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 contracts
- New monthly overall proprietary index options ADV record of 5.3 million contracts
- New quarterly S&P 500 Index (SPX) options ADV record of 3.6 million contracts
- New monthly SPX options ADV record of 3.9 million contracts
- New single-day SPX options record of 4.8 million contracts, set on March 10
- New 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

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SOURCE Cboe Global Markets, Inc.

Cboe Global Markets Reports Trading Volume for March 2025