CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that June 2014 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 100.18 million contracts. Average daily volume (ADV) was 4.77 million contracts, an 11-percent decrease from June 2013 and a three-percent increase from May 2014.
CBOE Holdings' year-to-date ADV through June was 5.22 million contracts, a 12-percent increase from the same period one year ago.
CBOE Holdings Consolidated Trading Volume |
Year-To-Date |
|||||||
(trades in thousands) |
Jun-14 |
Jun-13 |
% Chg |
May-14 |
% Chg |
Jun-14 |
Jun-13 |
% Chg |
Trading Days |
21 |
20 |
21 |
124 |
124 |
|||
Total Contracts (options & futures) |
100,180.9 |
107,522.7 |
-7% |
97,077.3 |
3% |
647,247.7 |
579,332.5 |
12% |
Total Options Contracts (CBOE & C2) |
96,523.9 |
103,302.3 |
-7% |
94,047.7 |
3% |
624,422.2 |
558,577.2 |
12% |
Total Futures Contracts (CFE) |
3,657.0 |
4,220.4 |
-13% |
3,029.6 |
21% |
22,825.5 |
20,755.3 |
10% |
Total ADV (options & futures) |
4,770.5 |
5,376.1 |
-11% |
4,622.8 |
3% |
5,219.8 |
4,672.1 |
12% |
Total Options ADV (CBOE & C2) |
4,596.4 |
5,165.1 |
-11% |
4,478.5 |
3% |
5,035.7 |
4,504.7 |
12% |
Total Futures ADV (CFE) |
174.1 |
211.0 |
-17% |
144.3 |
21% |
184.1 |
167.4 |
10% |
CBOE Trading Volume and Market Share
CBOE Trading Volume:
- CBOE's June ADV was 4.30 million contracts, an 11-percent decrease from June 2013 and a two-percent increase from May 2014.
- Index options ADV was 1.51 million contracts, a 10-percent decrease from June 2013 and a three-percent increase from May 2014.
- Equity options ADV was 1.74 million contracts, an eight-percent increase from June 2013 and a four-percent increase from May 2014.
- Exchange traded product (ETP) options ADV was 1.06 million contracts, a 32-percent decrease from June 2013 and a two-percent decrease from May 2014.
- The five most actively traded index and ETP options at CBOE in June were options on S&P 500® Index (SPX), CBOE Volatility Index® (VIX® Index), Standard & Poor's Depositary Receipt (SPY), iPath S&P 500 VIX Short-Term Futures ETN (VXX), and iShares Trust - Russell 2000® Index Fund (IWM).
CBOE Trading Volume Current Month |
Year-To-Date |
|||||||
(trades in thousands) |
Jun-14 |
Jun-13 |
% |
May-14 |
% |
Jun-14 |
Jun-13 |
% |
Trading Days |
21 |
20 |
21 |
124 |
124 |
|||
Total Exchange |
90,294.5 |
96,584.5 |
-7% |
88,428.8 |
2% |
588,014.4 |
518,372.6 |
13% |
Total Exchange ADV |
4,299.7 |
4,829.2 |
-11% |
4,210.9 |
2% |
4,742.1 |
4,180.4 |
13% |
Equity Options |
36,505.2 |
32,103.1 |
14% |
35,189.9 |
4% |
240,907.4 |
190,215.4 |
27% |
Equity Options ADV |
1,738.3 |
1,605.2 |
8% |
1,675.7 |
4% |
1,942.8 |
1,534.0 |
27% |
Index Options |
31,616.9 |
33,464.7 |
-6% |
30,566.9 |
3% |
199,244.8 |
188,695.5 |
6% |
Index Options ADV |
1,505.6 |
1,673.2 |
-10% |
1,455.6 |
3% |
1,606.8 |
1,521.7 |
6% |
ETP Options |
22,172.3 |
31,016.7 |
-29% |
22,672.0 |
-2% |
147,862.1 |
139,461.7 |
6% |
ETP Options ADV |
1,055.8 |
1,550.8 |
-32% |
1,079.6 |
-2% |
1,192.4 |
1,124.7 |
6% |
Expanded June 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 28.1 percent in June 2014, an increase of 1.4 percentage points from June 2013 and an increase of 0.1 of a percentage point from May 2014.
CBOE Market Share Current Month |
Year-To-Date |
|||||||
Jun-14 |
Jun-13 |
% Pt. |
May-14 |
% Pt. |
Jun-14 |
Jun-13 |
% Pt. |
|
Total Exchange |
28.1% |
26.7% |
1.4% |
28.0% |
0.1% |
28.2% |
24.5% |
3.7% |
Equity Options |
20.1% |
18.9% |
1.2% |
20.4% |
-0.3% |
20.8% |
16.6% |
4.2% |
Index Options |
95.7% |
97.7% |
-2.0% |
96.8% |
-1.1% |
96.6% |
95.7% |
0.9% |
ETP Options |
20.8% |
19.7% |
1.1% |
20.3% |
0.5% |
20.5% |
18.1% |
2.4% |
C2 Trading Volume and Market Share
C2 Trading Volume:
C2's June trading volume totaled 6.23 million contracts. ADV was 296,600 contracts, a 12-percent decrease from June 2013 and an 11-percent increase from May 2014.
C2 Trading Volume Current Month |
Year-To-Date |
|||||||
(trades in thousands) |
Jun-14 |
Jun-13 |
% |
May-14 |
% |
Jun-14 |
Jun-13 |
% |
Trading Days |
21 |
20 |
21 |
124 |
124 |
|||
Total Exchange |
6,229.5 |
6,717.8 |
-7% |
5,618.9 |
11% |
36,407.8 |
40,204.6 |
-9% |
Total Exchange ADV |
296.6 |
335.9 |
-12% |
267.6 |
11% |
293.6 |
324.2 |
-9% |
Equity Options |
816.0 |
958.2 |
-15% |
817.4 |
0% |
4,910.9 |
8,389.7 |
-41% |
Equity Options ADV |
38.9 |
47.9 |
-19% |
38.9 |
0% |
39.6 |
67.7 |
-41% |
Index Options* |
25.0 |
-- |
-- |
39.0 |
-36% |
208.7 |
136.3 |
nm |
Index Options ADV* |
1.2 |
-- |
-- |
1.9 |
-36% |
1.7 |
1.1 |
nm |
ETP Options |
5,388.4 |
5,759.7 |
-6% |
4,762.5 |
13% |
31,288.2 |
31,678.7 |
-1% |
ETP Options ADV |
256.6 |
288.0 |
-11% |
226.8 |
13% |
252.3 |
255.5 |
-1% |
*Russell 2000 Index options began trading on C2 on September 3, 2013. 2013 year-to-date index options include SPXpmSM, which traded on C2 until it was moved toCBOE on February 17, 2013.
nm - not meaningful
News Release: CBOE Holdings June 2014 Volume Report
C2 Market Share:
C2 market share of total industry volume in June 2014 was 1.9 percent, unchanged from June 2013 and an increase of 0.1 of a percentage point from May 2014.
C2 Market Share Current Month |
Year-To-Date |
|||||||
Jun-14 |
Jun-13 |
% Pt. |
May-14 |
% Pt. |
Jun-14 |
Jun-13 |
% Pt. |
|
Total Exchange |
1.9% |
1.9% |
-- |
1.8% |
0.1% |
1.7% |
1.9% |
-0.2% |
Equity Options |
0.4% |
0.6% |
-0.2% |
0.5% |
-0.1% |
0.4% |
0.7% |
-0.3% |
Index Options |
0.1% |
-- |
nm |
0.1% |
-- |
0.1% |
0.1% |
-- |
ETF Options |
5.0% |
3.7% |
1.3% |
4.3% |
0.7% |
4.3% |
4.1% |
0.2% |
nm - not meaningful
CBOE Futures Exchange (CFE) Trading Volume and Highlights
- VIX futures volume during June totaled nearly 3.7 million contracts.
- VIX futures ADV was 173,893 contracts, a 21-percent increase from May 2014 and a 17-percent decrease from June 2013.
- Year-to-date through June, VIX futures ADV and total volume are 10 percent ahead of the prior-year period.
- On June 22, CFE expanded VIX futures trading hours to nearly 24 hours a day, five days a week. The trading week for VIX futures at CFE now begins each Sunday at 5:00 p.m. CT and ends each Friday at 3:15 p.m. CT. Year-to-date, volume in VIX futures during all non-U.S. trading hours is averaging more than 14,000 contracts per day, accounting for 7.7 percent of CFE's total daily volume.
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: |
May-14 |
Apr-14 |
Mar-14 |
Feb-14 |
Equity Options |
$0.081 |
$0.082 |
$0.081 |
$0.079 |
Index Options |
$0.674 |
$0.674 |
$0.669 |
$0.667 |
ETP Options |
$0.113 |
$0.113 |
$0.117 |
$0.119 |
Total Options Average Revenue Per Contract |
$0.275 |
$0.277 |
$0.281 |
$0.281 |
Futures |
$1.616 |
$1.610 |
$1.617 |
$1.614 |
Total Average Revenue Per Contract |
$0.321 |
$0.325 |
$0.329 |
$0.329 |