CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that 2012 consolidated trading volume for options contracts on ChicagoBoard Options Exchange® (CBOE®) and C2 Options ExchangeSM (C2SM) and futures contracts on CBOE Futures ExchangeSM (CFE®) totaled 1.13 billion contracts. Average daily volume (ADV) in 2012 was 4.54 million contracts, down six percent from 4.83 million contracts traded in 2011.
The year 2012 marked CBOE Holdings' fifth consecutive year of one-billion-plus contract trading volume.
Propelled by robust activity in futures on the CBOE Volatility Index® (VIX Index®) throughout the year, CBOE Futures Exchange ADV doubled to a record 95,600 contracts on annual volume of 23.89 million contracts.
|
CBOE Holdings Consolidated Trading Volume |
Year-To-Date |
|||||||
|
(trades in thousands) |
Dec-12 |
Dec-11 |
% Chg |
Nov-12 |
% Chg |
Dec-12 |
Dec-11 |
% Chg |
|
Trading Days |
20 |
21 |
21 |
250 |
252 |
|||
|
Total Contracts
|
78,594.1 |
75,133.9 |
5% |
91,314.9 |
-14% |
1,134,317.4 |
1,216,923.1 |
-7% |
|
Total Options Contracts |
76,147.6 |
74,485.4 |
2% |
88,570.7 |
-14% |
1,110,424.5 |
1,204,882.0 |
-8% |
|
Total Futures Contracts (CFE) |
2,446.5 |
648.5 |
277% |
2,744.2 |
-11% |
23,892.9 |
12,041.1 |
98% |
|
Total ADV |
3,929.7 |
3,577.8 |
10% |
4,348.3 |
-10% |
4,537.3 |
4,829.1 |
-6% |
|
Total Options ADV (CBOE & C2)
|
3,807.4 |
3,546.9 |
7% |
4,217.7 |
-10% |
4,441.7 |
4,781.3 |
-7% |
|
Total Futures ADV (CFE) |
122.3 |
30.9 |
296% |
130.7 |
-6% |
95.6 |
47.8 |
100% |
CBOE Trading Volume and Market Share
CBOE 2012 Volume:
- CBOE trading volume in 2012 totaled 1.06 billion contracts versus 1.15 billion contracts in 2011.
- ADV in 2012 was 4.24 million contracts, down seven percent from 2011 ADV of 4.57 million contracts.
CBOE December 2012 Volume:
- CBOE trading volume in December 2012 totaled 71.94 million contracts versus 70.60 million contracts in December 2011.
- December 2012 ADV was 3.60 million contracts, up seven percent from December 2011 ADV of 3.36 million contracts and down ten percent from November 2011 ADV of 3.99 million contracts.
|
CBOE Trading Volume Current Month |
Year-To-Date |
||||||||
|
(trades in thousands) |
Dec-12 |
Dec-11 |
% Chg |
Nov-12 |
% Chg |
Dec-12 |
Dec-11 |
% Chg |
|
|
Trading Days |
20 |
21 |
21 |
250 |
252 |
||||
|
Total Exchange |
71,937.6 |
70,602.8 |
2% |
83,704.1 |
-14% |
1,059,404.1 |
1,152,063.4 |
-8% |
|
|
Total Exchange ADV |
3,596.9 |
3,362.0 |
7% |
3,985.9 |
-10% |
4,237.6 |
4,571.7 |
-7% |
|
|
Equity Options |
27,931.0 |
29,205.0 |
-4% |
31,760.3 |
-12% |
473,708.5 |
496,905.8 |
-5% |
|
|
Equity Options ADV |
1,396.5 |
1,390.7 |
0% |
1,512.4 |
-8% |
1,894.8 |
1,971.8 |
-4% |
|
|
Index Options |
25,628.9 |
20,474.4 |
25% |
29,360.8 |
-13% |
302,878.7 |
320,077.1 |
-5% |
|
|
Index Options ADV |
1,281.4 |
975.0 |
31% |
1,398.1 |
-8% |
1,211.5 |
1,270.1 |
-5% |
|
|
ETF Options |
18,377.8 |
20,923.3 |
-12% |
22,583.1 |
-19% |
282,816.9 |
335,080.4 |
-16% |
|
|
ETF Options ADV |
918.9 |
996.3 |
-8% |
1,075.4 |
-15% |
1,131.3 |
1,329.7 |
-15% |
|
Expanded full-year and December 2012 volume information for CBOE index and ETF options is available at: www.cboe.com/data/monthlyvolume.aspx.
CBOE 2012 Market Share of total U.S. options industry volume was 26.5 percent, up 1.2 percentage points from 2011. If the volume from dividend trades was excluded from industry data for 2012, the Exchange's total market share for the year would be 27.7 percent.
CBOE December Market Share was 23.0 percent, up one percentage point from December 2011 and a 2.0-percentage-point decline from November 2012. If the volume from dividend trades was excluded from industry data for December 2011, the Exchange's total market share for December would be 24.3 percent.
Exclusion of dividend trades from total industry volume data presents a more relevant measure of the relative trends in the options business.
C2 Trading Volume and Market Share
|
CBOE Market Share Current Month |
Year-To-Date |
||||||||
|
Dec-12 |
Dec-11 |
% Pt. Chg |
Nov-12 |
% Pt. Chg |
Dec-12 |
Dec-11 |
% Pt. Chg |
||
|
Total Exchange |
23.0% |
22.0% |
1.0% |
25.0% |
-2.0% |
26.5% |
25.3% |
1.2% |
|
|
Total Exchange (excl. dividend trades) |
24.3% |
24.7% |
-0.4% |
25.8% |
-1.5% |
27.7% |
26.2% |
1.5% |
|
|
Equity Options |
16.8% |
16.3% |
0.5% |
17.4% |
-0.6% |
20.9% |
20.2% |
0.7% |
|
|
Equity Options (excl. dividend trades) |
19.1% |
20.1% |
-1.0% |
20.1% |
-1.0% |
23.2% |
21.9% |
1.3% |
|
|
Index Options |
94.9% |
94.8% |
0.1% |
93.9% |
1.0% |
94.1% |
94.8% |
-0.7% |
|
|
Index Options (excl. dividend trades) |
94.5% |
94.8% |
-0.3% |
93.3% |
1.2% |
93.8% |
94.8% |
-1.0% |
|
|
ETF Options |
15.4% |
17.4% |
-2.0% |
18.6% |
-3.2% |
20.0% |
19.0% |
1.0% |
|
|
ETF Options (excl. dividend trades) |
16.5% |
18.2% |
-1.7% |
18.6% |
-2.1% |
20.4% |
19.3% |
1.1% |
|
C2 2012 Volume:
- C2 trading volume totaled 51.02 million contracts in 2012. ADV was 204,100 contracts. -- down three percent from 2011 ADV of 209,600 contracts. Equity and index options ADV rose eight percent and 15 percent, respectively, over 2011, and ETF ADV declined by 12 percent.
C2 December 2012 Volume:
- C2 volume in December totaled 4.21 million contracts. ADV was 210,500 contracts -- up 14 percent from December 2011 ADV of 184,900 contracts and down nine percent fromNovember 2012 ADV of 231,700 contracts.
|
C2 Trading Volume Current Month |
Year-To-Date |
||||||||
|
(trades in thousands) |
Dec-12 |
Dec-11 |
% Chg |
Nov-12 |
% Chg |
Dec-12 |
Dec-11 |
% Chg |
|
|
Trading Days |
20 |
21 |
21 |
250 |
252 |
||||
|
Total Exchange |
4,210.0 |
3,882.6 |
8% |
4,866.7 |
-13% |
51,020.4 |
52,818.6 |
-3% |
|
|
Total Exchange ADV |
210.5 |
184.9 |
14% |
231.7 |
-9% |
204.1 |
209.6 |
-3% |
|
|
Equity Options |
1,815.1 |
1,706.1 |
6% |
1,946.7 |
-7% |
20,594.5 |
19,231.9 |
7% |
|
|
Equity Options ADV |
90.8 |
81.2 |
12% |
92.7 |
-2% |
82.4 |
76.3 |
8% |
|
|
Index Options |
119.3 |
105.5 |
13% |
106.0 |
13% |
1,472.6 |
316.3 |
366% |
|
|
Index Options ADV |
6.0 |
5.0 |
19% |
5.0 |
18% |
5.9 |
5.1 |
15% |
|
|
ETF Options |
2,275.7 |
2,071.0 |
10% |
2,814.0 |
-19% |
28,953.3 |
33,270.4 |
-13% |
|
|
ETF Options ADV |
113.8 |
98.6 |
15% |
134.0 |
-15% |
115.8 |
132.0 |
-12% |
|
C2 2012 Market Share of total U.S. option industry volume was 1.3 percent, up 0.1 of a percentage point from 2011.
C2 December Market Share was 1.4 percent, up 0.2 of a percentage point from December 2011 and down 0.1 of a percentage point from November 2012.
|
C2 Market Share Current Month |
Year-To-Date |
|||||||
|
Dec-12 |
Dec-11 |
% Pt. Chg |
Nov-12 |
% Pt. Chg |
Dec-12 |
Dec-11 |
% Pt. Chg |
|
|
Total Exchange |
1.4% |
1.2% |
0.2% |
1.5% |
-0.1% |
1.3% |
1.2% |
0.1% |
|
Total Exchange |
1.4% |
0.9% |
0.5% |
1.5% |
-0.1% |
1.3% |
1.2% |
0.1% |
|
Equity Options |
1.1% |
1.0% |
0.1% |
1.1% |
-- |
0.9% |
0.8% |
0.1% |
|
Equity Options |
1.1% |
1.1% |
-- |
1.1% |
-- |
1.0% |
0.8% |
0.2% |
|
Index Options |
0.4% |
0.5% |
-0.1% |
0.3% |
0.1% |
0.5% |
0.1% |
0.4% |
|
Index Options |
0.5% |
0.5% |
-- |
0.4% |
0.1% |
0.5% |
0.1% |
0.4% |
|
ETF Options |
1.9% |
1.7% |
0.2% |
2.3% |
-0.4% |
2.1% |
1.9% |
0.2% |
|
ETF Options |
2.0% |
1.8% |
0.2% |
2.3% |
-0.3% |
2.1% |
1.9% |
0.2% |
CBOE Futures Exchange Trading Volume
- The year 2012 marked the busiest year in CFE history as annual trading volume totaled a record of nearly 24 million contracts, and ADV doubled from 2011 to over 95,000 contracts.
- VIX futures volume set a new annual volume record in 2012 with 23.79 million contracts traded, up 98 percent from 12.03 million contracts traded in 2011. ADV for VIX futures was 95,143 contracts, up 99 percent from 2011 ADV of 47,782 contracts.
- During the year, VIX futures achieved new records in daily, weekly, monthly, quarterly and annual volumes and open interest.
- On December 31, 2012, VIX futures set a new single-day volume record of 212,800 contracts, the first time daily volume in VIX futures has exceeded 200,000 contracts.
CBOE Holdings Average Transaction Fee Per Contract
The following represents average transaction fee per contract based on a three-month rolling average, reported on a one-month lag. The average transaction fee per contract represents total transaction fees for CBOE, C2, and CFE recognized for the period divided by total contracts traded during the period. Average transaction fees per contract can be affected by various factors, including exchange fee rates, volume-based discounts and transaction mix by contract type and product type.
|
(In Dollars) |
Three-Month Period Ended |
||||
|
Product: |
Nov-12 |
Oct-12 |
Sep-12 |
Aug-12 |
|
|
Equities |
$0.124 |
$0.121 |
$0.118 |
$0.122 |
|
|
Indexes |
$0.670 |
$0.675 |
$0.682 |
$0.684 |
|
|
Exchange Traded Funds |
$0.183 |
$0.180 |
$0.177 |
$0.177 |
|
|
Total Options Average Transaction Fee Per Contract |
$0.309 |
$0.294 |
$0.287 |
$0.286 |
|
|
Futures |
$1.473 |
$1.573 |
$1.606 |
$1.626 |
|
|
Total Average Transaction Fee Per Contract |
$0.342 |
$0.326 |
$0.317 |
$0.315 |
|
