01.02.2014
By Terry Flanagan

2013 Trading Volume Reaches New All-Time High At CBOE Futures Exchange

November ADV Up 6 Percent from a Year Ago
Year-to-Date ADV Up 3 Percent

CHICAGO, Dec. 2, 2013 /PRNewswire/ — CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that November trading volume for options contracts on Chicago Board Options Exchange® (CBOE®) and C2 Options Exchange (C2SM) and futures contracts on CBOE Futures ExchangeSM (CFE®)  totaled 91.90 million contracts. Average daily volume (ADV) was nearly 4.60 million contracts, a six-percent increase from November 2012 and a 16-percent decrease from October 2013.

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Year to date, CBOE Holdings ADV rose three percent from the same period a year ago.

CBOE Holdings Consolidated Trading Volume Year-To-Date
(trades in thousands) Nov-13 Nov-12 % Chg Oct-13 % Chg Nov-13 Nov-12 % Chg
Trading Days 20 21 23 231 230
Total Contracts      (options & futures) 91,904.6 91,314.9 1% 126,242.0 -27% 1,092,837.1 1,055,722.6 4%
Total Options Contracts      (CBOE & C2) 89,343.2 88,570.7 1% 122,036.3 -27% 1,055,844.9 1,034,276.9 2%
Total Futures Contracts (CFE) 2,561.4 2,744.2 -7% 4,205.7 -39% 36,992.2 21,445.7 72%
Total ADV                 (options & futures) 4,595.3 4,348.3 6% 5,488.8 -16% 4,730.9 4,590.1 3%
Total Options ADV    (CBOE & C2) 4,467.2 4,217.6 6% 5,305.9 -16% 4,570.8 4,496.9 2%
Total Futures ADV      (CFE) 128.1 130.7 -2% 182.9 -30% 160.1 93.2 72%

CBOE Trading Volume and Market Share

CBOETrading Volume:

  • CBOE’s November ADV was 4.18 million contracts, a five-percent increase from November 2012 and a 16-percent decrease from October 2013.
  • Equity options ADV was 1.90 million contracts, a 26-percent increase from November 2012 and a five-percent decrease from October 2013.
  • Index options ADV was nearly 1.30 million contracts, a seven-percent decrease from November 2012 and a 26-percent decrease from October 2013.
  • Exchange traded product (ETP) options ADV was 983,400 contracts, a nine-percent decrease from November 2012 and a 20-percent decrease from October 2013.
  • The five most actively traded index and ETP options at CBOE in November were S&P 500® Index (SPXSM) options, CBOE Volatility Index® (VIX® Index) options, Standard & Poor’s Depositary Receipt (SPY) options, iShares Trust – Russell 2000® Index Fund (IWM) options and PowerShares QQQ Trust (QQQ) options.
CBOE Trading Volume Current Month Year-To-Date
(trades in thousands) Nov-13 Nov-12 % Chg Oct-13 % Chg Nov-13 Nov-12 % Chg
Trading Days 20 21 23 231 230
Total Exchange 83,669.8 83,704.1 0% 114,316.0 -27% 984,990.4 987,466.4 0%
Total Exchange ADV 4,183.5 3,985.9 5% 4,970.3 -16% 4,264.0 4,293.3 -1%
Equity Options 38,089.9 31,760.3 20% 45,965.8 -17% 384,278.6 445,777.5 -14%
Equity Options ADV 1,904.5 1,512.4 26% 1,998.5 -5% 1,663.5 1,938.2 -14%
Index Options 25,911.5 29,360.8 -12% 40,164.1 -35% 342,968.6 277,249.8 24%
Index Options ADV 1,295.6 1,398.1 -7% 1,746.3 -26% 1,484.7 1,205.4 23%
ETP Options 19,668.5 22,583.1 -13% 28,186.1 -30% 257,743.2 264,439.1 -3%
ETP Options ADV 983.4 1,075.4 -9% 1,225.5 -20% 1,115.8 1,149.7 -3%

Expanded November 2013 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 26.6 percent in November 2013, an increase of 1.6 percentage points from November 2012 and a decrease of 1.8 percentage points from October 2013.

CBOE Market Share Current Month Year-To-Date
Nov-13 Nov-12 % Pt. Chg Oct-13 % Pt. Chg Nov-13 Nov-12 % Pt. Chg
Total Exchange 26.6% 25.0% 1.6% 28.5% -1.9% 26.0% 26.8% -0.8%
Equity Options 19.9% 17.4% 2.5% 20.5% -0.6% 18.4% 21.2% -2.8%
Index Options 97.5% 93.9% 3.6% 98.0% -0.5% 96.6% 94.1% 2.5%
ETP Options 20.3% 18.6% 1.7% 20.7% -0.4% 19.2% 20.4% -1.2%

C2 Trading Volume and Market Share

C2 Trading Volume:

  • C2’s November trading volume totaled 5.67 million contracts. ADV was 283,700 contracts, a 22-percent increase from November 2012 and a 15-percent decrease from October 2013.
  • Year to date through November, ADV increased 51 percent from the same period a year ago, driven primarily by a 112-percent increase in ETP options volume.
C2 Trading Volume Current Month Year-To-Date
(trades in thousands) Nov-13 Nov-12 % Chg Oct-13 % Chg Nov-13 Nov-12 % Chg
Trading Days 20 21 23 231 230
Total Exchange 5,673.4 4,866.7 17% 7,720.2 -27% 70,854.5 46,810.4 51%
Total Exchange ADV 283.7 231.7 22% 335.7 -15% 306.7 203.5 51%
Equity Options 994.2 1,946.7 -49% 1,288.7 -23% 13,986.0 18,779.5 -26%
Equity Options ADV 49.7 92.7 -46% 56.0 -11% 60.5 81.6 -26%
Index Options* 18.4 106.0 nm 23.1 -20% 192.4 1,353.3 nm
Index Options ADV* 0.9 5.0 nm 1.0 -9% 0.8 5.9 nm
ETP Options 4,660.8 2,814.0 66% 6,408.5 -27% 56,676.0 26,677.7 112%
ETP Options ADV 233.0 134.0 74% 278.6 -16% 245.4 116.0 112%

*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 CBOE from C2 on February 17, 2013.

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C2 Market Share:

C2 market share of total industry volume in November 2013 was 1.8 percent, a 0.3-percentage-point increase from November 2012 and a 0.1-percentage-point decrease from October 2013.

C2  Market Share Current Month Year-To-Date
Nov-13 Nov-12 % Pt. Chg Oct-13 % Pt. Chg Nov-13 Nov-12 % Pt. Chg
Total Exchange 1.8% 1.5% 0.3% 1.9% -0.1% 1.9% 1.3% 0.6%
Equity Options 0.5% 1.1% -0.6% 0.6% -0.1% 0.7% 0.9% -0.2%
Index Options* 0.1% 0.3% -0.2% 0.1% 0.1% 0.5% -0.4%
ETP Options 4.8% 2.3% 2.5% 4.7% 0.1% 4.2% 2.1% 2.1%

*Russell 2000 Index options began trading on C2 on September 3, 2013.  Prior period and year-to-date index options include SPXpm, which was moved to CBOE from C2 on February 17, 2013.

CFE Trading Volume and Highlights

  • November trading volume in CBOE Volatility Index® (VIX® Index) futures totaled 2.5 million contracts, a decrease of eight percent from November 2012 and a decrease of 40 percent from October 2013, which was the second highest monthly volume in CFE’s history.
  • Average daily volume in VIX futures during November was 126,141 contracts, a decrease of three percent from November 2012 and a decrease of 31 percent from October.
  • Year to date through November, VIX futures ADV was up 71 percent from the same period in 2012.
  • CFE launched the second phase of its extended trading hours (ETH) initiative for VIX futures on November 4 — an additional five-hour period that opens for trading prior to the previous 7:00 a.m. CT opening time. The 2:00 a.m. to 7:00 a.m. CT period benefits U.S. customers seeking longer VIX futures trading hours and European-based customers who can now trade VIX futures during their local trading hours.

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: Oct-13 Sep-13 Aug-13 Jul-13
Equity Options $0.076 $0.077 $0.081 $0.082
Index Options $0.666 $0.669 $0.671 $0.670
ETP Options $0.124 $0.123 $0.122 $0.121
     Total Options Average Revenue Per Contract $0.278 $0.273 $0.278 $0.282
Futures $1.548 $1.559 $1.533 $1.544
     Total Average Revenue Per Contract $0.320 $0.315 $0.321 $0.324

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, 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®, Chicago Board Options Exchange®, CFE®, FLEX®, LEAPS®, CBOE Volatility Index® and VIX® are registered trademarks, and BuyWriteSM, BXMSM, CBOE Futures ExchangeSM, Execute SuccessSM, SPXSM, SPXpmSM, and The Options Institute 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 Russell Investments, 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.

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SOURCE CBOE Holdings, Inc.

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