We want to continue to grow BIDS in Canada as well as provide that unified platform. So in order for us to realize our aspirations in Canada, we need to complete this migration seamlessly as we’ve done elsewhere. I’m really pleased that this is the final one on the list to do. We’re going to do it excellently while we also focus on organic growth initiatives.
David Howson: And certainly, I would add to that a little bit in that the customer networks and relationships we have globally alone we’ve been able to bring to bear in Canada, look at the market share growth to 15.3% from 13.6% year-over-year. And with that common platform, that global reach, it means that we’re able to also turbocharge BIDS and other trading initiatives. With a single platform, we can bring new functionalities to Canada and that common experience Chris talked about. And then you mentioned that the corporate listings business in Canada is a strong part of the business there. And with our exchanges around the world for a small incremental investment, we can actually begin to offer customers a global experience.
And that’s shown through actually in the ETP growth that we’ve got from a listings perspective in North America, 56 new ETPs launched in Q4 against 34 in Q3. And in fact, in January already, we’re on track for 40 new ETPs. So just think about the uniformity of that global scale really coming into the forefront there as we think about all of our footprints around the world.
Operator: Our next question comes from the line of Kyle Voigt from KBW.
Kyle Voigt: Maybe a question on the U.S. Cash Equities business. You mentioned the unfavorable mix shift of volumes but also some of the fee changes that you recently made that should bring back up the capture rate. So I guess can you just elaborate a competitive environment there? Is that what is primarily driving the shift in volumes? Or is it something else driving it? And the fee capture there has been in a pretty wide range with fee capture down about 40% sequentially. So just wondering if you could help frame how much of the fee capture decline in 4Q you could potentially recapture with these fee changes as we look out to the first quarter?
David Howson: Yes, certainly. I think the headline is a stronger market dynamic in December is the headline for Q4. When you look at our addressable market share across Q4 is around about 26% of the addressable market. So that’s outside of the TRS at the close. In December, it went up to over 27%. And that market dynamic, as you mentioned, there’s a confluence of contributing factors. That was number one. Volumes hit 12.4 billion shares on a daily basis in December, higher than the 10 or 11 or so for prior months. The mix shift, the higher percentage of sub dollar trading in December went up to 19% of overall trading versus 30% from earlier months and certainly showing that higher retail engagement in December. And finally, layering on to that, a higher activity from market makers pushed customers up through tiers in December and really reduced that capture.
And as Jill said, we responded as this convention in U.S. equities market on a monthly price change basis in January. We’ve seen our capture come back up, and we’ve managed to maintain market share while doing that. We announced more changes for February, and we expect that trend to continue while achieving stable market share. So really, headline is market dynamics fee changes allow us to be more competitive there, but we are doing a number of things to be more competitive across our multi-list environment throughout the rest of 2024.
Operator: Our next question comes from the line of Patrick Moley of Piper Sandler.
Patrick Moley: I just had a question on Cboe Digital. I think, Dave, you said in your prepared remarks, you thought digital assets was an area where you’re going to see greater demand going forward. I think on the last call, Fred, you maybe alluded to possibly pulling back some investment in Cboe Digital. I wanted to see how maybe some things played out. So just in the wake of this Bitcoin ETF approval, was hoping to just get an update on your vision for that business and maybe how you expect things to evolve over the next couple of years?
Fred Tomczyk: Okay. Thanks, Patrick. I mean, certainly, this space with the regulatory uncertainty has caused this asset class to take longer to develop both than we anticipated. Having said that, there continues to be an asset class that there’s a lot of interest in. And what many participants are looking for is what we’re trying to build: a regulatory-friendly and robust market for crypto. Obviously, we’re happy we got the crypto ETF so. We’ve launched margin future. So we’re doing that. But we also recognize it’s going to take time to build an ecosystem for a new and emerging asset class. So we’re trying to be patient but continue to focus on it. Right now, we’re very much focused on building out the derivative side of the crypto market, which is our bread and butter.
That’s what we’re known for. And that number two, building on a robust ecosystem of both retail and institutional market participants. And as I said, these things take time with the new and emerging asset class. But we’ll continue to monitor, make decisions accordingly. But we think we’ll be patient here and continue to try to innovate and build a more robust market and build on the derivative side. That’s where we’re focused right now.
Operator: [Operator Instructions]
Fred Tomczyk: Okay. Do you want me to say anything?
Operator: There appear to be no further questions at this time. Mr. Ken Hill, Vice President of Investor Relations and Treasurer, I’ll turn the call back over to you.
Kenneth Hill: Okay. Thanks, everyone. Thanks for the time — your time today. We have a robust investor conference schedule here over the next five to six weeks, and we hope to see many of you. All the best to 2024. Thanks.
Operator: Thank you. This concludes today’s conference call. We thank you for participating, and you may now disconnect.
