Equity, ETF and Index Volume All Rise in July.
During July, trading volume in equity options totaled a record 67.2 million contracts and surpassed 46.1 million contracts traded in July 2007 by 46 percent.Average daily volume in equity options for the month was 3.1 million, an increase of 39 percent over the 2.2 million contracts per day average in July 2007.
Total volume in ETF options rose 70 percent - to a new high of 34.4 million contracts - against July 2007. Two ETF options - S&P Depositary Receipts (SPY) and Financial Select SPDR (XLF) - set all-time monthly volume records. Trading in the cash-settled indexes during July increased 18 percent to 24.5 million contracts over July 2007, and two index options products - the Russell 2000 Index (RUT) and the Mini S&P 500 Index (XSP) - beat previous monthly volume records.
|
|
July 2008 Volume (22 days) |
% Change vs July 2007 (21 days) |
% Change vs. June 2008 (21 days) |
Year-To-Date Volume (147 days) |
% Change vs. 2007 (145 days) |
|---|---|---|---|---|---|
|
Industry Total |
366,270,867 |
+38% |
+20% |
2,102,450,407 |
+38% |
|
CBOE Total |
126,156,707 (record) |
+45% |
+22% |
683,916,132 |
+33% |
|
CBOE Total ADV |
5,734,396 (record) |
+38% |
+17% |
4,652,491 |
+32% |
|
Equity |
67,178,831 (record) |
+46% |
+24% |
360,358,540 |
+29% |
|
Equity ADV |
3,053,583 |
+39% |
+18% |
2,451,419 |
+27% |
|
Cash-Settled Index |
24,514,452 |
+18% |
+19% |
139,978,518 |
+11% |
|
Cash-Settled Index ADV |
1,114,293 |
+12% |
+14% |
952,235 |
+9% |
|
ETF Options |
34,434,752 (record) |
+70% |
+21% |
183,548,392 |
+71% |
|
ETF Options ADV |
1,565,216 |
+62% |
+16% |
1,248,629 |
+68% |
|
Exchange Open Interest |
290,020,178 |
+10% |
+8% |
----- |
----- |
CBOE's July Market Share at 34.4 Percent Leads Industry
In July, CBOE's market share of total industry volume was 34.4 percent, up 1.6 percentage points from July 2007 and up slightly from June 2008. U.S. options industry trading volume broke through the two-billion-contract mark on July 22, a new high-water mark that last year took until September 25 to reach. In addition:
-All CBOE index options, either singly or multiply listed, claimed 87.7 percent market share in July.
-CBOE's market share for index options (multiply listed only) and options on ETFs was 34.4 percent in July.
|
CBOE Market Share |
July 2008 Market Share |
% Change vs July 2007 |
% Change vs June 2008 |
Year-To-Date Market Share |
% Change vs 2007 |
|---|---|---|---|---|---|
|
Exchange |
34.4% |
+1.6% |
+0.4% |
32.5% |
+0.7% |
|
Equity |
29.3% |
0% |
0% |
26.7% |
+0.8 |
|
Index & ETF (Multiple listings only) |
34.4% |
-2.0 % |
+0.7% |
34.0% |
-5.4% |
July Highlights:
-The top five most actively traded equity options during July were Apple (AAPL), Bank of America (BAC), Citigroup, Inc. (C), Lehman Brothers (LEH), and Wachovia (WB).
-The top five most actively traded index and ETF options at CBOE during July were S&P 500 Index (SPX), Standard & Poor's Depositary Receipts (SPY), iShares Russell 2000 Index Fund (IWM), PowerShares QQQ Trust (QQQQ), and Financial Select SPDR (XLF).
-CBOE announced its unaudited second quarter 2008 financial results, posting its tenth consecutive quarter of double-digit revenue and earnings growth.Total revenues increased 15 percent to $97.6 million, up from $84.6 million in Q2 2007; pre-tax profit increased 36 percent to $43.9 million, up from $32.2 million a year earlier; net income rose to $25.4 million from $18.7 million in Q2 2007.
-CBOE announced that beginning on Friday, August 1, 2008, the Exchange would be publishing two new Volatility benchmarks - the CBOE Gold Volatility Index (ticker symbol GVZ) and the CBOE EuroCurrency Volatility Index (ticker symbol EVZ).These indexes are benchmarks designed to measure the expected volatility of the respective underlying assets. GVZ and EVZ values will be disseminated every 15 seconds daily through all major data vendors.
-On July 1, CBOE launched trading in binary options contracts on the S&P 500 Index (SPX) and on the CBOE Volatility Index (VIX) . Binary options have just two possible outcomes - a payoff of a set amount or nothing at all. CBOE binary call options pay either $100 per contract if the underlying index settles at or above the strike price at expiration, or nothing at all if the underlying index settles below the strike price at expiration.
-July was CBOE Stock Exchange's (CBSX) best month ever, as 350 million shares changed hands, an average daily volume of 15.9 million shares, up 207 percent over July 2007 volume of 108.9 million shares. A single-day volume record was set on July 31 when 34.3 million shares were traded.
-Year-to-date volume at the CBOE Futures Exchange (CFE) was 50 percent ahead of 2007 with more than 700,000 contracts traded from January through July. CFE volume in July was down 24 compared with the previous month as 92,565 contracts changed hands in July.
-During July, six CBOE memberships changed hands - the highest at $2.95 million. From January through July, 83 CBOE seats have been sold.
CBOE Individual Index and ETF Volume Figures For July 2008:
|
Symbol |
Product |
Total Volume |
% Change vs July 07 |
% Change vs June 08 |
Open Interest |
% Change vs 2007 |
|---|---|---|---|---|---|---|
|
SPX |
S&P 500 Index |
16,130,994 |
+19% |
+18% |
12,875,803 |
+25% |
|
VIX |
CBOE Volatility Index (options) |
2,565,140 |
-2% |
+14% |
1,130,515 |
-35% |
|
SPY |
S&P Depositary Receipts (SPDRs) |
9,750,866 (record) |
+108% |
+19% |
10,291,873 |
+26% |
|
XSP |
Mini-S&P 500 Index |
522,802 (record) |
+411% |
+79% |
596,500 |
-29% |
|
OEX |
S&P 100 Index (American-Style Exercise) |
1,007,045 |
-27% |
+10% |
245,665 |
-27% |
|
XEO |
S&P 100 Index (European-Style Exercise) |
236,406 |
+26% |
+12% |
169,589 |
+56% |
|
DJX |
Dow Jones Industrial Average |
835,309 |
0% |
+33% |
797,420 |
+9% |
|
DIA |
DIAMONDS Trust, Series 1 |
1,063,271 |
+68% |
0% |
1,573,985 |
+5% |
|
NDX |
Nasdaq-100 Index |
635,817 |
-4% |
+21% |
548,914 |
-7% |
|
MNX |
CBOE Mini-NDX Index (based on Nasdaq-100) |
344,558 |
-16% |
-15% |
1,310,927 |
-31% |
|
VXN |
CBOE Nasdaq-100 Volatility Index |
620 |
--- |
+77% |
600 |
--- |
|
QQQQ |
PowerShares QQQ Trust |
5,680,818 |
+61% |
-2% |
6,774,596 |
-23% |
|
RUT |
Russell 2000 Index |
2,124,607 (record) |
+144% |
+39% |
2,125,926 |
+5% |
|
RVX |
CBOE Russell 2000 Volatility Index (options) |
2,160 |
--- |
-52% |
2,840 |
--- |
|
IWM |
iShares Russell 2000 Index Fund |
6,711,390 |
-14% |
+15% |
6,808,546 |
-24% |
|
SMH |
Semiconductor HOLDRs Trust |
95,018 |
-30% |
-32% |
691,991 |
-33% |
|
OIH |
Oil Services HOLDRs Trust |
314,265 |
0% |
+42% |
444,716 |
-41% |
|
EEM |
iShares MSCI Emer Markets Index |
949,414 |
+56% |
+39% |
2,097,951 |
+127% |
|
XLF |
Financial Select SPDR |
4,723,088 (record) |
+398% |
+74% |
8,617,559 |
+125% |
|
XLE |
Energy Select SPDR |
1,235,217 |
+227% |
0% |
2,607,412 |
+102% |
|
GLD |
SPDR Gold Trust |
680,341 |
--- |
185% |
442,946 |
--- |
CBOE, the largest options marketplace in the U.S. 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 website at: www.cboe.com/.
