April 2006 was a month marked by significant milestones for the CBOT, as the Exchange set six consecutive daily records for open interest and it achieved approximately 25 percent market share of listed Gold futures contracts traded in North America. Most notably, the CBOT announced plans to list its Agricultural futures contracts on the e-cbot® electronic trading platform during daytime hours beginning August 1, 2006. This strategic decision is designed to increase global access to the Exchange’s benchmark Agricultural products as the United States enters its harvest season.
CBOT Highlights, April 2006:
April’s ADV on the Exchange’s e-cbot electronic trading platform remained strong, outpacing totals from the same month in 2005. Electronic trading volume at the CBOT averaged 1,986,705 contracts per day in April, increasing 4 percent over April 2005 and 16 percent year-to-date versus the same period last year.
With an average of 447,815 contracts traded each day, the Exchange’s Agricultural futures complex set a record for ADV in April 2006 – up 3 percent over the prior monthly record of 435,327 contracts set in February 2005. Volume totals for Corn futures, Corn options on futures and Wheat futures contracts increased by 39 percent, 50 percent and 39 percent, respectively, over April 2005.
The 100-percent electronically-traded CBOT Metals complex continued to grow in April. ADV for the Metals complex was 42,106 contracts, an 84 percent increase over March 2006. Increases in ADV for Gold and Silver futures, in addition to the Exchange’s newly-listed Gold options on futures, contributed to the month’s growth. ADV for Gold futures increased 20-fold and ADV for Silver futures rose 19-fold compared with April 2005. Meanwhile, after completing its second full month of trading, the CBOT’s Gold options on futures contract saw ADV totals more than four and one-half times greater than the previous month.
On April 20, the Metals complex exceeded the previous volume record, which had been set the previous day, by more than 66 percent, as 96,630 contracts changed hands. The CBOT Metals complex includes Full- (100 Oz.) and mini-sized (33 Oz.) Gold futures, Full- (5,000 Oz.) and mini-sized (1,000 Oz.) Silver futures and Gold options on futures contracts.
Despite the continuing decline of volatility in the long end of the yield curve, ADV within the CBOT Financial complex climbed by 6 percent year-to-date compared with the same period in 2005, and it decreased by 3 percent compared with April of 2005. With the financial community focusing on the short end of the yield curve, the CBOT experienced sequential month-over-month ADV increases in its Fed Fund futures (50 percent), Fed Fund options on futures (74 percent), 2-Year U.S. Treasury Note futures (49 percent), and 2-Year U.S. Treasury Note options. April’s ADV in the CBOT 30-Year U.S. Treasury Bond options on futures contract increased by 79 percent compared with April 2005 – and the contract experienced an 18 percent increase year-to-date compared with the same period in 2005.
The CBOT offers the world’s only actively-traded Ethanol futures contract, and its ADV continued to grow, due in part to U.S. efforts to reduce reliance on foreign energy sources. The Exchange’s Ethanol futures increased by 57 percent in April 2006 compared with daily volume totals from the previous month.
CBOT Average Daily Volume
Product Group |
April 2006 |
April 2005 |
Percent Change |
YTD 2006 |
YTD 2005 |
Percent Change |
Total Exchange |
3,024,637 |
2,920,406 |
4% |
3,088,270 |
2,858,896 |
8% |
Agricultural |
520,562 |
366,816 |
42% |
437,283 |
371,729 |
18% |
Financial |
2,346,542 |
2,418,665 |
-3% |
2,510,325 |
2,372,214 |
6% |
Equity Indices |
115,312 |
132,186 |
-13% |
113,776 |
111,632 |
2% |
Metals, Energy and Other |
42,221 |
2,738 |
1,442% |
26,886 |
3,332 |
707% |
CBOT Rate Per Contract
The following chart depicts the Exchange’s March 2006 three-month rolling average rate per contract (in dollars), and the two preceding three-month periods’ average rates per contract. Average rate per contract represents total exchange and clearing revenue divided by total reported trading volume. Average rates per contract can be affected by exchange and clearing fee price levels, and the customer, product, venue and transaction mix.
|
THREE-MONTH PERIOD ENDING |
||
|
Mar. 31, 2006 |
Feb. 28, 2006 |
Jan. 31, 2006 |
Product Group |
|
|
|
Interest Rate |
0.517 |
0.531 |
0.532 |
Agriculture |
0.673 |
0.676 |
0.664 |
Equity Indices |
0.760 |
0.769 |
0.789 |
Metals, Energy & Other |
1.312 |
1.507 |
1.520 |
Overall Avg. Rate per Contract |
0.552 |
0.568 |
0.566 |
Venue |
|
|
|
Open-Auction |
0.515 |
0.526 |
0.510 |
Electronic |
0.495 |
0.505 |
0.504 |
Off-Exchange |
2.296 |
2.300 |
2.345 |
Overall Avg. Rate per Contract |
0.552 |
0.568 |
0.566 |
For more information on the CBOT, to view the Exchange’s daily and monthly volume and open interest records, and details on ADV and volume from previous months in 2006, please visit www.cbot.com.
About the CBOT
As one of the leading global derivative exchanges, the Chicago Board of Trade provides a diverse mix of financial, equity and commodity futures and options-on-futures products. Building on its 158-year history, the CBOT continues to advance into the future using the strength of deep liquidity, market integrity and member-trader expertise. Using superior trading technology in both electronic and open-auction trading platforms, the CBOT provides premier customer service to risk managers and investors worldwide. For more information, visit our website at www.cbot.com.
Forward Looking Statements
In this release, our use of the words “may,” “should,” “could,” “expects,” “plans,” “anticipates,” “believes,” “predicts,” “potential” or “continue” or other comparable terminology is intended to identify forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. More detailed information about factors that may affect our performance may be found in filings made by CBOT Holdings with the Securities and Exchange Commission, which can be obtained at its website at www.sec.gov. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
