CBOE Holdings Reports August 2014 Trading Volume
- ADV Up 10% Year to Date, Up 2% from August 2013
- VIX Futures ADV Reaches Record Monthly High: Up 37% from Year Ago
CHICAGO, Sept. 2, 2014 /PRNewswire/ -- CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that August 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 99.10 million contracts. Average daily volume (ADV) was 4.72 million contracts, a two-percent increase from August 2013 and a five-percent decrease from July 2014.
CBOE Holdings' year-to-date ADV was 5.12 million contracts, 10 percent ahead of the same period one year ago.
August was the most active month ever for futures on the CBOE Volatility Index® (VIX® index), surpassing previous monthly volume and ADV records. VIX futures ADV increased 37 percent from a year earlier.
| CBOE Holdings Consolidated Trading Volume |
Year To Date |
|||||||
| (Contracts in thousands) |
Aug-14 |
Aug-13 |
% Chg |
Jul-14 |
% Chg |
Aug-14 |
Aug-13 |
% Chg |
| Trading Days |
21 |
22 |
22 |
167 |
168 |
|||
| Total Contracts (options & futures) |
99,104.8 |
101,716.9 |
-3% |
108,885.7 |
-9% |
855,238.2 |
779,211.3 |
10% |
| Total Options Contracts (CBOE & C2) |
94,538.6 |
98,189.2 |
-4% |
104,543.6 |
-10% |
823,504.3 |
751,962.9 |
10% |
| Total Futures Contracts (CFE) |
4,566.2 |
3,527.7 |
29% |
4,342.1 |
5% |
31,733.9 |
27,248.4 |
16% |
| Total ADV (options & futures) |
4,719.2 |
4,623.5 |
2% |
4,949.4 |
-5% |
5,121.2 |
4,638.2 |
10% |
| Total Options ADV (CBOE & C2) |
4,501.8 |
4,463.2 |
1% |
4,752.0 |
-5% |
4,931.2 |
4,476.0 |
10% |
| Total Futures ADV (CFE) |
217.4 |
160.3 |
36% |
197.4 |
10% |
190.0 |
162.2 |
17% |
CBOE Trading Volume and Market Share
CBOE Trading Volume:
- CBOE's August ADV was 4.19 million contracts, even with August 2013 and a six-percent decrease from July 2014.
- Index options ADV was 1.52 million contracts, a 12-percent increase from August 2013 and a six-percent increase from July 2014.
- Exchange traded product (ETP) options ADV was 1.09 million contracts, a two-percent decrease from August 2013 and even with July 2014.
- Equity options ADV was 1.58 million contracts, a seven-percent decrease from August 2013 and a 17-percent decrease from July 2014.
- The five most actively traded index and ETP options at CBOE in August were options on S&P 500® Index (SPX), CBOE Volatility Index® (VIX® Index), Standard & Poor's Depositary Receipt (SPY), iShares Trust - Russell 2000® Index Fund (IWM) and iPath S&P 500 VIX Short-Term Futures ETN (VXX).
| CBOE Trading Volume Current Month |
Year To Date |
|||||||
| (contracts in thousands) |
Aug-14 |
Aug-13 |
% Chg |
Jul-14 |
% Chg |
Aug-14 |
Aug-13 |
% Chg |
| Trading Days |
21 |
22 |
22 |
167 |
168 |
|||
| Total Exchange |
88,020.6 |
91,948.5 |
-4% |
97,665.5 |
-10% |
773,700.5 |
699,796.1 |
11% |
| Total Exchange ADV |
4,191.5 |
4,179.5 |
-- |
4,439.3 |
-6% |
4,632.9 |
4,165.5 |
11% |
| Equity Options |
33,160.5 |
37,329.6 |
-11% |
42,011.1 |
-21% |
316,079.1 |
264,537.1 |
19% |
| Equity Options ADV |
1,579.1 |
1,696.8 |
-7% |
1,909.6 |
-17% |
1,892.7 |
1,574.6 |
20% |
| Index Options |
31,934.6 |
29,996.6 |
6% |
31,527.7 |
1% |
262,707.1 |
247,573.6 |
6% |
| Index Options ADV |
1,520.7 |
1,363.5 |
12% |
1,433.1 |
6% |
1,573.1 |
1,473.7 |
7% |
| ETP Options |
22,925.5 |
24,622.3 |
-7% |
24,126.7 |
-5% |
194,914.3 |
187,685.4 |
4% |
| ETP Options ADV |
1,091.7 |
1,119.2 |
-2% |
1,096.7 |
-- |
1,167.1 |
1,117.2 |
4% |
Expanded August 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 27.5 percent in August 2014, a decrease of 1.1 percentage points from August 2013 and unchanged from July 2014.
| CBOE Market Share Current Month |
Year To Date |
|||||||
| Aug-14 |
Aug-13 |
% Pt. Chg |
Jul-14 |
% Pt. Chg |
Aug-14 |
Aug-13 |
% Pt. Chg |
|
| Total Exchange |
27.5% |
28.6% |
-1.1% |
27.5% |
-- |
28.0% |
25.4% |
2.6% |
| Equity Options |
18.6% |
21.1% |
-2.5% |
20.0% |
-1.4% |
20.5% |
17.6% |
2.9% |
| Index Options |
96.8% |
97.5% |
-0.7% |
95.5% |
1.3% |
96.5% |
96.1% |
0.4% |
| ETP Options |
21.1% |
21.6% |
-0.5% |
21.5% |
-0.4% |
20.7% |
18.8% |
1.9% |
C2 Trading Volume and Market Share
C2 Trading Volume:
C2's August trading volume totaled 6.52 million contracts. ADV was 310,379 contracts, a nine-percent increase from August 2013 and a one-percent decrease from July 2014.
| C2 Trading Volume Current Month |
Year To Date |
|||||||
| (contracts in thousands) |
Aug-14 |
Aug-13 |
% Chg |
Jul-14 |
% Chg |
Aug-14 |
Aug-13 |
% Chg |
| Trading Days |
21 |
22 |
22 |
167 |
168 |
|||
| Total Exchange |
6,518.0 |
6,240.8 |
4% |
6,878.1 |
-5% |
49,803.9 |
52,166.9 |
-5% |
| Total Exchange ADV |
310.4 |
283.7 |
9% |
312.6 |
-1% |
298.2 |
310.5 |
-4% |
| Equity Options |
906.8 |
1,217.5 |
-26% |
985.4 |
-8% |
6,803.0 |
10,764.8 |
-37% |
| Equity Options ADV |
43.2 |
55.4 |
-22% |
44.8 |
-4% |
40.7 |
64.1 |
-36% |
| Index Options* |
38.6 |
-- |
-- |
40.3 |
-4% |
287.6 |
136.3 |
nm |
| Index Options ADV* |
1.8 |
-- |
-- |
1.8 |
-- |
1.7 |
0.8 |
nm |
| ETP Options |
5,572.6 |
5,023.3 |
11% |
5,852.4 |
-5% |
42,713.3 |
41,265.8 |
4% |
| ETP Options ADV |
265.4 |
228.3 |
16% |
266.0 |
0% |
255.8 |
245.6 |
4% |
*Russell 2000 Index options began trading on C2 on September 3, 2013. 2013 year-to-date index options include SPXpmSM, which traded on C2 until it was moved to CBOE on February 17, 2013.
nm – not meaningful
C2 Market Share:
C2 market share of total industry volume in August 2014 was 2.0 percent, an increase of 0.1 of a percentage point from both August 2013 and July 2014.
| C2 Market Share Current Month |
Year To Date |
|||||||
| Aug-14 |
Aug-13 |
% Pt. Chg |
Jul-14 |
% Pt. Chg |
Aug-14 |
Aug-13 |
% Pt. Chg |
|
| Total Exchange |
2.0% |
1.9% |
0.1% |
1.9% |
0.1% |
1.8% |
1.9% |
-0.1% |
| Equity Options |
0.5% |
0.7% |
-0.2% |
0.5% |
-- |
0.4% |
0.7% |
-0.3% |
| Index Options |
0.1% |
-- |
nm |
0.1% |
-- |
0.1% |
0.1% |
-- |
| ETP Options |
5.1% |
4.4% |
0.7% |
5.2% |
-0.1% |
4.5% |
4.1% |
0.4% |
nm – not meaningful
CBOE Futures Exchange (CFE) Trading Volume and Highlights
·August was the most active month ever in terms of total volume and ADV for CFE and VIX futures.
- Average daily volume in VIX futures was a record 216,996 contracts in August, an increase of 37 percent from August 2013 and an increase of 10 percent from July 2014.
- Trading volume in VIX futures outside of regular U.S. trading hours averaged nearly 22,000 contracts per day, approximately 10 percent of CFE's total daily trading volume.
- On August 1, CFE reported record trading volume in VIX futures during non-U.S. trading hours, with an estimated 68,033 contracts changing hands overnight. The record surpassed the previous record in non-U.S. trading hours of 59,505 contracts set on July 10, 2014.
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: |
Jul-14 |
Jun-14 |
May-14 |
Apr-14 |
| Equity Options |
$0.074 |
$0.079 |
$0.081 |
$0.082 |
| Index Options |
$0.671 |
$0.670 |
$0.674 |
$0.674 |
| ETP Options |
$0.112 |
$0.111 |
$0.113 |
$0.113 |
| Total Options Average Revenue Per Contract |
$0.275 |
$0.275 |
$0.275 |
$0.277 |
| Futures |
$1.651 |
$1.639 |
$1.616 |
$1.610 |
| Total Average Revenue Per Contract |
$0.324 |
$0.322 |
$0.321 |
$0.325 |
About CBOE Holdings
CBOE Holdings, Inc. (NASDAQ: CBOE) is the holding company for Chicago Board Options Exchange, Incorporated (CBOE), CBOE Futures Exchange, LLC (CFE) and other subsidiaries. CBOE, the largest U.S. options exchange and creator of listed options, continues to set the bar for options and volatility trading through product innovation, trading technology and investor education. CBOE Holdings offers equity, index and ETP options, including proprietary products, such as S&P 500 options (SPX), the most active U.S. index option, and options and futures on the CBOE Volatility Index (the VIX Index). Other products engineered by CBOE include equity options, security index options, Weeklys options, LEAPS options, FLEX options, and benchmark products such as the CBOE S&P 500 BuyWrite Index (BXM). CBOE Holdings is home to the world-renowned Options Institute and www.cboe.com, the go-to place for options and volatility trading resources.
CBOE-V
CBOE-2
CBOE-EF
CBOE®, Chicago Board Options Exchange®, CFE®, Execute Success®, FLEX®, LEAPS®, CBOE Volatility Index® and VIX® are registered trademarks, and BuyWriteSM, BXMSM, CBOE Futures ExchangeSM, SPXSM, SPXpmSM, The Options Institute and Weeklys are service marks of Chicago Board Options Exchange, Incorporated (CBOE). C2SM and C2 Options ExchangeSM are service marks of C2 Options Exchange, Incorporated (C2). Russell 2000® is a registered trademark of Frank Russell Company, used under license. Standard & Poor's®, S&P® and S&P 500® are registered trademarks of Standard & Poor's Financial Services, LLC and have been licensed for use by CBOE, C2 and CFE. All other trademarks and service marks are the property of their respective owners.
SOURCE CBOE Holdings, Inc.
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