Dave Howson: Thanks, Brian. Yes. As Brian said, really, we’re looking for the revenue investments to really capitalize on opportunities that we see to build on the foundation that we’ve built. We’ve got this tremendous network, 26 markets around the globe. We’re looking to lean into where we have momentum to build on those strong foundations to offer differentiated offerings, but also to look for white space to look for the opportunity to move into those adjacencies with it from a position of strength. I’d probably call out the — Brian gave a great backdrop of the previous year. You’ll see that continuing into this year. And in particular, as you look at the results of 2022, these should really all be pretty — make some good sense.
As to the five areas top entailed with marketing and surrounded with marketing throughout the message here. So you’ve got Derivatives, you’ve got D&A, listings, BIDS and research and development. Certainly, Derivatives there, you heard Ed and Brian describe a great result. So leaning into education, content, sales and marketing, that global trading hours tripling volumes in 2022 really looking to lean into that as we think about broadening the access and distribution, XSP, the Mini-SPX being added to 24×5 in the back end of last year with the addition of Tuesday, Thursday, really sales and marketing there pushing into the APAC region and really capitalizing on the boots on the ground we have from the Asia-Pacific acquisition. D&A exceeded my expectations for 2022.
That 12% growth, they’re fantastic. And so continue to lean in their sales, quantitive analytic marketing as we look to move those products and services into — throughout the rest of the globe. Think about our options analytics capability we’re going to be bringing to Europe. Cloud is a great theme that’s been here throughout the years. 2022 saw 72% of all revenue as incremental sales. That’s across the nine products, five regions that we’ve got set up for cloud right now. And we’re really looking forward to investing this year to add Cboe Digital data to that, some great spreads coming through this year from Cboe Digital, adding a new quality data set to the CCC-wide channel 24/7 data that’s leaning into expanding the distribution there. And last year, we saw themes around defined outcome and override strategy bench for the index business.
We saw great gains in 2022 as well. And then the continuous theme of selling the package and bundle data so Cboe One Canada there really showing great green shoots for this year. Listings is another one I’d probably drill down a little bit more into. The opportunity that is afforded us by having those listings exchanges around the world is unique. We get to provide a global cohesive offering across legal frameworks, liquidity provision in conjunction with our liquidity partners and also access and help navigating global regulators as we go there. So, great opportunity there coming off that great standpoint, number two in the U.S. as an ETP listings, venue with 28 increase in some rather large name issuers in the U.S. And then BIDS, BIDS has been a great story for us since the beginning of the partnership.
But after we closed the acquisition with BIDS, we saw us spring to the — grow to the number one block trading venue in Europe there. So we’re leaning into that with people, sales and marketing this year as we think about Asia Pacific. Canada, 76 buy side added within one year. And when you look at the 243 connected to Europe, you can see the growth potential there that we’re going to be leaning into as we go through into the Asia Pacific region. Then research and development, key thing for us, we’re a product company with some world-renowned products. We formed Cboe Labs this year to really focus completely on how we can develop new ways to measure and benchmark exposures and bring those to the marketplace to afford our customers a range of defined outcome opportunities, which we saw really come to fruition in the SPX complex, in particular, last year.
