Securities Exchanges Benefitting From Market Volatility

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The recent trend of increased trading volume continued its ascent last year, as market data provider Statista reported that the total value of global equity trading soared to more than $37 trillion U.S. dollars in Q2 of 2021. Trading volume statistics have consistently hit all-time records, with data from CBOE Global Markets showing that total options volume last year surpassed 3 billion contracts – the highest yearly volume on record and up 19% from 2020. 

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During volatile times in the financial markets, trading volumes tend to rise as sellers dominate the price action. While nerve-wracking for investors, this increased volume can be beneficial for securities exchanges.

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With the market in turmoil, keeping tabs on which industry groups are outperforming can help guide investors to top individual stocks and ETFs. The Zacks Securities and Exchanges industry group is ranked in the top 24% of all Zacks Ranked Industries. As such, we expect this industry to outperform the market over the next 3-6 months.

Quantitative research studies have shown that approximately half of a stock’s future price appreciation is due to its industry grouping. In fact, the top 50% of Zacks Ranked Industries outperforms the bottom 50% by a factor of more than 2 to 1. By focusing on the top stocks within the top 50% of Zacks Ranked Industries, investors can dramatically improve their stock-picking success.

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Below we will analyze two securities exchanges that have held up well through the recent market downturn. Both firms are part of the Zacks Securities and Exchanges industry group within the Zacks Finance sector, which ranks #2 out of all 16 Zacks sectors.

CBOE Global Markets Inc. (CBOE)

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CBOE Global Markets operates as an options exchange worldwide. The company offers cutting-edge trading and investment solutions and operates through five segments: Options, North American Equities, European Equities, Futures, and Global FX. CBOE Global Markets was founded in 1973 and is based in Chicago, IL.

A Zacks #2 (Buy) stock, CBOE has bolstered its brand through organic means, increasing transaction fees on the back of trading volume growth. The top line increased 1.8% through the first nine months of last year, reflecting higher access and capacity fees. CBOE expects to deliver total net revenue growth of 5-7% annually.

CBOE has also benefitted from strategic acquisitions such as BATS Global, which expanded and diversified its product portfolio with the addition of U.S. and European cash equities. The company’s acquisition of Trade Alert enabled it to provide real-time data, market information and alerts. The buyout of MATCHNow also helped CBOE venture into Canada, and the company is further exploring new markets overseas.

Over the past twenty quarters, CBOE has beaten earnings estimates in 18 of them. CBOE most recently reported Q3 EPS of $1.45, a 1.4% positive surprise over consensus. The company is averaging a 3.22% beat over the past four quarters, helping push the stock 27.3% higher in the past year.

Cboe Global Markets, Inc. Price, Consensus and EPS Surprise

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Analysts have increased their projections for last year’s total EPS by 2.08% in the past 60 days. The Zacks Consensus Estimate is now $5.89, reflecting an increase of 11.76% from 2020 levels. We’ll see if CBOE can meet these numbers when the company reports its final quarterly earnings slate from 2021 on February 4th.

CME Group Inc. (CME)

CME Group is the world’s leading and most diverse derivatives marketplace. CME operates contract markets for the trading of futures and options worldwide. The company offers derivatives products based on interest rates, equities, foreign exchange, commodities, and fixed income through its electronic trading platforms. CME also operates one of the world’s leading central counterparty clearing providers through CME Clearing. CME was founded in 1898 and is based in Chicago, IL.

CME boasts a strong market position driven by its diverse product line and numerous strategic alliances. Fundamental growth remains a key driver for the company’s operating leverage, as CME leads with about 90% market share of the global futures trading and clearing services. Organic growth has been reflected in the company’s revenues, as CME has witnessed a CAGR of nearly 8% in the five years spanning 2015-2020.

CME has exceeded earnings estimates in each of the past four quarters. The company most recently reported Q3 EPS of $1.6, a 3.23% positive surprise over consensus. CME has delivered a trailing four-quarter average surprise of 2.91%, aiding the stock’s 26.32% over the past year.

CME Group Inc. Price, Consensus and EPS Surprise

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Analysts covering CME have upped their 2022 EPS estimates by 1.39% in the past 60 days. The Zacks Consensus Estimate now stands at $7.27, translating to growth of 8.89% relative to last year. CME is due to report earnings on February 9th.


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CME Group Inc. (CME): Free Stock Analysis Report

 

Cboe Global Markets, Inc. (CBOE): Free Stock Analysis Report

 

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