CBOE Holdings, Inc. (NASDAQ: CBOE) today reported that June trading volume for options on theChicago Board Options Exchange (CBOE) and C2 Options Exchange (C2), the company's alternative all-electronic market, combined, totaled 99.4 million contracts; average daily volume (ADV) was 4.5 million contracts, up 10 percent from June 2010. C2 and CBOE Futures Exchange (CFE) achieved their busiest months ever in June, with monthly ADV exceeding 200,000 contracts and 50,000 contracts, respectively, for the first time.
CBOE Options Trading:
- CBOE's June ADV of 4.3 million contracts was a four-percent increase from 4.1 million contracts per day in June 2010 and a seven-percent increase from May 2011 ADV of 4.0 million contracts.
- CBOE index options — June 2011 index options ADV was 1.3 million contracts, up 28 and 27 percent, respectively, from ADV of just over one million contracts in both June 2010 and May 2011. CBOE Volatility Index (VIX) options ADV was up 96 percent from June 2010, and S&P 500 Index (SPX) options ADV rose 18 percent from the same period.
- CBOE ETF options — June 2011 ETF options ADV was 1.3 million contracts, up 10 percent from 1.2 million contracts ADV in June 2010 and up 14 percent from May 2011 ADV of 1.1 million contracts.
- CBOE equity options — June 2011 equity options ADV was 1.7 million contracts, down 12 percent from 1.9 million contracts ADV in June 2010 and down seven percent from May 2011 ADV of 1.8 million contracts.
- The five most actively traded index and ETF options at CBOE during June 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 June were Bank of America (BAC), Apple (AAPL), Citigroup (C), Research in Motion Limited(RIMM) and Cisco Systems (CSCO).
|
CBOE Trading Volume and Market Share: |
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|
CBOE Trading Volume |
Year-To-Date |
||||||||
|
(trades in thousands) |
June 2011 |
June 2010 |
% Chg |
May 2011 |
% Chg |
June 2011 |
June 2010 |
% Chg |
|
|
Trading Days |
22 |
22 |
21 |
125 |
124 |
||||
|
Total Exchange |
94,714.6 |
90,667.5 |
4% |
84,157.3 |
13% |
567,396.0 |
610,664.7 |
-7% |
|
|
Total Exchange ADV |
4,305.2 |
4,121.2 |
4% |
4,007.5 |
7% |
4,539.2 |
4,924.7 |
-8% |
|
|
Equity Options |
37,338.3 |
42,300.3 |
-12% |
38,441.2 |
-3% |
274,449.9 |
308,638.0 |
-11% |
|
|
Equity Options ADV |
1,697.2 |
1,922.7 |
-12% |
1,830.5 |
-7% |
2,195.6 |
2,489.0 |
-12% |
|
|
Index Options |
28,632.0 |
22,329.3 |
28% |
21,595.4 |
33% |
142,892.6 |
147,176.5 |
-3% |
|
|
Index Options ADV |
1,301.5 |
1,015.0 |
28% |
1,028.4 |
27% |
1,143.1 |
1,186.9 |
-4% |
|
|
ETF Options |
28,744.3 |
26,037.9 |
10% |
24,120.8 |
19% |
150,053.4 |
154,848.2 |
-3% |
|
|
ETF Options ADV |
1,306.6 |
1,183.5 |
10% |
1,148.6 |
14% |
1,200.4 |
1,248.8 |
-4% |
|
Expanded June 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 June was 25.4 percent, up two percentage points from May 2011 and down 3.9 percentage points from June 2010. If the volume from dividend trades was excluded from CBOE's data for June 2011, the Exchange's total market share for June would increase to 26.1 percent from 25.4 percent, an increase of 0.7 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 |
||||||||
|
June 2011 |
June 2010 |
% pt. Chg |
May 2011 |
% pt. Chg |
June 2011 |
June 2010 |
% pt. Chg |
||
|
Total Exchange |
25.4% |
29.3% |
-3.9% |
23.4% |
2.0% |
25.6% |
30.5% |
-4.9% |
|
|
Total Exchange (excl. dividend trades) |
26.1% |
30.3% |
-4.2% |
24.7% |
1.4% |
26.6% |
31.5% |
-4.9% |
|
|
Equity Options |
19.9% |
24.5% |
-4.6% |
18.9% |
1.0% |
21.3% |
25.6% |
-4.3% |
|
|
Equity Options (excl. dividend trades) |
20.5% |
25.4% |
-4.9% |
20.7% |
-0.2% |
22.6% |
26.8% |
-4.2% |
|
|
Index Options |
94.3% |
93.6% |
0.7% |
93.6% |
0.7% |
94.3% |
93.5% |
0.8% |
|
|
Index Options (excl. dividend trades) |
94.5% |
94.1% |
0.4% |
93.9% |
0.6% |
94.6% |
94.1% |
0.5% |
|
|
ETF Options |
18.6% |
23.1% |
-4.5% |
18.1% |
0.5% |
19.2% |
24.2% |
-5.0% |
|
|
ETF Options (excl. dividend trades) |
19.0% |
23.8% |
-4.8% |
18.1% |
0.9% |
19.5% |
24.5% |
-5.0% |
|
CBOE June Market Share by Product:
- Index options — CBOE's market share was 94.3 percent, up 0.7 of a percentage point from both May 2011 and June 2010.
- ETF options — CBOE's market share was 18.6 percent, up 0.5 of a percentage point from May 2011 and down 4.5 percentage points from June 2010.
- Equity options — CBOE's market share was 19.9 percent, up one percentage point from May 2011 and down 4.6 percentage points from June 2010.
C2 Trading Volume and Market Share:
C2 recorded its most active month ever for total volume and ADV, surpassing earlier records in March 2011. June ADV was 210,900 contracts, up 13 percent from May 2011 ADV of 186,400 contracts. C2 ETF option ADV in June was up 26 percent from May 2011, and equity option ADV declined by 12 percent compared with May.
|
C2 Trading Volume |
Year-To-Date |
||||||
|
(trades in thousands) |
June 2011 |
June 2010 |
% Chg |
May 2011 |
% Chg |
June 2011 |
|
|
Trading Days |
22 |
22 |
21 |
125 |
|||
|
Total C2 |
4,639.7 |
--- |
--- |
3,915.4 |
18% |
22,120.4 |
|
|
Total C2 ADV |
210.9 |
--- |
--- |
186.4 |
13% |
177.0 |
|
|
Equity Options |
1,233.8 |
--- |
--- |
1,342.5 |
-8% |
8,965.6 |
|
|
Equity Options ADV |
56.1 |
--- |
--- |
63.9 |
-12% |
71.7 |
|
|
ETF Options |
3,405.9 |
--- |
--- |
2,573.0 |
32% |
13,154.8 |
|
|
ETF Options ADV |
154.8 |
--- |
--- |
122.5 |
26% |
105.2 |
|
C2 Market Share: C2's market share of total U.S. options industry volume in June was 1.2 percent, up 0.1 of a percentage point from market share in May 2011.
|
C2 Current Month |
Year-To-Date |
||||||||
|
June 2011 |
June 2010 |
% pt. Chg |
May 2011 |
% pt. Chg |
June 2011 |
June 2010 |
% pt. Chg |
||
|
Total Exchange |
1.2% |
-- |
-- |
1.1% |
0.1% |
1.0% |
-- |
-- |
|
|
Total Exchange (excl. dividend trades) |
1.3% |
-- |
-- |
1.1% |
0.2% |
1.0% |
-- |
-- |
|
|
Equity Options |
0.7% |
-- |
-- |
0.7% |
0.0% |
0.7% |
-- |
-- |
|
|
Equity Options (excl. dividend trades) |
0.7% |
-- |
-- |
0.7% |
0.0% |
0.7% |
-- |
-- |
|
|
Index Options |
-- |
-- |
-- |
0.0% |
0.0% |
0.0% |
-- |
-- |
|
|
Index Options (excl. dividend trades) |
-- |
-- |
-- |
0.0% |
0.0% |
0.0% |
-- |
-- |
|
|
ETF Options |
2.2% |
-- |
-- |
1.9% |
0.3% |
1.7% |
-- |
-- |
|
|
ETF Options (excl. dividend trades) |
2.2% |
-- |
-- |
1.9% |
0.3% |
1.7% |
-- |
-- |
|
CFE Futures Trading:
- The CBOE Futures Exchange (CFE) recorded its best month ever in June when total trading volume reached 1,223,214 contracts, exceeding the previous record of 1,066,367 contracts traded in March 2011.
- CBOE Volatility Index (VIX) futures, CFE's flagship product, posted all-time monthly volume and ADV records in June. Total trading volume was 1,222,257 contracts, and ADV was 55,557 contracts.
- On June 16, trading volume in VIX futures established a new single-day high of 101,146 contracts, marking the first time VIX futures volume exceeded 100,000 contracts in a single trading session.
- On June 13, a record 22,727 VIX futures contracts changed hands in CFE's early open trading session (7:20 a.m. to 8:30 a.m., Chicago time).
- June marked the twenty-first consecutive month of year-over-year volume increases for CFE and VIX futures.
CBOE Holdings Average Transaction Fee Per Contract:
The following represents average transaction fee per contract based on a three-month rolling average, reported on a one-month lag. The average transaction fee per contract represents total transaction fees for CBOE, C2 and CBOE Futures Exchange (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 |
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|
Product: |
May 2011 |
April 2011 |
March 2011 |
February 2011 |
|
|
Equities |
$0.168 |
$0.163 |
$0.160 |
$0.164 |
|
|
Indexes |
0.618 |
0.615 |
0.604 |
0.601 |
|
|
Exchange Traded Funds |
0.208 |
0.207 |
0.207 |
0.215 |
|
|
Total Options Average Transaction Fee Per Contract |
0.289 |
0.282 |
0.275 |
0.272 |
|
|
Futures |
1.514 |
1.493 |
1.507 |
1.591 |
|
|
Total Average Transaction Fee Per Contract |
$0.301 |
$0.293 |
$0.285 |
$0.282 |
|
CBOE Holdings, Inc. is the holding company for Chicago Board Options Exchange (CBOE) and other subsidiaries. CBOE, the largest U.S. options exchange and creator of listed options, continues to set the bar for options trading through product innovation, trading technology and investor education. CBOE offers equity, index and ETF options, including proprietary products, such as S&P 500 options (SPX), the most active U.S. index option, and options on the CBOE Volatility Index (VIX). Other products engineered by CBOE include equity options, security index options, LEAPS options, FLEX options, and benchmark products such as the CBOE S&P 500 BuyWrite Index (BXM). CBOE's Hybrid Trading System incorporates electronic and open-outcry trading and is powered by CBOEdirect, a proprietary, state-of-the-art electronic platform that also supports the C2 Options Exchange (C2), CBOE Futures Exchange (CFE), CBOE Stock Exchange (CBSX) and OneChicago. CBOE is home to the world-renowned Options Institute and www.cboe.com, named "Best of the Web" for options information and education.
CBOE is regulated by the Securities and Exchange Commission (SEC), with all trades cleared by the AAA-rated OCC.
CBOE®, Chicago Board Options Exchange® , CBSX® , CBOE Stock Exchange®, CFE®, CBOEdirect®, FLEX®, Hybrid®, LEAPS®, CBOE Volatility Index® and VIX® are registered trademarks, and BuyWrite(SM), BXM(SM), C2(SM), C2 Options Exchange, Incorporated(SM), CBOE Futures Exchange(SM), SPX(SM) and The Options Institute(SM) are servicemarks of Chicago Board Options Exchange, Incorporated (CBOE). Standard & Poor's® , S&P® , S&P 500® , Standard and Poor's Depositary Receipts®, and SPDR® are registered trademarks of Standard & Poor's Financial Services, LLC. and have been licensed for use by CBOE. All other trademarks and servicemarks are the property of their respective owners.
