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NYSE National, Inc. Schedule of Fees and Rebates As of July 1, 2021
NYSE National, Inc. Schedule of Fees and Rebates As Of July 1, 2021 Fees and Credits Applicable to Market Participants • All fee disputes concerning fees billed by the Exchange must be submitted to the Exchange in writing and must be accompanied by supporting documentation. All fee disputes must be submitted no later than sixty (60) days after receipt of a billing invoice. I. Transaction Fees A. Definitions 1. “ADV” means average daily volume. 2. “Adding ADV” means an ETP Holder’s average daily volume of shares executed on the Exchange that provided liquidity. 3. “Adding Liquidity” means the execution of an ETP Holder’s order on the Exchange that provided liquidity. 4. “CADV” means consolidated average daily volume. 5. “Removing Liquidity” means the execution of an ETP Holder’s Aggressing Order, as defined under Rule 7.36(a)(5), or other orders that removed liquidity. 6. “Removing ADV” means an ETP Holder’s average daily volume of shares executed on the Exchange that removed liquidity. 7. “US CADV” means the United States consolidated average daily volume of transactions reported to a securities information processor (“SIP”). Transactions that are not reported to a SIP are not included in the US CADV. B. General • Rebates indicated by parentheses ( ). • For purposes of determining transaction fees and credits based on quoting levels, average daily volume (“ADV”), and consolidated ADV (“CADV”), the Exchange may exclude shares traded any day that (1) the Exchange is not open for the entire trading day, (2) is the date of the annual reconstitution of the Russell Investments Indexes, and/or (3) a disruption affects an Exchange system that lasts for more than 60 minutes during regular trading hours. -
Global Stock Exchange Consolidation and the Battle for TMX
Osler, Hoskin & Harcourt llp 2011 Capital Markets Review Global Stock Exchange Consolidation and the Battle for TMX Between October 2010 and November 2011, eight transactions involving stock exchanges around the world, including Canada, were announced. This latest round of stock exchange consolidation has been driven by a number of factors including increased competition and the globalization of capital markets. Osler represented the london stock exchange group plc on its proposed merger with TMX Group Inc. Canada has been swept up in the global wave of consolidation in the stock exchange sector with the ongoing battle for control of TMX Group Inc. (TMX). TMX’s aborted merger with London Stock Exchange Group plc (LSEG) and the current proposed take-over by Maple Group Acquisition Corporation (Maple) illustrate the trends driving consolidation in the global exchange industry and the political and regulatory challenges posed by stock exchange mergers. Osler, Hoskin & Harcourt llp 2011 Capital Markets Review A Flurry of Deals Between October 2010 and November 2011 the following transactions were announced: Global Stock Exchange Consolidation and the • Singapore Exchange’s (SGX) US$8.8 billion proposed acquisition of Battle for TMX Australian Securities Exchange (ASX), which was ultimately rejected by the Australian government. • Moscow Interbank Currency Exchange’s acquisition of Russian Trading System Stock Exchange. • LSEG’s proposed merger with TMX, which did not proceed when it became clear that the transaction would not receive the requisite approval of two-thirds of TMX shareholders in the face of a competing and currently outstanding bid by Maple, a consortium of 13 of Canada’s leading financial institutions and pension plans. -
WFE IOMA 2018 Derivatives Report
April 2019 WFE IOMA 2018 Derivatives Report 2018 Derivatives Market Survey 1 METHODOLOGY .....................................................................................................................................3 2 2018 IOMA SURVEY HIGHLIGHTS .........................................................................................................4 3 MARKET OVERVIEW ..............................................................................................................................5 4 The global exchange traded derivatives market ..................................................................................7 Volume activity .................................................................................................................................... 7 Asset breakdown ................................................................................................................................ 8 5 Equity derivatives .................................................................................................................................11 Single Stock Options ........................................................................................................................ 11 Single Stock Futures ........................................................................................................................ 13 Stock Index Options ......................................................................................................................... 15 Stock Index Futures ......................................................................................................................... -
Two Market Models Powered by One Cutting Edge Technology
Two Market Models Powered by One Cutting Edge Technology NYSE Amex Options NYSE Arca Options CONTENTS 3 US Options Market 3 US Options Market Structure 4 Traded Volume and Open Interest 4 Most Actively Traded Issues 4 Market Participation 5 Attractive US Options Dual Market Structure 5 NYSE Arca & NYSE Amex Options Private Routing 6-7 NYSE Arca Options - Market Structure - Trading - Market Making - Risk Mitigation - Trading Permits (OTPs) - Fee Schedule 8-10 NYSE Amex Options - Market Structure - Trading - Market Making - Risk Mitigation - Trading Permits (ATPs) - Fee Schedule - Marketing Charge 10 Membership Forms US Options Market The twelve options exchanges: NYSE Arca Options offers a price-time priority trading model and The US Options market is one of the largest, most liquid and operates a hybrid trading platform that combines a state-of-the- fastest growing derivatives markets in the world. It includes art electronic trading system, together with a highly effective options on individual stocks, indices and structured products open-outcry trading floor in San Francisco, CA such as Exchange Traded Funds (ETFs). The US Options market therefore presents a tremendous opportunity for derivatives NYSE Amex Options offers a customer priority trading model traders. and operates a hybrid trading platform that combines an Key features include : electronic trading system, supported by NYSE Universal Trading Twelve US Options exchanges Platform technology, along with a robust open-outcry trading floor at 11 Wall Street in New York, NY Over 4.0 billion contracts traded on the exchanges in 2012 BATS Options offers a price-time priority trading model and Over 15 million contracts traded on average operates a fully electronic trading platform per day (ADV) in 2012 The Boston Options Exchange (BOX) operates a fully electronic Over 3,900 listed equity and index based options market The Penny Pilot Program was approved by the SEC in January The Chicago Board of Options Exchange (CBOE), launched in 2007. -
ESG Report 2021
ESG Report Environmental • Social • Governance 2021 Table of Contents Letter from Ed Tilly _________________________________________________ 4 01 Cboe Business Overview ___________________________________________6 Defining Markets ___________________________________________________8 A Global, Diverse Company __________________________________________8 Guiding Principles and Values _______________________________________10 Our History ______________________________________________________10 Key Business Metrics ______________________________________________11 Promoting Transparent and Efficient Capital Markets _____________________12 02 Industry Leadership _____________________________________________ 14 Highlights _______________________________________________________16 03 Environmental _________________________________________________ 18 Reducing our Environmental Impact __________________________________20 Assumptions and Data Coverage _____________________________________21 ESG Exchange-Traded Products ______________________________________24 Sustainability-Focused Working Groups _______________________________25 2 | TABLE OF CONTENTS CBOE GLOBAL MARKETS | ESG REPORT 04 Social _________________________________________________________ 28 Equal Opportunity, Diversity, and Pay Equity ____________________________30 Diversity and Associate Engagement __________________________________30 Human Capital Management ________________________________________37 COVID-19 _______________________________________________________39 Associate Engagement -
City of Providence, Rhode Island, Et Al. V. Bats Global Markets, Inc., Et Al. 14-CV-02811-[Opinion]
CaseCase 1:14-cv-02811-JMF 15-3057, Document Document 167-1, 12/19/2017, 289 Filed 2197211, 12/19/17 Page1 Page of1 of35 37 15‐3057‐cv N.Y.S.D. Case # City of Providence, et al. v. BATS Global Markets, Inc., et al. 14-md-2589(JMF) 1 2 In the 3 United States Court of Appeals 4 For the Second Circuit 5 ________ USDC SDNY 6 DOCUMENT ELECTRONICALLY FILED 7 AUGUST TERM, 2016 DOC #: _________________ 8 ARGUED: AUGUST 24, 2016 DATE FILED: Dec.______________ 19, 2017 9 DECIDED: DECEMBER 19, 2017 10 11 No. 15‐3057‐cv 12 13 CITY OF PROVIDENCE, RHODE ISLAND, EMPLOYEES’ RETIREMENT 14 SYSTEM OF THE GOVERNMENT OF THE VIRGIN ISLANDS, PLUMBERS AND 15 PIPEFITTERS NATIONAL PENSION FUND, 16 Lead Plaintiffs‐Appellants, 17 STATE‐BOSTON RETIREMENT SYSTEM, 18 Plaintiff‐Appellant, 19 GREAT PACIFIC SECURITIES, 20 on Behalf of Itself and All Others Similarly Situated, 21 Plaintiff, 22 AMERICAN EUROPEAN INSURANCE COMPANY, JAMES J. FLYNN, HAREL 23 INSURANCE COMPANY LTD., DOMINIC A. MORELLI, 24 Consolidated‐Plaintiffs, 25 26 v. 27 28 BATS GLOBAL MARKETS, INC., CHICAGO STOCK EXCHANGE INC., 29 DIRECT EDGE ECN, LLC, NYSE ARCA, INC., NASDAQ OMX BX INC., 30 NEW YORK STOCK EXCHANGE LLC, NASDAQ STOCK MARKET, LLC, 31 Defendants‐Appellees, 32 BARCLAYS CAPITAL INC., BARCLAYS PLC, AND DOES, 1‐5, INCLUSIVE, CERTIFIED COPY ISSUED ON 12/19/2017 CaseCase 1:14-cv-02811-JMF 15-3057, Document Document 167-1, 12/19/2017, 289 Filed 2197211, 12/19/17 Page2 Page of2 of35 37 2 No. 15‐3057‐cv 1 Defendants.1 2 ________ 3 Appeal from the United States District Court 4 for the Southern District of New York. -
Openair@RGU the Open Access Institutional Repository at Robert Gordon University
OpenAIR@RGU The Open Access Institutional Repository at Robert Gordon University http://openair.rgu.ac.uk Citation Details Citation for the version of the work held in ‘OpenAIR@RGU’: SANUSI, M. S., 2015. Market efficiency, volatility behaviour and asset pricing analysis of the oil & gas companies quoted on the London Stock Exchange. Available from OpenAIR@RGU. [online]. Available from: http://openair.rgu.ac.uk Copyright Items in ‘OpenAIR@RGU’, Robert Gordon University Open Access Institutional Repository, are protected by copyright and intellectual property law. If you believe that any material held in ‘OpenAIR@RGU’ infringes copyright, please contact [email protected] with details. The item will be removed from the repository while the claim is investigated. MARKET EFFICIENCY, VOLATILITY BEHAVIOUR AND ASSET PRICING ANALYSIS OF THE OIL & GAS COMPANIES QUOTED ON THE LONDON STOCK EXCHANGE Muhammad Surajo Sanusi A thesis submitted in partial fulfilment of the requirements of the Robert Gordon University for the degree of Doctor of Philosophy June 2015 i Abstract This research assessed market efficiency, volatility behaviour, asset pricing, and oil price risk exposure of the oil and gas companies quoted on the London Stock Exchange with the aim of providing fresh evidence on the pricing dynamics in this sector. In market efficiency analysis, efficient market hypothesis (EMH) and random walk hypothesis were tested using a mix of statistical tools such as Autocorrelation Function, Ljung-Box Q-Statistics, Runs Test, Variance Ratio Test, and BDS test for independence. To confirm the results from these parametric and non-parametric tools, technical trading and filter rules, and moving average based rules were also employed to assess the possibility of making abnormal profit from the stocks under study. -
Cboe Global Markets: Strategic Audit Lambros Karkazis University of Nebraska - Lincoln
University of Nebraska - Lincoln DigitalCommons@University of Nebraska - Lincoln Honors Theses, University of Nebraska-Lincoln Honors Program 4-2019 Cboe Global Markets: Strategic Audit Lambros Karkazis University of Nebraska - Lincoln Follow this and additional works at: https://digitalcommons.unl.edu/honorstheses Part of the Business Administration, Management, and Operations Commons, and the Strategic Management Policy Commons Karkazis, Lambros, "Cboe Global Markets: Strategic Audit" (2019). Honors Theses, University of Nebraska-Lincoln. 152. https://digitalcommons.unl.edu/honorstheses/152 This Thesis is brought to you for free and open access by the Honors Program at DigitalCommons@University of Nebraska - Lincoln. It has been accepted for inclusion in Honors Theses, University of Nebraska-Lincoln by an authorized administrator of DigitalCommons@University of Nebraska - Lincoln. Cboe Global Markets: Strategic Audit An Undergraduate Honors Thesis Submitted in Partial Fulfillment of University Honors Program Requirements University of Nebraska-Lincoln By Lambros Karkazis, BS Computer Science College of Arts and Sciences April 14, 2019 Faculty Mentor: Sam Nelson, Ph.D., Management Abstract This thesis fulfills the requirement for the strategic audit in MNGT 475H/RAIK 476. It provides in depth analysis of Cboe and its competitors, with particular attention given to comparing net income, market cap, and share price. Informed by this analysis, there is discussion of Cboe’s acquisition of BATS, which appears to have had the best impact on share price of any decision made by an exchange operator in the last 5 years. Finally, this thesis provides a strategy recommendation for Cboe moving forward. Keywords: strategy, cboe, ice, nyse, nasdaq, exchange operator Background Securities Trading Cboe Global Markets is an exchange operator. -
Price Discovery in the U.S. Stock Options Market
Price Discovery in the U.S. Stock Options Market YUSIF E. SIMAAN AND LIUREN WU YUSIF E. SIMAAN In the U.S., several exchanges with different market the Securities and Exchange Commission is an associate professor of microstructure designs compete to provide quotes and (SEC) approved a plan to electronically link finance in the Graduate attract order flow on a common set of stock options. the various market centers (the “Linkage School of Business at Fordham University in In this article, we analyze how the different Plan”). The SEC has also adopted more strin- New York, NY. microstructure designs affect the price discovery of gent quoting and disclosure rules on the options [email protected] options quotes and how they alter the flow of options market. The “firm quote” rule was applied to trading activities over time. We find that the fully the options markets on April 1, 2001. LIUREN WU electronic exchange system at the International Secu- At the time of our study, five options is an associate professor of rities Exchange (ISE), where several market makers exchanges compete to provide quotes and economics and finance in the Zicklin School of provide quotes independently and anonymously to attract order flows on a common set of stock Business, Baruch College at compete for order flow within the exchange, generates options: the American Stock Exchange the City University of New options quotes that are the most informative and the (AMEX), the Chicago Board of Options York in New York, NY. most executable, with the narrowest bid–ask spreads. Exchange (CBOE), the International Securi- [email protected] Over time, the ISE’s leading quote quality has ties Exchange (ISE), the Pacific Stock attracted order flow to the exchange, and has com- Exchange (PCX), and the Philadelphia Stock pelled other exchanges to pursue technology Exchange (PHLX). -
Exchanges Index Monthly Analysis
May 2019 FTSE Mondo Visione Exchanges Index Monthly Analysis The FTSE Mondo Visione Exchanges Index is a comprehensive measure of all publicly traded stock exchanges and trading floors: ASX Intercontinental Exchange B3 SA Japan Exchange Group Bolsa Mexicana de Valores SA Johannesburg Stock Exchange Ltd Bolsa y Mercado Espanoles London Stock Exchange Group BSE Moscow Exchange Bulgarian Stock Exchange - Sofia Multi Commodity Exchange of India Bursa de Valori Bucuresti SA Nairobi Securities Exchange Bursa Malaysia Nasdaq Cboe Global Markets NZX Ltd CME Group Philippine Stock Exchange Deutsche Bourse Singapore Exchange Ltd Dubai Financial Market TMX Group Euronext Warsaw Stock Exchange Hellenic Exchanges SA Zagrebacka Burza dd Hong Kong Exchanges and Clearing Ltd INDEX VALUE Index Value 31/05/2019 54731.15 30/04/2019 53937.62 Closing all-time high - 30 May 2019 54806.26 Source: FTSE Group, data as at 31 May 2019 PERFORMANCE Capital Return YTD (USD%) 10.8 1M (USD%) 1.5 12M (USD%) 9.7 Source: FTSE Group, data as at 31 May 2019 CONSTITUENT MARKET CAPITALISATION AND CAPITAL RETURN RANKED BY 1 MONTH PERFORMANCE (USD TERMS) Constituent Name Country Net Market Cap 1M Performance (%) YTD Performance 12M Performance (USDm) (%) (%) CME Group USA 67,832 7.4 2.1 17.9 B3 SA Brazil 18,411 7.1 35.1 59.8 Cboe Global Markets USA 12,101 6.8 10.9 11.3 Hellenic Exchanges SA Greece 295 5.4 25.1 -5.6 TMX Group Limited Canada 3,662 5 28.8 6.4 Deutsche Boerse Germany 25,100 3.5 14.9 3.3 JSE South Africa 853 3.4 -12.1 -29.4 Philippine Stock Exchange Philippines 301 2.4 3.6 -10.2 Euronext France 4,940 2.2 23.4 11.8 S.C. -
Bats Global Markets, Inc. | 8050 Marshall Drive, Suite 120 | Lenexa, KS 66241
BZX Information Circular 17-021 EDGA Information Circular 17-021 BYX Information Circular 17-021 EDGX Information Circular 17-021 Date: February 15, 2017 Re: WisdomTree Global ex-Mexico Equity Fund Pursuant to the Rules of Bats BZXExchange, Inc. (“BZX”), Bats BYX Exchange, Inc. (“BYX”), Bats EDGA Exchange, Inc. (“EDGA”) and Bats EDGX Exchange, Inc. (“EDGX”, each such exchange referred to hereafter as “Bats” or the “Exchange” and together with BZX, BYX and EDGA, the “Exchange”), this Information Circular is being issued to advise you that the following securities have been approved for trading pursuant to unlisted trading privileges (“UTP”) on the Exchange as UTP Derivative Securities pursuant to Chapter XIV of the Exchange’s Rules. Securities (the “Fund”) Symbol WisdomTree Global ex-Mexico Equity Fund XMX Commencement of Trading on the Exchange: February 16, 2017 Issuer/Trust: WisdomTree Trust Issuer/Trust Website: www.wisdomtree.com Primary Listing Exchange: NYSE Arca Compliance and supervisory personnel should note that, among other things, this Information Circular discusses the need to deliver a prospectus to customers purchasing shares of the Fund (“Shares”) issued by WisdomTree Trust (“Trust”). Please forward this Information Circular to other interested persons within your organization. The purpose of this information circular is to outline various rules and policies that will be applicable to trading in these new products pursuant to the Exchange’s unlisted trading privileges, as well as to provide certain characteristics and features of the Shares. For a more complete description of the Issuer, the Shares and the underlying market instruments or indexes, visit the Issuer Website, consult the Prospectus available on the Issuer Website or examine the Issuer Registration Statement or review the most current information bulletin issued by the Primary Listing Exchange. -
News Release Page 1 of 12
1 of 12 News Release Page 1 of 12 Cboe Global Markets Reports 2020 Fourth Quarter and Full Year Results Fourth Quarter and Full Year Highlights* • Diluted EPS of $0.81 for the quarter and $4.27 for the year, Up 28 percent for the year • Adjusted diluted EPS¹ of $1.21 for the quarter and $5.27 for the year, Up 11 percent for the year • Net revenue of $307 million for the quarter and $1.3 billion for the year, Up 10 percent for the year • Returned $520 million to shareholders through share repurchases and dividends for the year • For 2021, the company is expecting net revenue contribution from recent acquisitions to be in a range of 4 to 6 percentage points. The company also targets mid-term organic net revenue growth in a range of 4 to 6 percentage points² • For 2021, adjusted operating expenses expected to be in the range of $531 to $539 million² • Board of Directors authorizes up to an additional $200 million for share repurchase program CHICAGO, IL – February 5, 2021 - Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the 2020 fourth quarter and full year. “I’m pleased to report that Cboe posted solid fourth quarter and strong full year 2020 results, including 10 percent net revenue growth and 11 percent adjusted EPS growth for the year, despite an unprecedented macro environment. We continued to execute on our ongoing strategy to leverage product innovation and superior technology, expand our customer base and diversify our business mix with recurring revenue,” said Edward T.