- ADV Up 9% from September 2013, 10% from August
- Best Quarter Ever for VIX Futures Trading Volume
CBOE Holdings, Inc. (NASDAQ: CBOE) reported that September 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 108.94 million contracts. Average daily volume (ADV) was 5.19 million contracts, a nine-percent increase from September 2013 and a ten-percent increase from August 2014.
CBOE Holdings’ year-to-date ADV was 5.13 million contracts, ten percent ahead of the same period one year ago.
In the third quarter, CFE and its CBOE Volatility Index® (VIX® Index) futures contract set all-time records for total trading volume for any quarter.
|
CBOE Holdings Consolidated Trading Volume |
Year To Date |
|||||||
|
(Contracts in thousands) |
Sep-14 |
Sep-13 |
% |
Aug-14 |
% |
Sep-14 |
Sep-13 |
% |
|
Trading Days |
21 |
20 |
|
21 |
|
188 |
188 |
|
|
Total Contracts |
108,943.4 |
95,479.1 |
14% |
99,104.8 |
10% |
964,181.6 |
874,690.5 |
10% |
|
Total Options Contracts(CBOE & C2) |
105,184.6 |
92,502.5 |
14% |
94,538.6 |
11% |
928,688.9 |
844,465.4 |
10% |
|
Total Futures Contracts(CFE) |
3,758.8 |
2,976.6 |
26% |
4,566.2 |
-18% |
35,492.7 |
30,225.1 |
17% |
|
Total ADV(options & futures) |
5,187.8 |
4,774.0 |
9% |
4,719.2 |
10% |
5,128.6 |
4,652.6 |
10% |
|
Total Options ADV (CBOE & C2) |
5,008.8 |
4,625.2 |
8% |
4,501.8 |
11% |
4,939.8 |
4,491.8 |
10% |
|
Total Futures ADV (CFE) |
179.0 |
148.8 |
20% |
217.4 |
-18% |
188.8 |
160.8 |
17% |
CBOE Trading Volume and Market Share
CBOE Trading Volume:
- CBOE’s September ADV was 4.65 million contracts, a seven-percent increase from September 2013 and an 11-percent increase from August 2014.
- Equity options ADV was 1.92 million contracts, an eight-percent increase from September 2013 and a 22-percent increase from August 2014.
- Exchange traded product (ETP) options ADV was 1.25 million contracts, a 13-percent increase from September 2013 and a 15-percent increase from August 2014.
- Index options ADV was 1.47 million contracts, even with September 2013 and a three-percent decrease from August 2014.
- The five most actively traded index and ETP options at CBOE in September were options on the S&P 500® Index (SPX), CBOE Volatility Index (VIX Index), Standard & Poor’s Depositary Receipt (SPY), iShares Trust - Russell 2000® Index Fund (IWM) and PowerShares QQQ Trust (QQQ).
- September ADV and total trading volume, both exchange-wide at CFE and for futures on the VIX Index, rose over year-ago levels, with the third quarter of 2014 experiencing record trading activity.
- Average daily volume in VIX futures in September was 178,531 contracts, a 21-percent increase from September 2013 and an 18-percent decrease from the all-time-record ADV in August 2014.
- Trading volume in VIX futures outside of regular U.S. trading hours averaged over 15,000 contracts per trading day in September, accounting for about nine percent of CFE’s total daily trading volume.
|
CBOE Trading Volume Current Month |
Year To Date |
|||||||
|
(contracts in thousands) |
Sep-14 |
Sep-13 |
% |
Aug-14 |
% |
Sep-14 |
Sep-13 |
% |
|
Trading Days |
21 |
20 |
|
21 |
|
188 |
188 |
|
|
Total Exchange |
97,558.0 |
87,208.4 |
12% |
88,020.6 |
11% |
871,258.5 |
787,004.5 |
11% |
|
Total Exchange ADV |
4,645.6 |
4,360.4 |
7% |
4,191.5 |
11% |
4,634.4 |
4,186.2 |
11% |
|
Equity Options |
40,307.4 |
35,685.8 |
13% |
33,160.5 |
22% |
356,386.4 |
300,222.9 |
19% |
|
Equity Options ADV |
1,919.4 |
1,784.3 |
8% |
1,579.1 |
22% |
1,895.7 |
1,596.9 |
19% |
|
Index Options |
30,906.4 |
29,319.5 |
5% |
31,934.6 |
-3% |
293,613.5 |
276,893.0 |
6% |
|
Index Options ADV |
1,471.7 |
1,466.0 |
-- |
1,520.7 |
-3% |
1,561.8 |
1,472.8 |
6% |
|
ETP Options |
26,344.3 |
22,203.1 |
19% |
22,925.5 |
15% |
221,258.6 |
209,888.5 |
5% |
|
ETP Options ADV |
1,254.5 |
1,110.2 |
13% |
1,091.7 |
15% |
1,176.9 |
1,116.4 |
5% |
Expanded September 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 26.7 percent in September 2014, a decrease of 0.9 of a percentage point from September 2013 and a decrease of 0.8 of a percentage point from August 2014.
|
CBOE Market Share Current Month |
Year To Date |
|||||||
|
Sep-14 |
Sep-13 |
% Pt. Chg |
Aug-14 |
% Pt. Chg |
Sep-14 |
Sep-13 |
% Pt. Chg |
|
|
Total Exchange |
26.7% |
27.6% |
-0.9% |
27.5% |
-0.8% |
27.9% |
25.6% |
2.3% |
|
Equity Options |
19.8% |
20.6% |
-0.8% |
18.6% |
1.2% |
20.4% |
17.9% |
2.5% |
|
Index Options |
95.7% |
97.5% |
-1.8% |
96.8% |
-1.1% |
96.4% |
96.3% |
0.1% |
|
ETP Options |
20.2% |
19.8% |
0.4% |
21.1% |
-0.9% |
20.7% |
18.9% |
1.8% |
C2 Trading Volume and Market Share
C2 Trading Volume:
C2’s September trading volume totaled 7.63 million contracts. ADV was 363,200 contracts, a 37-percent increase from September 2013 and a 17-percent increase from August 2014.
|
C2 Trading Volume Current Month |
Year To Date |
|||||||
|
(contracts in thousands) |
Sep-14 |
Sep-13 |
% |
Aug-14 |
% |
Sep-14 |
Sep-13 |
% |
|
Trading Days |
21 |
20 |
|
21 |
|
188 |
188 |
|
|
Total Exchange |
7,626.6 |
5,294.0 |
44% |
6,518.0 |
17% |
57,430.4 |
57,460.9 |
0% |
|
Total Exchange ADV |
363.2 |
264.7 |
37% |
310.4 |
17% |
305.5 |
305.6 |
0% |
|
Equity Options |
1,156.4 |
938.4 |
23% |
906.8 |
28% |
7,959.5 |
11,703.2 |
-32% |
|
Equity Options ADV |
55.1 |
46.9 |
17% |
43.2 |
28% |
42.3 |
62.3 |
-32% |
|
Index Options* |
36.3 |
14.7 |
146% |
38.6 |
-6% |
323.8 |
151.0 |
114% |
|
Index Options ADV* |
1.7 |
0.7 |
135% |
1.8 |
-6% |
1.7 |
0.8 |
114% |
|
ETP Options |
6,433.8 |
4,340.9 |
48% |
5,572.6 |
15% |
49,147.1 |
45,606.8 |
8% |
|
ETP Options ADV |
306.4 |
217.0 |
41% |
265.4 |
15% |
261.4 |
242.6 |
8% |
*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 to CBOE on February 17, 2013.
C2 Market Share:
C2 market share of total industry volume in September 2014 was 2.1 percent, an increase of 0.4 of a percentage point from September 2013 and an increase of 0.1 of a percentage point from August 2014.
|
C2 Market Share Current Month |
Year To Date |
|||||||
|
Sep-14 |
Sep-13 |
% Pt. Chg |
Aug-14 |
% Pt. Chg |
Sep-14 |
Sep-13 |
% Pt. Chg |
|
|
Total Exchange |
2.1% |
1.7% |
0.4% |
2.0% |
0.1% |
1.8% |
1.9% |
-0.1% |
|
Equity Options |
0.6% |
0.5% |
0.1% |
0.5% |
0.1% |
0.5% |
0.7% |
-0.2% |
|
Index Options* |
0.1% |
-- |
0.1% |
0.1% |
-- |
0.1% |
0.1% |
-- |
|
ETP Options |
4.9% |
3.9% |
1.0% |
5.1% |
-0.2% |
4.6% |
4.1% |
0.5% |
*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 to CBOE on February 17, 2013.
CBOE Futures Exchange Trading Volume and Highlights
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: |
Aug-14 |
Jul-14 |
Jun-14 |
May-14 |
|
|
Equity Options |
$0.076 |
$0.074 |
$0.079 |
$0.081 |
|
|
Index Options |
$0.677 |
$0.671 |
$0.670 |
$0.674 |
|
|
ETP Options |
$0.114 |
$0.112 |
$0.111 |
$0.113 |
|
|
Total Options Average Revenue Per Contract |
$0.281 |
$0.275 |
$0.275 |
$0.275 |
|
|
Futures |
$1.631 |
$1.651 |
$1.639 |
$1.616 |
|
|
Total Average Revenue Per Contract |
$0.336 |
$0.324 |
$0.322 |
$0.321 |
|
