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CBOE Holdings Reports March 2012 Trading Volume (pdf, 35KB, opens in a new window) Print

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CBOE Holdings Reports March 2012 Trading Volume

April 2, 2012

CBOE Holdings

-- CBOE and C2 Volumes Increase 12% and 20%, Respectively, from January
-- CFE and VIX Futures Post Second-Busiest Month in History

CHICAGO, March 1, 2012 /PRNewswire/ -- CBOE Holdings, Inc. (NASDAQ: CBOE) today reported that February trading volume for options on the Chicago Board Options Exchange (CBOE) and C2 Options Exchange (C2), combined, totaled 101.5 million contracts.  February's average daily volume (ADV) was nearly 5.1 million contracts, a 12-percent increase from January 2012 ADV of 4.5 million contracts, and a one-percent increase from February 2011 ADV of five million contracts.

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CBOE Trading Volume and Market Share

  • CBOE trading volume — CBOE's February 2012 ADV of 4.8 million contracts was relatively unchanged from February 2011, but was 12 percent higher than January 2012 ADV of 4.3 million contracts.
  • CBOE index options — February 2012 index option ADV was 1.2 million contracts, up 12 percent from 1.1 million contracts ADV in February 2011 and up 18 percent from January 2012 ADV of just over one million contracts.
  • CBOE ETF options — February 2012 ETF option ADV was more than 1.2 million contracts, up five percent from nearly 1.2 million contracts ADV in February 2011 and up 14 percent from January 2012 ADV of 1.1 million contracts.
  • CBOE equity options — February 2012 equity option ADV was 2.4 million contracts, down eight percent from 2.6 million contracts ADV in February 2011 and up eight percent from January 2012 ADV of 2.2 million contracts.
  • The five most actively traded index and ETF options at CBOE during February were the S&P 500 Index (SPX), Standard & Poor's Depositary Receipts (SPY), CBOE Volatility Index (VIX), QQQ Trust (QQQ) and iShares Trust-Russell 2000 Index Fund (IWM).
  • The five most actively traded equity options at CBOE during February were Apple (AAPL), Bank of America (BAC), Cisco Systems (CSCO), Microsoft Corporation (MSFT) and Citigroup (C).  

 

CBOE Trading Volume

Year-To-Date

(trades in thousands)

Feb-12

Feb-11

%  Chg

Jan-12

% pt. Chg

Feb-12

Feb-11

%  Chg

Trading Days

20

19

 

20

 

40

39

 

Total Exchange

96,699.0

92,251.1

5%

86,326.8

12%

183,025.8

194,918.9

-6%

Total Exchange ADV

4,835.0

4,855.3

0%

4,316.3

12%

4,575.6

4,997.9

-8%

Equity Options

47,622.9

49,216.7

-3%

44,147.6

8%

91,770.5

107,196.6

-14%

Equity Options ADV

2,381.1

2,590.4

-8%

2,207.4

8%

2,294.3

2,748.6

-17%

Index Options

24,724.1

21,004.0

18%

20,898.1

18%

45,622.2

43,488.1

5%

Index Options ADV

1,236.2

1,105.5

12%

1,044.9

18%

1,140.6

1,115.1

2%

ETF Options

24,352.0

22,030.4

11%

21,281.1

14%

45,633.1

44,234.2

3%

ETF Options ADV

1,217.6

1,159.5

5%

1,064.1

14%

1,140.8

1,134.2

1%

Expanded February 2012 volume information for CBOE index and ETF options is available at: www.cboe.com/data/monthlyvolume.aspx.

CBOE Market Share:

CBOE February market share was 27.7 percent, up 2.0 percentage points from January 2012 and up 1.7 percentage points from February 2011.  If the volume from dividend trades was excluded from industry data for February 2012, CBOE's total market share for February would be 29.1 percent.

Exclusion of dividend trades from total industry volume data presents a more relevant measure of the relative trends in the options business.

CBOE  Current Month

Year-To-Date

 

 Feb 2012

 Feb 2011

% pt. Chg

 Jan 2012

% pt. Chg

 Feb 2012

 Feb 2011

% pt. Chg

Total Exchange

27.7%

26.0%

1.7%

25.7%

2.0%

26.7%

26.6%

0.1%

Total Exchange (excl. dividend trades)

29.1%

26.9%

2.2%

27.8%

1.3%

28.5%

27.6%

0.9%

Equity Options

22.2%

22.4%

-0.2%

20.6%

1.6%

21.4%

23.0%

-1.6%

Equity Option  (excl. dividend trades)

24.2%

23.6%

0.6%

23.6%

0.6%

23.8%

24.4%

-0.6%

Index Options

94.5%

94.5%

--

95.0%

-0.5%

94.7%

94.8%

-0.1%

Index Options (excl. dividend trades)

94.7%

94.8%

-0.1%

94.8%

-0.1%

94.9%

95.2%

-0.3%

ETF Options

22.4%

19.6%

2.8%

21.4%

1.0%

21.9%

20.1%

1.8%

ETF Options (excl. dividend trades)

22.4%

19.6%

2.8%

19.6%

2.8%

21.9%

20.0%

1.9%

CBOE February 2012 Market Share by Product:

  • Index options — CBOE's market share was 94.5 percent, down 0.5 of a percentage point from January 2012 and even with February 2011.
  • ETF options — CBOE's market share was 22.4 percent, up one percentage point from January 2012 and up 2.8 percentage points from February 2011.
  • Equity options — CBOE's market share was 22.2 percent, up 1.6 percentage points from January 2012 down 0.2 of a percentage point from February 2011.

 

C2 Options Exchange Trading Volume and Market Share

C2 Trading Volume:

In February 2012, C2 ADV was 241,400 contracts, up 20 percent from January 2012 ADV of 201,800 contracts and up 62 percent from February 2011 ADV of 148,800 contracts.  February ETF, equity and index option average daily volumes were all up from January 2012 — posting increases of 31 percent, seven percent and 10 percent, respectively, over the previous month.

C2 Trading Volume

Year-To-Date

(trades in thousands)

Feb-12

Feb-11

%  Chg

Jan-12

% pt. Chg

Feb-12

Feb-11

%  Chg

Trading Days

20

19

 

20

 

40

39

 

Total Exchange

4,828.1

2,826.7

71%

4,035.9

20%

8,864.0

5,946.8

49%

Total Exchange ADV

241.4

148.8

62%

201.8

20%

221.6

152.5

45%

Equity Options

1,961.7

1,431.5

37%

1,837.9

7%

3,799.6

3,160.7

20%

Equity Options ADV

98.1

75.3

30%

91.9

7%

95.0

81.0

17%

Index Options

102.1

n/a

n/a

92.7

10%

194.8

n/a

n/a

Index Options ADV

5.1

n/a

n/a

4.6

10%

4.9

n/a

n/a

ETF Options

2,764.3

1,395.1

98%

2,105.3

31%

4,869.5

2,786.1

75%

ETF Options ADV

138.2

73.4

88%

105.3

31%

121.7

71.4

70%

C2 Market Share

In February 2012, C2's market share totaled 1.4 percent, up 0.2 of a percentage point from January 2012 and up 0.6 of a percentage point from February 2011. If the volume from dividend trades was excluded from industry data for February, C2's total market share would be 1.5 percent.

C2  Current Month

Year-To-Date

 

 Feb 2012

 Feb 2011

% pt. Chg

 Jan 2012

% pt. Chg

 Feb 2012

 Feb 2011

% pt. Chg

Total Exchange

1.4%

0.8%

0.6%

1.2%

0.2%

1.3%

0.8%

0.5%

Total Exchange (excl. dividend trades)

1.5%

0.8%

0.7%

1.3%

0.2%

1.4%

0.8%

0.6%

Equity Options

0.9%

0.7%

0.2%

0.9%

--

0.9%

0.7%

0.2%

Equity Option  (excl. dividend trades)

1.0%

0.7%

0.3%

1.0%

--

1.0%

0.7%

0.3%

Index Options

0.4%

n/a

n/a

0.4%

--

0.4%

0.0%

0.4%

Index Options (excl. dividend trades)

0.4%

n/a

n/a

0.4%

0.0%

0.4%

n/a

0.4%

ETF Options

2.5%

1.2%

1.3%

2.1%

0.4%

2.3%

1.3%

1.0%

ETF Options (excl. dividend trades)

2.5%

1.2%

1.3%

2.1%

0.4%

2.3%

1.3%

1.0%

CBOE Futures Exchange Trading

  • CBOE Futures Exchange and futures on the CBOE Volatility Index posted their second-busiest month ever in February, trailing only August 2011.
  • For the month, volume in CBOE Volatility Index futures totaled more than 1.3 million contracts. February ADV for VIX futures was nearly 67,000 contracts, up 65 percent fromJanuary 2012 and 61 percent from February 2011.  

CBOE Holdings Average Transaction Fee Per Contract

The following represents the average transaction fee per contract based on a three-month rolling average, reported on a one-month lag.  The average transaction fee per contract represents total transaction fees for CBOE, C2, and CBOE Futures Exchange (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.

(In dollars)

Three-Month Period Ended

Product:

January

2012

December

2011

November 2011

October

2011

Equities

$0.151

$0.167

$0.163

$0.155

Indexes

0.640

0.631

0.621

0.605

Exchange Traded Funds

0.206

0.212

0.205

0.194

   Total Options Average Transaction Fee Per Contract

0.297

0.321

0.308

0.300

Futures

1.474

1.329

1.328

1.348

   Total Average Transaction Fee Per Contract

$0.308

$0.321

$0.317

$0.311

About CBOE Holdings, Inc.

CBOE Holdings, Inc. (NASDAQ: CBOE) is the holding company for Chicago Board Options Exchange (CBOE), C2 Options Exchange and other subsidiaries.  CBOE, the largest U.S. options exchange and creator of listed options, continues to set the bar for options trading through product innovation, trading technology and investor education.CBOE offers equity, index and ETF options, including proprietary products, such as S&P 500 options (SPX), the most active U.S. index option, and options 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's Hybrid Trading System incorporates electronic and open-outcry trading, enabling customers to choose their trading method. CBOE's Hybrid is powered by CBOEdirect, a proprietary, state-of-the-art electronic platform that also supports C2 Options Exchange (C2), CBOE Futures Exchange(CFE), CBOE Stock Exchange (CBSX) and OneChicago. CBOE is home to the world-renowned Options Institute and www.cboe.com, named "Best of the Web" for options information and education. CBOE is regulated by the Securities and Exchange Commission (SEC), with all trades cleared by the OCC.

CBOE®, Chicago Board Options Exchange®, CBSX®, CBOE Stock Exchange®, CFE®, CBOEdirect®, FLEX®, Hybrid®, LEAPS®, CBOE Volatility Index® and VIX® are registered trademarks, and BuyWrite(SM), BXM(SM), CBOE Futures Exchange(SM), SPX(SM) and The Options Institute are servicemarks of Chicago Board Options Exchange, Incorporated (CBOE). C2(SM), C2 Options Exchange, Incorporated(SM) and SPXpm(SM) are servicemarks of C2 Options Exchange, Incorporated (C2). Standard & Poor's® , S&P® , S&P 500® , Standard and Poor's Depositary Receipts®, and SPDR® are registered trademarks of Standard & Poor's Financial Services, LLC and have been licensed for use by CBOE and C2. All other trademarks and servicemarks are the property of their respective owners.

CBOE-V     

CBOE-2     

CBOE-EF   

SOURCE CBOE Holdings, Inc.

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