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CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that February trading volume for options contracts on Chicago Board Options Exchange® (CBOE®) and C2 Options ExchangeSM (C2SM) and futures contracts on CBOE Futures ExchangeSM (CFE®) totaled 83.14 million contracts. Average daily volume (ADV) in February was 4.38 million contracts, up three percent from 4.24 million contracts in January 2013 and down 15 percent from 5.14 million contracts in February 2012.
In February, CBOE Volatility Index® (VIX®) futures established record-breaking monthly trading volume for the second consecutive month.
|
CBOE Holdings Consolidated Trading Volume |
Year-To-Date |
|||||||
|
(trades in thousands) |
Feb-13 |
Feb-12 |
% Chg |
Jan-13 |
% Chg |
Feb-13 |
Feb-12 |
% Chg |
|
Trading Days |
19 |
20 |
21 |
40 |
40 |
|||
|
Total Contracts (options & futures) |
83,140.4 |
102,867.9 |
-19% |
89,019.9 |
-7% |
172,160.3 |
194,041.8 |
-11% |
|
Total Options Contracts (CBOE & C2) |
80,052.6 |
101,527.1 |
-21% |
86,092.3 |
-7% |
166,144.9 |
191,889.7 |
-13% |
|
Total Futures Contracts (CFE) |
3,087.8 |
1,340.8 |
130% |
2,927.6 |
5% |
6,015.4 |
2,152.0 |
180% |
|
Total ADV (options & futures) |
4,375.8 |
5,143.4 |
-15% |
4,239.0 |
3% |
4,304.0 |
4,851.0 |
-11% |
|
Total Options ADV (CBOE & C2) |
4,213.3 |
5,076.4 |
-17% |
4,099.6 |
3% |
4,153.6 |
4,797.2 |
-13% |
|
Total Futures ADV (CFE) |
162.5 |
67.0 |
142% |
139.4 |
17% |
150.4 |
53.8 |
180% |
CBOE Trading Volume and Market Share
CBOE Trading Volume:
- February 2013 ADV at CBOE was 3.95 million contracts, down 18 percent from February 2012 ADV of 4.84 million contracts and up three percent from January 2013 ADV of 3.85 million contracts.
- On February 26, VIX options established an all-time, single-day volume record, totaling 1,388,634 contracts. The new record beat the previous record of 1,219,226 contracts traded on September 11, 2012.
- The five most actively traded index and ETP options at CBOE in February were S&P 500® Index (SPXSM) options, CBOE Volatility Index® (VIX® Index) options, Standard & Poor's Depositary Receipt (SPY) options, iShares Trust - Russell 2000 Index Fund (IWM) options and iPath S&P 500 VIX Short-Term Futures ETN (VXX) options.
- The five most actively traded equity options in February were Apple (AAPL), Bank of America (BAC), Facebook (FB), Blackberry (BBRY) and Citigroup (C).
|
CBOE Trading Volume Current Month |
Year-To-Date |
|||||||
|
(trades in thousands) |
Feb-13 |
Feb-12 |
% Chg |
Jan-13 |
% Chg |
Feb-13 |
Feb-12 |
% Chg |
|
Trading Days |
19 |
20 |
21 |
40 |
40 |
|||
|
Total Exchange |
75,053.9 |
96,699.0 |
-22% |
80,839.6 |
-7% |
155,893.5 |
183,025.8 |
-15% |
|
Total Exchange ADV |
3,950.2 |
4,835.0 |
-18% |
3,849.5 |
3% |
3,897.3 |
4,575.6 |
-15% |
|
Equity Options |
29,405.9 |
47,622.9 |
-38% |
32,613.1 |
-10% |
62,019.0 |
91,770.5 |
-32% |
|
Equity Options ADV |
1,547.7 |
2,381.1 |
-35% |
1,553.0 |
0% |
1,550.5 |
2,294.3 |
-32% |
|
Index Options |
26,827.1 |
24,724.1 |
9% |
32,027.7 |
-16% |
58,854.8 |
45,622.2 |
29% |
|
Index Options ADV |
1,412.0 |
1,236.2 |
14% |
1,525.1 |
-7% |
1,471.4 |
1,140.6 |
29% |
|
ETP Options |
18,820.9 |
24,352.0 |
-23% |
16,198.8 |
16% |
35,019.7 |
45,633.1 |
-23% |
|
ETP Options ADV |
990.6 |
1,217.6 |
-19% |
771.4 |
28% |
875.5 |
1,140.8 |
-23% |
Expanded full-year and February 2013 volume information for CBOE index and ETP options is available at: www.cboe.com/data/monthlyvolume.aspx.
CBOE Market Share:
CBOE market share of total U.S. options industry volume was 23.4 percent in February 2013, up one percentage point from January 2013 and down 4.3 percentage points from February 2012. If the volume from dividend trades was excluded from industry data for February, the Exchange's total market share would be 24.1 percent. Exclusion of dividend trades from total industry volume data presents a more relevant measure of the relative trends in the options business.
|
CBOE Market Share Current Month |
Year-To-Date |
|||||||
|
Feb-13 |
Feb-12 |
% Pt. Chg |
Jan-13 |
% Pt. Chg |
Feb-13 |
Feb-12 |
% Pt. Chg |
|
|
Total Exchange |
23.4% |
27.7% |
-4.3% |
22.4% |
1.0% |
22.9% |
26.7% |
-3.8% |
|
Total Exchange (excl. dividend trades) |
24.1% |
29.1% |
-5.0% |
22.8% |
1.3% |
23.4% |
28.5% |
-5.1% |
|
Equity Options |
15.9% |
22.2% |
-6.3% |
14.8% |
1.1% |
15.3% |
21.4% |
-6.1% |
|
Equity Options (excl. dividend trades) |
18.7% |
24.7% |
-6.0% |
16.5% |
2.2% |
17.5% |
24.2% |
-6.7% |
|
Index Options |
94.6% |
94.5% |
0.1% |
94.8% |
-0.2% |
94.7% |
94.7% |
-- |
|
Index Options (excl. dividend trades) |
93.8% |
94.4% |
-0.6% |
94.4% |
-0.6% |
94.1% |
94.7% |
-0.6% |
|
ETP Options |
17.4% |
22.4% |
-5.0% |
15.2% |
2.2% |
16.3% |
21.9% |
-5.6% |
|
ETP Options (excl. dividend trades) |
17.4% |
22.4% |
-5.0% |
15.2% |
2.2% |
16.3% |
21.9% |
-5.6% |
C2 Trading Volume and Market Share
|
C2 Trading Volume Current Month |
Year-To-Date |
|||||||
|
(trades in thousands) |
Feb-13 |
Feb-12 |
% Chg |
Jan-13 |
% Chg |
Feb-13 |
Feb-12 |
% Chg |
|
Trading Days |
19 |
20 |
21 |
40 |
40 |
|||
|
Total Exchange |
4,998.6 |
4,828.1 |
4% |
5,252.7 |
-5% |
10,251.3 |
8,864.0 |
16% |
|
Total Exchange ADV |
263.1 |
241.4 |
9% |
250.1 |
5% |
256.3 |
221.6 |
16% |
|
Equity Options |
1,362.7 |
1,961.7 |
-31% |
2,451.2 |
-44% |
3,813.9 |
3,799.6 |
0% |
|
Equity Options ADV |
71.7 |
98.1 |
-27% |
116.7 |
-39% |
95.3 |
95.0 |
0% |
|
Index Options* |
52.0 |
102.1 |
-49% |
84.2 |
-38% |
136.3 |
194.8 |
-30% |
|
Index Options ADV* |
2.7 |
5.1 |
-46% |
4.0 |
-32% |
3.4 |
4.9 |
-30% |
|
ETP Options |
3,583.9 |
2,764.3 |
30% |
2,717.3 |
32% |
6,301.2 |
4,869.5 |
29% |
|
ETP Options ADV |
188.6 |
138.2 |
36% |
129.4 |
46% |
157.5 |
121.7 |
29% |
*SPXpm moved from C2 to CBOE on February 19.
C2 Trading Volume:
C2 volume in February 2013 totaled just under five million contracts. ADV was 263,100 contracts — up nine percent from February 2012 ADV of 241,400 contracts and up five percent from January 2013 ADV of 250,100 contracts.
|
C2 Market Share Current Month |
Year-To-Date |
|||||||
|
Feb-13 |
Feb-12 |
% Pt. Chg |
Jan-13 |
% Pt. Chg |
Feb-13 |
Feb-12 |
% Pt. Chg |
|
|
Total Exchange |
1.6% |
1.4% |
0.2% |
1.5% |
0.1% |
1.5% |
1.3% |
0.2% |
|
Total Exchange (excl. dividend trades) |
1.6% |
0.9% |
0.7% |
1.5% |
0.1% |
1.5% |
1.4% |
0.1% |
|
Equity Options |
0.7% |
0.9% |
-0.2% |
1.1% |
-0.4% |
0.9% |
0.9% |
-- |
|
Equity Options (excl. dividend trades) |
0.8% |
1.0% |
-0.2% |
1.1% |
-0.3% |
1.0% |
1.0% |
-- |
|
Index Options* |
0.2% |
0.4% |
-0.2% |
0.2% |
-- |
0.2% |
0.4% |
-0.2% |
|
Index Options* (excl. dividend trades) |
0.3% |
0.4% |
-0.1% |
0.3% |
-- |
0.3% |
0.4% |
-0.1% |
|
ETP Options |
3.3% |
2.5% |
0.8% |
2.5% |
0.8% |
2.9% |
2.3% |
0.6% |
|
ETP Options (excl. dividend trades) |
3.3% |
2.5% |
0.8% |
2.6% |
0.7% |
2.9% |
2.3% |
0.6% |
*SPXpm moved from C2 to CBOE on February 19.
C2 Market Share:
C2 market share of total industry volume in February 2013 was 1.6 percent, up 0.2 of a percentage point from February 2012 and up 0.1 of a percentage point from January 2013.
CBOE Futures Exchange Trading Volume
- Trading volume in VIX futures established a new all-time monthly record in February -- 3,062,344 contracts — surpassing the previous record of 2,897,739 contracts traded in January 2013.
- Average daily volume in VIX futures during February reached a new all-time high of 161,176 contracts. This record ADV topped the 66,924 contracts per day in February 2012 by 141 percent and January's ADV of 137,988 contracts, the previous record, by 17 percent.
- February was the first time that total monthly volume in VIX futures eclipsed the three-million-contract mark and the sixth consecutive month that volume surpassed the two-million-contract mark.
CBOE Holdings Average Revenue Per Contract
The following represents the 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 on all three exchanges during the period. Average revenue 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: |
Jan-13 |
Dec-12 |
Nov-12 |
Oct-12 |
|
|
Equities |
$0.149 |
$0.134 |
$0.124 |
$0.121 |
|
|
Indexes |
$0.665 |
$0.670 |
$0.670 |
$0.675 |
|
|
Exchange Traded Products |
$0.194 |
$0.186 |
$0.183 |
$0.180 |
|
|
Total Options Average Revenue Per Contract |
$0.340 |
$0.322 |
$0.309 |
$0.294 |
|
|
Futures |
$1.484 |
$1.442 |
$1.473 |
$1.573 |
|
|
Total Average Revenue Per Contract |
$0.376 |
$0.355 |
$0.342 |
$0.326 |
|
