Zacks Investment Research | Jan 07, 2018 08:55PM ET
Shares of Cboe Global Markets, Inc. (NASDAQ:CBOE) gained 2.9% in the last trading session after it reported solid average daily volume (ADV) for 2017. Total ADV of 7.2 million contracts improved nearly 11% over 2016.
Total contracts for 2017 were 1.8 billion, having improved 12.5% year over year. Of this, options contracts decreased 10.4% to 1.7 billion while futures contracts improved 23% to 74 million. Options ADV was 6.9 million and Futures ADV was 0.3 million.
Subsequently, ADV of the U.S. Equities Matched came in at 1.2 billion shares in 2017, down 18.1% from 2016 while the European Equities Matched reflected a decline of 10.7% year over year to €9.4 billion. Interestingly, the Global FX Matched climbed 9.8% to nearly $29.6 billion.
The company announced ADV in index options trading at both Cboe Options Exchange and C2 Options Exchange besides the same in S&P 500 index (SPX) options trading at Cboe, marking an all-time high for the fifth consecutive year.
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 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 industry in a year. The stock has soared 71.2% compared with the industry’s surge of 31%. We expect both bottom and top-line improvements along with a diversified product portfolio and expansion moves to fuel growth as well as drive the shares higher.
Recently, securities exchanges CME Group Inc. (NASDAQ:CME) , Intercontinental Exchange, Inc. (NYSE:ICE) and MarketAxess Holdings Ltd. (NASDAQ:MKTX) have also reported their respective volumes. While Intercontinental Exchange’s average daily volume increased 5% to 5.1 million contracts, MarketAxess has reported a trading volume of $104.4 billion for December 2017. CME Group’s ADV of record of 15.9 million contracts per day declined 2% year over year.
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