CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that total trading volume in August for options contracts on Chicago Board Options Exchange® (CBOE®) and C2 Options Exchange (C2) and futures contracts on CBOE Futures Exchange (CFE®) was 125.2 million contracts, an increase of 18 percent from July 2015 and an increase of 26 percent from August 2014.
Numerous trading records were set at CBOE Holdings in August, including new single-day volume highs for CBOE, C2, total index options and S&P 500 Index (SPX) options, and new monthly average daily volume (ADV) records in CBOE Volatility Indexâ (VIXâ Index) options and S&P 500 Index (SPX) options.
Total options and futures ADV at CBOE Holdings for August was 6.0 million contracts, an increase of 23 percent from July 2015 and an increase of 26 percent from August 2014.
|
CBOE Holdings Consolidated Trading Volume |
Year-To-Date |
|||||||
|
(Contracts in thousands) |
August 2015 |
August 2014 |
% Chg |
July 2015 |
% Chg |
August 2015 |
August 2014 |
% Chg |
|
Trading Days |
21 |
21 |
|
22 |
|
167 |
167 |
|
|
Total Contracts |
125,243.6 |
99,104.8 |
26% |
106,476.4 |
18% |
798,298.3 |
855,238.2 |
-7% |
|
Total Options Contracts |
118,834.7 |
94,538.6 |
26% |
101,457.7 |
17% |
763,915.0 |
823,504.3 |
-7% |
|
Total Futures Contracts |
6,408.9 |
4,566.2 |
40% |
5,018.7 |
28% |
34,383.3 |
31,733.9 |
8% |
|
|
|
|
|
|
|
|
|
|
|
Total ADV(options & futures) |
5,964.0 |
4,719.2 |
26% |
4,839.8 |
23% |
4,780.2 |
5,121.2 |
-7% |
|
Total Options ADV |
5,658.8 |
4,501.8 |
26% |
4,611.7 |
23% |
4,574.3 |
4,931.2 |
-7% |
|
Total Futures ADV |
305.2 |
217.4 |
40% |
228.1 |
34% |
205.9 |
190.0 |
8% |
CBOE Trading Volume and Market Share
CBOE Volume: August
- CBOE's ADV for the month was 5.3 million contracts, up 24 percent from July 2015 and 26 percent from August 2014. Exchangewide trading volume totaled 111.1 million contracts, an increase of 18 percent from the previous month and an increase of 26 percent from a year ago.
- August ADV in index options increased 41 percent, exchange-traded product (ETP) options increased 23 percent, and equity options increased 4 percent from July 2015.
CBOE Volume: August Records
- On August 21, CBOE experienced the busiest single day in its history with 11,167,957 contracts traded, which surpassed the previous record of 10,917,541 contracts on August 8, 2011.
- Total index options volume reached a new single-day high of 4,992,516 contracts traded on August 21, topping the previous record of 4,747,400 contracts on October 15, 2014.
- S&P 500 Index (SPX) options set a daily volume record of 2,980,032 contracts on August 21, surpassing the previous record of 2,686,964 contracts on October 15, 2014. SPX options also set a new monthly ADV record of 1,325,639 contracts in August, surpassing the previous record of 1,306,801 contracts set in October 2014.
- VIX options set a new record for monthly ADV of 990,289 contracts in August, topping the previous monthly ADV record of 857,361 contracts in February 2014.
- Expanded volume information for CBOE index and ETP options is available at: www.cboe.com/data/monthlyvolume.aspx.
|
CBOE Trading Volume Current Month |
Year-To-Date |
|||||||
|
(contracts in thousands) |
August 2015 |
August 2014 |
% Chg |
July 2015 |
% Chg |
August 2015 |
August 2014 |
% Chg |
|
Trading Days |
21 |
21 |
|
22 |
|
167 |
167 |
|
|
Total Exchange |
111,068.7 |
88,020.6 |
26% |
93,889.8 |
18% |
708,649.2 |
773,700.5 |
-8% |
|
Total Exchange ADV |
5,289.0 |
4,191.5 |
26% |
4,267.7 |
24% |
4,243.4 |
4,632.9 |
-8% |
|
Equity Options |
31,160.2 |
33,160.5 |
-6% |
31,497.6 |
-1% |
257,409.7 |
316,079.0 |
-19% |
|
Equity Options ADV |
1,483.8 |
1,579.1 |
-6% |
1,431.7 |
4% |
1,541.4 |
1,892.7 |
-19% |
|
Index Options |
51,735.4 |
31,934.6 |
62% |
38,387.4 |
35% |
265,896.8 |
262,707.1 |
1% |
|
Index Options ADV |
2,463.6 |
1,520.7 |
62% |
1,744.9 |
41% |
1,592.2 |
1,573.1 |
1% |
|
ETP Options |
28,173.1 |
22,925.5 |
23% |
24,004.8 |
17% |
185,342.7 |
194,914.3 |
-5% |
|
ETP Options ADV |
1,341.6 |
1,091.7 |
23% |
1,091.1 |
23% |
1,109.8 |
1,167.2 |
-5% |
CBOE Market Share: August
- CBOE's market share of total U.S. options industry volume was 26.1 percent in August, an increase of 1.3 percentage points from July 2015 and a decrease of 1.4 percentage points from August 2014.
|
CBOE Market Share Current Month |
Year-To-Date |
|||||||
|
|
August 2015 |
August 2014 |
% Pt. Chg |
July 2015 |
% Pt. Chg |
August 2015 |
August 2014 |
% Pt. Chg |
|
Total Exchange |
26.1% |
27.5% |
-1.4% |
24.8% |
1.3% |
25.6% |
28.0% |
-2.4% |
|
Equity Options |
15.5% |
18.6% |
-3.1% |
15.6% |
-0.1% |
17.4% |
20.5% |
-3.1% |
|
Index Options |
98.1% |
96.8% |
1.3% |
98.3% |
-0.2% |
97.6% |
96.5% |
1.1% |
|
ETP Options |
16.3% |
21.1% |
-4.8% |
17.4% |
-1.1% |
18.4% |
20.7% |
-2.3% |
C2 Trading Volume and Market Share
C2 Volume: August
- C2's August trading volume totaled 7.8 million contracts, an increase of 3 percent from July 2015 and an increase of 19 percent from August 2014. ADV was 369,808 contracts, an 8-percent increase from July 2015 and a 19-percent increase from August 2014.
- On August 21, C2 set a new single-day volume record with 758,257 contracts traded, which surpassed the previous record of 721,478 contracts on October 15, 2014.
|
C2 Trading Volume Current Month |
Year-To-Date |
|||||||
|
(contracts in thousands) |
August 2015 |
August 2014 |
% Chg |
July 2015 |
% Chg |
August 2015 |
August 2014 |
% Chg |
|
Trading Days |
21 |
21 |
|
22 |
|
167 |
167 |
|
|
Total Exchange |
7,766.0 |
6,518.0 |
19% |
7,567.9 |
3% |
55,265.8 |
49,803.9 |
11% |
|
Total Exchange ADV |
369.8 |
310.4 |
19% |
344.0 |
8% |
330.9 |
298.2 |
11% |
|
Equity Options |
2,326.7 |
906.8 |
157% |
2,210.5 |
5% |
16,460.2 |
6,803.0 |
142% |
|
Equity Options ADV |
110.8 |
43.2 |
157% |
100.5 |
10% |
98.6 |
40.7 |
142% |
|
Index Options |
208.1 |
38.6 |
440% |
180.1 |
16% |
1,006.9 |
287.6 |
250% |
|
Index Options ADV |
9.9 |
1.8 |
440% |
8.2 |
21% |
6.0 |
1.7 |
250% |
|
ETP Options |
5,231.1 |
5,572.6 |
-6% |
5,177.3 |
1% |
37,798.7 |
42,713.3 |
-12% |
|
ETP Options ADV |
249.1 |
265.4 |
-6% |
235.3 |
6% |
226.3 |
255.8 |
-12% |
C2 Market Share: August
- C2 market share of total industry volume in August was 1.8 percent, a decrease of 0.2 percentage points from both July 2015 and August 2014.
|
C2 Market Share Current Month |
Year-To-Date |
|||||||
|
|
August 2015 |
August 2014 |
% Pt. Chg |
July 2015 |
% Pt. Chg |
August 2015 |
August 2014 |
% Pt. Chg |
|
Total Exchange |
1.8% |
2.0% |
-0.2% |
2.0% |
-0.2% |
2.0% |
1.8% |
0.2% |
|
Equity Options |
1.2% |
0.5% |
0.7% |
1.1% |
0.1% |
1.1% |
0.4% |
0.7% |
|
Index Options |
0.4% |
0.1% |
0.3% |
0.5% |
-0.1% |
0.4% |
0.1% |
0.3% |
|
ETP Options |
3.0% |
5.1% |
-2.1% |
3.8% |
-0.8% |
3.7% |
4.5% |
-0.8% |
CBOE Futures Exchange (CFE) Trading Volume
CFE Volume: August
- CBOE Futures Exchange (CFE) reported that August 2015 was its second-busiest month of all time and its third consecutive monthly gain for 2015. ADV in VIX futures rose 34 percent from July 2015 and 41 percent from August 2014.
- Total volume in VIX futures for August was 6.4 million contracts, an increase of 28 percent from the previous month and 41 percent from a year ago. The August 2015 volume total includes VIX Weeklys futures contracts, which launched on July 23. August VIX futures' ADV was 304,964 contracts. August's total and ADV for VIX futures ranked second in terms of all-time monthly records, trailing only the 7.4 million total and 323,761 ADV traded in October 2014.
CBOE Holdings Average Revenue Per Contract
The following represents average revenue per contract based on a three-month rolling average, reported on a one-month lag. The average revenue 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: |
July-15 |
Jun-15 |
May-15 |
Apr-15 |
|
Equity Options |
$0.098 |
$0.093 |
$0.087 |
$0.077 |
|
Index Options |
$0.703 |
$0.697 |
$0.701 |
$0.707 |
|
ETP Options |
$0.122 |
$0.117 |
$0.114 |
$0.115 |
|
Total Options Average Revenue Per Contract |
$0.328 |
$0.308 |
$0.290 |
$0.280 |
|
Futures |
$1.712 |
$1.758 |
$1.775 |
$1.762 |
|
Total Average Revenue Per Contract |
$0.391 |
$0.368 |
$0.348 |
$0.336 |
