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Cboe Global Markets August Volumes Fall Y/Y, Shares Rise


Shares of Cboe Global Markets, Inc. CBOE gained 1.4% in the last trading session after it reported solid average daily volume (ADV) for August 2018. Total ADV of 7.1 million contracts declined nearly 5% year over year. However, the same improved 6.8% over July 2018 figure.

Total contracts for August were 162.5million, having dropped 5% year over year. Of this, options contracts decreased 3.2% to 161.9 million while futures contracts plunged 36.4% to 9.2 million. Options ADV was 6.8 million and Futures ADV was 0.4 million.

Subsequently, ADV of the U.S. Equities Matched came in at 25 billion shares, down 5.8% year over year. Interestingly, European Equities Matched reflected an 11.1% improvement year over year to €205.6 billion whereas Global FX Matched climbed 28.8% to nearly $802.1 billion.

CBOE Global Markets has been witnessing solid trading volumes over a considerable period of time, largely supported by increasing transaction fees and in turn, boosting revenue growth. Contribution from Bats buyout as well as higher net transaction fees and market data revenues have aided 45% growth in volumes in the first half of 2018.

Shares of CBOE Global Markets have underperformed the industry year to date. The stock has lost 16.3% versus the industry’s rally of 11.3%. Nonetheless, the company’s solid market position and a global reach with diversified portfolio and strength in its proprietary products, primarily SPX options, VIX options and VIX futures should help the shares trend higher.

Recently, securities exchanges, namely CME Group Inc. CME, Nasdaq Inc. NDAQ and MarketAxess Holdings Ltd. MKTX also reported respective volumes. Nasdaq posted a 10.5% increase in options volume, registering 154.6 million contracts. While MarketAxess reported a trading volume of $124.4 billion for August comprising $66.1 billion in U.S. high-grade volume, $53.3 billion in other credit volume and $5 billion in liquid products volume. CME Group’s ADV of 15.9 million contracts per day remained flat year over year.

CBOE Global Markets carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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