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CBOE Sets All-Time Monthly Record - CBOE Futures Exchange (CFE) Posts Second Straight Month Of Record Volume

Date 01/06/2010

The Chicago Board Options Exchange (CBOE) today reported that May 2010 average daily volume (ADV) of 6.6 million contracts was an all-time record for any month in the Exchange's history, surpassing the previous ADV record of 6.1 million contracts in September 2008.  May also was the second-highest month in total trading volume at CBOE as 131.3 million contracts changed hands, exceeded only by October 2008 when 134.2 million contracts traded at the Exchange.  

  • CBOE monthly comparisons - May 2010 ADV rose 32 percent from May 2009 ADV and 24 percent over April 2010 ADV.
  • Monthly product comparisons - ADV for index options and options on exchange traded funds (ETFs) in May 2010 rose 98 percent and 69 percent, respectively, over ADV in May 2009. ADV in equity options declined one percent over the same period. Compared against April 2010, index option and ETF options ADV in May 2010 increased 45 and 70 percent, respectively. ADV in equity options declined three percent in the same time period.
  • CBOE 2010 year-to-date - CBOE ADV through May 2010 was up nine percent over the same period in 2009.
  Current Month Year-To-Date
(trades in thousands) May 2010 May 2009 %   Chg April 2010 %    Chg May 2010 May 2009 %    Chg
Trading Days 20 20   21   102 102  
Total Exchange 131,349.3 99,170.6 32% 111,384.9 18% 519,997.3 477,444.7 9%
Total Exchange ADV 6,567.5 4,958.5 32% 5,304.0 24% 5,098.0 4,680.8 9%
Equity Options 57,839.4 58,541.0 -1% 62,318.3 -7% 266,337.7 271,547.0 -2%
Equity Options ADV 2,892.0 2,927.1 -1% 2,967.5 -3% 2,611.2 2,662.2 -2%
Index Options 33,119.1 16,765.0 98% 24,057.8 38% 124,847.2 88,191.3 42%
Index Options ADV 1,656.0 838.2 98% 1,145.6 45% 1,224.0 864.6 42%
ETF Options 40,389.8 23,863.7 69% 25,008.1 62% 128,810.3 117,701.8 9%
ETF Options ADV 2,019.5 1,193.2 69% 1,190.9 70% 1,262.8 1,153.9 9%

 

Expanded May volume information for index and ETF options is available at: www.cboe.com/data/monthlyvolume.aspx.

May Market Share:

CBOE's market share of total U.S. options industry volume for May 2010 was 32.4 percent, an increase of 0.9 of a percentage point from May 2009 and a 1.5-percentage-point increase from April 2010.

  • CBOE's market share by product: 
    • Index options - CBOE's market share was 93.9 percent, up 3.7 percentage points from May 2009 and up 1.2 percentage points from April 2010.
    •  ETF options - CBOE's market share was 25.7 percent, down 2.9 percentage points from May 2009 and up 0.4 of a percentage point from April 2010.
    • Equity options - CBOE's market share was 27.1 percent, down 0.4 of a percentage point from May 2009 and up 0.7 of a percentage point from April 2010.
  Current Month Year-To-Date
  May 2010 May 2009 % pt. Chg April 2010 % pt. Chg May 2010 May 2009 % pt. Chg
Total Exchange 32.4% 31.5% 0.9% 30.9% 1.5% 30.7% 31.8% -1.1%
Equity Options 27.1% 27.5% -0.4% 26.4% 0.7% 25.8% 28.4% -2.6%
Index Options 93.9% 90.2% 3.7% 92.7% 1.2% 93.5% 90.6% 2.9%
ETF Options 25.7% 28.7% -2.9% 25.3% 0.4% 24.5% 26.3% -1.8%

 

May Highlights:

  • May marked CBOE Futures Exchange's (CFE) second straight month of all-time record volume, and eighth consecutive month of year over-year-volume increases.
    • A total of 481,650 contracts changed hands at CFE, an increase from 56,728 contracts traded in May 2009 and 296,541 contracts in April 2010.
    • CFE ADV rose to 24,082 contracts versus 2,836 contracts in May 2009. 
    • Through the first five months of 2010, a total of 1,404,881 contracts have traded at CFE. 
  • May 6, 2010 was the most active day in CBOE's history, as a record 10,571,568 contracts changed hands.  Three other trading days in May also placed in the top ten for total trading volume at the Exchange: May 20 (#2), May 7 (#4) and May 21 (#8).
  • CBOE Volatility Index (VIX) options - A record 334,016 contracts ADV traded in May, surpassing the previous record ADV of 254,729 set in February 2010. A record 6.7 million contracts traded in May, beating the previous total record volume of 5.2 million contracts traded in April 2010.
  • On May 25, CBOE launched trading in options on the S&P 500® Annual Dividend Index (ticker symbol - DIVD) with two annual expirations - December 2010 and December 2011 - initially listed. The S&P 500 Annual Dividend Index options contract was designed for customers who are accustomed to looking at dividend movements over an entire year, versus on a quarter-by-quarter basis. For more information, see www.cboe.com/DIVD.
  • On May 28, CBOE began trading in options on iPath® S&P 500® VIX® Short-Term Futures Index ETN (ticker symbol - VXX) and options on iPath® S&P 500® VIX® Mid-Term Futures Index ETN (ticker symbol - VXZ). Both contracts provide access to equity market volatility through CBOE Volatility Index® futures. For more information, see www.cboe.com/VXX and www.cboe.com/VXZ.
  • At CBOE Stock Exchange (CBSX), 360.0 million shares traded in May, down 13.6 percent from May 2009 volume of 416.8 million shares and up 33 percent from April 2010 volume of 270.0 million shares. 
  • The top five most actively traded index and ETF options at CBOE were the S&P 500 Index (SPX), Standard and Poor's Depositary Receipts (SPY), CBOE Volatility Index (VIX), PowerShares QQQ Trust (QQQQ), and i-Shares Trust - Russell 2000 Index Fund (IWM).
  • The top five most actively traded equity options at CBOE were Citigroup (C), Bank of America (BAC), Apple (AAPL), JPMorgan Chase (JPM), and Goldman Sachs Group (GS).

CBOE is regulated by the Securities and Exchange Commission (SEC), with trades cleared by the AAA-rated Options Clearing Corporation (OCC).

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