With Increased Volatility YOY Exchange Volumes Are Up Nicely In Q3 2024 To Date

Volatility Metrics - The VIX is averaging 17.0 in 3Q24TD, which is up 13% from 16.5 in 3Q23 and up 21% from 14.0 in 2Q24 [5] - Realized volatility, as measured by daily changes in the S&P 500, is tracking at 17.6 in 3Q24TD, up 37% from 12.9 in 3Q23 and up 39% from 12.7 in 2Q24 [5][6] U.S. Equities and Options Volumes - Total U.S. equity volumes are averaging 11.4 billion per day in 3Q24TD, up 10% from 10.4 billion in 3Q23 but down 3% from 11.8 billion in 2Q24 [7] - U.S. equity option volumes are averaging 45 million per day, up 14% from 3Q23 and up 8% from 42.1 million in 2Q24 [7] - Industry index option volumes are averaging 4.4 million per day in 3Q24TD, up 16% from 3.8 million in 3Q23 and up 8% from 2Q24 [7] Exchange Specific Volumes - Nasdaq's U.S. equity volume is averaging 1.8 billion per day in 3Q24TD, up 9% from 3Q23 but down 3% from 2Q24 [10] - Cboe's U.S. equity volume is averaging 1.3 billion per day in 3Q24TD, down 3% from 3Q23 and down 4% from 2Q24 [11] - Intercontinental Exchange's U.S. equity volume is averaging 2.2 billion per day in 3Q24TD, up 6% from 3Q23 but down 12% from 2Q24 [13] CME Group Performance - CME Group's total futures and options complex volume is averaging 28.4 million contracts per day in 3Q24TD, up 27% year-over-year and up 9% from 2Q24 [15] - Interest Rate futures and options are averaging 15.0 million contracts per day, up 37% year-over-year and up 19% from 2Q24 [15][16] Revenue Implications for Exchanges - CME Group shows the strongest potential for year-over-year transaction revenue improvement in 3Q24TD [18] - Cboe is expected to see significant transaction revenue growth driven by strength in index options and futures volumes [18] - Intercontinental Exchange is also projected to have meaningful year-over-year transaction revenue growth, primarily from energy and financial futures [18]