Cboe reported record equities revenue in Q2, up 10% year-on-year (YoY) to US$513.8 million.
Total equities revenue was up 10% YoY to US$152.6 million. Growth was strongest in European and APAC equities, increasing by 15% to US$54.3 million, while North American equities saw a more tentative 8% hike YoY.
However, this still marked record net revenue for North American equities, Cboe stated, driven by higher net transaction and clearing fees, proprietary market data fees and access and capacity fees.
Both geographies saw a slip in market share, with Cboe ending the quarter with 11.4% market share in North American equities – opposed to last year’s 12.7%. The firm stated that this was the result of higher off-exchange and closing auction share, although its off-exchange market share also declined. The drop from 19.9% to 17.8% is due to an overall narrowing of market share for alternative trading systems, it noted.
European equities saw a similar story, with Cboe taking 22.5% of the pie this quarter – down 1.3% YoY. Elevated closing auction activity on listing venues and lower lit book market share were key factors in this drop, the firm said.
Cboe’s Australia and Japan businesses garnered more positive results, with market share up by 2.6% and 1.4% YoY respectively. Canada emerged as an outlier to the North American pattern, with market share up by 0.5% YoY.
Commenting on the results, Jill Griebenow, executive vice president of Cboe Global Markets and chief financial officer, said: “We have produced strong results for the first half of 2024 and look forward to delivering durable returns for shareholders in the quarters ahead.”
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