME Group reported average daily volumes increase of 19% year over year to 23.9 million contracts per day on higher volumes across four product lines.

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