CBOE Futures Exchange Reports Record Trading Volume For 2014

The CBOE Futures Exchange, LLC (CFE®) today reported that annual trading volume for total exchange-wide activity and for futures on the CBOE Volatility Index® (VIX® Index) reached new all-time highs in 2014, with multiple trading records set during the year.

2014 Volume
For a fifth consecutive year, trading volume in VIX futures set a new annual record. The 50.5 million contracts traded in 2014 was an increase of 27 percent from the 39.9 million contracts in 2013, the previous record. Average daily volume (ADV) in VIX futures was 200,521 contracts, also a fifth consecutive annual record, and up 27 percent from the ADV of 158,508 contracts in 2013. New records were set during the year for single-day, weekly, monthly, quarterly and annual trading volumes for VIX futures.

Exchange-wide trading volume at CFE also set a new annual record in 2014 with 50.6 million contracts, up 26 percent from 2013. Average daily volume at CFE reached a new high for a fifth straight year in 2014 with 200,854 contracts per day, up 26 percent from 2013’s ADV.

CFE Monthly Volume Summary						Full Year
	December 2014	December 2013	% Chg	November 2014	% Chg	2014	2013	% Chg
Trading Days	22	21		19		252	252
VIX Index Futures
Total	4,985,882	3,195,262	56%	2,666,173	87%	50,531,366	39,944,022	27%
ADV	226,631	152,155	49%	140,325	62%	200,521	158,508	27%
CFE Total Exchange
Total	4,992,899	3,201,242	56%	2,670,992	87%	50,615,305	40,193,447	26%
ADV	226,950	152,440	49%	140,579	61%	200,854	159,498	26%

2014 VIX Futures Volume Records and Exchange Highlights

VIX Futures Volume Records
Annual Volume	50,531,366 contracts	2014
Annual ADV	200,521 contracts	2014
Monthly Volume	7,446,507 contracts	October 2014
Monthly ADV	323,761 contracts	October 2014
Single-Day Volume	791,788 contracts	October 15, 2014
Weekly Volume	2,783,219 contracts	October 13 – 17, 2014
Quarterly Volume	15,098,562 contracts	Fourth Quarter, 2014
Exchange Highlights
The top five -- and seven of the top ten -- highest volume trading months in CFE history occurred during 2014.
On February 13, CFE launched trading of futures with weekly expirations on the CBOE Short-Term Volatility Index (VXST).
On June 22, CFE expanded trading of VIX futures to nearly 24 hours a day, five days a week.
Total VIX futures volume during non-U.S. trading hours was approximately 4.3 million contracts, which represented nearly nine percent of total CFE volume.
A record 70,168 VIX futures contracts traded in non-U.S. trading hours for the October 16 business day.
On November 13, CFE launched futures trading on the CBOE/CBOT 10-year U.S Treasury Note Volatility Index (VXTYN).

December Trading
December trading volume in VIX futures totaled 4.99 million contracts, an increase of 56 percent over December 2013 and an increase of 87 percent from November 2014. VIX futures ADV during the month was 226,631 contracts, up 49 percent from a year ago and up 62 percent from the previous month. December exchange-wide volume at CFE totaled 4.99 million contracts, an increase of 56 percent over December 2013 and an increase of 87 percent over November. Exchange-wide ADV during December was 226,950 contracts.

Fourth Quarter 2014
A record total of 15.10 million VIX futures contracts traded during the fourth quarter of 2014, an increase of 52 percent over the 9.91 million contracts in the fourth quarter of 2013 and an increase of 19 percent versus the 12.64 million contracts in the third quarter of 2014, the previous high.

The 15.12 million total contracts traded at CFE during the fourth quarter of 2014 was also a new record. Fourth quarter exchange-wide volume was up 52 percent compared to the fourth quarter a year ago and up 19 percent versus the third quarter of 2014.