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Cboe Global Markets (CBOE) Reports Mixed Q1 & March Volumes

·3 min read

Cboe Global Markets CBOE reported mixed average daily volume (ADV) for the first quarter and March 2021. ADV of 12.9 million contracts per day was up 16.9% year over year in the first quarter due to solid performance in Options, partly offset by lower Futures volume. Though U.S. Equities Global Forex increased, European Equities declined. There were 61 trading days in the first quarter of this year.

Total contracts for the first quarter were 788.9 million, up 15% year over year. Of this, Options improved 16.3% to 773.3 million, while Futures decreased 23.9% to 15.6 million. While Options ADV was 12.7 million, Futures ADV was 0.3 million.

Total volumes of U.S. Equities were 134.3 billion shares, up 18% year over year. European Equities reflected a decline of 18.7% year over year to €473.3 billion. Meanwhile, Global FX decreased 15.8% to $2.3 trillion. Total volumes of Canadian Equities traded were 4.4 billion in February while U.S. Equities – Off-Exchange Matched volumes were 6.1 billion shares.

Concurrently, the company reported ADV of 11.8 million contracts for March. ADV dropped 4.1%, attributable to lower volumes in Options as well as Futures. While U.S. Equities Global Forex decreased, European Equities improved 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.

Shares of CBOE Global Markets have gained 7.2% year to date compared with the industry's growth of 5.4%. 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 reported March volumes of $689.6 billion, consisting of $292.6 billion in credit volume and $397.0 billion in rates volume. CME Group CME reported ADV of 21.7 million contracts for March. ADV dropped 32%, attributable to lower volumes across all six product lines. Intercontinental Exchange ICE reported ADV of 6.5 million contracts for March. ADV dropped 30.8%, attributable to lower volumes in Commodities as well as Financials.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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