November 2008 Versus November 2007. November average daily volume of 4.56 million contracts dipped one percent against November 2007 ADV of 4.63 million contracts, which stands as a record for any November at CBOE.However, during November, ADV in ETF options rose 11 percent, while cash-settled indexes and equity options dropped by single digits - seven percent and five percent, respectively - versus November 2007.
November 2008 Versus October 2008. In November, CBOE average daily volume was off 22 percent compared to October 2008, the highest volume month in the Exchange's 35-year history.
|
|
November 2008 Volume (19 days) |
% Change vs November 2007 (21 days) |
% Change vs. October 2008 (23 days) |
Year-To-Date Volume (231 days) |
% Change vs. 2007 (231 days) |
|---|---|---|---|---|---|
|
Industry Total |
244,882,521 |
-21% |
-35% |
3,361,205,369 |
28% |
|
CBOE Total |
86,724,908 |
-11% |
-35% |
1,120,541,061 |
28% |
|
CBOE Total ADV |
4,564,469 |
-1% |
-22% |
4,850,827 |
28% |
|
Equity |
42,476,225 |
-14% |
-29% |
566,330,210 |
22% |
|
Equity ADV |
2,235,591 |
-5% |
-15% |
2,451,646 |
22% |
|
Cash-Settled Index |
19,797,266 |
-16% |
-44% |
243,223,695 |
13% |
|
Cash-Settled Index ADV |
1,041,961 |
-7% |
-32% |
1,052,916 |
13% |
|
ETF Options |
24,446,679 |
0% |
-37% |
310,859,067 |
61% |
|
ETF Options ADV |
1,286,667 |
11% |
-23% |
1,345,710 |
61% |
|
Exchange Open Interest |
281,639,515 |
-6% |
-4% |
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CBOE's November Market Share at 35.4 Percent Leads Options Industry
In November, CBOE's market share of total industry volume was 35.4 percent, up 4.2 percentage points from November 2007 and down 0.3 percentage points from October 2008.CBOE's market share for cash-settled index, equity and ETF options also rose substantially from November 2007, as CBOE claimed 93 percent of all index trading and 29.9 percent for both equity and ETF options trading in the U.S.
|
CBOE Market Share
|
Nov 2008 Market Share |
% Pt. Change vs Nov 2007 |
% Pt. Change vs Oct 2008 |
Year-To-Date Market Share |
% Pt. Change vs 2007 |
|---|---|---|---|---|---|
|
Exchange |
35.4% |
4.2% |
-0.3% |
33.3% |
0.1% |
|
Equity |
29.9% |
5.3% |
1.2% |
27.3% |
1.4% |
|
Index |
93.0% |
6.3% |
1.5% |
88.6% |
2.5% |
|
ETF |
29.9% |
0.8% |
-0.3% |
30.7% |
-2.4% |
November Highlights:
- On November 20, the CBOE Volatility Index (VIX) recorded an all-time-high daily closing price of 80.86.
- On November 21, the CBOE S&P BuyWrite Index (BXM) generated a gross premium of 8.1 percent, the highest amount in more than two decades.
- CBOE announced that options on the S&P 100 Index (OEX) would begin trading on CBOE's Hybrid trading platform on December 9.CBOE's Hybrid enables multiple, competing quotes and high-speed electronic executions for OEX market participants and customers. Citigroup, Inc. was appointed the Lead Market Maker for OEX and XEO options.
- CBOE Futures Exchange (CFE) year-to-date trading volume was seven percent over the same period a year ago. Trading volume for the period totaled 1,119,553 contracts compared to 1,043,652 contracts through November 2007.
- At the CBOE Stock Exchange (CBSX), November trading volume totaled 443,395,285 shares, a record average daily trading volume of 23.3 million shares.This beat the previous record of 21.3 million shares ADV recorded in October 2008.
- The five most actively traded equity options during November were Citigroup, Inc. (C), General Electric (GE), Proctor and Gamble (PG), JP Morgan Chase (JPM), and Bank of America Corp. (BAC).
- The five most actively traded index and ETF options at CBOE during November were S&P 500 Index (SPX), Standard & Poor's Depositary Receipts (SPY), PowerShares QQQ Trust (QQQQ), iShares Russell 2000 Index Fund (IWM), and the CBOE Volatility Index (VIX).Expanded information on November volume for index options and ETF options is available at http://www.cboe.com/data/monthlyvolume.aspx.
- During November, one CBOE membership changed hands at $1.9 million. For the year, a total of 107 CBOE seats have been traded.
CBOE, the largest U.S. 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.
