January through May volume in the CBOT Silver complex has grown seven times over the same period last year. The CBOT Silver complex also had approximately 27 percent of listed Silver futures in North America through May. Average daily volume (ADV) in May for Silver futures contracts increased 15 times compared to ADV in May 2005.
CBOT Senior Vice President of Business Development Robert D. Ray said, “Launching an options component that supports our Full-sized Silvers futures contract is the direct result of customer demand for an electronically-traded silver options contract. The steady growth of our Silver Complex prompted us to launch the new options contract now. Between strong customer support, the market’s embrace of our electronic platform, and the participation of Wolverine Trading and Consolidated Trading, we are optimistic that Silver options will be a welcomed addition to the Metals Complex.”
Wolverine Trading, L.P. and Consolidated Trading, LLC will serve as electronic market makers for Silver options. These firms will provide two-sided markets for the new contract during daytime hours. Hours of trading will be from 6:18 p.m. to 4:00 p.m. (CT). Silver options will trade under the ticker symbol of OZI.
Adding this new silver contract enhances the CBOT’s Metals complex. The 100-percent electronically-traded CBOT Metals complex captured a significant portion of the market last month. The CBOT Gold complex had approximately 37 percent market share of listed Gold futures in North America. Average daily volume for the Metals complex for May 2006 was 67,798 contracts, a 61 percent increase over April 2006 and 24 times greater than May 2005. May 2006 ADV for CBOT Gold futures contracts increased by 25 times compared with the previous May. The CBOT Full-sized Gold options on futures contract, launched in March, had an ADV of 2,200 last month, more than three times greater than April 2006.
In May, daily Metals complex volume topped the 100,000 contract mark for the first time. 102,237 contracts changed hands on May 17, setting a new CBOT Metals volume record.
The CBOT’s Precious Metals complex consists of Full-sized (100 oz.) Gold futures, mini-sized (33.2 oz.) Gold futures, Full-sized Gold options, Full-sized Silver futures and mini-sized (1,000 oz.) Silver futures contracts, and now Full-sized Silver options.
Market users can access real-time bids and offers for the most actively traded silver strikes for free on www.cbot.com/metals.
