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CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that November trading volume for options contracts on Chicago Board Options Exchange® (CBOE®) and C2 Options Exchange (C2SM) and futures contracts on CBOE Futures ExchangeSM (CFE®) totaled 91.90 million contracts. Average daily volume (ADV) was nearly 4.60 million contracts, a six-percent increase from November 2012 and a 16-percent decrease from October 2013.
Year to date, CBOE Holdings ADV rose three percent from the same period a year ago.
|
CBOE Holdings Consolidated Trading Volume |
Year-To-Date |
|||||||
|
(trades in thousands) |
Nov-13 |
Nov-12 |
% Chg |
Oct-13 |
% Chg |
Nov-13 |
Nov-12 |
% Chg |
|
Trading Days |
20 |
21 |
23 |
231 |
230 |
|||
|
Total Contracts (options & futures) |
91,904.6 |
91,314.9 |
1% |
126,242.0 |
-27% |
1,092,837.1 |
1,055,722.6 |
4% |
|
Total Options Contracts (CBOE & C2) |
89,343.2 |
88,570.7 |
1% |
122,036.3 |
-27% |
1,055,844.9 |
1,034,276.9 |
2% |
|
Total Futures Contracts (CFE) |
2,561.4 |
2,744.2 |
-7% |
4,205.7 |
-39% |
36,992.2 |
21,445.7 |
72% |
|
Total ADV (options & futures) |
4,595.3 |
4,348.3 |
6% |
5,488.8 |
-16% |
4,730.9 |
4,590.1 |
3% |
|
Total Options ADV (CBOE & C2) |
4,467.2 |
4,217.6 |
6% |
5,305.9 |
-16% |
4,570.8 |
4,496.9 |
2% |
|
Total Futures ADV (CFE) |
128.1 |
130.7 |
-2% |
182.9 |
-30% |
160.1 |
93.2 |
72% |
CBOE Trading Volume and Market Share
CBOE Trading Volume:
- CBOE's November ADV was 4.18 million contracts, a five-percent increase from November 2012 and a 16-percent decrease from October 2013.
- Equity options ADV was 1.90 million contracts, a 26-percent increase from November 2012 and a five-percent decrease from October 2013.
- Index options ADV was nearly 1.30 million contracts, a seven-percent decrease from November 2012 and a 26-percent decrease from October 2013.
- Exchange traded product (ETP) options ADV was 983,400 contracts, a nine-percent decrease from November 2012 and a 20-percent decrease from October 2013.
- The five most actively traded index and ETP options at CBOE in November were S&P 500® Index (SPXSM) options, CBOE Volatility Index® (VIX® Index) options, 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) |
Nov-13 |
Nov-12 |
% Chg |
Oct-13 |
% Chg |
Nov-13 |
Nov-12 |
% Chg |
|
Trading Days |
20 |
21 |
23 |
231 |
230 |
|||
|
Total Exchange |
83,669.8 |
83,704.1 |
0% |
114,316.0 |
-27% |
984,990.4 |
987,466.4 |
0% |
|
Total Exchange ADV |
4,183.5 |
3,985.9 |
5% |
4,970.3 |
-16% |
4,264.0 |
4,293.3 |
-1% |
|
Equity Options |
38,089.9 |
31,760.3 |
20% |
45,965.8 |
-17% |
384,278.6 |
445,777.5 |
-14% |
|
Equity Options ADV |
1,904.5 |
1,512.4 |
26% |
1,998.5 |
-5% |
1,663.5 |
1,938.2 |
-14% |
|
Index Options |
25,911.5 |
29,360.8 |
-12% |
40,164.1 |
-35% |
342,968.6 |
277,249.8 |
24% |
|
Index Options ADV |
1,295.6 |
1,398.1 |
-7% |
1,746.3 |
-26% |
1,484.7 |
1,205.4 |
23% |
|
ETP Options |
19,668.5 |
22,583.1 |
-13% |
28,186.1 |
-30% |
257,743.2 |
264,439.1 |
-3% |
|
ETP Options ADV |
983.4 |
1,075.4 |
-9% |
1,225.5 |
-20% |
1,115.8 |
1,149.7 |
-3% |
Expanded November 2013 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 26.6 percent in November 2013, an increase of 1.6 percentage points from November 2012 and a decrease of 1.8 percentage points from October 2013.
|
CBOE Market Share Current Month |
Year-To-Date |
||||||||
|
Nov-13 |
Nov-12 |
% Pt. Chg |
Oct-13 |
% Pt. Chg |
Nov-13 |
Nov-12 |
% Pt. Chg |
||
|
Total Exchange |
26.6% |
25.0% |
1.6% |
28.5% |
-1.9% |
26.0% |
26.8% |
-0.8% |
|
|
Equity Options |
19.9% |
17.4% |
2.5% |
20.5% |
-0.6% |
18.4% |
21.2% |
-2.8% |
|
|
Index Options |
97.5% |
93.9% |
3.6% |
98.0% |
-0.5% |
96.6% |
94.1% |
2.5% |
|
|
ETP Options |
20.3% |
18.6% |
1.7% |
20.7% |
-0.4% |
19.2% |
20.4% |
-1.2% |
|
C2 Trading Volume and Market Share
C2 Trading Volume:
- C2's November trading volume totaled 5.67 million contracts. ADV was 283,700 contracts, a 22-percent increase from November 2012 and a 15-percent decrease from October 2013.
- Year to date through November, ADV increased 51 percent from the same period a year ago, driven primarily by a 112-percent increase in ETP options volume.
|
C2 Trading Volume Current Month |
Year-To-Date |
|||||||
|
(trades in thousands) |
Nov-13 |
Nov-12 |
% Chg |
Oct-13 |
% Chg |
Nov-13 |
Nov-12 |
% Chg |
|
Trading Days |
20 |
21 |
23 |
231 |
230 |
|||
|
Total Exchange |
5,673.4 |
4,866.7 |
17% |
7,720.2 |
-27% |
70,854.5 |
46,810.4 |
51% |
|
Total Exchange ADV |
283.7 |
231.7 |
22% |
335.7 |
-15% |
306.7 |
203.5 |
51% |
|
Equity Options |
994.2 |
1,946.7 |
-49% |
1,288.7 |
-23% |
13,986.0 |
18,779.5 |
-26% |
|
Equity Options ADV |
49.7 |
92.7 |
-46% |
56.0 |
-11% |
60.5 |
81.6 |
-26% |
|
Index Options* |
18.4 |
106.0 |
nm |
23.1 |
-20% |
192.4 |
1,353.3 |
nm |
|
Index Options ADV* |
0.9 |
5.0 |
nm |
1.0 |
-9% |
0.8 |
5.9 |
nm |
|
ETP Options |
4,660.8 |
2,814.0 |
66% |
6,408.5 |
-27% |
56,676.0 |
26,677.7 |
112% |
|
ETP Options ADV |
233.0 |
134.0 |
74% |
278.6 |
-16% |
245.4 |
116.0 |
112% |
*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 November 2013 was 1.8 percent, a 0.3-percentage-point increase from November 2012 and a 0.1-percentage-point decrease from October 2013.
|
C2 Market Share Current Month |
Year-To-Date |
|||||||
|
Nov-13 |
Nov-12 |
% Pt. Chg |
Oct-13 |
% Pt. Chg |
Nov-13 |
Nov-12 |
% Pt. Chg |
|
|
Total Exchange |
1.8% |
1.5% |
0.3% |
1.9% |
-0.1% |
1.9% |
1.3% |
0.6% |
|
Equity Options |
0.5% |
1.1% |
-0.6% |
0.6% |
-0.1% |
0.7% |
0.9% |
-0.2% |
|
Index Options* |
0.1% |
0.3% |
-0.2% |
0.1% |
-- |
0.1% |
0.5% |
-0.4% |
|
ETP Options |
4.8% |
2.3% |
2.5% |
4.7% |
0.1% |
4.2% |
2.1% |
2.1% |
*Russell 2000 Index options began trading on C2 on September 3, 2013. Prior period and year-to-date index options include SPXpm, which was moved to CBOE from C2 on February 17, 2013.
CFE Trading Volume and Highlights
- November trading volume in CBOE Volatility Index® (VIX® Index) futures totaled 2.5 million contracts, a decrease of eight percent from November 2012 and a decrease of 40 percent from October 2013, which was the second highest monthly volume in CFE's history.
- Average daily volume in VIX futures during November was 126,141 contracts, a decrease of three percent from November 2012 and a decrease of 31 percent from October.
- Year to date through November, VIX futures ADV was up 71 percent from the same period in 2012.
- CFE launched the second phase of its extended trading hours (ETH) initiative for VIX futures on November 4 — an additional five-hour period that opens for trading prior to the previous 7:00 a.m. CT opening time. The 2:00 a.m. to 7:00 a.m. CT period benefits U.S. customers seeking longer VIX futures trading hours and European-based customers who can now trade VIX futures during their local trading hours.
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: |
Oct-13 |
Sep-13 |
Aug-13 |
Jul-13 |
|
Equity Options |
$0.076 |
$0.077 |
$0.081 |
$0.082 |
|
Index Options |
$0.666 |
$0.669 |
$0.671 |
$0.670 |
|
ETP Options |
$0.124 |
$0.123 |
$0.122 |
$0.121 |
|
Total Options Average Revenue Per Contract |
$0.278 |
$0.273 |
$0.278 |
$0.282 |
|
Futures |
$1.548 |
$1.559 |
$1.533 |
$1.544 |
|
Total Average Revenue Per Contract |
$0.320 |
$0.315 |
$0.321 |
$0.324 |
