Exchange-wide volume for November 2002 totaled 21,632,176 contracts (12,622,221 calls and 9,009,955 puts) versus the 24,022,438 contracts traded in November 2001. For the month of November, average daily volume was 1,081,609 contracts. At the end of November, open interest reached 99,295,547 contracts, up 16% over the close of November 2001.
Stock option volume in November 2002 totaled 13,226,882 contracts (8,541,790 calls and 4,685,092 puts), compared to the 17,750,025 contracts traded in November 2001. Average daily volume in stock options was 661,344 contracts. Open interest in stock options stood at 84,224,529 contracts at the end of November 2002, up 13% from the end of November 2001.
For the seventh consecutive month, total index options volume posted gains at CBOE. In November 2002, total index options volume reached 8,402,099 contracts (4,078,076 calls and 4,324,023 puts), an increase of 34% over the 2001 total of 6,268,917 contracts, while average daily volume in index options totaled 420,105 contracts, an increase of 41% over 2001. Open interest in index options was 15,060,898 contracts at month's end, 39% higher than November 2001.
Volume in S&P 500 Index options (SPX) totaled 2,713,956 contracts traded, an increase of 23% over the November 2001 volume of 2,199,596 contracts. Average daily volume during November in SPX options was 135,698 contracts. Open interest stood at 4,555,847 contracts at the end of November 2002, an increase of 18% over year-ago levels.
Trading volume for options on the S&P 100 Index (OEX) increased 61% in November over 2001. Volume in the American-style exercise OEX options totaled 1,111,953 contracts, versus the 692,502 contracts from November 2001. Average daily volume in OEX was 55,598 contracts. Open interest stood at 274,746 contracts at month's end, an increase of 14% over 2001.
Volume in Options on the Dow Jones Industrial Average (DJX) totaled 985,964 contracts traded, an increase of 29% over the November 2001 volume of 762,247 contracts. Average daily volume during November in DJX options was 49,298 contracts. Open interest stood at 1,237,353 contracts at the end of November 2002, an increase of 40% over year-ago levels.
Trading volume for options on DIAMONDS (DIA) totaled 613,941 contracts traded in November. Average daily volume was 30,697 contracts, while, at month's end, open interest totaled 334,833 contracts. CBOE launched options on DIAMONDS in May 2002.
Trading volume for options on the Nasdaq-100 Index Tracking Stock (QQQ) totaled 2,206,701 contracts, an increase of 18% over the November 2001 volume of 1,877,903 contracts. Average daily volume for the month in QQQ options was 110,335 contracts. Open interest stood at 7,217,074 contracts at the end of November 2002, an increase of 10% over the October 2002 level.
Volume for options on the Nasdaq-100 Index (NDX) totaled 90,767 contracts traded, on par with the 90,786 contracts traded in November 2001, but with one less trading day. Average daily volume for the month in NDX options was 4,538 contracts, up 5% over 2001. Open interest stood at 116,894 contracts at the end of November 2002, an increase of 116% over year-ago levels.
Volume for options on the Russell 2000 Index (RUT) totaled 103,385 contracts traded, an increase of 124% over the November 2001 volume of 46,224 contracts. Average daily volume during November in RUT options was 5,169 contracts. Open interest stood at 150,518 contracts at the end of November 2002, an increase of 14% over November 2001.
The CBOE BuyWrite Monthly Index (BXM) was up 5.5% for the month of November. The BXM is a benchmark index that measures potential returns of a theoretical portfolio that systematically writes S&P 500 Index (SPX) call options against a portfolio of Standard and Poor's 500 Index stocks. Year-to-date, the CBOE BXM leads the S&P 500 Index (with dividends reinvested) by approximately 10.3 percentage points (BXM down 6.9% vs S&P 500 Total Return Index down 17.2%). The BXM has surpassed the S&P 500 every calendar year since 1998, as the added income from covered call strategies has helped cushion equity downside moves and reduce volatility. CBOE began disseminating the CBOE BuyWrite Monthly Index in April 2002. More information about the BXM and covered call strategies can be found at www.cboe.com/bxm. 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, visit the CBOE website at www.cboe.com.
