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CBOE Holdings Records Highest Volume For Any Month In 2013 During June (pdf, 35KB, opens in a new window) Print

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CBOE Holdings Records Highest Volume For Any Month In 2013 During June

July 1, 2013

CBOE Holdings

- CBOE Holdings ADV Up 14% from a Year Ago, 10% from May
- VIX Futures Establish Another All-Time Monthly Record

CHICAGO, July 1, 2013 /PRNewswire/ -- CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that June trading volume for options contracts on Chicago Board Options Exchange® (CBOE®) and C2 Options Exchange (C2) and futures contracts on CBOE Futures Exchange (CFE®) totaled 107.52 million contracts, the highest monthly volume to date in 2013. Average daily volume (ADV) in June was 5.38 million contracts, up 14 percent from 4.71 million contracts in June 2012 and up 10 percent from 4.87 million contracts in May 2013. 

(Logo: http://photos.prnewswire.com/prnh/20121022/MM97794LOGO-a)

CBOE Volatility Index® (VIX®) futures established an all-time monthly volume record in June with over four million contracts traded.

CBOE Holdings Consolidated Trading Volume

Year-To-Date

(trades in thousands)

Jun-13

Jun-12

% Chg

May-13

% Chg

Jun-13

Jun-12

% Chg

Trading Days

20

21


22


124

125


Total Contracts
(options & futures)

107,522.7

98,874.5

9%

107,136.5

0%

579,332.5

605,316.1

-4%

Total Options Contracts 
(CBOE & C2)

103,302.3

96,706.0

7%

103,915.6

-1%

558,577.2

595,309.2

-6%

Total Futures Contracts
(CFE)

4,220.4

2,168.5

95%

3,220.9

31%

20,755.3

10,006.9

107%










Total ADV 
(options & futures)

5,376.1

4,708.3

14%

4,869.8

10%

4,672.1

4,842.6

-4%

Total Options ADV 
(CBOE & C2)

5,165.1

4,605.0

12%

4,723.4

9%

4,504.7

4,762.5

-5%

Total Futures ADV 
(CFE)

211.0

103.3

104%

146.4

44%

167.4

80.1

109%

CBOE Trading Volume and Market Share

CBOE Trading Volume:

  • CBOE ADV was 4.83 million contracts, up 12 percent from May 2013 ADV of 4.33 million contracts and up 10 percent from June 2012 ADV of 4.41 million contracts.
  • CBOE index options ADV was 1.67 million contracts, up nine percent and 34 percent from May 2013 and June 2012, respectively.  On June 20, 2013, S&P 500® Index options (SPX®) established a new daily volume record of nearly 2.30 million contracts, surpassing the previous record of almost 2.20 million contracts traded on May 20, 2010.
  • CBOE exchange traded product (ETP) options ADV was 1.55 million contracts, up 28 percent from May 2013 and up nine percent from June 2012.
  • CBOE equity options ADV was 1.61 million contracts, up two percent from May 2013 and down seven percent from June 2012.
  • The five most actively traded index and ETP options at CBOE in June were S&P 500® Index (SPX) 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)

Jun-13

Jun-12

%
Chg

May-13

%
Chg

Jun-13

Jun-12

%
Chg


Trading Days

20

21


22


124

125



Total Exchange

96,584.5

92,510.8

4%

95,248.2

1%

518,372.6

568,207.6

-9%


Total Exchange ADV

4,829.2

4,405.3

10%

4,329.5

12%

4,180.4

4,545.7

-8%


Equity Options

32,103.1

36,325.0

-12%

34,764.2

-8%

190,215.4

259,635.6

-27%


Equity Options ADV

1,605.2

1,729.8

-7%

1,580.2

2%

1,534.0

2,077.1

-26%


Index Options

33,464.7

26,187.1

28%

33,844.2

-1%

188,695.5

150,871.2

25%


Index Options ADV

1,673.2

1,247.0

34%

1,538.4

9%

1,521.7

1,207.0

26%


ETP Options

31,016.7

29,998.8

3%

26,639.8

16%

139,461.7

157,700.8

-12%


ETP Options ADV

1,550.8

1,428.5

9%

1,210.9

28%

1,124.7

1,261.6

-11%


Expanded full-year and June 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 26.7 percent in June 2013, up two percentage points from May 2013 and down 1.7 percentage points from June 2012. If the volume from dividend trades was excluded from industry data for June, the Exchange's total market share would be 26.9 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


Jun-13

Jun-12

% Pt.
Chg

May-13

% Pt.
Chg

Jun-13

Jun-12

% Pt.
Chg

Total Exchange

26.7%

28.4%

-1.7%

24.7%

2.0%

24.5%

27.3%

-2.8%

Total Exchange
(excl. dividend trades)

26.9%

29.1%

-2.2%

25.4%

1.5%

25.0%

28.5%

-3.5%

Equity Options

18.9%

23.0%

-4.1%

16.5%

2.4%

16.6%

22.0%

-5.4%

Equity Options
(excl. dividend trades)

19.1%

24.6%

-5.5%

17.5%

1.6%

17.2%

24.1%

-6.9%

Index Options

97.7%

93.8%

3.9%

97.2%

0.5%

95.7%

94.3%

1.4%

Index Options 
(excl. dividend trades)

97.8%

93.6%

4.2%

97.4%

0.4%

95.8%

94.2%

1.6%

ETF Options

19.8%

21.4%

-1.6%

18.9%

0.9%

18.1%

21.3%

-3.2%

ETF Options
(excl. dividend trades)

19.8%

21.9%

-2.1%

18.9%

0.9%

18.2%

21.6%

-3.4%

C2 Trading Volume and Market Share

C2 Trading Volume:

  • C2 volume in June 2013 totaled 6.72 million contracts. ADV was 335,900 contracts, up 68 percent from June 2012 and down 15 percent from May 2013 ADV of 394,000 contracts.
  • Year to date through June, C2 ADV was up 50 percent from the same period a year ago.
  • ADV in C2's ETP options in June rose 131 percent from June 2012 and decreased 14 percent from May 2013. Year to date through June, ETP options ADV more than doubled from the same period a year ago.

C2 Trading Volume Current Month

Year-To-Date


(trades in thousands)

Jun-13

Jun-12

%
Chg

May-13

%
Chg

Jun-13

Jun-12

%
Chg


Trading Days

20

21


22


124

125



Total Exchange

6,717.8

4,195.2

60%

8,667.4

-22%

40,204.6

27,101.6

48%


Total Exchange ADV

335.9

199.8

68%

394.0

-15%

324.2

216.8

50%


Equity Options

958.2

1,436.3

-33%

1,279.6

-25%

8,389.7

10,682.0

-21%


Equity Options ADV

47.9

68.4

-30%

58.2

-18%

67.7

85.5

-21%


ETP Options

5,759.7

2,619.5

120%

7,387.8

-22%

31,678.7

15,629.7

103%


ETP Options ADV

288.0

124.7

131%

335.8

-14%

255.5

125.0

104%


C2 Market Share:

C2 market share of total industry volume in June 2013 was 1.9 percent, down 0.3 of a percentage point from May 2013 and up 0.6 of a percentage point from June 2012.

C2  Market Share Current Month

Year-To-Date


Jun-13

Jun-12

% Pt.
Chg

May-13

% Pt.
Chg

Jun-13

Jun-12

% Pt.
Chg

Total Exchange

1.9%

1.3%

0.6%

2.2%

-0.3%

1.9%

1.3%

0.6%

Total Exchange
(excl. dividend trades)

1.9%

0.9%

1.0%

2.3%

-0.4%

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)

0.6%

0.9%

-0.3%

0.6%

--

0.8%

1.0%

-0.2%

ETP Options

3.7%

2.0%

1.7%

5.3%

-1.6%

4.1%

2.1%

2.0%

ETP Options 
(excl. dividend trades)

3.7%

1.9%

1.8%

5.2%

-1.5%

4.1%

2.1%

2.0%

CBOE Futures Exchange Trading Volume

  • In June 2013, 4.21 million VIX futures contracts changed hands at CFE, an all-time record for any month in CFE's history. The new monthly volume record beat the previous record — 4.06 million contracts -- traded in April 2013. 
  • VIX futures ADV in June also established a record with 210,674 contracts, beating the previous record of 184,398 contracts ADV in April 2013.
  • VIX futures ADV in June increased 44 percent from 146,018 contracts ADV in May 2013 and rose 105 percent from 102,574 contracts ADV in June 2012.  June also was the first month in which VIX futures averaged more than 200,000 contracts traded daily.
  • Through June, VIX futures trading volume of 20.66 million contracts was up 108 percent from the same period in 2012.

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:

May-13

Apr-13

Mar-13

Feb-13


Equity Options

$0.094

$0.114

$0.140

$0.153


Index Options

$0.674

$0.679

$0.671

$0.670


ETP Options

$0.119

$0.127

$0.155

$0.181


     Total Options Average Revenue Per Contract

$0.295

$0.308

$0.333

$0.341


Futures

$1.594

$1.598

$1.618

$1.560


     Total Average Revenue Per Contract

$0.341

$0.357

$0.378

$0.382


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 is regulated by the Securities and Exchange Commission (SEC), with all trades cleared by the OCC.

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.

CBOE-V
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CBOE-EF

SOURCE CBOE Holdings, Inc.

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