CBOE Holdings Reports July Volume

August 1, 2013

CBOE Holdings

-- CBOE Holdings ADV Up 5% from a Year Ago
-- VIX Futures Year-to-Date Volume Nearly Tops Total 2012 Volume

CHICAGO, Aug. 1, 2013 /PRNewswire/ -- CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that July 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 98.16 million contracts. Average daily volume was 4.46 million contracts, an increase of five percent over July 2012 and a decrease of 17 percent from June 2013.

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CBOE Volatility Index® (VIX® Index) futures trading volume through July nearly surpassed total VIX volume for all of 2012. 

CBOE Holdings Consolidated Trading Volume

Year-To-Date

(trades in thousands)

Jul-13

Jul-12

% Chg

Jun-13

% Chg

Jul-13

Jul-12

% Chg

Trading Days

22

21


20


146

146


Total Contracts

(options & futures)

98,162.0

89,123.8

10%

107,522.8

-9%

677,494.5

694,439.8

-2%

Total Options Contracts

(CBOE & C2)

95,196.5

87,204.7

9%

103,302.4

-8%

653,773.7

682,513.9

-4%

Total Futures Contracts

(CFE)

2,965.5

1,919.1

55%

4,220.4

-30%

23,720.8

11,925.9

99%










Total ADV

(options & futures)

4,461.9

4,244.0

5%

5,376.1

-17%

4,640.4

4,756.5

-2%

Total Options ADV

(CBOE & C2)

4,327.1

4,152.6

4%

5,165.1

-16%

4,477.9

4,674.8

-4%

Total Futures ADV

(CFE)

134.8

91.4

48%

211.0

-36%

162.5

81.7

99%

CBOE Trading Volume and Market Share

CBOE Trading Volume:

  • CBOE's July trading volume totaled 89.48 million contracts. ADV in July was 4.07 million contracts, an increase of two percent over July 2012 and a decrease of 16 percent from June 2013.
  • Index options ADV was 1.31 million contracts, an increase of 23 percent over July 2012 and a decrease of 22 percent from June 2013. Year to date through July, index options ADV is up 26 percent from a year ago. 
  • Exchange traded product (ETP) options ADV was 1.07 million contracts, an increase of six percent over July 2012 and a decrease of 31 percent from June 2013.
  • Equity options ADV was 1.68 million contracts, a decrease of 11 percent from July 2012 and an increase of five percent over June 2013.
  • The five most actively traded index and ETP options at CBOE in July were S&P 500® Index (SPXSM) options, Standard & Poor's Depositary Receipt (SPY) options, CBOE Volatility Index® (VIX® Index) options, iShares Trust - Russell 2000® Index Fund (IWM) options and iPath S&P 500 VIX Short-Term Futures ETN (VXX) options.

CBOE Trading Volume Current Month

Year-To-Date


(trades in thousands)

Jul-13

Jul-12

% Chg

Jun-13

% Chg

Jul-13

Jul-12

% Chg


Trading Days

22

21


20


146

146



Total Exchange

89,475.0

83,332.2

7%

96,584.5

-7%

607,847.6

651,539.8

-7%


Total Exchange ADV

4,067.0

3,968.2

2%

4,829.2

-16%

4,163.3

4,462.6

-7%


Equity Options

36,992.1

39,594.4

-7%

32,103.1

15%

227,207.5

299,230.0

-24%


Equity Options ADV

1,681.5

1,885.4

-11%

1,605.2

5%

1,556.2

2,049.5

-24%


Index Options

28,881.5

22,446.7

29%

33,464.7

-14%

217,576.9

173,317.9

26%


Index Options ADV

1,312.8

1,068.9

23%

1,673.2

-22%

1,490.3

1,187.1

26%


ETP Options

23,601.4

21,291.1

11%

31,016.7

-24%

163,063.2

178,991.9

-9%


ETP Options ADV

1,072.8

1,013.9

6%

1,550.8

-31%

1,116.9

1,226.0

-9%


Expanded full-year and July 2013 volume information for CBOE index and ETP options is available at: www.cboe.com/data/monthlyvolume.aspx.

CBOE Market Share:

CBOE market share of total U.S. options industry volume was 27.6 percent in July 2013, an increase of 0.9 of a percentage point over June 2013 and an increase of 0.4 of a percentage point over July 2012. If the volume from dividend trades was excluded from industry data for July, the Exchange's total market share would be 27.8 percent. Exclusion of dividend trades from total industry volume data presents a more relevant measure of the relative trends in the options business.

CBOE Market Share Current Month

Year-To-Date


Jul-13

Jul-12

% Pt. Chg

Jun-13

% Pt. Chg

Jul-13

Jul-12

% Pt. Chg

Total Exchange

27.6%

27.2%

0.4%

26.7%

0.9%

24.9%

27.3%

-2.4%

Total Exchange

(excl. dividend trades)

27.8%

28.5%

-0.7%

26.9%

0.9%

25.4%

28.5%

-3.1%

Equity Options

20.5%

22.1%

-1.6%

18.9%

1.6%

17.1%

22.0%

-4.9%

Equity Options

(excl. dividend trades)

20.8%

25.0%

-4.2%

19.1%

1.7%

17.7%

24.3%

-6.6%

Index Options

97.6%

93.0%

4.6%

97.7%

-0.1%

95.9%

94.1%

1.8%

Index Options

(excl. dividend trades)

97.8%

92.5%

5.3%

97.8%

--

96.1%

93.9%

2.2%

ETP Options

20.6%

20.5%

0.1%

19.8%

0.8%

18.5%

21.2%

-2.7%

ETP Options

(excl. dividend trades)

20.6%

20.6%

--

19.8%

0.8%

18.5%

21.5%

-3.0%

C2 Trading Volume and Market Share

C2 Trading Volume:

  • C2's July trading volume totaled 5.72 million contracts. ADV was 260,100 contracts, an increase of 41 percent over July 2012 and a decrease of 23 percent from June 2013.
  • Year to date through July, ADV increased 48 percent from the same period a year ago, with ETPs driving the year-to-date increases at 104 percent.

C2 Trading Volume Current Month

Year-To-Date


(trades in thousands)

Jul-13

Jul-12

% Chg

Jun-13

% Chg

Jul-13

Jul-12

% Chg

Trading Days

22

21


20


146

146


Total Exchange

5,721.5

3,872.5

48%

6,717.8

-15%

45,926.1

30,974.1

48%

Total Exchange ADV

260.1

184.4

41%

335.9

-23%

314.6

212.2

48%

Equity Options

1,157.7

1,662.1

-30%

958.2

21%

9,547.3

12,344.0

-23%

Equity Options ADV

52.6

79.1

-34%

47.9

10%

65.4

84.5

-23%

ETP Options

4,563.8

2,096.9

118%

5,759.7

-21%

36,242.5

17,726.6

104%

ETP Options ADV

207.4

99.9

108%

288.0

-28%

248.2

121.4

104%

C2 Market Share:

C2 market share of total industry volume in July 2013 was 1.8 percent, an increase of 0.5 of a percentage point from July 2012 and a decrease of 0.1 of a percentage point from June 2013.

C2  Market Share Current Month

Year-To-Date


Jul-13

Jul-12

% Chg

Jun-13

% Chg

Jul-13

Jul-12

% Chg

Total Exchange

1.8%

1.3%

0.5%

1.9%

-0.1%

1.9%

1.3%

0.6%

 

Total Exchange

(excl. dividend trades)

1.8%

0.9%

0.9%

1.9%

-0.1%

1.9%

1.4%

0.5%

Equity Options

0.6%

0.9%

-0.3%

0.6%

--

0.7%

0.9%

-0.2%

 

Equity Options

(excl. dividend trades)

0.7%

1.0%

-0.3%

0.6%

0.1%

0.7%

1.0%

-0.3%

ETF Options

4.0%

2.0%

2.0%

3.7%

0.3%

4.1%

2.1%

2.0%

 

ETF Options

(excl. dividend trades)

4.0%

2.0%

2.0%

3.7%

0.3%

4.1%

2.1%

2.0%

CBOE Futures Exchange Trading Volume

  • July trading volume for VIX futures totaled 2.92 million contracts. Average daily trading volume in VIX futures was 132,790 contracts, an increase of 46 percent over July 2012 and a decrease of 37 percent from June's record-setting ADV.   
  • Year-to-date through July, VIX trading volume nearly surpassed total VIX volume for all of 2012.  
  • Year-to-date VIX ADV was 161,542 contracts, an increase of 99 percent from the same period in 2012.

CBOE Holdings Average Revenue Per Contract 

The company will report its average transaction fee per contract for the three months ended June 30, 2013, in conjunction with its quarterly earnings news release, which will be issued on Friday, August 2, 2013.  This information also will be posted to the Investor Relations section of CBOE's web site under Financial Information, Supplemental Information.

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, 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). 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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