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CBOT YTD Volume Through July Jumps 32.3% From 2003 Period

Date 02/08/2004

The Chicago Board of Trade (CBOT®) today announced that total exchange volume continued its strong performance, with year-to-date volume through July hitting 338,417,477 contracts, up 32.3 percent from January through July in 2003.  July 2004 volume totaled 43,335,019 contracts. Total exchange open interest at the end of July rose 30.5 percent to 11,822,859 contracts from last year.

CBOT President and CEO Bernard Dan said, "The strong volume and open interest records that we have experienced so far this year are clear signals that customers trading our diverse product mix value our markets as important tools for risk management. Further, several open interest records set throughout July attest to the benefits brought by our electronic trading platform and the recently launched Electronic Market Maker (EMM) program for Financial options. Designed to increase trading opportunities during extended market hours, the EMM program utilizes the functionality and speed of our electronic trading platform and exemplifies the exchange's commitment to delivering the best possible trading environment to market users globally."

The CBOT"s U.S. Treasury markets continued their record performance in July, with daily open interest records in Ten-Year U.S. Treasury Note futures and Five-Year U.S. Treasury Note futures and options.  Open interest in Ten-Year U.S. Treasury Note futures rose to a record 1,471,468 contracts on July 28. On July 30, open interest in Five-Year U.S. Treasury Note futures rose to an all-time high of 1,310,767 contracts. On July 22, open interest in Five-Year U.S. Treasury Note options rose to a record 1,197,704 contracts.

Total CBOT options volume increased 40.7 percent YTD to 65,795,215 contracts.  Financial options volume gained 33.5 percent YTD to 53,936,630 contracts, while Agricultural options trade increased 84.7 percent to 11,587,550 contracts.  Further, electronic volume in Financial options increased 38 percent from last month, benefiting from the CBOT's Electronic Market Maker program launched in June. Five-Year Treasury Note options established a monthly electronic volume record of 77,719 contracts.

From January through July, 4,922,831 futures and options orders, excluding futures spreads, were electronically sent directly to floor brokers using Electronic Clerks, or order receipt devices, compared to 3,404,271 orders in the same period in 2003.  In addition, from January through July, 82 percent of total Agricultural futures orders were filled electronically, an all-time high, compared to 63 percent in 2003.

Financial Futures and Options

  • Financial futures and options complex trade was up 29.8 percent YTD from the same period last year at 269,315,956 contracts.
  • Thirty-Day Fed Fund options volume rose to a monthly record of 586,978 contracts in July.
  • Thirty-Day Fed Fund futures open interest rose to a record 619,932 contracts on July 30.
  • Thirty-Day Fed Fund options open interest rose to a high of 902,093 contracts on July 30.
  • U.S. Treasury bond futures rose 8.7 percent YTD to 40,020,054 contracts.
  • Ten-Year Treasury Note futures rose 31.5 percent YTD to 107,564,587 contracts.
  • Five-Year Treasury Note futures rose 10.0 percent from last year to 7,109,883 contracts and 42.1 percent YTD to 56,361,910 contracts.
  • Two-Year Treasury Note futures rose 48.4 percent from last year to 406,716 contracts and 103.5 percent YTD to 4,300,417 contracts.
  • Thirty-Day Fed Fund futures rose 27.4 percent from last year to 1,087,736 contracts and 10.1 percent YTD to 6,513,626 contracts.
  • Ten-Year Treasury Note options rose 16.4 percent from June to 4,545,452 contracts and 34.4 percent YTD to 32,108,289 contracts.
  • Five-Year Treasury Note options rose 61.8 percent from last year to 1,718,566 contracts and 69.7 percent YTD to 10,356,680 contracts.
  • Thirty-Day Fed Fund options rose 982.8 percent from last year and 66.4 percent from June to 586,978 contracts. Volume rose 89.5 percent YTD to 2,365,326 contracts.

Agricultural Futures and Options

  • Agricultural futures and options complex trade was up 14.6 percent from July 2003 at 7,137,613 contracts and up 39.6 percent YTD at 55,020,626 contracts.
  • Soybean meal futures volume rose to a daily record of 67,114 contracts on July 7.
  • Wheat futures rose 30.2 percent YTD to 4,892,210 contracts.
  • Corn futures rose 16.1 percent from last year to 1,740,519 contracts and 46.2 percent YTD to 15,589,004 contracts.
  • Soybean futures rose 11.9 percent from last year to 1,551,320 contracts and 27.0 percent YTD to 12,128,895 contracts.
  • Mini soybean futures rose 28.8 percent from last year to 21,682 contracts and 153.9 percent YTD to 223,471 contracts.
  • Soybean meal futures rose 13.1 percent from last year and 6.3 percent from June to 873,226 contracts. Volume rose 21.0 percent YTD to 5,466,637 contracts.
  • Soybean oil futures rose 11.8 percent YTD to 4,671,815 contracts.
    Corn options rose 89.8 percent from last year and 11.8 percent from June to 937,732 contracts.
  • Volume rose 130.5 percent YTD to 5,322,147 contracts.
  • Soybean options rose 22.3 percent from last year to 495,654 contracts and 64.5 percent YTD to 3,922,311 contracts.
  • Soybean meal options rose 211.2 percent from last year and 14.5 percent from June to 115,425 contracts. Volume rose 167.1 percent YTD to 682,028 contracts.
  • Soybean oil options rose 34.3 percent from last year to 75,104 contracts and 103.9 percent YTD to 658,097 contracts.

Metal Futures

  • Precious metals futures trade rose 197.3 percent from last year to 45,818 contracts. Volume rose 439.0 percent YTD to 327,711 contracts.
  • Mini Silver futures rose 424.9 percent from last year to 13,401 contracts and 912.1 percent YTD to 105,580 contracts.
  • Mini Gold futures rose 152.1 percent from last year and 19.7 percent from June to 32,417 contracts.
  • Volume rose 341.1 percent YTD to 222,131 contracts.

Equity Complex Futures and Options

  • DJIASM futures and options complex trade was up 47.5 percent from last year and up 25.5 percent from June at 2,174,921 contracts. Volume was up 55.1 percent YTD at 13,727,001 contracts.
  • Mini ($5) DowSM futures rose 79.8 percent from last year and 34.5 percent from June to 1,961,871 contracts. Volume rose 109.7 percent YTD to 11,816,127 contracts.
  • DJIA options rose 38.7 percent YTD to 137,552 contracts.
    Mini ($5) Dow options rose 27.9 percent from June to 22,132 contracts.

Seat Sales

  • CBOT Full Membership last traded at $850,000 on July 29, 2004.
  • CBOT Associate Membership last traded at $300,000 on July 28, 2004.
  • CBOT COM membership last traded at $65,000 on July 30, 2004.
  • CBOT IDEM Membership last traded at $22,500 on July 26, 2004.

For more information on CBOT volume figures, please visit the exchange's Website at www.cbot.com.

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