DOCSLIB.ORG

Coverage List

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Coverage List AMERICAS NSP (Network ServiCe Provider) Data Vendor EXCHANGE Market RAW Market Data Order Routing RAW Data Normalized Data BGC Financial Fenics USTreasuries BIMP - Central Limit Order Book (1307:FEN) Y Y Y Fenics USTreasuries - Block Book (1308:FEO) Y Y Y BOX BOX Options (1253:BOX) Y Cboe Global Markets Cboe BYX (1008:BYX) * Y Cboe BZX (1009:BZX) Y Y Y Cboe BZX Options (1245:BAT) Y Y Y Cboe C2 (1249:CBR) Y Cboe C2 CSM BBO (1249:CBR) Y Cboe CSM BBO (1247:CBP) Y Cboe CSM Complex Order Book (1248:CBQ) Y Cboe CSM Depth of Book (1259:CBS) Y Cboe CSMI (Indices) (1124:CBI) Y Cboe EDGA (1031:DEA) * Y Cboe EDGX (1117:DEX) Y Y Y Cboe EDGX Options (1246:BAU) Y Y Y Cboe Futures Exchange (1123:CBE) Y Y Y Cboe Futures Exchange CSM BBO (1260:CBT) Y Y Y Cboe Futures Exchange CSM Depth of Book (1261:CBU) Y Y Y Cboe Market Interface (CMI) (1247:CBP) Y CME Group Chicago Board of Trade CBOT (1022:CBO) Y Y Y Y Chicago Mercantile Exchange CME (1027:CME) Y Y Y Y New York Mercantile Exchange NYMEX (1069:NYM) Y Y Y Y NY Commodity Exchange COMEX (1141:COM) Y Y Y Y Korea Exchange Futures (CME night session) - Derivatives A (1076:NOI) Y NYSE CTA Network A NBBO and Regionals (1029:CTA ; 1277:CTE) Y Y Y CTA Network B NBBO and Regionals (1030:CTB; 1278:CTF) Y Y Y NYSE (1133:NYF) * Y NYSE Arca BBO (1266:NYU) Y Y Y Y NYSE Arca Integrated (1003:ARI) * Y ICE ICE Futures EU Commodities Chicago Contracts (1205:ICM) Y Y Y ICE Futures EU Financial Chicago Contracts (1192:ICA) Y Y Y ICE Futures US - US Softs & Financials (1042:ICU) Y Y Y Y ICE Futures US - US Softs & Financials (Implied Range) (1296:ICI) Y Y Y Y IEX IEX DEEP (1258:IEY) Y Y IEX TOPS (1257:IEX) Y Y MIAX MIAX Emerald (1312:MIC) Y MIAX Options (1254:MIA) Y Nasdaq Nasdaq Basic NASDAQ, NYSE, NYSE MKT Issues (1143:NBC;1065:NBA;1142:NBB) Y Y Nasdaq BX Basic (1264:NAY) Y Nasdaq ISE Spread Feed (1282:NAB) Y Nasdaq Last Sale (1243:NAW) Y Y Nasdaq Last Sale Plus (1244:NAX) Y Y NASDAQ MRX Options (1283:NAC) Y Y Nasdaq PSX Basic (1265:NAZ) Y Nasdaq Specialized Quote Interface (SQF) (1256:PHL) Y Nasdaq NASDAQ TotalView (1063:NAS) Y Y Y NASDAQ UTP NBBO and Regionals (1064:NUT;1281:NAA) Y Y ISE (1250:ISE) Y ISE Gemini (1251:ISF) Y ISE Mercury (1252:ISG) Y PHLX Options (1256:PHL) Y Y OPRA OPRA NBBO (1081:OPA) Y Y OTCM OTC Bulletin Board (OTCBB) (1215:OTD) Y OTC Markets including Pinksheets (1000:OTC) Y TMX S&P/TSX Indices (1182:TMI) Y TMX Toronto (1097:TMX) Y TMX Toronto Venture (1122:TSX) Y EMEA EXCHANGE, MTFS, BLOCK TRADING AND DARK POOLS NSP (Network ServiCe Provider) Data Vendor EXCHANGE Market RAW Market Data Order Routing RAW Data Normalized Data AQUIS Aquis Exchange (1227:AQU) Y Y Y Y Athens Athens Indices including FTSE/Athens Indices (1174:ATI) Y Athens Securities (1004:ATH) Y Y Cyprus Stock Exchange (1172:CYP) Y Y BME BME IBEX and FTSE LATIBEX Indices (1203:IBX) Y Y BME MEFF Derivatives (1013:MEF) Y Y BME SIB Equities (1012:BME) Y Y BME WRR Warrants (1313:BMG) Y Y BME SENAF Fixed Income (1314:BMH) Y Y Borsa Istanbul Borsa Istanbul Equities (1193:BIE) Y Y Y Borsa Istanbul Indices (1208:BII) Y Borsa Italiana Borsa Italiana Affari Equities (1015:AFF) Y Y Y Borsa Italiana IDEM Derivatives (1018:IDM) Y Y Y Borsa Italiana MOT Bonds (1016:MOT) Y Y Y Budapest Stock Exchange Budapest ADH including Indices (1112:BSE) Y Y Budapest RapidADH (1144:RBD) Y Y Y Cboe Global Markets Cboe Europe BXE and CXE (1007:BAE) Y Y Y Y Cboe Europe BXTR (1211:BTR) Y Y Y Deutsche Boerse Boerse Frankfurt Certificates and Warrants (ex SCOACH) (1118:XEA) Y Eurex Ultra Futures (1032:EUF) Y Y Y Eurex Ultra Options (1033:EUO) Y Y Y Deutsche Boerse Indices and Xetra ETF (1105:DEI) Y EEX Spot, Derivatives Market and Strategies (1140:EEX, 1154:CES) Y STOXX Indices (1106:DJI) Y Regional Exchanges Germany (1136:REG) Y Tradegate (1135:TGT) Y Xetra Core (1102:DES) Y Xetra Ultra (1108:DEP) Y Y Y Euronext Bourse de Luxembourg (1056:LUX) Y Y Y Bourse de Luxembourg Indices (1146:LUI) Y Euronext All Indices (1035:EUI) Y Euronext Cash Market (1034:EUR) Y Y Y Euronext Commodities Derivatives (1073:LIC) Y Y Y Euronext Currency Derivatives (1071:LIR) Y Y Y Euronext Equity and Index Derivatives (1072:LII) Y Y Y Euronext FX - Consolidated Tape (1303:FAS) Y Euronext Dublin Equities (1301:EUV) Y Y Y EuroTLX EuroTLX (1187:EUT) Y Y Y ICE ICE Futures EU Commodities (1041:ICE) Y Y Y ICE Futures EU Commodities (Implied Range) (1295:ICH) Y Y Y ICE Futures EU Financials (1175:ICL) Y Y Y ICE Futures EU Financials (Implied Range) (1262:ICF) Y JSE JSE Equities (1047:JSE) Y Y Y Ljubljana Ljubljana Stock Exchange Enhanced Trading System (ETS) (1023:CHX) Y LME LME base and ferrous metals (1284:LMF) Y LME precious metals (1285:LMG) Y LSE Group FTSE Indices (1036:FTE) Y LSE European Market (1054:LEE) Y Y Y LSE International Market (1055:LEI) Y Y Y LSE UK Market (1053:LSE) Y Y Y Turquoise (1098:TRQ) Y Y Y TRADEcho (1234:LSF) Y Moscow Moscow Bonds (1177:MXB) Y Y Moscow Equities (1176:MXE) Y Y Moscow Futures & Options (1160:MXD) Y Y Moscow FX (1179:MXF) Y Y Moscow Indices (1178:MXI) Y ETS Commodity Exchange (Kazakhstan) (1159:ETS) Y Y Ukrainian Exchange (1158:UKX) Y Y Nasdaq Nasdaq Baltic Equity and Fixed Income (1212:BLT) Y Y Y NASDAQ GIDS EU Indices (1119:NOY) Y NASDAQ Nordic Commodities (1017:IIX) Y Y NASDAQ Nordic Derivatives OMnet (1059:GEN) Y Y Y NASDAQ Nordic Derivatives TotalView (1214:NAT) Y Y Y NASDAQ Nordic Equity TotalView (1062:TOT) Y Y Y Nordic Growth Market Nordic Growth Market (1068:NGM) Y Y Y Oslo Bors Oslo Bors Fixed Income and Equities, Oslo Bors Indices (1084:OSL, 1086:OSI) Y Y Y Prague Prague Cash Market ADH (1087:PRG) Y Y Y Prague Indices ADH (1180:PRI) Y Saudi Arabia Saudi Stock Exchange (1298:SAU)* Y SIX Swiss SIX Structured Products (ex Scoach SWX) IMI (1218:SIY) Y Y Y SIX Swiss incl. SWX Europe IMI (1093:SWX, 1217:SIX) Y Y Y Tel Aviv Tel Aviv Bonds (1148:TAB) Y Y Tel Aviv Derivatives (1150:TAD) Y Y Tel Aviv Indices (1149:TAI) Y Y Tel Aviv Shares (1147:TAS) Y Y Vienna Vienna Cash Market & Structured Products RapidADH (1121:VIR) Y Y Y Vienna Cash Market ADH (1099:VIE) Y Y Y Vienna Global Market (1263:VIF) Y Y Y Vienna Indices (1100:VII) Y Warsaw Warsaw Stock Exchange (1101:WAR) Y Y Y Warsaw Stock Exchange (NewConnect) (1230:WAS) Y Y Y SYSTEMATIC INTERNALIZERS, APA AND TRADE REPORTING Cboe Global Markets Cboe Europe BXTR (1211:BTR) Y Y Y Citadel Citadel SI Y Jane Street Jane Street SI Y LSE Group TRADEcho (1234:LSF) Y NASDAQ NASDAQ Baltic APA Service (1242:NAV) Y NASDAQ Nordic APA Service (1239:NAU) Y Hudson River Trading Hudson River Trading Y Tower Research Tower Research SI Y Virtu Financial Virtu Financial SI Y APAC NSP (Network ServiCe Provider) Data Vendor EXCHANGE Market RAW Market Data Order Routing RAW Data Normalized Data ASX ASX 24 Derivatives (1005:AUD) Y ASX Total Equities (1006:AUE) Y Bombay Bombay Stock Exchange (1275:BOM) * Y Bursa Malaysia Bursa Malaysia Equities (1161:BMQ) Y Y Bursa Malaysia Sectorial Indices (1162:BMI) Y Chi-X Australia Chi-X Australia (1026:CHA) * Y HKEx - S&P Indices (1169:HKS) Y HKEx Derivatives (1039:HKD) Y Y HKEx Securities (1038:HKE) Y Y India NSE India NSE Capital Markets (1189:NSE) * Y India NSE Indices (1002:ARE) * Y Indonesia Stock Exchange Indonesia Stock Exchange (1274:IND)* Y JPX JPX Osaka Stock Exchange Futures (1028:CMX) Y Y Y JPX Osaka Stock Exchange JGB Futures & Options (1048:KBT) Y Y Y JPX Osaka Stock Exchange Multilegs (1058:MCX) Y Y Y JPX Osaka Stock Exchange Options (1037:GLO) Y Y Y JPX Tokyo Stock Exchange Equities (1095:TSE) Y Y Y Fukuoka Stock Exchange (1114:FSE) Y Y Y Sapporo Securities Exchange (1113:SSE) Y Y Y Topix Indices (1171:TSI) Y Korea Exchange Korea Exchange - Derivatives A (1232:KOV) Y Korea Exchange ETFs, ETNs, ELWs - Securities C (1233:KOW) Y Korea Exchange KOSDAQ Stocks - Securities B (1051:KOS) Y Korea Exchange KOSPI stock - Securities A (1049:KSE) Y Shanghai Exchange Shanghai Stock Exchange (1082:OSE) Y Shanghai Stock Exchange SSE and CSI Indices (1083:OSD) Y Shenzhen Stock Exchange (1231:SHE) * Y SGX SGX Singapore Exchange Equities (1091:SGX) Y Y Y Singapore SE Derivatives Commodity Futures & Options (1221:SGY) Y Y Y Singapore SE Derivatives Index Futures & Options and Foreign Exchange Futures (1222:SGZ) Y Y Y Thailand Exchange Stock Exchange of Thailand Equities (1188:THA) Y Taiwan Futures TAIFEX Derivatives Market (1286:TAK) Y Y Taiwan Stock Exchange Taiwan Stock Exchange (1273:TAJ) Y Y * ref only.
Load more

Recommended publications
  • 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
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • Cboe Global Markets Reports June 2021 Trading Volume
    Cboe Global Markets Reports June 2021 Trading Volume Jul 06, 2021 CHICAGO, July 6, 2021 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today reported June monthly trading volume statistics across its global business lines, and provided guidance for selected revenue per contract/net revenue capture metrics for the second quarter of 2021. The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain June trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines. Trading Volume for Current Month Year-To-Date June June % May % June June % 2021 2020 Chg 2021 Chg 2021 2020 Chg OPTIONS VOLUME (contracts, thousands) Year-To-Date Trading Days 22 22 20 124 125 Total Volume 264,230 234,193 12.8% 220,065 20.1% 1,472,290 1,291,792 14.0% Total ADV 12,010 10,645 12.8% 11,003 9.2% 11,873 10,334 14.9% FUTURES VOLUME (contracts, thousands) Year-To-Date Trading Days 22 22 20 124 125 Total Volume 4,002 4,040 -0.9% 5,328 -24.9% 29,121 29,572 -1.5% Total ADV 182 184 -0.9% 266 -31.7% 235 237 -0.7% U.S. EQUITIES – ON-EXCHANGE MATCHED VOLUME (shares, millions) Year-To-Date Trading Days 22 22 20 124 125 Total Volume 32,992 44,432 -25.7% 31,166 5.9% 229,185 238,800 -4.0% Total ADV 1,500 2,020 -25.7% 1,558 -3.8% 1,848 1,910 -3.3% U.S.
    [Show full text]
  • Over 100 Exchanges Worldwide 'Ring the Bell for Gender Equality in 2021' with Women in Etfs and Five Partner Organizations
    OVER 100 EXCHANGES WORLDWIDE 'RING THE BELL FOR GENDER EQUALITY IN 2021’ WITH WOMEN IN ETFS AND FIVE PARTNER ORGANIZATIONS Wednesday March 3, 2021, London – For the seventh consecutive year, a global collaboration across over 100 exchanges around the world plan to hold a bell ringing event to celebrate International Women’s Day 2021 (8 March 2020). The events - which start on Monday 1 March, and will last for two weeks - are a partnership between IFC, Sustainable Stock Exchanges (SSE) Initiative, UN Global Compact, UN Women, the World Federation of Exchanges and Women in ETFs, The UN Women’s theme for International Women’s Day 2021 - “Women in leadership: Achieving an equal future in a COVID-19 world ” celebrates the tremendous efforts by women and girls around the world in shaping a more equal future and recovery from the COVID-19 pandemic. Women leaders and women’s organizations have demonstrated their skills, knowledge and networks to effectively lead in COVID-19 response and recovery efforts. Today there is more recognition than ever before that women bring different experiences, perspectives and skills to the table, and make irreplaceable contributions to decisions, policies and laws that work better for all. Women in ETFs leadership globally are united in the view that “There is a natural synergy for Women in ETFs to celebrate International Women’s Day with bell ringings. Gender equality is central to driving the global economy and the private sector has an important role to play. Our mission is to create opportunities for professional development and advancement of women by expanding connections among women and men in the financial industry.” The list of exchanges and organisations that have registered to hold an in person or virtual bell ringing event are shown on the following pages.
    [Show full text]
  • 2020UNIVERSAL REGISTRATION DOCUMENT Including the Annual Financial Statements
    2020UNIVERSAL REGISTRATION DOCUMENT Including the Annual Financial Statements 52118_Universal-registration-document_Cover_Print.indd 1 3/16/2021 6:26:29 PM CONTENTS INTEGRATED PRESENTATION 2 PRESENTATION OF THE GROUP 13 GENERAL DESCRIPTION OF THE COMPANY 1.1 Company Profi le 14 AND ITS SHARE CAPITAL 167 1.2 Strategy: “Let’s Grow Together 2022” 6.1 Legal Information on the Company 168 Strategic Plan 17 6.2 Share Capital 168 1.3 Description of the Business 22 6.3 Shareholder Structure 170 1.4 Regulation 40 6.4 Share Classes and Major Shareholders 170 6.5 General meeting of Shareholders and Voting Rights 175 RISK MANAGEMENT 6.6 Anti-Takeover Provisions 176 & CONTROL STRUCTURE 47 6.7 Obligations of Shareholders and Members 2.1 Risk Factors 48 of the Managing Board to Disclose Holdings 176 2.2 Mitigation Measures 54 6.8 Short Positions 177 2.3 Control Structure 57 6.9 Market Abuse Regime 177 6.10 Transparency Directive 178 6.11 Dutch Financial Reporting Supervision Act 178 EURONEXT, A SUSTAINABLE EXCHANGE 63 6.12 Dividends and Other Distributions 178 3.1 Value Creation by Euronext 64 6.13 2021 Financial Calendar 179 3.2 ESG Governance 67 3.3 Transparency and Reporting 67 3.4 Euronext’s Five ESG Impact Areas OPERATING AND FINANCIAL REVIEW 181 and the Sustainable Development Goals 69 7.1 Overview 182 3.5 ESG Risks Considerations 78 7.2 Material Contracts and Related Party 3.6 ESG Dashboard 2020 79 Transactions 209 3.7 Summary ESG KPI 108 7.3 Legal Proceedings 211 7.4 Insurance 212 7.5 Liquidity and Capital Resources 213 CORPORATE GOVERNANCE 111
    [Show full text]
  • Understanding the Market for U.S. Equity Market Data
    Understanding the Market for U.S. Equity Market Data Charles M. Jones1 August 31, 2018 1 Robert W. Lear Professor of Finance and Economics, Columbia Business School. I am solely responsible for the contents of this paper. I thank Larry Glosten, Frank Hatheway, Terry Hendershott, Stewart Mayhew, Jonathan Sokobin, and Chester Spatt for helpful discussions on these topics. I currently serve on FINRA’s Economic Advisory Committee and on Nasdaq’s Quality of Markets Committee, and I served as Visiting Economist at the New York Stock Exchange (“NYSE”) in 2002–2003. The NYSE provided financial support for this research. I. Executive Summary A stock exchange facilitates share trading, in large part by developing computer systems, rules, and processes that allow buyers and sellers to submit orders, trade with each other, and determine a market price for shares listed on those exchanges. In the current market environment, this results in a vast amount of data, which market participants of all types rely on to make investment and trading decisions. Exchanges provide some of this market data to market participants at prices that vary depending on the type of data as well as how the data is used. This paper provides an analysis of the market for equity market data in the United States. Unlike other data sources, U.S. equity market data is highly regulated by the Securities and Exchange Commission (“SEC”), and recently the SEC has been lobbied by entities arguing that exchanges charge too much. These entities have written comment letters and filed a number of proceedings with the SEC in an effort to reduce the prices of equity market data.
    [Show full text]
  • News Release Cboe Global Markets Agrees to Acquire Leading
    News Release For Immediate Release, Page 1 of 3 Cboe Global Markets Agrees to Acquire Leading European Equities Clearing House EuroCCP Transaction brings together two pan-European organizations that have long championed competition, open access and clearing interoperability in Europe Ownership of EuroCCP expected to enhance Cboe’s current European equities business and create pathway for equity derivatives trading and clearing in the region Deal expected to close in first half of 2020 CHICAGO and LONDON – December 10, 2019 – Cboe Global Markets, Inc. (Cboe: CBOE), one of the world’s largest exchange holding companies, today announced it has entered into a definitive agreement to acquire EuroCCP, a leading pan-European equities clearing house. The transaction will bring together two companies that have long championed competition, open access and clearing interoperability in Europe. Additionally, Cboe’s ownership of EuroCCP is expected to provide opportunity to pursue the development of equity derivatives trading and clearing capabilities in the region, subject to regulatory approvals. The two companies are closely aligned on a vision to further expand the benefits of EuroCCP’s open-access model serving other exchanges and trading venues. EuroCCP currently clears trades for 39 trading venues, which represent close to 95 percent of Europe’s equity landscape, making it the most connected equity central counterparty (CCP) in the region. EuroCCP clears on average between four to five million trade sides daily, totalling €30 to €40 billion in value, and provides clearing members with easy access and the ability to maximize operational efficiency and netting opportunities while reducing risk and cost. Cboe sees an opportunity to further grow this business by capitalising on the strength of its pan- European network.
    [Show full text]
  • The Problem with European Stock Markets
    THE PROBLEM WITH EUROPEAN STOCK MARKETS Analysis of the fragmented stock exchange landscape in Europe, how it is holding back growth in capital markets – and what we can do about it March 2021 by William Wright & Eivind Friis Hamre SUMMARY It is not new news that Europe has a complex patchwork of equity markets, stock exchanges and post-trade infrastructure, but this short paper paints this problem in particularly stark terms. The genesis of this paper came from two simple thought experiments: first, can we draw a diagram of the structure of European equity markets on one page? And second, what would the US stock market look like if every state has its own stock exchange? If you read nothing else in this report, please look at the map of the US market on page three and the diagram of European equity markets on page six. Here is a quick summary of this paper: > The elephant in the room The complex patchwork of European equity markets is a huge obstacle to building bigger and better capital markets at a time when the European economy needs them more than ever. We can tinker at the edges with the detail of regulation, but so as long as Europe has 22 different stock exchange groups operating 35 different exchange for listings, 41 exchanges for trading, and nearly 40 different CCPs and CSDs, not much will change. > Punching below its weight The European equity market is less than half the size of the US but has three times as many exchange groups; more than 10 times as many exchanges for listings; more than twice as many exchanges for trading; and roughly 20 times as many post-trade infrastructure providers.
    [Show full text]
  • WFE Statistics Definitions Manual (Revised July 2019)
    WFE Statistics Definitions Manual (Revised July 2019) The World Federation of Exchanges’ member exchanges have reached general agreement on the following statistical definitions. The WFE encourages all reporting exchanges (which includes WFE members, affiliates and non-members) to comply with these definitions to ensure comparability and consistency. Where we are aware of exceptions, we note this in this document or in footnotes in the WFE statistics database. WFE data goes back many years and in that time, the reporting entity may have changed as a result of mergers/acquisitions or other activity. We present an overview of exchange groupings in Appendix 3: Note on exchange groupings. WFE data is presented according to the following hierarchy: Asset class – Product – Indicator The following tables set out the indicators that are collected from WFE members, the formal of their presentation and the frequency of their collection. Asset Class EQUITY Product Total Equity Market Indicators Indicator type Frequency Market capitalisation Monetary (000 000) Monthly and Annual Market capitalisation of new listings Monetary (000 000) Annual Market capitalisation of delistings Monetary (000 000) Annual Number of listed companies (Domestic) Full number Monthly and Annual Number of listed companies (Foreign) Full number Monthly and Annual Number of listed companies (Total) Full number Monthly and Annual Value traded (EOB Domestic) Monetary (000 000) Monthly and Annual Value traded (EOB Foreign) Monetary (000 000) Monthly and Annual Value traded (EOB
    [Show full text]
  • Cboe Global Markets, Inc
    Stock Report | January 16, 2021 | BATS Symbol: CBOE | CBOE is in the S&P 500 Cboe Global Markets, Inc. Recommendation BUY « « « « « Price 12-Mo. Target Price Report Currency Investment Style USD 96.61 (as of market close Jan 15, 2021) USD 98.00 USD Mid-Cap Blend Equity Analyst Chris Kuiper, CFA GICS Sector Financials Summary CBOE Global Markets, Inc. offers trading in options and futures on equities, indexes, and Sub-Industry Financial Exchanges and Data exchange-traded funds. Key Stock Statistics (Source: CFRA, S&P Global Market Intelligence (SPGMI), Company Reports) 52-Wk Range USD 127.93 - 75.85 Oper.EPS2020E USD 5.22 Market Capitalization[B] USD 10.44 Beta 0.59 Trailing 12-Month EPS USD 4.24 Oper.EPS2021E USD 4.98 Yield [%] 1.74 3-yr Proj. EPS CAGR[%] 5 Trailing 12-Month P/E 22.81 P/E on Oper.EPS2020E 18.51 Dividend Rate/Share USD 1.68 SPGMI's Quality Ranking B+ USD 10K Invested 5 Yrs Ago 16,849.0 Common Shares Outstg.[M] 108.00 Institutional Ownership [%] 83.0 Price Performance Analyst's Risk Assessment LOW MEDIUM HIGH Our risk assessment reflects potential volatility in results due to changes in options pricing or trading volumes. Other fundamental risks are tied to proposed changes that may jeopardize derivative products. This is offset by CBOE's dominant market share of approximately 40% for the options market and nearly 20% market share of U.S. equities trading with the BATS acquisition. Revenue/Earnings Data Revenue (Million USD) 1Q 2Q 3Q 4Q Year 2020 922 869 793 -- -- 2019 602 621 675 599 2,496 2018 778 668 576 748 2,769 2017 356 641 611 621 2,229 2016 170 173 169 191 703 Source: CFRA, S&P Global Market Intelligence Earnings Per Share (USD) Past performance is not an indication of future performance and should not be relied upon as such.
    [Show full text]