Cboe reports 2023 ADV: spot FX trading at $43.6 billion; NDF trading at $1.1 billion

Rick Steves

Cboe reported Overall Spot ADV of $43.6 billion in 2023, and Cboe SEF Non-Deliverable Forwards ADV of $1.1 billion. US options reached a record high of 3.7 billion contracts in 2023, with a total options ADV of 14.6 million contracts per day.

Cboe Global Markets, Inc. has released its December and full-year 2023 trading volume statistics. Across its global business lines, here are some key highlights:

Average Daily Trading Volume (ADV) by Month:

Multiply-listed options: 10,472 contracts (k), -1.4% change from Dec 2022
Index options: 3,984 contracts (k), 23.7% change from Dec 2022
Futures: 201.1 contracts (k), 5.2% change from Dec 2022
U.S. Equities – On-Exchange: 1,670 million matched shares, 24.2% change from Dec 2022
U.S. Equities – Off-Exchange: 68 million matched shares, -3.0% change from Dec 2022
Canadian Equities: 151,854 thousand matched shares, -0.5% change from Dec 2022
European Equities (€, mn): 8,816, 3.4% change from Dec 2022
Global FX ADNV ($, mn): 45,600, 27.1% change from Dec 2022

December and Full Year 2023 Trading Volume Highlights

US Options: 3.7 billion contracts in 2023, with a record-breaking Total options ADV of 14.6 million contracts per day.
Cboe’s proprietary product suite set records, including S&P 500 Index (SPX) options trading 729.3 million contracts and Cboe Volatility Index (VIX) options trading 185.7 million contracts.

Global FX:

Overall Spot ADV of $43.6 billion in 2023.
Cboe SEF Non-Deliverable Forwards ADV of $1.1 billion.
Fourth-Quarter 2023 RPC/Net Revenue Capture Guidance:

On a year-over-year basis, the ADV numbers released by Cboe FX, formerly Hotspot, illustrated stronger performance, rising by 27 percent when weighed against $35.1 billion a year earlier.‎

Cboe FX Markets is an electronic communication network that caters to the institutional foreign exchange market. It’s a platform where various institutional entities such as banks, hedge funds, and high-frequency traders can engage in currency trading. The acquisition of Hotspot FX by Cboe Global Markets brought this service into the Cboe family, where it has been integrated with Cboe’s suite of trading offerings.

Cboe’s foreign exchange franchise saw its market share at a new all-time high of 19.0 percent in the three months through March compared to 17.3 percent in Q1 2022. According to the update, the record figure was driven by increased client adoption of its diverse set of FX order types and trading protocols.

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