CBOE Holdings, Inc. (NASDAQ:CBOE) Q2 2020 Earnings Conference Call - Final Transcript
Jul 31, 2020 • 08:30 am ET
Hello. Welcome to the Cboe Global Markets 2020 Second Quarter Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After todays presentation, there will be an opportunity to ask questions. [Operator Instructions]. Please note, today event is being recorded.
I would now like to turn the conference over to Debbie Koopman. Ms. Koopman, please go ahead.
Thank you. Good morning and thank you for joining us for our second quarter earnings conference call.
On the call today, Ed Tilly, our Chairman, President and CEO will discuss the quarter and provide an update on our strategic initiatives. Then Brian Schell, our Executive Vice President and CFO will provide an overview of our financial results and provide updated 2020 guidance for certain financial metrics. Following their comments, we will open the call to Q&A. Also joining us for Q&A will be our Chief Operating Officer, Chris Isaacson; and our Chief Strategy Officer, John Deters.
In addition, I would like to point out that this presentation will include the use of slides. We will be showing the slides and providing commentary on each. A downloadable copy of the slide presentation is available on the Investor Relations portion of our Web site.
During our remarks, we will make some forward-looking statements, which represent our current judgment on what the future may hold. And while we believe these judgments are reasonable, these forward-looking statements are not guarantees of future performance and involve certain assumptions, risks and uncertainties.
Actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. Please refer to our filings with the SEC for a full discussion of the factors that may affect any forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise after this conference call.
During the course of the call this morning, we will be referring to non-GAAP measures, as defined and reconciled in our earnings materials.
Now I'd like to turn the call over to Ed.
Edward T. Tilly
Thank you, Debbie. Good morning and thank you for joining us this morning. Before I begin, I would like to extend my sincere best wishes for the ongoing health and well-being of each of you and your loved ones as we continue to navigate these challenging times.
I'm pleased to report solid financial results for the second quarter of 2020 at Cboe Global Markets, clearly highlighting the strength of the diversification of our revenues. Our strong results were driven by record trading volumes in U.S. cash equities and multi-listed options, fueled by growth in retail trading activity and by continued growth in market data revenues.
You'll note I did not mention our proprietary products. I will cover those in a moment. But I want to pause here to quote a 2016 press release, entitled Cboe Holdings agrees to acquire Bats Global Markets to strengthen the company s global position in innovative tradable products and services, and achieve meaningful cost