CBOE Holdings, Inc. (Nasdaq: CBOE) today announced that April trading volume for options on theChicago Board Options Exchange (CBOE) and C2 Options Exchange (C2), the company's alternative all-electronic market, combined, totaled 89.7 million contracts, an average daily volume (ADV) of 4.5 million contracts. Futures trading on CBOE Futures Exchange (CFE) established its second-highest monthly volume of 834,892 contracts in April, an ADV of 41,744 contracts.
CBOE Options Trading:
- CBOE's April ADV of 4.31 million contracts was a 19-percent decrease from 5.30 million contracts per day in April 2010 and an eight-percent decrease from March 2011 ADV of 4.67 million contracts. Year to date through April, total CBOE ADV of 4.74 million contracts was even with the same period in 2010.
- CBOE ETF options — April 2011 ETF options ADV was 1.21 million contracts, up one percent from 1.20 million contracts ADV in April 2010 and down four percent from March 2011 ADV of 1.25 million contracts.
- CBOE index options — April 2011 index options ADV was just under one million contracts, down 13 percent from 1.15 million contracts ADV in April 2010and down 21 percent from March 2011 ADV of 1.27 million contracts.
- CBOE equity options — April 2011 equity options ADV was 2.11 million contracts, down 29 percent from 2.97 million contracts ADV in April 2010 and down two percent from March 2011 ADV of 2.15 million contracts.
- The top five most actively traded index and ETF options at CBOE during April were the S&P 500 Index (SPX), Standard and Poor's Depositary Receipts (SPY), CBOE Volatility Index (VIX), iShares Silver Trust (SLV) and PowerShares QQQ Trust (QQQ).
- The top five most actively traded equity options during April were Citigroup (C), Apple (AAPL), Bank of America (BAC), Cisco Systems (CSCO) and Ford Motor Company (F).
CBOE Trading Volume and Market Share:
CBOE Trading Volume (Current Month) |
Year-To-Date |
||||||||
(trades in thousands) |
April 2011 |
April 2010 |
% Chg |
March 2011 |
% Chg |
April 2011 |
April 2010 |
% Chg |
|
Trading Days |
20 |
21 |
23 |
82 |
82 |
||||
Total Exchange |
86,187.8 |
111,384.9 |
-23% |
107,417.3 |
-20% |
388,524.0 |
388,647.9 |
0% |
|
Total Exchange ADV |
4,309.4 |
5,304.0 |
-19% |
4,670.3 |
-8% |
4,738.1 |
4,739.6 |
0% |
|
Equity Options |
42,103.8 |
62,318.3 |
-32% |
49,369.9 |
-15% |
198,670.4 |
208,489.4 |
-5% |
|
Equity Options ADV |
2,105.2 |
2,967.5 |
-29% |
2,146.5 |
-2% |
2,422.8 |
2,542.6 |
-5% |
|
Index Options |
19,979.8 |
24,057.8 |
-17% |
29,197.3 |
-32% |
92,665.1 |
91,728.2 |
1% |
|
Index Options ADV |
999.0 |
1,145.6 |
-13% |
1,269.4 |
-21% |
1,130.1 |
1,118.6 |
1% |
|
ETF Options |
24,104.2 |
25,008.1 |
-4% |
28,850.1 |
-16% |
97,188.5 |
88,429.5 |
10% |
|
ETF Options ADV |
1,205.2 |
1,190.9 |
1% |
1,254.4 |
-4% |
1,185.2 |
1,078.4 |
10% |
|
Expanded April volume information for CBOE index and ETF options is available at: www.cboe.com/data/monthlyvolume.aspx.
CBOE Market Share: CBOE's market share of total U.S. options industry volume in April was 25.7 percent, down 0.1 of a percentage point fromMarch 2011 and down 5.2 percentage points from April 2010. If the volume from dividend trades was excluded from CBOE's data for April 2011, the Exchange's total market share for April would increase to 26.5 percent from 25.7 percent, an increase of 0.8 market share points. Exclusion of dividend trades from total industry volume data presents a more relevant measure of the relative trends in the options business.
CBOE (Current Month) |
Year-To-Date |
||||||||
April 2011 |
April 2010 |
% pt. Chg |
March 2011 |
% pt. Chg |
April 2011 |
April 2010 |
% pt. Chg |
||
Total Exchange |
25.7% |
30.9% |
-5.2% |
25.8% |
-0.1% |
26.2% |
30.3% |
-4.1% |
|
Total Exchange (excl. dividend trades) |
26.5% |
31.8% |
-5.3% |
26.7% |
-0.2% |
27.1% |
31.3% |
-4.2% |
|
Equity Options |
21.0% |
26.4% |
-5.4% |
21.7% |
-0.7% |
22.2% |
25.5% |
-3.3% |
|
Equity Options (excl. dividend trades) |
22.2% |
27.6% |
-5.4% |
22.4% |
-0.2% |
23.4% |
26.8% |
-3.4% |
|
Index Options |
93.9% |
92.7% |
1.2% |
94.4% |
-0.5% |
94.5% |
93.4% |
1.1% |
|
Index Options (excl. dividend trades) |
94.1% |
93.4% |
0.7% |
94.7% |
-0.6% |
94.8% |
94.0% |
0.8% |
|
ETF Options |
21.2% |
25.3% |
-4.1% |
18.2% |
3.0% |
19.8% |
24.0% |
-4.2% |
|
ETF options (excl. dividend trades) |
21.2% |
25.3% |
-4.1% |
19.1% |
2.1% |
20.0% |
24.1% |
-4.1% |
|
CBOE April Market Share by Product:
- Index options — CBOE's market share was 93.9 percent, down 0.5 of a percentage point from March 2011 and up 1.2 percentage points from April 2010.
- ETF options — CBOE's market share was 21.2 percent, up 3.0 percentage points from March 2011 and down 4.1 percentage points from April 2010.
- Equity options — CBOE's market share was 21.0 percent, down 0.7 of a percentage point from March 2011 and down 5.4 percentage points from April 2010.
C2 Trading Volume and Market Share:
In April, C2 ADV was 174,600 contracts, down three percent from March 2011 ADV of 179,400 contracts. C2 equity option ADV in April was consistent with March 2011, and ETF options volume decreased by five percent compared with March.
C2 Trading Volume (Current Month) |
Year-To-Date |
||||||
(trades in thousands) |
April 2011 |
April 2010 |
% Chg |
March 2011 |
% Chg |
April 2011 |
|
Trading Days |
20 |
21 |
23 |
82 |
|||
Total C2 |
3,491.7 |
--- |
--- |
4,126.7 |
-15% |
13,565.3 |
|
Total C2 ADV |
174.6 |
--- |
--- |
179.4 |
-3% |
165.4 |
|
Equity Options |
1,502.7 |
--- |
--- |
1,726.0 |
-13% |
6,389.4 |
|
Equity Options ADV |
75.1 |
--- |
--- |
75.0 |
0% |
77.9 |
|
ETF Options |
1,989.0 |
--- |
--- |
2,400.7 |
-17% |
7,175.9 |
|
ETF Options ADV |
99.5 |
--- |
--- |
104.4 |
-5% |
87.5 |
|
C2 Market Share: C2's market share of total U.S. options industry volume in April was one percent, even with market share in March 2011.
C2 (Current Month) |
Year-To-Date |
||||||||
April 2011 |
April 2010 |
% pt. Chg |
March 2011 |
% pt. Chg |
April 2011 |
April 2010 |
% pt. Chg |
||
Total Exchange |
1.0% |
--- |
1.0% |
1.0% |
0.0% |
0.9% |
--- |
0.9% |
|
Total Exchange (excl. dividend trades) |
1.1% |
--- |
1.1% |
1.0% |
0.1% |
0.9% |
--- |
0.9% |
|
Equity Options |
0.8% |
--- |
0.8% |
0.8% |
0.0% |
0.7% |
--- |
0.7% |
|
Equity Option (excl. dividend trades) |
0.8% |
--- |
0.8% |
0.8% |
0.0% |
0.8% |
--- |
0.8% |
|
Index Options |
0.0% |
--- |
0.0% |
0.0% |
0.0% |
0.0% |
--- |
0.0% |
|
Index Options (excl. dividend trades) |
0.0% |
--- |
0.0% |
0.0% |
0.0% |
0.0% |
--- |
0.0% |
|
ETF Options |
1.8% |
--- |
1.8% |
1.5% |
0.2% |
1.5% |
--- |
1.5% |
|
ETF options (excl. dividend trades) |
1.8% |
--- |
1.8% |
1.6% |
0.2% |
1.5% |
--- |
1.5% |
|
CFE Futures Trading:
- With trading volume totaling 834,892 contracts, CBOE Futures Exchange (CFE) recorded its second-most-active trading month in April. Average daily volume at CFE in April was 41,744 contracts, up 196 percent from April 2010 and down ten percent from March 2011, when an all-time record CFE volume month was posted.
- CBOE Volatility Index (VIX) futures, the most active of CFE's products, posted monthly volume of 834,110 contracts in April, an ADV of 41,706 contracts. VIX futures ADV was up 196 percent from April 2010 and down ten percent from the record-high ADV established in March 2011.
- April also marked the busiest April ever and the nineteenth consecutive month of year-over-year volume increases for CFE and VIX futures.
CBOE Holdings Average Transaction Fee Per Contract:
The company will report its average transaction fee per contract for the three months ended March 31, 2011, in conjunction with its quarterly earnings news release, which will be issued on Thursday, May 5. This information also will be posted to the Investor Relations section of CBOE's web site under Financial Information, Supplemental Information.