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CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that March 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 107.86 million contracts. Average daily volume (ADV) was 5.14 million contracts, a 14-percent increase from March 2013 and a 14-percent decrease from February 2014.
|
CBOE Holdings Consolidated Trading Volume |
Year-To-Date |
|||||||
|
(trades in thousands) |
Mar-14 |
Mar-13 |
% |
Feb-14 |
% |
Mar-14 |
Mar-13 |
% |
|
Trading Days |
21 |
20 |
19 |
61 |
60 |
|||
|
Total Contracts |
107,862.8 |
89,811.7 |
20% |
113,508.1 |
-5% |
342,817.3 |
261,972.0 |
31% |
|
Total Options Contracts |
104,001.7 |
86,582.8 |
20% |
109,384.6 |
-5% |
330,425.6 |
252,727.7 |
31% |
|
Total Futures Contracts |
3,861.1 |
3,228.9 |
20% |
4,123.5 |
-6% |
12,391.7 |
9,244.3 |
34% |
|
Total ADV |
5,136.3 |
4,490.6 |
14% |
5,974.1 |
-14% |
5,620.0 |
4,366.2 |
29% |
|
Total Options ADV |
4,952.4 |
4,329.2 |
14% |
5,757.1 |
-14% |
5,416.9 |
4,212.1 |
29% |
|
Total Futures ADV |
183.9 |
161.4 |
14% |
217.0 |
-15% |
203.1 |
154.1 |
32% |
CBOE Trading Volume and Market Share
CBOE Trading Volume:
- CBOE's March ADV was 4.71 million contracts, a 16-percent increase from March 2013 and a 13-percent decrease from February 2014.
- Equity options ADV was 1.95 million contracts, a 33-percent increase from March 2013 and an eight-percent decrease from February 2014.
- Index options ADV was 1.56 million contracts, a one-percent increase from March 2013 and a 19-percent decrease from February 2014.
- Exchange traded product (ETP) options ADV was nearly 1.20 million contracts, an 18-percent increase from March 2013 and a 13-percent decrease from February 2014.
- The five most actively traded index and ETP options at CBOE in March were S&P 500® Index (SPX) options, CBOE Volatility Index® (VIX), Standard & Poor's Depositary Receipt (SPY) options, iShares Trust - Russell 2000® Index Fund (IWM) options and PowerShares QQQ Trust (QQQ) options.
|
CBOE Trading Volume Current Month |
Year-To-Date |
|||||||
|
(trades in thousands) |
Mar-14 |
Mar-13 |
% |
Feb-14 |
% |
Mar-14 |
Mar-13 |
% |
|
Trading Days |
21 |
20 |
19 |
61 |
60 |
|||
|
Total Exchange |
98,820.4 |
80,802.2 |
22% |
103,100.7 |
-4% |
312,424.6 |
236,695.7 |
32% |
|
Total Exchange ADV |
4,705.7 |
4,040.1 |
16% |
5,426.4 |
-13% |
5,121.7 |
3,944.9 |
30% |
|
Equity Options |
40,864.1 |
29,346.3 |
39% |
40,381.7 |
1% |
129,833.2 |
91,365.2 |
42% |
|
Equity Options ADV |
1,945.9 |
1,467.3 |
33% |
2,125.4 |
-8% |
2,128.4 |
1,522.8 |
40% |
|
Index Options |
32,773.9 |
31,055.0 |
6% |
36,474.6 |
-10% |
106,583.5 |
89,909.9 |
19% |
|
Index Options ADV |
1,560.7 |
1,552.8 |
1% |
1,919.7 |
-19% |
1,747.3 |
1,498.5 |
17% |
|
ETP Options |
25,182.5 |
20,400.9 |
23% |
26,244.4 |
-4% |
76,007.8 |
55,420.6 |
37% |
|
ETP Options ADV |
1,199.2 |
1,020.0 |
18% |
1,381.3 |
-13% |
1,246.0 |
923.7 |
35% |
Expanded March 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 27.8 percent in March 2014, an increase of 1.9 percentage points from March 2013 and a decrease of 2.1 percentage points from February 2014.
|
CBOE Market Share Current Month |
Year-To-Date |
|||||||
|
Mar-14 |
Mar-13 |
% Pt. |
Feb-14 |
% Pt. |
Mar-14 |
Mar-13 |
% Pt. |
|
|
Total Exchange |
27.8% |
25.9% |
1.9% |
29.9% |
-2.1% |
28.7% |
23.8% |
4.8% |
|
Equity Options |
21.1% |
17.6% |
3.5% |
21.6% |
-0.5% |
21.4% |
16.0% |
5.4% |
|
Index Options |
96.6% |
95.5% |
1.1% |
96.7% |
-0.1% |
97.1% |
95.0% |
2.1% |
|
ETP Options |
19.7% |
18.1% |
1.6% |
21.8% |
-2.1% |
20.4% |
16.9% |
3.5% |
C2 Trading Volume and Market Share
C2 Trading Volume:
C2's March trading volume totaled 5.18 million contracts. ADV was 246,700 contracts, a 15-percent decrease from March 2013 and a 25-percent decrease fromFebruary 2014.
|
C2 Trading Volume Current Month |
Year-To-Date |
|||||||
|
(trades in thousands) |
Mar-14 |
Mar-13 |
% |
Feb-14 |
% |
Mar-14 |
Mar-13 |
% |
|
Trading Days |
21 |
20 |
19 |
61 |
60 |
|||
|
Total Exchange |
5,181.2 |
5,780.7 |
-10% |
6,283.8 |
-18% |
18,001.0 |
16,032.0 |
12% |
|
Total Exchange ADV |
246.7 |
289.0 |
-15% |
330.7 |
-25% |
295.1 |
267.2 |
10% |
|
Equity Options |
739.0 |
1,106.0 |
-33% |
643.7 |
15% |
2,237.6 |
4,919.9 |
-55% |
|
Equity Options ADV |
35.2 |
55.3 |
-36% |
33.9 |
4% |
36.7 |
82.0 |
-55% |
|
Index Options* |
36.5 |
-- |
nm |
40.3 |
-9% |
106.0 |
136.3 |
nm |
|
Index Options ADV* |
1.7 |
-- |
nm |
2.1 |
-18% |
1.7 |
2.3 |
nm |
|
ETP Options |
4,405.7 |
4,674.7 |
-6% |
5,599.8 |
-21% |
15,657.3 |
10,975.9 |
43% |
|
ETP Options ADV |
209.8 |
233.7 |
-10% |
294.7 |
-29% |
256.7 |
182.9 |
40% |
*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 March 2014 was 1.5 percent, a 0.4-percentage-point decrease from March 2013 and a 0.3-percentage-point decrease from February 2014.
|
C2 Market Share Current Month |
Year-To-Date |
|||||||
|
Mar-14 |
Mar-13 |
% Pt. |
Feb-14 |
% Pt. |
Mar-14 |
Mar-13 |
% Pt. |
|
|
Total Exchange |
1.5% |
1.9% |
-0.4% |
1.8% |
-0.3% |
1.7% |
1.6% |
0.1% |
|
Equity Options |
0.4% |
0.7% |
-0.3% |
0.3% |
0.1% |
0.4% |
0.9% |
-0.5% |
|
Index Options |
0.1% |
-- |
nm |
0.1% |
-- |
0.1% |
0.1% |
-- |
|
ETP Options |
3.4% |
4.1% |
-0.7% |
4.7% |
-1.3% |
4.2% |
3.4% |
0.8% |
*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 ADV in March was 183,612 contracts, an increase of 14 percent from March 2013 ADV and a decrease of 15 percent from the February 2014 all-time monthly ADV record.
- In March, CFE announced plans to extend VIX futures trading hours to nearly 24 hours a day, five days a week, beginning Sunday, June 22, pending regulatory review. Seewww.cboe.com/AboutCBOE/MediaHub/press-releases.aspx for more information.
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: |
Feb-14 |
Jan-14 |
Dec-13 |
Nov-13 |
|
Equity Options |
$0.079 |
$0.079 |
$0.075 |
$0.076 |
|
Index Options |
$0.667 |
$0.664 |
$0.666 |
$0.666 |
|
ETP Options |
$0.119 |
$0.124 |
$0.125 |
$0.126 |
|
Total Options Average Revenue Per Contract |
$0.281 |
$0.273 |
$0.275 |
$0.275 |
|
Futures |
$1.614 |
$1.602 |
$1.565 |
$1.556 |
|
Total Average Revenue Per Contract |
$0.329 |
$0.317 |
$0.316 |
$0.315 |
