CBOT Chairman Nickolas J. Neubauer said, "Overall trading volume in 2002 represents the best year ever for the Board of Trade, and I believe this performance will continue in 2003. I am particularly pleased with the performance of some of our new products, including the mini-sized DowSM and swaps. I also believe that within the next two years we will see major volume increases in our flagship contract, the 30-year U.S. Treasury bond contract. Exchange finances are excellent, and we are adding more technology to our open auction markets to make them as efficient and low-cost as possible. These factors should lay the groundwork for continued growth in 2003."
President and CEO Bernard W. Dan added, "Market volatility has given us excellent volume as our members continue to provide customers and market users with deep liquid markets and outstanding service. Our hybrid strategy of offering the best open auction and electronic trading platforms is working, and our strong business discipline has allowed us to reduce fees, make critical investments and maintain a strong bank balance. We continue to make important progress on key business initiatives so we can build on the strong foundation so necessary for our future."
2002 CBOT Volume: Year-End Review
CBOT SHATTERED 12 MAJOR OPEN OUTCRY VOLUME RECORDS IN 2002
- Ten-Year Treasury Note options set a yearly volume record of 31,450,527
- Five-Year Treasury Note options set a yearly volume record of 7,463,736
- Two-Year Treasury Note futures set a yearly volume record of 3,068,905
- Thirty-Day Fed Fund futures set a yearly volume record of 5,923,922
- DJIASM futures set a yearly volume record of 6,174,694
- Wheat futures set a yearly volume record of 6,799,516
- Soybean Meal futures set a yearly volume record of 7,158,482
- Soybean Oil futures set a yearly volume record of 6,790,694
- Rough Rice futures set a yearly volume record of 193,393
- Oat options set a yearly volume record of 90,780
- Ten-Year Interest Rate Swap futures set a yearly volume record of 502,816
- Five-Year Interest Rate Swap futures set a yearly volume record of 38,868
- December average daily volume was 1,098,592, up 31.6% for the year and up 10.7% from December 2001
- Total exchange month-end open interest was 5,705,339, up 8.6% from December 2001
- Rough Rice futures (open auction) set a daily volume record on December 17 at 3,442
- Rough Rice options (open auction) set a daily open interest record on December 17 at 9,953
- 10-Year Interest Rate Swap options set a daily open interest record on December 10 at 7,850
- U.S. Treasury Bond options were up 13.7% year-to-date (YTD) at 15,324,548
- Ten-Year Treasury Note futures were up 49.7% from December 2001 at 7,020,236 and up 66.3% YTD at 95,786,299
- Five-Year Treasury Note futures were up 28.7% from December 2001 at 3,453,154 and up 62.3% YTD at 50,512,085
- Five-Year Treasury Note options were up 60.9% YTD at 7,533,556
- Two-Year Treasury Note futures were up 47.3% from December 2001 at 236,606 and up 34.1% YTD at 3,203,855
- Thirty-Day Federal Fund futures were up 34.1% YTD at 6,285,789
- Wheat futures were up 6.9% from December 2001 at 378,760
- Corn futures were up 8.4% YTD at 18,132,447
- Soybean futures were up 8.6% from November 2002 and up 37.8% from December 2001 at 1,163,455, and up 19.1% YTD at 14,475,100
- Soybean Meal futures were up 18.1% from December 2001 at 557,688 and up 6.4% YTD at 7,174,507
- Soybean Oil futures were up 25.0% from December 2001 at 628,026 and up 13.0% YTD at 6,816,483
- Rough Rice futures were up 135.2% from November 2002 and up 62.2% from December 2001 at 24,353, and up 59.2% YTD at 193,723
- CBOT DJIA futures volume in December totalled 407,665 contracts, an increase of 23.6% from December 2001, and up 32.3% YTD at 6,485,501
- CBOT DJIA options totalled 8,957 contracts for December 2002
- îDow Jones-AIG Commodity IndexÒ futures set an open interest record on December 31 at 1,017
- Volume reached 9,790,148 contracts in December 2002, up 95.1% from December 2001 and up 146.1% YTD at 129,325,392 (an exchange record)
- Average daily volume up 85.8% from December 2001 at 466,198 and up 145.1% YTD at 513,196
- U.S. Treasury Bond futures set a yearly volume record of 32,927,191
- Ten-Year Treasury Bond futures set a yearly volume record of 62,590,700
- Five-Year Treasury Bond futures set a yearly volume record of 29,216,365
Year-end total of 6,144,869 futures and options orders, excluding futures spreads, were electronically sent directly to floor brokers using order receipt devices.
Monthly records were maintained for both Financial and Agricultural orders filled by brokers using order receipt devices (Electronic Clerk).
Futures
- Financial room: 40% (new high)
- Agricultural room: 52%
- Total (Agricultural and Financial): 48% (new high)
- Financial room: 14%
- Agricultural room: 42%
- Total (Agricultural and Financial): 31%
| Futures Orders Entered | Futures Orders Filled |
| July 22, 2002- 31,858 (daily) | |
| July 2002- 525,482 (monthly | |
| Option Orders Entered | Option Orders Filled |
| August 12, 2002- 6,406 (daily | August 14, 2002- 3,547 |
| April 2002- 105,768 (monthly | July 2002- 40,765 |
Seat Sales
- CBOT Full membership last traded at $310,000 as of December 31, 2002
- CBOT Associate membership last traded at $131,000 as of December 31, 2002
- CBOT Commodity Options membership interest last traded at $23,700 as of December 31, 2002
- CBOT IDEM membership interest last traded at $25,500 as of December 27, 2002
