Last month, the Exchange saw an increase in electronic trading of Financial options contracts, which set monthly records for total volume (1,957,589 contracts) and ADV (88,981 contracts). A record 20 percent of Financial options contracts were traded electronically at the CBOT in May versus six percent in May 2005. The new volume highs within the Exchange’s Financial options complex contributed to additional e-cbot® volume records. With an ADV of 2,558,094 contracts traded on its electronic trading platform in May, the CBOT set a record for total electronic trading volume – a ten percent increase compared with the previous electronic ADV record, set in February 2006.
CBOT Metals Volume Increases; Market Share Follows Suit
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, while the CBOT Silver complex had approximately 27 percent of listed Silver futures in North America. ADV for the Metals complex was 67,798 contracts, a 61 percent increase over April 2006 and 24 times greater than May 2005. ADV for Gold and Silver futures contracts increased by 25 times and 15 times, respectively, compared with the previous May. The new CBOT Full-sized Gold options on futures contract 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 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 Full-sized Gold options on futures contracts.
Exchange’s Financial Complex Displays Growth at Both Ends of Yield Curve
The CBOT Financial complex grew in May, as ADV increased by 12 percent compared with May 2005. In fact, with a complex-wide ADV of 2,962,899, volume in CBOT Financial futures and options increased at both the short end and the long end of the yield curve. At the short end of the curve (30-Day Federal Funds futures and options, Two-Year U.S. Treasury Note futures and options), May ADV climbed to 305,902 contracts, an 80 percent increase over May 2005. And on the long end of the curve (30-Year U.S. Treasury Bond futures and options, 10-Year Treasury Note futures and options), ADV was 2,021,526 contracts, up 13 percent compared with last May.
CBOT Two-Year Treasury Note futures had a successful May, as ADV improved to a record 213,222 contracts – a 94 percent increase over May 2005. On May 30, 2006, Two-Year futures set a daily volume record with 661,406 contracts traded. The previous record of 441,339 contracts was set February 26, 2006.
Strong Volume Totals Across CBOT Ag Complex
ADV in the Exchange’s Agricultural complex also grew last month. With an ADV of 386,444 contracts during May, CBOT Ag futures were up 46 percent compared with last May, and 24 percent year-to-date over the same period in 2005. Improved volume in the Exchange’s Ag complex was driven, in part, by strong performance in Wheat and Corn futures, which experienced ADV growth by 108 percent and 65 percent, respectively.
Mini-Sized Dow Futures Spur ADV Increase in CBOT Equity Index Complex
The CBOT Equity Index complex saw ADV increase to 126,964 contracts last month, 18 percent greater than May 2005. Mini-sized Dow Jonessm futures had a successful month, as 2,569,422 contracts changed hands – a 25 percent increase over last May. On May 24, 2006, mini-sized Dow Jones futures set a daily volume record. The new record, 218,495 contracts, replaces the previous high mark of 195,084 contracts set on May 17, 2006.
Key CBOT Announcements, May 2006
In May, the CBOT introduced daytime side-by-side trading for South American Soybean and Ethanol futures contracts. The Exchange also announced the launch of Full-sized (1,000 Oz.) Silver options on futures contracts, and “Commodity News for Tomorrow,” a newsletter for market participants which offers market data from the CBOT and feature stories from Dow Jones Newswires.
CBOT Average Daily Volume
|
Product Group |
May 2006 |
May 2005 |
Percent Change |
YTD 2006 |
YTD 2005 |
Percent Change |
|
Agricultural |
470,836 |
328,052 |
44% |
444,450 |
362,824 |
23% |
|
Financial |
2,962,899 |
2,640,189 |
12% |
2,606,991 |
2,426,850 |
7% |
|
Equity Indices |
126,964 |
107,707 |
18% |
116,593 |
110,832 |
5% |
|
Metals, Energy and Other |
67,852 |
2,877 |
2,258% |
35,636 |
3,237 |
1,001% |
|
TOTAL |
3,628,552 |
3,078,825 |
18% |
3,203,670 |
2,903,736 |
10% |
CBOT Rate Per Contract
The following chart depicts the Exchange’s April 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 |
||
|
|
Apr. 30, 2006 |
Mar. 31, 2006 |
Feb. 28, 2006 |
|
Product Group |
|
|
|
|
Interest Rate |
0.524 |
0.517 |
0.531 |
|
Agriculture |
0.685 |
0.673 |
0.676 |
|
Equity Indices |
0.771 |
0.760 |
0.769 |
|
Metals, Energy & Other |
1.161 |
1.312 |
1.507 |
|
Overall Avg. Rate per Contract |
0.562 |
0.552 |
0.568 |
|
Venue |
|
|
|
|
Open-Auction |
0.516 |
0.515 |
0.526 |
|
Electronic |
0.504 |
0.495 |
0.505 |
|
Off-Exchange |
2.345 |
2.296 |
2.300 |
|
Total Avg. Rate per Contract |
0.562 |
0.552 |
0.568 |
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 derivatives 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 www.cbot.com.
Forward Looking Statements
In this release, our use of the words “may,” “should,” “could,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “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, Inc. with the Securities and Exchange Commission, which can be obtained at its website at www.sec.gov. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
