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- CBOE Holdings Averages 4.6 Million Options Contracts Per Day in July, Up 19 Percent from July 2010
- CBOE Futures Exchange and C2 Establish New ADV Records
- SPX and VIX Options ADV Up 26% and 156%, Respectively, from Year Ago
CBOE Holdings, Inc. (NASDAQ: CBOE) today reported that July trading volume for options on theChicago Board Options Exchange (CBOE) and C2 Options Exchange (C2), the company's alternative all-electronic market, combined, totaled 91.4 million contracts; average daily volume (ADV) was 4.6 million contracts, up 19 percent from July 2010. CBOE Futures Exchange (CFE) and C2 posted record monthly ADV in July, beating previous ADV records established in June 2011.
CBOE Trading Volume and Market Share:
CBOE Options Trading:
- CBOE's July 2011 ADV of 4.35 million contracts was a 13-percent increase from 3.85 million contracts per day in July 2010 and a one-percent increase from June 2011 ADV of 4.30 million contracts.
- CBOE index options — July 2011 index options ADV was nearly 1.3 million contracts, up 45 percent from 894,400 contracts ADV in July 2010 and down marginally from June 2011 ADV of 1.3 million contracts. July 2011 CBOE Volatility Index (VIX) options ADV was up 156 percent from July 2010, and S&P 500 Index (SPX) options ADV rose 26 percent from the same period a year ago.
- CBOE ETF options — July 2011 ETF options ADV was 1.2 million contracts, up 27 percent from 962,500 contracts ADV in July 2010 and down 6.8 percent from June 2011 ADV of 1.3 million contracts.
- CBOE equity options — July 2011 equity options ADV was 1.8 million contracts, down eight percent from nearly 2.0 million contracts ADV in July 2010 and up eight percent from June 2011 ADV of 1.7 million contracts.
- The five most actively traded index and ETF options at CBOE during July were the S&P 500 Index (SPX), Standard and 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 July were Apple (AAPL), Bank of America (BAC), Microsoft (MSFT), Citigroup (C) and Ford Motor Company (F).
|
CBOE Trading Volume |
Year-To-Date |
||||||||
|
(trades in thousands) |
July 2011 |
July 2010 |
% Chg |
June 2011 |
% pt. Chg |
July 2011 |
July 2010 |
% Chg |
|
|
Trading Days |
20 |
21 |
22 |
145 |
145 |
||||
|
Total Exchange |
86,976.4 |
80,923.4 |
7% |
94,714.6 |
-8.2% |
654,372.4 |
691,588.1 |
-5% |
|
|
Total Exchange ADV |
4,348.8 |
3,853.5 |
13% |
4,305.2 |
1.0% |
4,512.9 |
4,769.6 |
-5% |
|
|
Equity Options |
36,673.1 |
41,928.3 |
-13% |
37,338.1 |
-1.8% |
311,122.7 |
350,566.2 |
-11% |
|
|
Equity Options ADV |
1,833.7 |
1,996.6 |
-8% |
1,697.2 |
8.0% |
2,145.7 |
2,417.7 |
-11% |
|
|
Index Options |
25,938.4 |
18,782.5 |
38% |
28,632.0 |
-9.4% |
168,831.0 |
165,959.0 |
2% |
|
|
Index Options ADV |
1,296.9 |
894.4 |
45% |
1,301.5 |
-0.3% |
1,164.4 |
1,144.5 |
2% |
|
|
ETF Options |
24,364.9 |
20,212.6 |
21% |
28,744.6 |
-15.2% |
174,418.6 |
175,060.8 |
0% |
|
|
ETF Options ADV |
1,218.2 |
962.5 |
27% |
1,306.6 |
-6.8% |
1,202.9 |
1,207.3 |
0% |
|
Expanded July volume information for CBOE index and ETF options is available at: www.cboe.com/data/monthlyvolume.aspx.
CBOE Market Share: CBOE's market share of total U.S. options industry volume in July was 25.0 percent, down 0.4 of a percentage point fromJune 2011 and down 4.3 percentage points from July 2010. If the volume from dividend trades was excluded from CBOE's data for July 2011, the Exchange's total market share for July would increase to 25.8 percent from 25.0 percent, an increase of 0.8 market share points. 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 |
Year-To-Date |
||||||||
|
July 2011 |
July 2010 |
% pt. Chg |
June 2011 |
% pt. Chg |
July 2011 |
July 2010 |
% pt. Chg |
||
|
Total Exchange |
25.0% |
29.3% |
-4.3% |
25.4% |
-0.4% |
25.5% |
30.4% |
-4.9% |
|
|
Total Exchange (excl. dividend trades) |
25.8% |
29.7% |
-3.9% |
26.1% |
-0.3% |
26.4% |
31.3% |
-4.9% |
|
|
Equity Options |
19.3% |
25.3% |
-6.0% |
19.9% |
-0.6% |
21.1% |
25.6% |
-4.5% |
|
|
Equity Option (excl. dividend trades) |
20.5% |
25.9% |
-5.4% |
20.5% |
0.0% |
22.3% |
26.7% |
-4.4% |
|
|
Index Options |
94.7% |
93.6% |
1.1% |
94.3% |
0.4% |
94.4% |
93.4% |
1.0% |
|
|
Index Options (excl. dividend trades) |
94.9% |
93.3% |
1.6% |
94.5% |
0.4% |
94.7% |
94.0% |
0.7% |
|
|
ETF Options |
18.6% |
22.1% |
-3.5% |
18.6% |
0.0% |
19.1% |
24.0% |
-4.9% |
|
|
ETF Options (excl. dividend trades) |
18.6% |
22.3% |
-3.7% |
19.0% |
-0.4% |
19.4% |
24.2% |
-4.8% |
|
CBOE July Market Share by Product:
- Index options — CBOE's market share was 94.7 percent, up 0.4 of a percentage point from June 2011 and up 1.1 percentage points from July 2010.
- ETF options — CBOE's market share was 18.6 percent, unchanged from June 2011 and down 3.5 percentage points from July 2010.
- Equity options — CBOE's market share was 19.3 percent, down 0.6 of a percentage point from June 2011 and down 6.0 percentage points from July 2010.
C2 Trading Volume and Market Share:
C2 posted its most active month ever for ADV in July 2011, surpassing the June 2011 record. July ADV was 220,100 contracts, up four percent from June 2011 ADV of 210,900 contracts. C2 ETF options ADV in July was up three percent from June 2011, and equity options ADV increased by eight percent compared with June.
|
C2 Trading Volume |
Year-To-Date |
||||||
|
(trades in thousands) |
July 2011 |
July 2010 |
% Chg |
June 2011 |
% pt. Chg |
July 2011 |
|
|
Trading Days |
20 |
21 |
22 |
145 |
|||
|
Total C2 |
4,402.3 |
--- |
--- |
4,639.7 |
-5% |
26,522.7 |
|
|
Total C2 ADV |
220.1 |
--- |
--- |
210.9 |
4% |
182.9 |
|
|
Equity Options |
1,211.5 |
--- |
--- |
1,233.8 |
-2% |
10,177.1 |
|
|
Equity Options ADV |
60.6 |
--- |
--- |
56.1 |
8% |
70.2 |
|
|
ETF Options |
3,190.8 |
--- |
--- |
3,405.9 |
-6% |
16,345.6 |
|
|
ETF Options ADV |
159.5 |
--- |
--- |
154.8 |
3% |
112.7 |
|
C2 Market Share: C2's market share of total U.S. options industry volume in July 2011 was nearly 1.3 percent, up slightly from June 2011.
|
C2 Current Month |
Year-To-Date |
||||||||
|
July 2011 |
July 2010 |
% pt. Chg |
June 2011 |
% pt. Chg |
July 2011 |
July 2010 |
% pt. Chg |
||
|
Total Exchange |
1.3% |
-- |
-- |
1.2% |
0.1% |
1.0% |
-- |
-- |
|
|
Total Exchange (excl. dividend trades) |
1.3% |
-- |
-- |
1.3% |
0.0% |
1.1% |
-- |
-- |
|
|
Equity Options |
0.6% |
-- |
-- |
0.7% |
-0.1% |
0.7% |
-- |
-- |
|
|
Equity Option (excl. dividend trades) |
0.7% |
-- |
-- |
0.7% |
0.0% |
0.7% |
-- |
-- |
|
|
Index Options |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
Index Options (excl. dividend trades) |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
ETF Options |
2.4% |
-- |
-- |
2.2% |
0.2% |
1.8% |
-- |
-- |
|
|
ETF Options (excl. dividend trades) |
2.4% |
-- |
-- |
2.2% |
0.2% |
1.8% |
-- |
-- |
|
CFE Futures Trading:
- In July, CFE's flagship contract, CBOE Volatility Index (VIX) futures, posted its best ADV ever — 58,453 contracts — exceeding the June ADV record of 55,557 contracts. July was the third consecutive month for record VIX futures ADV and the third time in 2011 that VIX futures trading volume exceeded one million contracts.
- July VIX futures ADV was up five percent from June 2011 and up 356 percent from July 2010.
- On July 14, trading volume in VIX futures established a new single-day high of 104,773 contracts, surpassing the previous daily record of 101,146 contracts traded on June 16, 2011.
- July marked the twenty-second consecutive month of year-over-year volume increases for CFE and VIX futures.
CBOE Holdings Average Transaction Fee Per Contract:
The company will report its average transaction fee per contract for the three months ended June 30, 2011, in conjunction with its quarterly earnings news release, which will be issued on Thursday, August 4. This information also will be posted to the Investor Relations section ofCBOE's web site under Financial Information, Supplemental Information.
