Cboe Global Markets, Inc. (Cboe: CBOE) has just reported September monthly trading volume and average revenue per contract (RPC)/net revenue capture data.
For comparability and informational purposes, the table below presents trading volume on a combined basis, as of January 1, 2017, to reflect information pertaining to Bats Global Markets, Inc., which was acquired by Cboe Global Markets, Inc. on February 28, 2017.
Third-Quarter 2018 Selected RPC Guidance
The company currently expects average revenue per contract (RPC) for total Options for the third quarter of 2018 to be in line with the amounts noted below for the two months ended August 31, 2018.
RPC for index options for the third quarter is expected to be 1.5% to 2.5% lower than the two-month average noted below, reflecting a higher mix of VIX options contracts in September relative to the volume mix for the two-months ended August 31, 2018.
RPC for multiply-listed options for the third quarter is expected to be 2% to 3% higher than the two-month average.
The RPC for Futures for the third quarter is expected to be 1% to 2% above the two-month average noted below, primarily reflecting the impact of fee changes implemented on August 1. These expectations are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended September 30, 2018, will not differ materially from these expectations.
The following represents average RPC based on a two-month and a three-month rolling average, reported on a one-month lag. The average RPC represents total transaction fees for Cboe, C2, BZX and EDGX options exchanges and CFE recognized for the period divided by total contracts traded during the period. Average transaction fees per contract can be affected by various factors, including exchange fee rates, volume-based discounts and transaction mix by contract type and product type.
