Cboe Global Markets, the exchange group, reported flat revenues off the back of lower trading volumes across many of its markets – in contrast to rivals Intercontinental Exchange and CME Group. Cuts to staff bonuses, meanwhile, failed to bring costs down.

Cboe’s pre-tax profits dropped by 1% to $176.4m for the three months ended June, compared with the same period a year ago, the company reported on August 2. That came amid a 2% rise in costs to $158m, despite “a decrease in compensation and benefits as a result of lower incentive-based compensation”, the company said.