CBOE Posts Record ADV in February, Continues Strong Start to 2018

Building on a record breaking ADV in January, the CBOE saw the record broken again the following month.

The FX subsidiary of the Chicago Board Options Exchange (CBOE) continued its strong beginning to the new year, reaching a record ADV in February after having reached strong numbers in the preceding month as well.

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Trading volumes surpassed $884 billion during the month of February, dropping 5.7% from January levels of $937 billion. However, the numbers are still vastly improved relative to February 2017. February’s monthly trading volume was up 63.9% YoY, from last February’s volume of $539.6 billion.

While the total volume numbers initially appear lower than January’s record heights of over $937 billion, February only had 20 trading days relative to January’s 22. Therefore, ADV came in at a record $44.2 billion, climbing 3.7% from January, and further illustrating the prevalent momentum of the CBOE’s FX subsidiary. ADV in January was also a record at the time, when the CBOE announced it reached $42.6 billion in average daily trading volume.

For comparative purposes, last February’s ADV was significantly lower at just under $27 billion, recording the same 63.9% YoY increase as mentioned earlier.

The CBOE has seen many of its financial numbers improve as of late. The exchange released its full year financial report earlier this year, highlighted by improved net revenues, which climbed 86% YoY to reach $256.6 million.

The CBOE’s surge in volume began last year. The exchange posted record volumes in Q4 2017, and the trend has carried over into 2018. Moreover, the exchange’s options and futures volumes increased by more than 10% over the course of 2017, despite the relative underperformance of equities throughout the year.

As 2018 has gotten off to such a scorching start, the CBOE will surely look to maintain this positive momentum. One of the more publicly discussed moves by the exchange was the launch of Bitcoin futures toward the end of last year, as the exchange adhered to global demand for cryptocurrencies.

While there are rumors that the CBOE is considering adding Ethereum and Litecoin futures as well, there has been no confirmation of a time estimate to when this might occur.

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