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 113.51 million contracts. Average daily volume (ADV) was nearly six million contracts, a 37-percent increase from February 2013 and a three-percent increase from January 2014.
CBOE Volatility Index® (VIX® Index) options and futures and WeeklysSM options on the S&P 500® Index (SPXSM) recorded their highest monthly ADV ever during February.
CBOE Holdings Consolidated Trading Volume |
Year-To-Date |
|||||||
(trades in thousands) |
Feb-14 |
Feb-13 |
% Chg |
Jan-14 |
% Chg |
Feb-14 |
Feb-13 |
% Chg |
Trading Days |
19 |
19 |
21 |
40 |
40 |
|||
Total Contracts (options & futures) |
113,508.1 |
83,140.3 |
37% |
121,446.5 |
-7% |
234,954.5 |
172,160.3 |
36% |
Total Options Contracts (CBOE & C2) |
109,384.6 |
80,052.5 |
37% |
117,039.4 |
-7% |
226,423.9 |
166,144.9 |
36% |
Total Futures Contracts (CFE) |
4,123.5 |
3,087.8 |
34% |
4,407.1 |
-6% |
8,530.6 |
6,015.4 |
42% |
Total ADV (options & futures) |
5,974.1 |
4,375.8 |
37% |
5,783.2 |
3% |
5,873.9 |
4,304.0 |
36% |
Total Options ADV (CBOE & C2) |
5,757.1 |
4,213.3 |
37% |
5,573.3 |
3% |
5,660.6 |
4,153.6 |
36% |
Total Futures ADV (CFE) |
217.0 |
162.5 |
34% |
209.9 |
3% |
213.3 |
150.4 |
42% |
CBOE Trading Volume and Market Share
CBOE Trading Volume:
- CBOE's February ADV was 5.43 million contracts, a 37-percent increase from February 2013 and a three-percent increase from January 2014.
- Equity options ADV was 2.13 million contracts, a 37-percent increase from February 2013 and an eight-percent decrease from January 2014.
- Index options ADV was 1.92 million contracts, a 36-percent increase from February 2013 and an eight-percent increase from January 2014. CBOE VIX options and S&P 500 Index Weeklys options (SPXW) set monthly ADV records of 857,361 contracts and 294,571 contracts, respectively.
- Exchange traded product (ETP) options ADV was 1.38 million contracts, a 39-percent increase from February 2013 and an 18-percent increase from January 2014.
- The five most actively traded index and ETP options at CBOE in February were SPX options, VIX 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.
CBOE Trading Volume Current Month |
Year-To-Date |
|||||||
(trades in thousands) |
Feb-14 |
Feb-13 |
% Chg |
Jan-14 |
% Chg |
Feb-14 |
Feb-13 |
% Chg |
Trading Days |
19 |
19 |
21 |
40 |
40 |
|||
Total Exchange |
103,100.7 |
75,053.9 |
37% |
110,503.4 |
-7% |
213,604.1 |
155,893.5 |
37% |
Total Exchange ADV |
5,426.4 |
3,950.2 |
37% |
5,262.1 |
3% |
5,340.1 |
3,897.3 |
37% |
Equity Options |
40,381.7 |
29,405.9 |
37% |
48,587.4 |
-17% |
88,969.1 |
62,019.0 |
43% |
Equity Options ADV |
2,125.4 |
1,547.7 |
37% |
2,313.7 |
-8% |
2,224.2 |
1,550.5 |
43% |
Index Options |
36,474.6 |
26,827.1 |
36% |
37,335.0 |
-2% |
73,809.6 |
58,854.8 |
25% |
Index Options ADV |
1,919.7 |
1,412.0 |
36% |
1,777.9 |
8% |
1,845.2 |
1,471.4 |
25% |
ETP Options |
26,244.4 |
18,820.9 |
39% |
24,581.0 |
7% |
50,825.4 |
35,019.7 |
45% |
ETP Options ADV |
1,381.3 |
990.6 |
39% |
1,170.5 |
18% |
1,270.6 |
875.5 |
45% |
Expanded February 2014 and year-to-date volume information for CBOE index and ETP options is available at: www.cboe.com/data/monthlyvolume.aspx.
CBOE Market Share:
CBOE's market share of total U.S. options industry volume was 29.9 percent in February 2014, an increase of 6.5 percentage points from February 2013 and an increase of 1.5 percentage points from January 2014.
CBOE Market Share Current Month |
Year-To-Date |
|||||||
Feb-14 |
Feb-13 |
% Pt. Chg |
Jan-14 |
% Pt. Chg |
Feb-14 |
Feb-13 |
% Pt. Chg |
|
Total Exchange |
29.9% |
23.4% |
6.5% |
28.4% |
1.5% |
29.1% |
22.9% |
6.2% |
Equity Options |
21.6% |
15.9% |
5.7% |
21.5% |
0.1% |
21.5% |
15.3% |
6.2% |
Index Options |
96.7% |
94.6% |
2.1% |
97.8% |
-1.1% |
97.3% |
94.7% |
2.6% |
ETP Options |
21.8% |
17.4% |
4.4% |
19.6% |
2.2% |
20.7% |
16.3% |
4.4% |
C2 Trading Volume and Market Share
C2 Trading Volume:
C2's February trading volume totaled 6.28 million contracts. ADV was 330,700 contracts, a 26-percent increase from February 2013 and a six-percent increase fromJanuary 2014.
C2 Trading Volume Current Month |
Year-To-Date |
|||||||
(trades in thousands) |
Feb-14 |
Feb-13 |
% Chg |
Jan-14 |
% Chg |
Feb-14 |
Feb-13 |
% Chg |
Trading Days |
19 |
19 |
21 |
40 |
40 |
|||
Total Exchange |
6,283.8 |
4,998.6 |
26% |
6,536.0 |
-4% |
12,819.8 |
10,251.3 |
25% |
Total Exchange ADV |
330.7 |
263.1 |
26% |
311.2 |
6% |
320.5 |
256.3 |
25% |
Equity Options |
643.7 |
1,362.7 |
-53% |
854.9 |
-25% |
1,498.7 |
3,813.9 |
-61% |
Equity Options ADV |
33.9 |
71.7 |
-53% |
40.7 |
-17% |
37.5 |
95.3 |
-61% |
Index Options |
40.3 |
52.0 |
nm |
29.2 |
38% |
69.5 |
136.3 |
nm |
Index Options ADV |
2.1 |
2.7 |
nm |
1.4 |
52% |
1.7 |
3.4 |
nm |
ETP Options |
5,599.8 |
3,583.9 |
56% |
5,651.8 |
-1% |
11,251.6 |
6,301.2 |
79% |
ETP Options ADV |
294.7 |
188.6 |
56% |
269.1 |
10% |
281.3 |
157.5 |
79% |
*Russell 2000 Index options began trading on C2 on September 3, 2013. Prior period and year-to-date index options include SPXpmSM, which was moved to CBOEfrom C2 on February 17, 2013.
nm - not meaningful
C2 Market Share:
C2 market share of total industry volume in February 2014 was 1.8 percent, a 0.2-percentage-point increase from February 2013 and a 0.1-percentage-point increase from January 2014.
C2 Market Share Current Month |
Year-To-Date |
|||||||
Feb-14 |
Feb-13 |
% Pt. Chg |
Jan-14 |
% Pt. Chg |
Feb-14 |
Feb-13 |
% Pt. Chg |
|
Total Exchange |
1.8% |
1.6% |
0.2% |
1.7% |
0.1% |
1.7% |
1.5% |
0.2% |
Equity Options |
0.3% |
0.7% |
-0.4% |
0.4% |
-0.1% |
0.4% |
0.9% |
-0.5% |
Index Options |
0.1% |
0.2% |
nm |
0.1% |
-- |
0.1% |
0.2% |
nm |
ETP Options |
4.7% |
3.3% |
1.4% |
4.5% |
0.2% |
4.6% |
2.9% |
1.7% |
*Russell 2000 Index options began trading on C2 on September 3, 2013. Prior period and year-to-date index options include SPXpmSM, which was moved to CBOEfrom C2 on February 17, 2013.
nm - not meaningful
CFE Trading Volume and Highlights
- VIX futures set a new all-time monthly record for ADV in February -- 216,797 contracts. The previous monthly ADV record for VIX futures -- 210,674 contracts -- was set inJune 2013.
- February's record ADV was a 35-percent increase from February 2013 and a three-percent increase from January 2014.
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-14 |
Dec-13 |
Nov-13 |
Oct-13 |
Equity Options |
$0.079 |
$0.075 |
$0.076 |
$0.076 |
Index Options |
$0.664 |
$0.666 |
$0.666 |
$0.666 |
ETP Options |
$0.124 |
$0.125 |
$0.126 |
$0.124 |
Total Options Average Revenue Per Contract |
$0.273 |
$0.275 |
$0.275 |
$0.278 |
Futures |
$1.602 |
$1.565 |
$1.556 |
$1.548 |
Total Average Revenue Per Contract |
$0.317 |
$0.316 |
$0.315 |
$0.320 |