CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that May 2014 trading volume for options contracts on Chicago Board Options Exchange® (CBOE®) and C2 Options ExchangeSM (C2SM) and futures contracts on CBOE Futures ExchangeSM (CFE®) totaled 97.08 million contracts. Average daily volume (ADV) was 4.62 million contracts, a one-percent decrease from May 2013 and a nine-percent decrease from April 2014.
CBOE Holdings' year-to-date ADV through May was 5.31 million contracts, an increase of 18 percent from the same period one year ago.
|
CBOE Holdings Consolidated Trading Volume |
Year-To-Date |
|||||||
|
(trades in thousands) |
May 2014 |
May 2013 |
% Chg |
Apr 2014 |
% Chg |
May 2014 |
May 2013 |
% Chg |
|
Trading Days |
21 |
22 |
21 |
103 |
104 |
|||
|
Total Contracts (options & futures) |
97,077.3 |
102,241.0 |
-5% |
107,172.2 |
-9% |
547,066.7 |
466,914.1 |
17% |
|
Total Options Contracts (CBOE & C2) |
94,047.7 |
99,020.1 |
-5% |
103,425.0 |
-9% |
527,898.2 |
450,379.3 |
17% |
|
Total Futures Contracts (CFE) |
3,029.6 |
3,220.9 |
-6% |
3,747.2 |
-19% |
19,168.5 |
16,534.8 |
16% |
|
Total ADV (options & futures) |
4,622.8 |
4,647.3 |
-1% |
5,103.4 |
-9% |
5,311.3 |
4,489.6 |
18% |
|
Total Options ADV (CBOE & C2) |
4,478.5 |
4,500.9 |
-- |
4,925.0 |
-9% |
5,125.2 |
4,330.6 |
18% |
|
Total Futures ADV (CFE) |
144.3 |
146.4 |
-1% |
178.4 |
-19% |
186.1 |
159.0 |
17% |
CBOE Trading Volume and Market Share
CBOE Trading Volume:
- CBOE's May ADV was 4.21 million contracts, a three-percent decrease from May 2013 and a nine-percent decrease from April 2014.
- Index options ADV was 1.46 million contracts, a five-percent decrease from May 2013 and even with April 2014.
- Equity options ADV was 1.68 million contracts, a six-percent increase from May 2013 and an 11-percent decrease from April 2014.
- Exchange traded product (ETP) options ADV was 1.08 million contracts, an 11-percent decrease from May 2013 and a 16-percent decrease from April 2014.
- The five most actively traded index and ETP options at CBOE in May were S&P 500® Index (SPX), CBOE Volatility Index® (VIX Indexâ), Standard & Poor's Depositary Receipt (SPY), iShares Trust - Russell 2000® Index Fund (IWM) and PowerShares QQQ Trust (QQQ).
|
CBOE Trading Volume Current Month |
Year-To-Date |
|||||||
|
(trades in thousands) |
May 2014 |
May 2013 |
% Chg |
Apr 2014 |
% Chg |
May 2014 |
May 2013 |
% Chg |
|
Trading Days |
21 |
22 |
21 |
103 |
104 |
|||
|
Total Exchange |
88,428.8 |
95,248.2 |
-7% |
96,866.6 |
-9% |
497,719.9 |
421,788.1 |
18% |
|
Total Exchange ADV |
4,210.9 |
4,329.5 |
-3% |
4,612.7 |
-9% |
4,832.2 |
4,055.7 |
19% |
|
Equity Options |
35,189.9 |
34,764.2 |
1% |
39,379.1 |
-11% |
204,402.2 |
158,112.3 |
29% |
|
Equity Options ADV |
1,675.7 |
1,580.2 |
6% |
1,875.2 |
-11% |
1,984.5 |
1,520.3 |
31% |
|
Index Options |
30,566.9 |
33,844.2 |
-10% |
30,477.4 |
-- |
167,627.9 |
155,230.8 |
8% |
|
Index Options ADV |
1,455.6 |
1,538.4 |
-5% |
1,451.3 |
-- |
1,627.5 |
1,492.6 |
9% |
|
ETP Options |
22,672.0 |
26,639.8 |
-15% |
27,010.0 |
-16% |
125,689.8 |
108,445.0 |
16% |
|
ETP Options ADV |
1,079.6 |
1,210.9 |
-11% |
1,286.2 |
-16% |
1,220.3 |
1,042.7 |
17% |
Expanded May 2014 and year-to-date volume information for CBOE index and ETP options is available at: www.cboe.com/data/monthlyvolume.aspx.
CBOE Market Share:
CBOE's market share of total U.S. options industry volume was 28.0 percent in May 2014, an increase of 3.4 percentage points from May 2013 and an increase of 0.8 of a percentage point from April 2014.
|
CBOE Market Share Current Month |
Year-To-Date |
|||||||
|
May 2014 |
May 2013 |
% Pt. Chg |
Apr 2014 |
% Pt. Chg |
May 2014 |
May 2013 |
% Pt. Chg |
|
|
Total Exchange |
28.0% |
24.6% |
3.4% |
27.2% |
0.8% |
28.3% |
24.1% |
4.2% |
|
Equity Options |
20.4% |
16.5% |
3.9% |
20.1% |
0.3% |
21.0% |
16.2% |
4.8% |
|
Index Options |
96.8% |
97.2% |
-0.4% |
96.0% |
0.8% |
96.8% |
95.3% |
1.5% |
|
ETP Options |
20.3% |
18.9% |
1.4% |
21.0% |
-0.7% |
20.5% |
17.4% |
3.1% |
C2 Trading Volume and Market Share
C2 Trading Volume:
C2's May trading volume totaled 5.62 million contracts. ADV was 267,600 contracts, a 32-percent decrease from May 2013 and a 14-percent decrease from April 2014.
|
C2 Trading Volume Current Month |
Year-To-Date |
|||||||
|
(trades in thousands) |
May 2014 |
May 2013 |
% Chg |
Apr 2014 |
% Chg |
May 2014 |
May 2013 |
% Chg |
|
Trading Days |
21 |
22 |
21 |
103 |
104 |
|||
|
Total Exchange |
5,618.9 |
8,667.4 |
-35% |
6,558.4 |
-14% |
30,178.3 |
33,486.8 |
-10% |
|
Total Exchange ADV |
267.6 |
394.0 |
-32% |
312.3 |
-14% |
293.0 |
322.0 |
-9% |
|
Equity Options |
817.4 |
1,279.6 |
-36% |
1,039.8 |
-21% |
4,094.8 |
7,431.5 |
-45% |
|
Equity Options ADV |
38.9 |
58.2 |
-33% |
49.5 |
-21% |
39.8 |
71.5 |
-44% |
|
Index Options* |
39.0 |
-- |
nm |
38.7 |
1% |
183.7 |
136.3 |
nm |
|
Index Options ADV* |
1.9 |
-- |
nm |
1.8 |
1% |
1.8 |
1.3 |
nm |
|
ETP Options |
4,762.5 |
7,387.8 |
-36% |
5,480.0 |
-13% |
25,899.8 |
25,919.0 |
-- |
|
ETP Options ADV |
226.8 |
335.8 |
-32% |
261.0 |
-13% |
251.5 |
249.2 |
1% |
*Russell 2000 Index options began trading on C2 on September 3, 2013. Prior period and year-to-date index options include SPXpmSM, which was moved to CBOEfrom C2 on February 17, 2013.
nm - not meaningful
C2 Market Share:
C2 market share of total industry volume in May 2014 was 1.8 percent, a 0.6-percentage-point decrease from May 2013 and even with April 2014.
|
C2 Market Share Current Month |
Year-To-Date |
|||||||
|
May 2014 |
May 2013 |
% Pt. Chg |
Apr 2014 |
% Pt. Chg |
May 2014 |
May 2013 |
% Pt. Chg |
|
|
Total Exchange |
1.8% |
2.4% |
-0.6% |
1.8% |
-- |
1.7% |
1.9% |
-0.2% |
|
Equity Options |
0.5% |
0.6% |
-0.1% |
0.5% |
-- |
0.4% |
0.8% |
-0.4% |
|
Index Options* |
0.1% |
-- |
nm |
0.1% |
-- |
0.1% |
0.1% |
-- |
|
ETP Options |
4.3% |
5.3% |
-1.0% |
4.3% |
-- |
4.2% |
3.9% |
0.3% |
*Russell 2000 Index options began trading on C2 on September 3, 2013. Prior period and year-to-date index options include SPXpmSM, which was moved to CBOEfrom C2 on February 17, 2013.
nm - not meaningful
CFE Trading Volume and Highlights
- VIX futures volume during May totaled 3.02 million contracts.
- VIX futures ADV was 143,946 contracts, a one-percent decrease from May 2013 and a 19-percent decrease from April 2014.
- Year-to-date through May, VIX futures total volume of 19.14 million contracts is 16 percent ahead of the prior year period, and ADV of 185,837 contracts per day is 17 percent ahead of the prior year period.
- CFE plans to expand VIX futures trading hours to nearly 24 hours a day, five days a week, beginning Sunday, June 22, 2014, pending regulatory review. The trading week for VIX futures at CFE will begin each Sunday at 5:00 p.m. CT and end on Friday at 3:15 p.m. CT. CFE will close for 15 minutes between 3:15 p.m. CT and 3:30 p.m. CT on Monday through Thursday, when no trading will be transacted. The new trading day on those days will then begin at 3:30 p.m. CT.
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 2014 |
Mar 2014 |
Feb 2014 |
Jan 2014 |
|
Equity Options |
$0.082 |
$0.081 |
$0.079 |
$0.079 |
|
Index Options |
$0.674 |
$0.669 |
$0.667 |
$0.664 |
|
ETP Options |
$0.113 |
$0.117 |
$0.119 |
$0.124 |
|
Total Options Average Revenue Per Contract |
$0.277 |
$0.281 |
$0.281 |
$0.273 |
|
Futures |
$1.610 |
$1.617 |
$1.614 |
$1.602 |
|
Total Average Revenue Per Contract |
$0.325 |
$0.329 |
$0.329 |
$0.317 |
