07.05.2016

CBOE Holdings Reports June 2016 Trading Volume

– Total ADV Up 15% from June 2015

 

– Index Options ADV at CBOE Increases 26% from Year Ago

 

– VIX Futures Set Several Records in Extended Hours Trading

CHICAGO, July 5, 2016 /PRNewswire/ — CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that June average daily volume (ADV) for options contracts traded on Chicago Board Options Exchange® (CBOE®) and C2 Options Exchange (C2), and futures contracts traded on CBOE Futures Exchange (CFE®) was 5.2 million contracts, an increase of 22 percent from May 2016 and 15 percent from June 2015.  Total options and futures volume was 114.0 million contracts, an increase of 27 percent from the previous month and 15 percent from a year ago.

Trading Volume Records: June

  • CBOE Volatility Index® (VIX® Index) futures at CFE set record volume in non-U.S. trading hours on Friday, June 24, with 235,141 contracts. The new high surpassed the previous single-day record of 140,811 contracts set during the overnight session on August 24, 2015, press release.
  • For the month, VIX futures volume in non-U.S. trading hours set new highs in total volume (912,293 contracts) and daily volume (41,468 contracts), topping the previous records of 650,454 contracts and 34,234 contracts, respectively, from January 2016.

Trading Volume Highlights: June

  • Index options traded at CBOE had an ADV of 2.0 million contracts in June, an increase of 26 percent from June 2015.
  • S&P 500® Index (SPX) options were the most actively traded index options at CBOE for the month with an ADV of 1.2 million contracts, was just shy of the all-time record of 1.3 million and up 32 percent from the 908,620 contracts traded in June 2015.
  • VIX options at CBOE had an ADV of 725,052 contracts in June, up 21 percent from the 598,487 contracts traded in June 2015.
  • June was the second busiest month of all time for VIX futures trading on CFE.  Total volume was 7.1 million contracts, with an ADV of 322,753 contracts, up 53 percent from a year ago.

Business Developments: June

  • CBOE entered into an exclusive licensing agreement with Social Market Analytics (SMA) to develop a series of sentiment-based strategy benchmark indexes based on SMA’s social media metrics, press release.
  • On July 1, CBOE Holdings opened its first international business development office in London, press release.
  • On June 2, CBOE was named “Exchange of the Year” at the GlobalCapital Americas Derivatives Awards 2016 ceremony in New York City, press release.

CBOE Holdings Trading Volume Tables: June

CBOE Holdings Consolidated Trading Volume Current Month Year-To-Date
(contracts in thousands) June
2016
June
2015
%
Chg
May
2016
%
Chg
June
2016
June
2015
%
Chg
Trading Days 22 22   21   125 124  
Total Contracts  
(options & futures)
113,990.9 99,180.8 15% 89,422.0 27% 582,472.0 566,578.4 3%
Total Options Contracts
(CBOE & C2)
106,889.5 94,539.0 13% 84,605.9 26% 552,747.3 543,622.6 2%
Total Futures Contracts
(CFE)
7,101.4 4,641.8 53% 4,816.1 47% 29,724.7 22,955.8 29%
                 
Total ADV 
(options & futures)
5,181.4 4,508.2 15% 4,258.2 22% 4,659.8 4,569.2 2%
Total Options ADV   
(CBOE & C2)
4,858.6 4,297.2 13% 4,028.9 21% 4,422.0 4,384.1 1%
Total Futures ADV    
(CFE)
322.8 211.0 53% 229.3 41% 237.8 185.1 28%

 

CBOE Trading Volume Current Month* Year-To-Date
(contracts in thousands) June
2016
June
2015
%
Chg
May
2016
%
Chg
June
2016
June
2015
%
Chg
Trading Days 22 22   21   125 124  
Total Exchange 99,969.3 87,656.1 14% 78,389.4 28% 514,075.2 503,690.7 2%
Total Exchange ADV 4,544.1 3,984.4 14% 3,732.8 22% 4,112.6 4,062.0 1%
Equity Options 27,114.9 28,686.0 -5% 26,720.1 1% 165,631.6 194,751.9 -15%
Equity Options ADV 1,232.5 1,303.9 -5% 1,272.4 -3% 1,325.1 1,570.6 -16%
Index Options 44,708.2 35,564.6 26% 32,063.5 39% 217,254.1 175,774.0 24%
Index Options ADV 2,032.2 1,616.6 26% 1,526.8 33% 1,738.0 1,417.5 23%
ETP Options 28,146.2 23,405.6 20% 19,605.8 44% 131,189.5 133,164.8 -1%
ETP Options ADV 1,279.4 1,063.9 20% 933.6 37% 1,049.5 1,073.9 -2%

*Expanded volume information for CBOE index and ETP options is available at: www.cboe.com/data/monthlyvolume.aspx.

 

C2 Trading Volume Current Month Year-To-Date
(contracts in thousands) June
2016
June
2015
%
Chg
May
2016
%
Chg
June
2016
June
2015
%
Chg
Trading Days 22 22   21   125 124  
Total Exchange 6,920.1 6,882.9 1% 6,216.4 11% 38,672.1 39,932.0 -3%
Total Exchange ADV 314.6 312.9 1% 296.0 6% 309.4 322.0 -4%
Equity Options 1,532.7 1,891.3 -19% 1,576.5 -3% 9,987.4 11,923.0 -16%
Equity Options ADV 69.7 86.0 -19% 75.1 -7% 79.9 96.2 -17%
Index Options 260.7 168.3 55% 228.2 14% 1,462.4 618.7 136%
Index Options ADV 11.8 7.7 55% 10.9 9% 11.7 5.0 134%
ETP Options 5,126.8 4,823.2 6% 4,411.7 16% 27,222.3 27,390.3 -1%
ETP Options ADV 233.0 219.2 6% 210.1 11% 217.8 220.9 -1%

 

CFE Trading Volume Current Month* Year-To-Date
  June
2016
June
2015
%
Chg
May
2016
%
Chg
 

June
2016

June
2015
%
Chg
Trading Days 22 22   21   125 124  
VIX Index Futures
     Total 7,100,566 4,641,194 53% 4,814,598 47% 29,720,702 22,944,053 30%
     ADV 322,753 210,963 53% 229,267 41% 237,766 185,033 28%
CFE Total Exchange
     Total 7,101,395 4,641,754 53% 4,816,144 47% 29,724,698 22,955,759 29%
     ADV 322,791 210,989 53% 229,340 41% 237,798 185,127 28%

*Volume numbers for 2016 now include VIX Weeklys futures totals.

 

CBOE Holdings Market Share Current Month
(of total U.S. options industry volume)
Year-To-Date
  June
2016
June
2015
% Pt.
Chg
May
2016
% Pt.
Chg
June
2016
June
2015
% Pt.
Chg
Total Exchange
(CBOE & C2)
29.1% 28.3% 0.8% 27.2% 1.9% 26.9% 27.7% -0.8%
     CBOE 27.2% 26.2% 1.0% 25.2% 2.0% 25.0% 25.7% -0.7%
     C2 1.9% 2.1% -0.2% 2.0% -0.1% 1.9% 2.0% -0.1%
Total Equity Options
(CBOE & C2)
18.3% 17.9% 0.4% 18.0% 0.3% 17.7% 19.1% -1.4%
Total Index Options
(CBOE & C2)
99.3% 99.1% 0.2% 99.4% -0.1% 99.1% 97.6% 1.5%
Total ETF Options
(CBOE & C2)  
20.1% 22.1% -2.0% 19.9% 0.2% 18.8% 23.0% -4.2%

 

CBOE Holdings Average Revenue per Contract
The following represents average revenue per contract (RPC) 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 during the period. Average transaction fees per contract can be affected by various factors, including exchange fee rates, volume-based discounts and transaction mix by contract type and product type.

Second-Quarter 2016 RPC Guidance
The company currently expects RPC by product category for the second quarter of 2016 to be in line with the amounts noted below for the two-months ended May 31, 2016, except for futures.  The RPC for futures is currently expected to be 2 to 4 percent lower, due to higher volume rebates expected in June resulting from the sharp increase in VIX futures trading. These expectations are estimated, preliminary and may change.  There can be no assurance that our final RPC for the three-months June 30, 2016 will not differ materially from these expectations.

 

(In Dollars) Two-Months Ended Three-Month Period Ended
Product: May

2016

May
2016
April
2016
March
2016
February
2016
Equity Options $0.073 $0.075 $0.081 $0.085 $0.092
Index Options $0.695 $0.698 $0.706 $0.720 $0.733
ETP Options $0.102 $0.104 $0.111 $0.117 $0.131
     Total Options Average Revenue

     Per Contract

$0.315 $0.326 $0.335 $0.346 $0.351
Futures $1.717 $1.721 $1.697 $1.643 $1.623
Total Average Revenue        
Per Contract
$0.390 $0.394 $0.397 $0.405 $0.413

 

About CBOE Holdings:
CBOE Holdings, Inc. (NASDAQ: CBOE) is the holding company for Chicago Board Options Exchange (CBOE), CBOE Futures Exchange (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 options and futures on the CBOE Volatility Index (VIX Index) and S&P 500 options (SPX), the most active U.S. index option.  Other products engineered by CBOE include equity options, security index options, Weeklys 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, Livevol options analytics and data tools, and www.cboe.com, the go-to place for options and volatility trading resources.

Forward-Looking Statements
This press release may contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those statements that reflect our expectations, assumptions or projections about the future and involve a number of risks and uncertainties. These statements are only predictions based on our current expectations and projections about future events. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. There are important factors that could cause actual results, level of activity, performance or achievements to differ materially from that expressed or implied by the forward-looking statements, including: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations, including our obligations under agreements with regulatory agencies; increasing price competition in our industry; decreases in trading volumes or a shift in the mix of products traded on our exchanges; legislative or regulatory changes; increasing competition by foreign and domestic entities; our dependence on third party service providers; our index providers’ ability to perform under our agreements; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to accommodate trading volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; our ability to protect our systems and communication networks from security risks, including cyber-attacks; the accuracy of our estimates and expectations; our ability to maintain access fee revenues; our ability to meet our compliance obligations, including managing potential conflicts between our regulatory responsibilities and our for-profit status; the ability of our compliance and risk management methods to effectively monitor and manage our risks; our ability to attract and retain skilled management and other personnel; and our ability to manage our growth and strategic acquisitions or alliances effectively.

More detailed information about factors that may affect our performance may be found in our filings with the U.S. Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2015 and other filings made from time to time with the SEC.

Media Contacts:   Analyst Contact:
Suzanne Cosgrove Gary Compton Debbie Koopman
(312) 786-7123 (312) 786-7612 (312) 786-7136
cosgrove@cboe.com comptong@cboe.com koopman@cboe.com

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CBOE®, Chicago Board Options Exchange®, CFE®, FLEX®, Livevol®, CBOE Volatility Index® and VIX® are registered trademarks, and BuyWriteSM, BXMSM, CBOE Futures ExchangeSM, The Options InstituteSM and WeeklysSM are service marks of Chicago Board Options Exchange, Incorporated (CBOE). 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 and CFE. All other trademarks and service marks are the property of their respective owners.

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