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Cboe Global Markets’ November Average Daily Volume Dips

Zacks

Cboe Global Markets, Inc. CBOE recently announced that the average daily volume (ADV) for November dipped 0.6% year over year to 7.7 million contracts. The month had 21 trading days in total.

Total contracts for November were 161.6 million, declining 0.6% year over year. Of this, options contracts decreased 1.1% to 155.3 million while futures contracts improved 11.6% to 6.3 million. Options ADV was 7.4 million and Futures ADV was 0.3 million.

CBOE Global Markets has been witnessing a rise in trading volumes over a considerable period of time, largely supported by increasing transaction fees and in turn, boosting revenue growth.

We believe this Zacks Rank #3 (Hold) options exchange will be able to retain the revenue momentum in the coming quarters, backed by a strong market position, global reach, prudent acquisitions and a robust portfolio of proprietary products. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Subsequently, ADV of the U.S. Equities Matched came in at 1.2 billion shares in November, down 23.4% from the year-ago month. While the European Equities Matched reflected a decline of 8.4% year over year to €9.7 billion. Interestingly, the Global FX Matched climbed 11.8% to nearly $34 billion.

Shares of CBOE Global Markets have significantly outperformed the industry, year to date. The stock has surged 67.5% compared with the industry’s increase of 31.3%. We expect both bottom- and top-line improvement along with diversified product portfolio and expansion moves to fuel growth as well as drive shares higher.



Recently, securities exchanges CME Group Inc. CME, Intercontinental Exchange, Inc. ICE and MarketAxess Holdings Ltd. MKTX have also reported their respective November volumes. While Intercontinental Exchange’s average daily volume declined 6.2% to 5.4 million contracts, MarketAxess has reported a trading volume of $125.3 billion this month. Plus, CME Group’s contracts per day averaged at 18 million, down 14% year over year.

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