2006 was the third consecutive year that CBOE posted record trading volume, with the continued growth being driven by solid gains in each of CBOE's product lines. Total equity options volume rose 42% to a new record of 390.7 million contracts, while total index and exchange traded fund (ETF) options volume surged 48% to a new record of 284.1 million contracts. Notably, six of CBOE's index and ETF options products set new annual trading records in 2006, including: S&P 500 Index (SPX), S&P 100 Index with European style exercise (XEO), Standard & Poor's Depositary Receipts SPDRs (SPY), Russell 2000 Index (RUT), iShares Russell 2000 Index Fund (IWM), and Nasdaq-100 Index (NDX).
|
Total Volume |
Dec 2006 Volume (20 days) |
% Change vs Dec 2005(21 days) |
2006 Total Volume (251 days) |
2005 Total Volume (252 days) |
% Change vs 2005 |
|---|---|---|---|---|---|
|
Industry Total |
169,891,749 |
+24% |
2,027,847,586 |
1,504,311,540 |
+35% |
|
|
|
|
|
|
|
|
CBOE Total |
52,970,325 |
+30% |
674,735,348 |
468,249,301 |
+44% |
|
Avg Daily Vol |
2,648,516 |
+36% |
2,688,189 |
1,858,132 |
+45% |
|
Equity |
31,383,194 |
+29% |
390,657,577 |
275,646,980 |
+42% |
|
Index & ETF |
21,585,986 |
+31% |
284,056,441 |
192,536,695 |
+48% |
|
ETF (only) |
8,688,867 |
+29% |
126,481,092 |
76,878,867 |
+65% |
|
Open Interest |
226,402,102 |
+25% |
226,402,102 |
180,546,883 |
+25% |
CBOE Market Share Of Total Volume Rises To 33% In 2006; Increase In Total Market Share Spurred By Gains In Equity Options
For 2006, CBOE market share of total industry volume was 33.3%, up 2.2% from 2005's total market share of 31.1%. CBOE's market share in multiply listed index and ETF options gained slightly to 38.8%, while market share in equity options was up 2% to 26.1% for 2006.
|
CBOE Market Share |
Dec 2006 Market Share |
% Change vs Dec 2005 |
2006 Total Market Share |
2005 Total Market Share |
% Change vs 2005 |
|---|---|---|---|---|---|
|
Exchange |
31.2% |
+1.4% |
33.3% |
31.1% |
+2.2% |
|
Equity |
24.5% |
+1.4% |
26.1% |
24.1% |
+2.0% |
|
Index & ETF (multiple listings only) |
38.2% |
+0.4% |
38.8% |
38.6% |
+0.2% |
CBOE Products Sets Several Volume Records In 2006, Seat Prices Rise 100%
- In December, CBOE volume totaled 52.9 million contracts traded, 30% above the December 2005 volume of 40.9 million contracts. Volume in equity options totaled 31.4 million contracts, an increase of 29% over December 2005's volume of 24.4 million, while volume in index and exchange traded fund options was 21.6 million contracts, up 31% over December 2005's volume of 16.5 million contracts.
- On the year, equity options volume set a new CBOE record of 390.7 million contracts traded, topping the previous high of 278.6 million contracts from 2000, and surpassing 2005's total equity options volume of 275.6 million by 42%.The top five most actively traded equity options during 2006 were: Apple Computer, Inc. (AAPL), Google Inc. (GOOG), Altria Group, Inc. (MO), General Motors Corp. (GM), and Microsoft Corp. (MSFT).
- For the second consecutive year, total volume in index and exchange traded fund (ETF) options volume set a new record for annual trading. The 284.1 million contracts traded during 2006 eclipsed last year's total and previous record of 192.5 million by 48%.The top ten most-actively traded index and ETF options at CBOE during 2006 were: S&P 500 Index (SPX), iShares Russell 2000 Index Fund (IWM), Nasdaq-100 Index Tracking Stock (QQQ), Standard & Poor's Depositary Receipts (SPY), S&P 100 Index (OEX), DIAMONDS Trust, Series 1 (DIA), Nasdaq-100 Index (NDX), Dow Jones Industrial Average Index (DJX), CBOE Mini-Nasdaq-100 Index (MNX), and CBOE Volatility Index (VIX).
- Six individual index and ETF options set new volume records in 2006 at CBOE, including:
- S&P 500 Index (SPX): 104,312,673 contracts (previous record: 71.8M in 2005)
- S&P 100 Index, European exercise (XEO): 3,706,720 contracts (previous record: 1.9M in 2003)
- Standard & Poor's Depositary Receipts (SPY): 24,134,052 contracts (previous record: 16.2M in 2005)
- Nasdaq-100 Index (NDX): 7,750,477 contracts (previous record:6.3M in 2005)
- Russell 2000 Index (RUT): 2,156,819 contracts (previous record: 1.1M in 2005)
- iShares Russell 2000 Index Fund (IWM): 44,905,725 contracts (previous record: 16.2M in 2005)
- The last seat sale for the year was recorded on December 27 at a price of $1,750,000, which was just shy of the all-time high of $1,775,000 set on December 6. On the year, seat prices rose 100%, up from the first seat sale on January 5 for $875,000. A total of 111 CBOE seats traded in 2006, with 95 of those selling for one million dollars or more. In 2005, a total of 104 seats were traded.
CFE Experiences Busiest Year As Nearly One-Half Million Contracts Trade; VIX Futures Continues To Drive Volume
CBOE Futures Exchange, LLC (CFE) continues to post year-over-year annual trading growth as 2006, the exchange's third year, marked its highest volume total to date. On the year, 478,160 contracts traded, an increase of 170% over the 177,046 contracts traded during 2005. Average daily volume for the 251 trading days was 1,905 contracts. At year's end, open interest stood at 35,751 contracts, up 237% over the end of 2005.
During December, total CFE volume was 43,197 contracts and average daily volume was 2,160 contracts. Trading in VX futures, based on the CBOE Volatility Index (VIX), tallied 40,739 contracts, while volume in futures on the CBOE Dow Jones Industrial Average Volatility Index (DV) was 2,059 contracts traded.
|
CFE Total Volume |
Dec 2006 Volume |
% Change vs Dec 2005 |
% Change vs Nov 2006 |
Total 2006 Volume |
% Change vs 2005 |
|---|---|---|---|---|---|
|
Exchange |
43,197 |
+615% |
-8% |
478,160 |
+170% |
|
Avg Daily Vol |
2,160 |
+650% |
-4% |
1,905 |
+171% |
|
Open Interest |
35,751 |
+237% |
-12% |
35,751 |
+237% |
CBOE Individual Index Volume Figures For December and Year-End 2006
|
Symbol |
Product |
Dec 2006 Volume |
% Change vs Dec 05 |
Total 2006 Volume |
Total 2005 Volume |
% Change vs 2005 |
|---|---|---|---|---|---|---|
|
SPX |
S&P 500 Index |
9,073,029 |
+49% |
104,312,673 New Record |
71,802,558 |
+45% |
|
XSP |
Mini-S&P 500 Index |
203,609 |
-10% |
1,771,820 |
709,820 |
+150% |
|
SPY |
Standard & Poor's Depositary Receipts (SPDRs) |
1,660,964 |
+7% |
24,134,052 New Record |
16,195,307 |
+49% |
|
VIX |
CBOE Volatility Index (options) |
560,997 |
---- |
5,050,638 |
----- |
----- |
|
OEX |
S&P 100 Index (American-Style Exercise) |
1,076,742 |
-19% |
17,106,482 |
18,672,964 |
-8% |
|
XEO |
S&P 100 Index
(European-Style Exercise) |
228,827 |
+46% |
3,706,720 New Record |
1,922,543 |
+93% |
|
DJX |
Dow Jones Industrial Average |
458,900 |
-18% |
7,699,769 |
6,887,691 |
+12% |
|
DIA |
DIAMONDS Trust, Series 1 |
398,513 |
-43% |
8,239,891 |
9,126,654 |
-10% |
|
NDX |
Nasdaq-100 Index |
530,628 |
-3% |
7,750,477 New Record |
6,341,052 |
+22% |
|
MNX |
CBOE Mini-NDX Index (based on Nasdaq-100) |
336,679 |
-27% |
5,198,989 |
6,157,513 |
-16% |
|
QQQ |
Nasdaq-100 Index Tracking Stock |
2,151,826 |
-14% |
31,693,928 |
26,337,846 |
+20% |
|
RUT |
Russell 2000 Index |
197,180 |
+54% |
2,156,819 New Record |
1,086,807 |
+98% |
|
IWM |
iShares Russell 2000
Index Fund |
3,124,228 |
+197% |
44,905,725 New Record |
16,223,925 |
+177% |
|
SMH |
Semiconductor HOLDRs Trust |
143,048 |
-36% |
2,255,019 |
1,557,334 |
+45% |
|
OIH |
Oil Services HOLDRs Trust |
231,330 |
+63% |
3,080,181 |
749,950 |
+311% |
|
XLE |
Energy Select SPDR |
218,218 |
+5% |
4,579,604 |
2,279,248 |
+101% |
CBOE, the largest options marketplace in the U.S. and the creator of listed options, is regulated by the Securities and Exchange Commission (SEC). For additional information about the CBOE and its products, visit the CBOE website at: www.cboe.com.
