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CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that May trading volume for options contracts on Chicago Board Options Exchange® (CBOE®) and C2 Options Exchange (C2SM) and futures contracts on CBOE Futures Exchange, LLC (CFE®) totaled 107.14 million contracts, the highest monthly volume to date in 2013. Average daily volume (ADV) in May was 4.87 million contracts, up four percent from 4.67 million contracts in April 2013 and down four percent from 5.06 million contracts in May 2012.
|
CBOE Holdings Consolidated Trading Volume |
Year-To-Date |
|||||||
|
(trades in thousands) |
May-13 |
May-12 |
% Chg |
Apr-13 |
% Chg |
May-13 |
May-12 |
% Chg |
|
Trading Days |
22 |
22 |
22 |
104 |
104 |
|||
|
Total Contracts (options & futures) |
107,136.5 |
111,217.6 |
-4% |
102,701.1 |
4% |
471,809.6 |
506,441.5 |
-7% |
|
Total Options Contracts (CBOE & C2) |
103,915.6 |
109,195.3 |
-5% |
98,631.5 |
5% |
455,274.8 |
498,603.2 |
-9% |
|
Total Futures Contracts (CFE) |
3,220.9 |
2,022.3 |
59% |
4,069.6 |
-21% |
16,534.8 |
7,838.3 |
111% |
|
Total ADV (options & futures) |
4,869.8 |
5,055.3 |
-4% |
4,668.3 |
4% |
4,536.6 |
4,869.7 |
-7% |
|
Total Options ADV (CBOE & C2) |
4,723.4 |
4,963.4 |
-5% |
4,483.3 |
5% |
4,377.6 |
4,794.3 |
-9% |
|
Total Futures ADV (CFE) |
146.4 |
91.9 |
59% |
185.0 |
-21% |
159.0 |
75.4 |
111% |
CBOE Trading Volume and Market Share
CBOE Trading Volume:
- CBOE ADV was 4.33 million contracts, up six percent from April 2013 ADV of 4.08 million contracts and down nine percent from May 2012 ADV of 4.74 million contracts.
- CBOE index options ADV was 1.54 million contracts, up eight percent and 15 percent from April 2013 and May 2012, respectively.
- CBOE exchange traded product (ETP) options ADV was 1.21 million contracts, up one percent from April 2013 and down 16 percent from May 2012.
- CBOE equity options ADV was 1.58 million contracts, up nine percent from April 2013 and down 19 percent from May 2012.
- The five most actively traded index and ETP options at CBOE in May were S&P 500® Index (SPXSM) options, Standard & Poor's Depositary Receipt (SPY) options, CBOE Volatility Index® (VIX® Index) options, iShares Trust - Russell 2000 Index Fund (IWM) options and iPath S&P 500 VIX Short-Term Futures ETN (VXX) options.
|
CBOE Trading Volume Current Month |
Year-To-Date |
|||||||
|
(trades in thousands) |
May-13 |
May-12 |
% Chg |
Apr-13 |
% Chg |
May-13 |
May-12 |
% Chg |
|
Trading Days |
22 |
22 |
22 |
104 |
104 |
|||
|
Total Exchange |
95,248.2 |
104,274.4 |
-9% |
89,844.1 |
6% |
421,788.1 |
475,696.7 |
-11% |
|
Total Exchange ADV |
4,329.5 |
4,739.7 |
-9% |
4,083.8 |
6% |
4,055.7 |
4,574.0 |
-11% |
|
Equity Options |
34,764.2 |
43,054.9 |
-19% |
31,982.9 |
9% |
158,112.3 |
223,310.6 |
-29% |
|
Equity Options ADV |
1,580.2 |
1,957.0 |
-19% |
1,453.8 |
9% |
1,520.3 |
2,147.2 |
-29% |
|
Index Options |
33,844.2 |
29,534.5 |
15% |
31,476.7 |
8% |
155,230.8 |
124,684.1 |
24% |
|
Index Options ADV |
1,538.4 |
1,342.5 |
15% |
1,430.8 |
8% |
1,492.6 |
1,198.9 |
24% |
|
ETP Options |
26,639.8 |
31,685.0 |
-16% |
26,384.6 |
1% |
108,445.0 |
127,702.0 |
-15% |
|
ETP Options ADV |
1,210.9 |
1,440.2 |
-16% |
1,199.3 |
1% |
1,042.7 |
1,227.9 |
-15% |
Expanded full-year and May 2013 volume information for CBOE index and ETP options is available at: www.cboe.com/data/monthlyvolume.aspx.
CBOE Market Share:
CBOE market share of total U.S. options industry volume was 24.7 percent in May 2013, up 0.5 of a percentage point from April 2013 and down 2.9 percentage points from May 2012. If the volume from dividend trades was excluded from industry data for May, the Exchange's total market share would be 25.4 percent. Exclusion of dividend trades from total industry volume data presents a more relevant measure of the relative trends in the options business.
|
CBOE Market Share Current Month |
Year-To-Date |
|||||||
|
May-13 |
May-12 |
% Pt. Chg |
Apr-13 |
% Pt. Chg |
May-13 |
May-12 |
% Pt. Chg |
|
|
Total Exchange |
24.7% |
27.6% |
-2.9% |
24.2% |
0.5% |
24.1% |
27.1% |
-3.0% |
|
Total Exchange (excl. dividend trades) |
25.4% |
28.5% |
-3.1% |
24.5% |
0.9% |
24.7% |
28.4% |
-3.7% |
|
Equity Options |
16.5% |
21.3% |
-4.8% |
16.5% |
-- |
16.2% |
21.8% |
-5.6% |
|
Equity Options (excl. dividend trades) |
17.5% |
23.5% |
-6.0% |
16.8% |
0.7% |
16.8% |
24.1% |
-7.3% |
|
Index Options |
97.2% |
94.2% |
3.0% |
94.3% |
2.9% |
95.3% |
94.4% |
0.9% |
|
Index Options (excl. dividend trades) |
97.4% |
93.9% |
3.5% |
94.4% |
3.0% |
95.4% |
94.3% |
1.1% |
|
ETP Options |
18.9% |
22.0% |
-3.1% |
18.4% |
0.5% |
17.7% |
21.2% |
-3.5% |
|
ETP Options (excl. dividend trades) |
18.9% |
22.0% |
-3.1% |
18.4% |
0.5% |
17.8% |
21.5% |
-3.7% |
C2 Trading Volume and Market Share
C2 Trading Volume:
C2 recorded its second-best monthly volume and ADV in May, just less than the records established in April 2013. May volume totaled 8.67 million contracts (ADV -- 394,000 contracts), up 76 percent from May 2012 and down one percent from April 2013. Year to date through May, C2 volume was up 46 percent from the same period a year ago.
ADV in C2's ETP options in May rose 152 percent from May 2012. Year to date through May, ETP options ADV nearly doubled from the same period a year ago.
|
C2 Trading Volume Current Month |
Year-To-Date |
|||||||
|
(trades in thousands) |
May-13 |
May-12 |
% Chg |
Apr-13 |
% Chg |
May-13 |
May-12 |
% Chg |
|
Trading Days |
22 |
22 |
22 |
104 |
104 |
|||
|
Total Exchange |
8,667.4 |
4,920.8 |
76% |
8,787.4 |
-1% |
33,486.8 |
22,906.4 |
46% |
|
Total Exchange ADV |
394.0 |
223.7 |
76% |
399.4 |
-1% |
322.0 |
220.3 |
46% |
|
Equity Options |
1,279.6 |
1,827.0 |
-30% |
1,232.0 |
4% |
7,431.5 |
9,245.7 |
-20% |
|
Equity Options ADV |
58.2 |
83.0 |
-30% |
56.0 |
4% |
71.5 |
88.9 |
-20% |
|
ETP Options |
7,387.8 |
2,931.5 |
152% |
7,555.3 |
-2% |
25,919.0 |
13,010.1 |
99% |
|
ETP Options ADV |
335.8 |
133.2 |
152% |
343.4 |
-2% |
249.2 |
125.1 |
99% |
C2 Market Share:
C2 market share of total industry volume in May 2013 was 2.2 percent, down 0.2 of a percentage point from April 2013 — when C2 recorded its highest monthly market share ever — and up 0.9 of a percentage point from May 2012. ETP option market share in May was 5.3 percent, even with April 2013 and up 3.3 percentage points from May 2012.
|
C2 Market Share Current Month |
Year-To-Date |
|||||||
|
May-13 |
May-12 |
% Pt. Chg |
Apr-13 |
% Pt. Chg |
May-13 |
May-12 |
% Pt. Chg |
|
|
Total Exchange |
2.2% |
1.3% |
0.9% |
2.4% |
-0.2% |
1.9% |
1.3% |
0.6% |
|
Total Exchange (excl. dividend trades) |
2.3% |
0.9% |
1.4% |
2.4% |
-0.1% |
2.0% |
1.4% |
0.6% |
|
Equity Options |
0.6% |
0.9% |
-0.3% |
0.6% |
-- |
0.8% |
0.9% |
-0.1% |
|
Equity Options (excl. dividend trades) |
0.6% |
0.9% |
-0.3% |
0.6% |
-- |
0.8% |
1.0% |
-0.2% |
|
ETP Options |
5.3% |
2.0% |
3.3% |
5.3% |
-- |
4.2% |
2.2% |
2.2% |
|
ETP Options (excl. dividend trades) |
5.2% |
2.0% |
3.2% |
5.3% |
-0.1% |
4.3% |
2.2% |
2.1% |
CBOE Futures Exchange Trading Volume
- In May 2013, 3.21 million VIX futures changed hands at CFE, a 61-percent increase over May 2012. May volume dropped 21 percent from the all-time-high of 4.06 million contracts traded in April 2013.
- Monthly average daily volume in VIX futures during May was 146,018 contracts. May ADV gained 61 percent versus 90,908 contracts per day a year ago and declined 21 percent from the record ADV of 184,398 contracts in the previous month.
- May was the third most active trading month all-time for VIX futures, trailing only April and March 2013. May also was the fourth consecutive month, and the fourth time in CFE history, that total monthly volume in VIX futures surpassed the three-million-contract mark.
CBOE Holdings Average Revenue Per Contract
The following represents the average revenue per contract based on a three-month rolling average, reported on a one-month lag. The average revenue per contract represents total transaction fees for CBOE, C2 and CFE recognized for the period divided by total contracts traded on all three exchanges during the period. Average revenue per contract can be affected by various factors, including exchange fee rates, volume-based discounts and transaction mix by contract type and product type.
|
(In Dollars) |
Three-Month Period Ended |
||||||
|
Product: |
Apr-13 |
Mar-13 |
Feb-13 |
Jan-13 |
|||
|
Equity Options |
$0.114 |
$0.140 |
$0.153 |
$0.149 |
|||
|
Index Options |
$0.679 |
$0.671 |
$0.670 |
$0.665 |
|||
|
ETP Options |
$0.127 |
$0.155 |
$0.181 |
$0.194 |
|||
|
Total Options Average Revenue Per Contract |
$0.308 |
$0.333 |
$0.341 |
$0.340 |
|||
|
Futures |
$1.598 |
$1.618 |
$1.560 |
$1.484 |
|||
|
Total Average Revenue Per Contract |
$0.357 |
$0.378 |
$0.382 |
$0.376 |
|||
