CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that total trading volume in February for options contracts on Chicago Board Options Exchange® (CBOE®) and C2 Options Exchange (C2) and futures contracts on CBOE Futures Exchange (CFE®) was 92.9 million contracts, an increase of 5 percent from February 2015 and a decrease of 10 percent from January 2016.
Average daily volume (ADV) for the month was 4.6 million contracts, relatively unchanged from February 2015 and down 14 percent from January 2016.
CBOE Holdings Consolidated Trading Volume Current Month |
Year-To-Date |
|||||||
(contracts in thousands) |
Feb 2016 |
Feb 2015 |
% Chg |
Jan 2016 |
% Chg |
Feb 2016 |
Feb 2015 |
% Chg |
Trading Days |
20 |
19 |
19 |
39 |
39 |
|||
Total Contracts |
92,922.1 |
88,507.4 |
5% |
102,994.5 |
-10% |
195,916.6 |
195,747.1 |
--- |
Total Options Contracts |
88,829.6 |
85,340.9 |
4% |
97,826.1 |
-9% |
186,655.7 |
188,006.9 |
-1% |
Total Futures Contracts |
4,092.5 |
3,166.5 |
29% |
5,168.4 |
-21% |
9,260.9 |
7,740.2 |
20% |
Total ADV |
4,646.1 |
4,658.3 |
--- |
5,420.7 |
-14% |
5,023.5 |
5,019.2 |
--- |
Total Options ADV |
4,441.5 |
4,491.6 |
-1% |
5,148.7 |
-14% |
4,786.0 |
4,820.7 |
-1% |
Total Futures ADV |
204.6 |
166.7 |
23% |
272.0 |
-25% |
237.5 |
198.5 |
20% |
CBOE Trading Volume and Market Share
CBOE Volume: February
- CBOE's total volume for the month was 82.3 million contracts, an increase of 3 percent from February 2015. ADV was 4.1 million contracts, a decrease of 2 percent from a year ago. When compared to January 2016's ADV and total volume, February 2016 total volume declined 9 percent and ADV declined 14 percent.
- February ADV in index options increased 26 percent from February 2015, but decreased 13 percent from ADV in January 2016.
- February ADV in equity options decreased 24 percent from February 2015 and 13 percent from January 2016.
- February ADV in exchange-traded product (ETP) options was unchanged from February 2015 and fell 17 percent from January 2016.
- 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) |
Feb 2016 |
Feb 2015 |
% Chg |
Jan 2016 |
% Chg |
Feb 2016 |
Feb 2015 |
% Chg |
Trading Days |
20 |
19 |
19 |
39 |
39 |
|||
Total Exchange |
82,336.5 |
79,692.6 |
3% |
90,837.3 |
-9% |
173,173.8 |
175,208.7 |
-1% |
Total Exchange ADV |
4,116.8 |
4,194.3 |
-2% |
4,780.9 |
-14% |
4,440.4 |
4,492.5 |
-1% |
Equity Options |
27,002.0 |
33,769.4 |
-20% |
29,415.5 |
-8% |
56,417.6 |
71,232.7 |
-21% |
Equity Options ADV |
1,350.1 |
1,777.3 |
-24% |
1,548.2 |
-13% |
1,446.6 |
1,826.5 |
-21% |
Index Options |
34,599.2 |
26,125.8 |
32% |
37,626.4 |
-8% |
72,225.6 |
57,477.4 |
26% |
Index Options ADV |
1,730.0 |
1,375.0 |
26% |
1,980.3 |
-13% |
1,851.9 |
1,473.8 |
26% |
ETP Options |
20,735.3 |
19,797.3 |
5% |
23,795.4 |
-13% |
44,530.7 |
46,498.6 |
-4% |
ETP Options ADV |
1,036.8 |
1,042.0 |
-- |
1,252.4 |
-17% |
1,141.8 |
1,192.3 |
-4% |
CBOE Market Share: February
- CBOE's market share of total U.S. options industry volume was 24.8 percent in February, a decrease of 0.1 percentage points from January 2016 and 1.5 percentage points from February 2015.
CBOE Market Share Current Month |
Year-To-Date |
|||||||
Feb 2016 |
Feb 2015 |
% Pt. Chg |
Jan 2016 |
% Pt. Chg |
Feb 2016 |
Feb 2015 |
% Pt. Chg |
|
Total Exchange |
24.8% |
26.3% |
-1.5% |
24.9% |
-0.1% |
24.9% |
26.7% |
-1.8% |
Equity Options |
16.7% |
19.3% |
-2.6% |
17.2% |
-0.5% |
16.9% |
19.3% |
-2.4% |
Index Options |
98.2% |
95.8% |
2.4% |
98.2% |
--- |
98.2% |
96.1% |
2.1% |
ETP Options |
15.3% |
19.7% |
-4.4% |
15.4% |
-0.1% |
15.3% |
20.5% |
-5.2% |
C2 Trading Volume and Market Share
C2 Volume: February
- C2's ADV for the month was 324,653 contracts and total volume was 6.5 million contracts, an increase of 9 percent and 15 percent, respectively, from February 2015.
- When compared to January 2016's ADV and total volume, February 2016 ADV declined 12 percent and total volume declined 7 percent.
C2 Trading Volume Current Month |
Year-To-Date |
|||||||
(contracts in thousands) |
Feb |
Feb |
% Chg |
Jan 2016 |
% Chg |
Feb 2016 |
Feb 2015 |
% Chg |
Trading Days |
20 |
19 |
19 |
39 |
39 |
|||
Total Exchange |
6,493.1 |
5,648.3 |
15% |
6,988.8 |
-7% |
13,481.9 |
12,798.3 |
5% |
Total Exchange ADV |
324.7 |
297.3 |
9% |
367.8 |
-12% |
345.7 |
328.2 |
5% |
Equity Options |
1,750.7 |
1,823.3 |
-4% |
1,605.8 |
9% |
3,356.6 |
3,695.4 |
-9% |
Equity Options ADV |
87.5 |
96.0 |
-9% |
84.5 |
4% |
86.1 |
94.8 |
-9% |
Index Options |
247.4 |
43.3 |
471% |
291.8 |
-15% |
539.1 |
110.2 |
389% |
Index Options ADV |
12.4 |
2.3 |
442% |
15.4 |
-19% |
13.8 |
2.8 |
389% |
ETP Options |
4,495.0 |
3,781.7 |
19% |
5,091.2 |
-12% |
9,586.2 |
8,992.7 |
7% |
ETP Options ADV |
224.7 |
199.0 |
13% |
268.0 |
-16% |
245.8 |
230.6 |
7% |
C2 Market Share: February
- C2's market share of total industry volume in February was 2 percent, an increase of 0.1 percentage points from January 2016 and from February 2015.
C2 Market Share Current Month |
Year-To-Date |
|||||||
Feb 2016 |
Feb 2015 |
% Pt. Chg |
Jan 2016 |
% Pt. Chg |
Feb 2016 |
Feb 2015 |
% Pt. Chg |
|
Total Exchange |
2.0% |
1.9% |
0.1% |
1.9% |
0.1% |
1.9% |
2.0% |
0.1% |
Equity Options |
1.1% |
1.0% |
0.1% |
0.9% |
0.2% |
1.0% |
1.0% |
--- |
Index Options |
0.7% |
0.2% |
0.5% |
0.8% |
-0.1% |
0.7% |
0.2% |
0.5% |
ETP Options |
3.3% |
3.8% |
-0.5% |
3.3% |
--- |
3.3% |
4.0% |
-0.7% |
CBOE Futures Exchange (CFE) Trading Volume
CFE Volume: February
- Total ADV at CFE was 204,624 contracts in February, an increase of 23 percent from February 2015 and a decrease of 25 percent from January 2016. Total volume at CFE for the month was 4.1 million contracts, up 29 percent from total volume a year ago and down 21 percent from January 2016.
CFE Monthly Volume Summary* |
Year-To-Date |
||||||||
(contracts in thousands) |
Feb 2016 |
Feb 2015 |
% Chg |
Jan 2016 |
% Chg |
Feb 2016 |
Feb 2015 |
% Chg |
|
Trading Days |
20 |
19 |
19 |
39 |
39 |
||||
VIX Index Futures |
|||||||||
Total |
4,092.2 |
3,164.4 |
29% |
5,167.9 |
-21% |
9,260.1 |
7,733.1 |
20% |
|
ADV |
204,609 |
166,547 |
23% |
271,994 |
-25% |
237,438 |
198,285 |
20% |
|
CFE Total Exchange |
|||||||||
Total |
4,092.5 |
3,166.5 |
29% |
5,168.4 |
-21% |
9,260.9 |
7,740.2 |
20% |
|
ADV |
204.6 |
166.7 |
23% |
272.0 |
-25% |
237.5 |
198.5 |
20% |
|
*Volume numbers for 2016 now include VIX Weeklys futures totals. |
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: |
Jan 2016 |
Dec |
Nov 2015 |
Oct 2015 |
Equity Options |
$0.095 |
$0.097 |
$0.098 |
$0.105 |
Index Options |
$0.738 |
$0.726 |
$0.718 |
$0.706 |
ETP Options |
$0.138 |
$0.143 |
$0.144 |
$0.146 |
Total Options Average Revenue Per Contract |
$0.351 |
$0.349 |
$0.357 |
$0.370 |
Futures |
$1.636 |
$1.686 |
$1.686 |
$1.662 |
Total Average Revenue Per Contract |
$0.412 |
$0.408 |
$0.417 |
$0.432 |