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CBOE Index Options Continues Strong Performance In February - Volume Up 37% Over Year-Ago

Date 03/03/2003

The Chicago Board Options Exchange (CBOE) announced today that total index options volume increased 37% in February 2003. This marked the tenth consecutive month that index options volume has posted a gain over the year-ago level at CBOE.

Exchange-wide volume for February 2003 totaled 18,606,096 contracts (9,879,073 calls and 8,727,023 puts), down 14% versus the 21,507,730 contracts traded in February 2002. For the month of February, average daily volume was 979,268 contracts. At the end of February, open interest reached 81,997,151 contracts, up 21% over the close of February 2002.

Stock options volume in February 2003 totalled 9,845,570 contracts (6,125,899 calls and 3,719,671 puts), a decrease of 35% when compared to the 15,119,700 contracts traded in February 2002. For the month of February, average daily volume in stock options was 518,188 contracts. Open interest in stock options stood at 67,374,623 contracts at the end of February 2003, up 15% from the end of February 2002.

For the tenth consecutive month, total index options volume posted gains at CBOE. In February 2003, total index options volume reached 8,758,171 contracts (3,752,293 calls and 5,005,878 puts), an increase of 37% over the February 2002 total of 6,385,516 contracts and a 3% increase over the previous month's, January 2003, total of 8,548,192 contracts. For the month of February, average daily volume in index options totaled 460,956 contracts. At the end of February 2003, open interest in index options was 14,611,398 contracts, 57% higher than February 2002.

Options on the S&P 500 Index (SPX) were the most-actively traded index options at CBOE during February, with volume totalling 2,717,789 contracts, which was an increase of 38% over the February 2002 volume of 1,970,334 contracts. Average daily volume during February in SPX options was 143,042 contracts. Open interest stood at 4,139,222 contracts at the end of February 2003, an increase of 26% over year-ago levels.

Trading volume for options on the S&P 100 Index (OEX) increased 45% in February over 2002. February 2003 volume in OEX options totaled 1,151,993 contracts, versus the 794,663 contracts from February 2002. Average daily volume during February in OEX options was 60,631 contracts. Open interest stood at 238,273 contracts at the end of February 2003, an increase of 22% over 2002.

Volume in Options on the Dow Jones Industrial Average (DJX) totaled 924,916 contracts, a decrease of 9% from the February 2002 volume of 1,011,725 contracts. Average daily volume during February in DJX options was 48,680 contracts. Open interest stood at 1,096,654 contracts at the end of February 2003, an increase of 26% over year-ago levels.

February trading volume for options on DIAMONDS (DIA) totaled 653,708 contracts, an increase of 4% over the January 2003 volume of 629,586 contracts. Average daily volume during February in DIA options was 34,406 contracts. Open interest stood at 564,134 contracts at the end of February 2003, an increase of 46% over the January 2003 level. CBOE launched options on DIAMONDS in May 2002.

Trading volume for options on the Nasdaq-100 Index Tracking Stock (QQQ) totaled 2,539,372 contracts, an increase of 37% over the February 2002 volume of 1,857,362 contracts. Average daily volume during February in QQQ options was 133,651 contracts. Open interest stood at 6,754,276 contracts at the end of February 2003, an increase of 85% over the February 2002 level.

Volume for options on the Russell 2000 Index (RUT) totalled 57,183 contracts, an increase of 47% over the February 2002 volume of 38,978 contracts. Average daily volume during February in RUT options was 3,010 contracts. Open interest stood at 112,271 contracts at the end of February 2003, a decrease of 1% from February 2002.

CBOE, the world's largest options marketplace and the creator of listed options, is regulated by the Securities and Exchange Commission (SEC). For additional information about the CBOE and its products, access the CBOE web site at www.cboe.com.