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- ADV Increased 34% from Year Ago and 15% from September
- Record Month for VIX Options, Second-Best Month for VIX Futures
CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that October 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 126.24 million contracts. Average daily volume (ADV) was 5.49 million contracts, a 15-percent increase from September 2013 and a 34-percent increase from October 2012.
ADV for options on the CBOE Volatility Index® (VIX® Index) set an all-time monthly high during October at 738,445 contracts. VIX futures ADV established its second-best month ever, with 182,257 contracts.
|
CBOE Holdings Consolidated Trading Volume |
Year-To-Date |
|||||||
|
(trades in thousands) |
Oct-13 |
Oct-12 |
% Chg |
Sep-13 |
% Chg |
Oct-13 |
Oct-12 |
% Chg |
|
Trading Days |
23 |
21 |
20 |
211 |
209 |
|||
|
Total Contracts |
126,242.0 |
85,838.9 |
47% |
95,479.1 |
32% |
1,000,932.5 |
964,407.7 |
4% |
|
Total Options Contracts |
122,036.3 |
83,389.5 |
46% |
92,502.5 |
32% |
966,501.7 |
945,706.1 |
2% |
|
Total Futures Contracts |
4,205.7 |
2,449.4 |
72% |
2,976.6 |
41% |
34,430.8 |
18,701.6 |
84% |
|
Total ADV |
5,488.8 |
4,087.5 |
34% |
4,773.9 |
15% |
4,743.8 |
4,614.4 |
3% |
|
Total Options ADV |
5,305.9 |
3,970.9 |
34% |
4,625.1 |
15% |
4,580.6 |
4,524.9 |
1% |
|
Total Futures ADV |
182.9 |
116.6 |
57% |
148.8 |
23% |
163.2 |
89.5 |
82% |
CBOE Trading Volume and Market Share
CBOE Trading Volume:
- CBOE's October ADV was 4.97 million contracts, a 32-percent increase from October 2012 and a 14-percent increase from September 2013.
- Index options ADV was 1.75 million contracts, a 47-percent increase from October 2012 and a 19-percent increase from September 2013.
- Exchange traded product (ETP) options ADV was 1.23 million contracts, a 34-percent increase from October 2012 and a 10-percent increase from September 2013.
- Equity options ADV was just under 2.00 million contracts, a 20-percent increase from October 2012 and a 12-percent increase from September 2013.
- The five most actively traded index and ETP options at CBOE in October were S&P 500® Index (SPXSM) options, CBOE Volatility Index® (VIX® Index) options, Standard & Poor's Depositary Receipt (SPY) options, iPath S&P 500 VIX Short-Term Futures ETN (VXX) options and iShares Trust - Russell 2000® Index Fund (IWM) options.
|
CBOE Trading Volume Current Month |
Year-To-Date |
|||||||
|
(trades in thousands) |
Oct-13 |
Oct-12 |
% Chg |
Sep-13 |
% Chg |
Oct-13 |
Oct-12 |
% Chg |
|
Trading Days |
23 |
21 |
20 |
211 |
209 |
|||
|
Total Exchange |
114,316.0 |
79,104.3 |
45% |
87,208.4 |
31% |
901,320.5 |
903,762.4 |
0% |
|
Total Exchange ADV |
4,970.3 |
3,766.9 |
32% |
4,360.4 |
14% |
4,271.7 |
4,324.2 |
-1% |
|
Equity Options |
45,965.8 |
35,050.9 |
31% |
35,685.8 |
29% |
346,188.7 |
414,017.2 |
-16% |
|
Equity Options ADV |
1,998.5 |
1,669.1 |
20% |
1,784.3 |
12% |
1,640.7 |
1,980.9 |
-17% |
|
Index Options |
40,164.1 |
24,872.9 |
61% |
29,319.5 |
37% |
317,057.1 |
247,889.1 |
28% |
|
Index Options ADV |
1,746.3 |
1,184.4 |
47% |
1,466.0 |
19% |
1,502.6 |
1,186.1 |
27% |
|
ETP Options |
28,186.1 |
19,180.4 |
47% |
22,203.1 |
27% |
238,074.6 |
241,856.1 |
-2% |
|
ETP Options ADV |
1,225.5 |
913.4 |
34% |
1,110.2 |
10% |
1,128.3 |
1,157.2 |
-2% |
Expanded full-year and October 2013 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 28.5 percent in October 2013, an increase of 4.1 percentage points from October 2012 and an increase of 0.9 of a percentage point from September 2013.
|
CBOE Market Share Current Month |
Year-To-Date |
|||||||
|
Oct-13 |
Oct-12 |
% Pt. Chg |
Sep-13 |
% Pt. Chg |
Oct-13 |
Oct-12 |
% Pt. Chg |
|
|
Total Exchange |
28.5% |
24.4% |
4.1% |
27.6% |
0.9% |
25.9% |
26.9% |
-1.0% |
|
Equity Options |
20.5% |
17.9% |
2.6% |
20.6% |
-0.1% |
18.2% |
21.6% |
-3.4% |
|
Index Options |
98.0% |
94.5% |
3.5% |
97.5% |
0.5% |
96.5% |
94.1% |
2.4% |
|
ETF Options |
20.7% |
18.8% |
1.9% |
19.8% |
0.9% |
19.1% |
20.6% |
-1.5% |
C2 Trading Volume and Market Share
C2 Trading Volume:
- C2's October trading volume totaled 7.72 million contracts. ADV was 335,700 contracts, a 64-percent increase from October 2012 and a 27-percent increase from September 2013.
- Year to date through October, ADV increased 54 percent from the same period a year ago, driven primarily by a 116-percent increase in ETP options volume.
|
C2 Trading Volume Current Month |
Year-To-Date |
|||||||
|
(trades in thousands) |
Oct-13 |
Oct-12 |
% Chg |
Sep-13 |
% Chg |
Oct-13 |
Oct-12 |
% Chg |
|
Trading Days |
23 |
21 |
20 |
211 |
209 |
|||
|
Total Exchange |
7,720.2 |
4,285.2 |
80% |
5,294.0 |
46% |
65,181.1 |
41,943.8 |
55% |
|
Total Exchange ADV |
335.7 |
204.1 |
64% |
264.7 |
27% |
308.9 |
200.7 |
54% |
|
Equity Options |
1,288.7 |
1,731.9 |
-26% |
938.4 |
37% |
12,991.8 |
16,832.8 |
-23% |
|
Equity Options ADV |
56.0 |
82.5 |
-32% |
46.9 |
19% |
61.6 |
80.5 |
-24% |
|
Index Options* |
23.1 |
142.5 |
nm |
14.7 |
nm |
174.1 |
1,247.3 |
nm |
|
Index Options ADV* |
1.0 |
6.8 |
nm |
0.7 |
36% |
0.8 |
6.0 |
nm |
|
ETP Options |
6,408.5 |
2,410.9 |
166% |
4,340.9 |
48% |
52,015.2 |
23,863.6 |
118% |
|
ETP Options ADV |
278.6 |
114.8 |
143% |
217.0 |
28% |
246.5 |
114.2 |
116% |
*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.
nm — not meaningful.
C2 Market Share:
C2 market share of total industry volume in October 2013 was 1.9 percent, a 0.6-percentage-point increase from October 2012 and a 0.2-percentage-point increase from September 2013.
|
C2 Market Share Current Month |
Year-To-Date |
|||||||
|
Oct-13 |
Oct-12 |
% Pt. Chg |
Sep-13 |
% Pt. Chg |
Oct-13 |
Oct-12 |
% Pt. Chg |
|
|
Total Exchange |
1.9% |
1.3% |
0.6% |
1.7% |
0.2% |
1.9% |
1.3% |
0.6% |
|
Equity Options |
0.6% |
0.9% |
-0.3% |
0.5% |
0.1% |
0.7% |
0.9% |
-0.2% |
|
Index Options* |
0.1% |
0.5% |
-0.5% |
0.1% |
-- |
0.1% |
0.5% |
-0.4% |
|
ETF Options |
4.7% |
2.4% |
2.3% |
3.9% |
0.8% |
4.2% |
2.0% |
2.2% |
*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.
CBOE Futures Exchange Trading Volume and Highlights
- October trading volume in VIX futures totaled 4.19 million contracts, making it the second-most-active month ever for VIX futures trading.
- Average daily volume in VIX futures during October was 182,257 contracts, a 57-percent increase from October 2012 and a 23-percent increase from September.
- Year to date through October, VIX futures volume totaled over 34.23 million contracts, an 84-percent increase from the same period in 2012.
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: |
Sep-13 |
Aug-13 |
Jul-13 |
Jun-13 |
|
|
Equity Options |
$0.077 |
$0.081 |
$0.082 |
$0.090 |
|
|
Index Options |
$0.669 |
$0.671 |
$0.670 |
$0.675 |
|
|
ETP Options |
$0.123 |
$0.122 |
$0.121 |
$0.119 |
|
|
Total Options Average Revenue Per Contract |
$0.273 |
$0.278 |
$0.282 |
$0.289 |
|
|
Futures |
$1.559 |
$1.533 |
$1.544 |
$1.544 |
|
|
Total Average Revenue Per Contract |
$0.315 |
$0.321 |
$0.324 |
$0.334 |
|
