Derivative and equity market operator, Cboe, reported record net revenue for the 2023 full year of US$1.9 billion, a 10% increase on the previous year, supported by record net revenue for Q4 2023 of US$499 million, a 9% increase YoY.
In Q4 2023, the firm saw derivatives markets organic net revenue increase 18% YoY. Options average daily volume increased to a record 14.9 million contracts, driven by a 24% increase in index options.
Equities net revenue stood at US$86.3 million in Q4 2023, representing a 10% decrease YoY, reflecting lower net transaction and clearing fees.
Options net revenue in Q4 2023 was US$314.5 million, up 15% YoY. Futures net revenue of US$32.4 million increased 21% compared to the fourth quarter of 2022.
Europe and APAC net revenue of US$48 million increased by 9% YoY in Q4 2023, reflecting double-digit non-transaction revenue growth led by higher market data fees, access and capacity fees, and other revenue.
CEO Fredric Tomczyk said on the 2 February results call that the results were driven by record derivatives trading volumes, growth of the data and access solutions business and disciplined expense management.
Jill Griebenow, chief financial officer and chief accounting officer at Cboe Global Markets, said on the call: “Derivative trends were strong throughout 2023 with net revenues growing 21% for the full year. Data and access solutions delivered solid growth with net revenue up 9% in 2023, while cash and spot markets declined given a challenging volume backdrop for global cash equity markets.”
©Markets Media Europe 2024
