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Total volume in equity options during 2007 tallied a new record of 500,964,713 contracts traded, an increase of 28% over the 390,657,577 contracts traded in 2006, which had been the previous record.2007 average daily volume in equity options trading was 1,995,875 contracts, compared to the 1,556,405 contracts traded per day in 2006. In index and ETF options total volume, a new record of 443,497,084 contracts traded during 2007, 56% over the 284,056,441 contracts traded in 2006, the former high mark.2007 average daily volume in index and ETF options was 1,766,921 contracts, versus the average daily volume of 1,131,699 contracts in 2006.
|
|
Dec 2007 Volume (20 days) |
% Change vs Dec 2006 (20 days) |
% Change vs Nov 2007 (21 days) |
2007 Total Volume (251 days) |
% Change vs 2006 (251 days) |
|---|---|---|---|---|---|
|
Industry Total |
237,235,559 |
+40% |
-24% |
2,862,826,218 |
+41% |
|
CBOE Total |
72,333,511 |
+37% |
-26% |
944,471,924 |
+40% |
|
Avg Daily Vol |
3,616,676 |
+37% |
-22% |
3,762,836 |
+40% |
|
Equity |
37,185,637 |
+19% |
-24% |
500,964,713 |
+28% |
|
Index & ETF |
35,146,526 |
+63% |
-27% |
443,497,084 |
+56% |
|
ETF (only) |
19,808,698 |
+128% |
-19% |
212,979,241 |
+68% |
|
Open Interest |
277,987,145 |
+23% |
-7% |
277,987,145 |
+23% |
CBOE's 2007 Market Share Of Total Industry Volume: 33%
In 2007, CBOE handled approximately one-third of all industry volume, more than any other U.S. options exchange. In equity options, CBOE's market share of 25.7% dipped slightly from 2006's 26.1%, while in multiply-listed index and exchange traded fund options, CBOE's market share for the year was 36.7%, also a fractional decline from 2006.
|
CBOE Market Share |
Dec 2007 Market Share |
% Change vs
Dec 2006 |
% Change vs Nov 2007 |
2007 Total Market Share |
% Changevs 2006 |
|---|---|---|---|---|---|
|
Exchange |
30.5% |
-0.7% |
-0.8% |
33.0% |
-0.3% |
|
Equity |
23.5% |
-1.0% |
-1.1% |
25.7% |
-0.4% |
|
Index & ETF (multiple listings only) |
33.2% |
-5.0% |
+1.9% |
36.7% |
-0.6% |
Numerous Yearly Trading Records Set In Index and ETF Products, CBOE Volatility Index Experiences Biggest Yearly Percentage Move In History, Seat Prices Reach New All-Time High Of $3.150 Million, Rise 74% On The Year
- Several individual index and ETF options set new volume records at CBOE during 2007, including
|
Product |
New Record |
Old Record |
|---|---|---|
|
S&P 500 Index (SPX) |
158,084,691 |
104,312,673 (2006) |
|
CBOE Volatility Index (VIX) |
23,388,366 |
5,050,638 (2006) |
|
Standard & Poor's Depositary Receipts (SPY) |
49,195,190 |
24,134,052 (2006) |
|
PowerShares QQQ Trust (QQQQ) |
43,215,491 |
32,628,165 (2004) |
|
Russell 2000 Index (RUT) |
8,122,116 |
2,156,819 (2006) |
|
iShares Russell 2000 Index Fund (IWM) |
75,801,621 |
44,905,725 (2006) |
- Eighteen of the twenty busiest single trading days in CBOE's 34-year history occurred during 2007, including the all-time busiest single day - 9,244,732 contracts traded on August 16, 2007.
- During 2007, trading in several index and ETF products logged significant volume gains over the previous year, including options on: the Russell 2000 Index (RUT), +277%; Standard & Poor's Despositary Receipts (SPY), +104%; iShares MSCI Emerging Markets Index (EEM), +503%; Financial Select SPDR (XLF), +723%; and iShares FTSE/Xinhua China Index Fund (FXI), +2975%.
- The CBOE Volatility Index (VIX) experienced its biggest percentage move ever in a calendar year during 2007, rising 94.6% during the year, from 11.56 at the close of trading on December 31, 2006 to 22.50 at the close of trading on December 31, 2007.Previously, the largest percentage move from the beginning of a year to the end of a year was the 67.1% increase during 1996. By comparison, in 2006, VIX declined 4.2% from the beginning of the year to the end, and in 2005, VIX fell 9.2% from the beginning of the year to the end. The CBOE Volatility Index is derived from real-time S&P 500 Index (SPX) options prices and is designed to reflect investors' consensus view of expected near-term stock market volatility over the next 30 days and is often referred to as the "market's fear gauge."
- Trading in VIX options continued its phenomenal growth in 2007 as a total of 23,388,366 contracts traded during the year, an increase of 363% over the 5,050,638 contracts traded during 2006. Average daily volume jumped from 23,491 contracts in 2006 to 93,181 contracts in 2007. Options on VIX, launched in February 2006, already rank as CBOE's second most-actively traded index option and have been the most successful new product launch in CBOE history.
- A CBOE membership, or seat, traded at a new all-time high price of $3,150,000 on Tuesday, December 11, surpassing the previous record of $3,050,000, which was set on Monday, November 19.On the year, there were a total of 101 seat sales (compared to 111 in 2006), including 21 at new record highs.Over the course of 2007, CBOE seat prices rose 74% -- from $1,800,000 on January 10 (the first seat sale of the year) to $3,125,000 on December 24 (the last seat sale of the year).
- Volume at the CBOE Futures Exchange (CFE) was a record 1,136,295 contracts traded during 2007, an increase of 138% over 2006's volume of 478,424 contracts. Average daily volume was 4,527 contracts, compared to 1,906 contracts per day in 2006. Open interest stood at 59,131 contracts at year's end, an increase of 65% over the 35,751 contracts from the end of 2006. Volume in CBOE Volatility Index (ticker VX) futures was a record 1,046,475 contracts traded, up 141% versus the 434,478 contracts traded in 2006.
- In its first year of trading, volume at the CBOE Stock Exchange (CBSX) totaled 1,110,904,660 shares.Average daily volume at CBSX was 4,830,020 shares per day. CBSX launched on March 5, 2007.
CBOE Individual Index Volume Figures For December and Year-End 2007
|
Symbol |
Product |
Dec 2007 Volume |
% Change vs Dec 06 |
% Change vs Nov 07 |
2007 Total Volume |
% Change vs 2006 |
|---|---|---|---|---|---|---|
|
SPX |
S&P 500 Index |
10,549,125 |
+16% |
-33% |
158,084,691 New Record |
+52% |
|
VIX |
CBOE Volatility Index (options) |
1,281,803 |
+128% |
-58% |
23,388,366 New Record |
+363% |
|
SPY |
Standard & Poor's Depositary Receipts (SPDRs) |
4,816,580 |
+190% |
-18% |
49,195,190 New Record |
+104% |
|
XSP |
Mini-S&P 500 Index |
174,690 |
-14% |
-26% |
1,535,570 |
-13% |
|
OEX |
S&P 100 Index (American-Style Exercise) |
865,911 |
-20% |
-39% |
14,908,116 |
-13% |
|
XEO |
S&P 100 Index
(European-Style Exercise) |
182,220 |
-20% |
-18% |
2,836,627 |
-23% |
|
DJX |
Dow Jones Industrial Average |
336,424 |
-27% |
-52% |
7,770,015 |
+1% |
|
DIA |
DIAMONDS Trust, Series 1 |
642,583 |
+61% |
+3% |
7,965,019 |
-3% |
|
NDX |
Nasdaq-100 Index |
419,438 |
-21% |
-7% |
7,357,166 |
-5% |
|
MNX |
CBOE Mini-NDX Index (based on Nasdaq-100) |
347,657 |
+3% |
-32% |
4,577,696 |
-12% |
|
VXN |
CBOE Nasdaq-100 Volatility Index (options) |
682 |
----- |
-81% |
4,639 |
----- |
|
QQQQ |
PowerShares QQQ Trust |
3,315,135 |
+54% |
-44% |
43,215,491 New Record |
+36% |
|
RUT |
Russell 2000 Index |
1,006,633 |
+411% |
-12% |
8,122,116 New Record |
+277% |
|
RVX |
CBOE Russell 2000 Volatility Index (options) |
5,801 |
----- |
-55% |
32,502 |
----- |
|
IWM |
iShares Russell 2000
Index Fund |
5,904,260 |
+89% |
-25% |
75,801,621 New Record |
+69% |
|
SMH |
Semiconductor HOLDRs Trust |
38,431 |
-73% |
-29% |
1,527,197 |
-32% |
|
OIH |
Oil Services HOLDRs Trust |
182,062 |
-21% |
-35% |
3,503,127 |
+14% |
|
EEM |
iShares MSCI Emerging Markets Index |
1,594,319 |
+1227% |
+70% |
7,807,094 |
+503% |
|
XLF |
Financial Select SPDR |
970,962 |
+2133% |
-23% |
6,768,699 |
+723% |
|
XLE |
Energy Select SPDR |
249,666 |
+14% |
-2% |
3,182,532 |
-31% |
|
FXI |
iShares FTSE/Xinhua China Index Fund |
389,425 |
+1342% |
+130% |
1,448,313 |
+2975% |
CBOE, the largest options marketplace in the U.S. 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 website at: www.cboe.com/.
