CBOT President and CEO Bernard Dan said, “The CBOT’s efforts to serve our customers’ needs by providing the most advanced technology, offering an efficient clearing system and expanding access to our products continue to foster significant growth in volume and open interest. Initiatives such as our Electronic Market Maker Program for financial options, which set an electronic trading volume record in September, have built upon the depth of the liquidity the CBOT offers the marketplace.”
The exchange saw average daily volume in September rise 34.1 percent to 2,619,395 contracts from September 2003 levels. Total exchange open interest at the end of September rose 50.5 percent to 10,977,026 contracts from last year.
The CBOT set both quarterly and monthly exchange-wide electronic trading volume records. Quarterly volume climbed to 91,295,345 contracts, surpassing the previous record of 87,853,589 contracts in the second quarter of 2004. Exchange-wide electronic volume set a monthly record at 34,902,907 contracts in September, versus the prior record of 31,476,381 contracts in August.
The CBOT’s U.S. Treasury markets continued their outstanding performance, with daily open interest records in Ten-Year and Two-Year U.S. Treasury Note futures. On September 28, open interest in Ten-Year U.S. Treasury Note futures rose to a record 1,615,783 contracts. Open interest in Two-Year U.S. Treasury Note futures hit a record 241,966 contracts on September 1.
In addition, the CBOT mini-sized DowSM options contract also continued to perform impressively in September. Open interest in mini-sized Dow options reached a record 59,256 contracts on September 28.
From January through September, 6,166,758 futures and options orders, excluding futures spreads, were electronically sent directly to floor brokers using Electronic Clerks, or order receipt devices, compared to 5,142,924 orders in the same period in 2003. In addition, from January through September, 83 percent of total Agricultural futures orders were filled electronically, compared to 73 percent in 2003.
Quarterly Highlights
- Financial futures and options rose 19.4 percent from the same quarter last year at 126,293,565 contracts.
- Equity Index futures and options rose 42.2 percent from the same quarter last year at 6,125,985 contracts.
- Agricultural futures and options rose 3.3 percent from the third quarter of 2003 at 18,899,958 contracts.
- Metal futures rose 159.2 percent from the same period last year at 144,251 contracts.
- Financial futures and options complex trade rose 41.2 percent from last year and 5.7 percent from August at 47,435,587 contracts. Volume rose 31 percent YTD to 361,632,892 contracts.
- U.S. Treasury bond futures rose 33.1 percent from last year and 20.4 percent from August to 7,638,672 contracts. Volume rose 10.8 percent YTD to 54,002,232.
- Ten-Year Treasury Note futures rose 34.7 percent from last year and 6 percent from August to 18,467,818 contracts. Volume rose 30.7 percent YTD to 143,451,865 contracts.
- Five-Year Treasury Note futures rose 38.3 percent from last year to 10,311,606 contracts and 42.6 percent YTD to 77,329,509 contracts.
- Two-Year Treasury Note futures rose 94.1 percent from last year to 1,014,541 contracts and 100.8 percent YTD to 6,324,893 contracts.
- Thirty-Day Fed Fund futures rose 190.9 percent from last year to 1,260,576 contracts and 32.6 percent YTD to 9,197,824 contracts.
- Ten-Year Treasury Note options rose 55.2 percent from last year and 10.7 percent from August to 5,485,173 contracts. Volume rose 35.6 percent YTD to 42,549,639 contracts.
- Five-Year Treasury Note options rose 154.6 percent from last year and 11 percent from August to 1,661,244 contracts. Volume rose 81.5 percent YTD to 13,515,086 contracts.
- Thirty-Day Fed Fund options rose 962.9 percent from last year to 427,368 contracts and 139.1 percent YTD to 3,229,582 contracts.
- Agricultural futures and options complex trade was up 29.7 percent YTD at 66,782,971 contracts.
- Wheat futures rose 23.6 percent YTD to 6,160,526 contracts.
- Corn futures rose 4.1 percent from last year to 1,446,905 contracts and 36.3 percent YTD to 18,918,871 contracts.
- Soybean futures rose 18.5 percent YTD to 14,289,316 contracts.
- Mini Soybean futures rose 23 percent from August to 22,787 contracts and 99 percent YTD to 264,777 contracts.
- Soybean meal futures rose 13 percent YTD to 6,652,860 contracts.
- Soybean oil futures rose 7 percent YTD to 5,786,792 contracts.
- Corn options rose 37 percent from last year and 7.7 percent from August to 585,206 contracts. Volume rose 100.5 percent YTD to 6,450,820 contracts.
- Soybean options rose 26 percent from August to 520,596 contracts and 44.6 percent YTD to 4,856,154 contracts.
- Soybean meal options rose 41.1 percent from last year to 64,929 contracts and 130.6 percent YTD to 809,828 contracts.
- Soybean oil options rose 43.5 percent from last year and 25.9 percent from August to 87,125 contracts. Volume rose 95.2 percent YTD to 814,408 contracts.
- Precious metals futures trade rose 89.6 percent from last year to 44,254 contracts and 321.7 percent YTD to 426,144 contracts.
- Mini Silver futures rose 169.1 percent from last year to 15,582 contracts and 611 percent YTD to 139,591 contracts.
- Mini Gold futures rose 63.4 percent from last year to 28,672 contracts and 252 percent YTD to 286,553 contracts.
- DJIASM futures and options complex trade was up 26.1 percent from last year at 1,958,881 contracts and 51.3 percent YTD at 17,678,065 contracts.
- DJIA futures rose 54 percent from August to 230,829 contracts.
- Mini ($5) DowSM futures rose 39.8 percent from last year to 1,624,311 contracts and 96.3 percent YTD to 15,249,638 contracts.
- DJIA options rose 12 percent YTD to 159,580 contracts.
- Mini Dow options volume rose 355.9 percent from August and 91 percent since the contract’s launch in February 2004 to 94,119 contracts.
- CBOT Full Membership last traded at $915,000 on September 27, 2004.
- CBOT Associate Membership last traded at $350,000 on September 20, 2004.
- CBOT COM membership last traded at $81,000 on September 16, 2004.
- CBOT IDEM Membership last traded at $42,000 on September 21, 2004.