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Index Options Volume Increases For Fifth Consecutive Month At CBOE

Date 02/10/2002

The Chicago Board Options Exchange (CBOE) announced that volume in index options increased for the fifth consecutive month as investors sought protection from volatile equity markets. Total index options volume increased 6% over September 2001.

Exchange-wide volume for September totaled 18,594,537 contracts (9,606,091calls and 8,988,446 puts), down 26% versus the 24,968,536 contracts traded in September 2001. For the month of September, average daily volume was 929,727 contracts. At the end of September, open interest reached 89,662,886 contracts, up 27% over the close of September 2001.

Stock option volume totaled 10,724,406 contracts (6,159,844 calls and 4,564,562 puts), compared to the 17,532,396 contracts traded in September 2001. Average daily volume in stock options was 536,220 contracts. Open interest in stock options stood at 77,754,175 contracts at the end of September 2002, up 26% from the end of September 2001.

For the fifth consecutive month, total index option volume posted gains at CBOE. In September, total index options volume reached 7,866,574 contracts (3,443,915 calls and 4,422,659 puts) traded, an increase of 6% over the 2001 total of 7,433,828 contracts. Average daily volume in index options totaled 393,329 contracts. Open interest in index options was 11,901,038 contracts at month's end, 40% higher than September 2001. Through the end of September, total year-to-date volume in index options is 23% ahead of YTD 2001, as 67,351,604 contracts have traded.

Trading in Options on the Dow Jones Industrial Average (DJX) set a new volume record for trading on a single day, with volume reaching 138,910 contracts on September 18, 2002. The previous record for single day volume in DJX was set on August 15, 2002 when 136,915 contracts traded.

Volume in S&P 500 Index options (SPX) totaled 2,567,281 contracts traded, an increase of 15% over the September 2001 volume of 2,229,200 contracts. Average daily volume during September in SPX options was 128,364 contracts. Open interest in SPX stood at 3,708,062 contracts at the end of September 2002, an increase of 17% over year-ago levels.

Trading volume for options on the S&P 100 Index (OEX) increased 26% in September over 2001. Volume in the American-style exercise OEX options totaled 1,221,013 contracts, versus the 969,184 contracts from September 2001. Average daily volume in OEX was 61,051 contracts. Open interest stood at 284,067 contracts at month's end, an increase of 51% over 2001.

The European-style exercise (XEO) registered total volume of 146,750 contracts traded. Average daily volume in XEO options was 7,338 contracts. Open interest in the XEO stood at 66,054 at the end of September 2002.

September trading volume for options on the Nasdaq-100 Index Tracking Stock (QQQ) was 1,497,738 contracts traded. Average daily volume for the month was 74,887 contracts, while open interest in the QQQ options stood at 5,174,319 contracts at the end of September 2002.

Options on DIAMONDS (DIA), launched in May, continued to post impressive growth as 673,973 contracts traded in September, a 37% increase over August 2002. Average daily volume was 33,699 contracts, while, at month's end, open interest was 307,293 contracts.

CBOE, the world's largest options marketplace and the creator of listed options, is regulated by the Securities and Exchange Commission (SEC). For additional information about the CBOE and its products, access the CBOE web site at www.cboe.com.