CBOE Holdings, Inc. (NASDAQ: CBOE) today reported that January trading volume for options on theChicago Board Options Exchange (CBOE) and C2 Options Exchange (C2), combined, totaled 90.36 million contracts. January average daily volume (ADV) was 4.52 million contracts, a 15-percent decrease from January 2011 ADV of 5.29 million contracts and a 27-percent increase fromDecember 2011 ADV of 3.55 million contracts.
Trading volume at CBOE Futures Exchange (CFE) was the highest ever for any January.
CBOE Trading Volume and Market Share
CBOE Trading Volume:
- CBOE's January 2012 ADV of 4.32 million contracts was a 16-percent decrease from 5.13 million contracts per day in January 2011 and a 28-percent increase from December 2011 ADV of 3.36 million contracts.
- CBOE index options — January 2012 index option ADV was 1.04 million contracts, down seven percent from 1.12 million contracts ADV in January 2011and up seven percent from December 2011 ADV of 975,000 contracts.
- CBOE ETF options — January 2012 ETF option ADV was 1.06 million contracts, down four percent from 1.11 million contracts ADV in January 2011 and up seven percent from December 2011 ADV of 996,300 contracts.
- CBOE equity options — January 2012 equity option ADV was 2.21 million contracts, down 24 percent from 2.90 million contracts ADV in January 2011and up 59 percent from December 2011 ADV of 1.39 million contracts.
- The five most actively traded index and ETF options at CBOE during January were the S&P 500 Index (SPX), Standard & Poor's Depositary Receipts (SPY), CBOE Volatility Index (VIX), iShares Trust-Russell 2000 Index Fund (IWM) and QQQ Trust (QQQ).
- The five most actively traded equity options at CBOE during January were Apple (AAPL), Bank of America (BAC), Citigroup, Inc. (C), Microsoft Corporation (MSFT) and Netflix, Inc. (NFLX).
|
CBOE Trading Volume |
|||||
|
(trades in thousands) |
Jan-12 |
Jan-11 |
% Chg |
Dec-11 |
% pt. Chg |
|
Trading Days |
20 |
20 |
|
21 |
|
|
Total Exchange |
86,326.8 |
102,667.8 |
-16% |
70,602.8 |
22% |
|
Total Exchange ADV |
4,316.3 |
5,133.4 |
-16% |
3,362.0 |
28% |
|
Equity Options |
44,147.9 |
57,979.9 |
-24% |
29,205.0 |
51% |
|
Equity Options ADV |
2,207.4 |
2,899.0 |
-24% |
1,390.7 |
59% |
|
Index Options |
20,898.0 |
22,484.1 |
-7% |
20,474.4 |
2% |
|
Index Options ADV |
1,044.9 |
1,124.2 |
-7% |
975.0 |
7% |
|
ETF Options |
21,280.8 |
22,203.8 |
-4% |
20,923.3 |
2% |
|
ETF Options ADV |
1,064.0 |
1,110.2 |
-4% |
996.3 |
7% |
Expanded January 2012 volume information for CBOE index and ETF options is available at: www.cboe.com/data/monthlyvolume.aspx.
CBOE Market Share:
CBOE January market share was 25.7 percent, up 3.7 percentage points from December 2011 and down 1.4 percentage points from January 2011. If the volume from dividend trades was excluded from industry data for January 2012, the Exchange's total market share for January would be 27.8 percent.
Exclusion of dividend trades from total industry volume data presents a more relevant measure of the relative trends in the options business.
|
CBOE Current Month |
|||||
|
|
Jan 2012 |
Jan 2011 |
% pt. Chg |
Dec 2011 |
% pt. Chg |
|
Total Exchange |
25.7% |
27.1% |
-1.4% |
22.0% |
3.7% |
|
Total Exchange (excl. dividend trades) |
27.8% |
28.4% |
-0.6% |
24.7% |
3.1% |
|
Equity Options |
20.6% |
23.5% |
-2.9% |
16.3% |
4.3% |
|
Equity Option (excl. dividend trades) |
23.3% |
25.1% |
-1.8% |
19.5% |
3.8% |
|
Index Options |
95.0% |
95.0% |
0.0% |
94.8% |
0.2% |
|
Index Options (excl. dividend trades) |
95.2% |
95.6% |
-0.4% |
95.0% |
0.2% |
|
ETF Options |
21.4% |
20.6% |
0.8% |
17.4% |
4.0% |
|
ETF Options (excl. dividend trades) |
21.4% |
20.6% |
0.8% |
18.2% |
3.2% |
CBOE January 2012 Market Share by Product:
- Index options — CBOE's market share was 95.0 percent, up 0.2 of a percentage point from December 2011 and even with January 2011.
- ETF options — CBOE's market share was 21.4 percent, up four percentage points from December 2011 and up 0.8 of a percentage point from January 2011.
- Equity options — CBOE's market share was 20.6 percent, up 4.3 percentage points from December 2011 and down 2.9 percentage points from January 2011.
C2 Options Exchange Trading Volume and Market Share
C2 Trading Volume:
In January 2012, C2 ADV was 201,800 contracts, up nine percent from December 2011 ADV of 184,900 contracts. January equity and ETF option ADV rose 13 percent and seven percent, respectively, from December 2011. Index option volume averaged 4,600 contracts per day in January, down eight percent from December 2011.
|
C2 Current Month |
|
|
|
|
|
|
(trades in thousands) |
Jan-12 |
Jan-11 |
% Chg |
Dec-11 |
% pt. Chg |
|
Trading Days |
20 |
20 |
|
21 |
|
|
Total Exchange |
4,035.9 |
3,120.2 |
29% |
3,882.6 |
4% |
|
Total Exchange ADV |
201.8 |
156.0 |
29% |
184.9 |
9% |
|
Equity Options |
1,837.9 |
1,729.2 |
6% |
1,706.1 |
8% |
|
Equity Options ADV |
91.9 |
86.5 |
6% |
81.2 |
13% |
|
Index Options |
92.7 |
0.0 |
0% |
105.5 |
-12% |
|
Index Options ADV |
4.6 |
0.0 |
0% |
5.0 |
-8% |
|
ETF Options |
2,105.3 |
1,391.0 |
51% |
2,071.0 |
2% |
|
ETF Options ADV |
105.3 |
69.5 |
51% |
98.6 |
7% |
C2 Market Share:
In January 2012, C2's market share totaled 1.2 percent, even with December 2011 and up 0.4 of a percentage point from January 2011. If the volume from dividend trades was excluded from industry data for January, C2's total market share would be 1.3 percent.
|
|
Jan 2012 |
Jan 2011 |
% pt. Chg |
Dec 2011 |
% pt. Chg |
|
Total Exchange |
1.2% |
0.8% |
0.4% |
1.2% |
0.0% |
|
Total Exchange (excl. dividend trades) |
1.3% |
0.9% |
0.4% |
1.4% |
-0.1% |
|
Equity Options |
0.9% |
0.7% |
0.2% |
1.0% |
-0.1% |
|
Equity Option (excl. dividend trades) |
1.0% |
0.7% |
0.3% |
1.1% |
-0.1% |
|
Index Options |
0.4% |
-- |
-- |
0.5% |
-0.1% |
|
Index Options (excl. dividend trades) |
0.4% |
-- |
-- |
0.4% |
0.0% |
|
ETF Options |
2.1% |
1.3% |
0.8% |
1.7% |
0.4% |
|
ETF Options (excl. dividend trades) |
2.1% |
1.3% |
0.8% |
1.8% |
0.3% |
CBOE Futures Exchange Trading
- January 2012 marked the busiest January ever for CBOE Futures Exchange and CBOE Volatility Index (VIX) futures.
- CFE trading volume totaled 811,283 contracts in January 2012. ADV was 40,564 contracts, up four percent from 38,908 contracts ADV in January 2011and up 31 percent from 30,885 contracts ADV in December 2011.
CBOE Holdings Average Transaction Fee Per Contract
The company will report its average transaction fee per contract for the three months ended December 31, 2011, in conjunction with its quarterly earnings news release, which will be issued on Thursday, February 9, 2012. This information also will be posted to the Investor Relations section of CBOE's web site under Financial Information, Supplemental Information.
