CBOE Holdings Reports 2012 Consolidated Trading Volume:

January 2, 2013

CBOE Holdings

In the news release, CBOE Holdings Reports 2012 Consolidated Trading Volume:, issued 02-Jan-2013 by CBOE Holdings, Inc. over PR Newswire, we are advised by the company that the third table, "CBOE Trading Volume Current Month," which was originally included, has been replaced by a new table, "CBOE Market Share Current Month." The original table should be disregarded. Additionally, in the second table, 10th row ("ETF Options"), the first number has been changed from "18,377." to "18,377.8". The complete, corrected release follows:

CBOE Holdings Reports 2012 Consolidated Trading Volume:

-- CBOE Trading Volume Tops One Billion Contracts for Fifth Straight Year

-- CBOE Futures Exchange Sets New Record - ADV Doubles to 95,000+ Contracts

CHICAGO , Jan. 2, 2013 /PRNewswire/ -- CBOE Holdings, Inc. (NASDAQ: CBOE ) reported today that 2012 consolidated trading volume for options contracts on Chicago Board Options Exchange® (CBOE®) and C2 Options Exchange SM (C2SM) and futures contracts on CBOE Futures Exchange SM (CFE®) totaled 1.13 billion contracts. Average daily volume (ADV) in 2012 was 4.54 million contracts, down six percent from 4.83 million contracts traded in 2011. 

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

The year 2012 marked CBOE Holdings ' fifth consecutive year of one-billion-plus contract trading volume.

Propelled by robust activity in futures on the CBOE Volatility Index® (VIX Index®) throughout the year, CBOE Futures Exchange ADV doubled to a record 95,600 contracts on annual volume of 23.89 million contracts.

CBOE Holdings Consolidated Trading Volume


Year-To-Date


(trades in thousands) 

Dec-12

Dec-11

% Chg

Nov-12

% Chg

Dec-12

Dec-11

% Chg

Trading Days  

20

21


21


250

252


Total Contracts
(options & futures)

78,594.1

75,133.9

5%

91,314.9

-14%

1,134,317.4

1,216,923.1

-7%

Total Options Contracts
( CBOE & C2)
 

76,147.6

74,485.4

2%

88,570.7

-14%

1,110,424.5

1,204,882.0

-8%

Total Futures Contracts (CFE)

2,446.5

648.5

277%

2,744.2

-11%

23,892.9

12,041.1

98%










Total ADV
(options & futures)

3,929.7

3,577.8

10%

4,348.3

-10%

4,537.3

4,829.1

-6%

Total Options ADV

( CBOE & C2)

3,807.4

3,546.9

7%

4,217.7

-10%

4,441.7

4,781.3

-7%

Total Futures ADV      (CFE)

122.3

30.9

296%

130.7

-6%

95.6

47.8

100%


CBOE Trading Volume and Market Share

CBOE 2012 Volume:

  • CBOE trading volume in 2012 totaled 1.06 billion contracts versus 1.15 billion contracts in 2011.
  • ADV in 2012 was 4.24 million contracts, down seven percent from 2011 ADV of 4.57 million contracts.

CBOE December 2012 Volume:

  • CBOE trading volume in December 2012 totaled 71.94 million contracts versus 70.60 million contracts in December 2011 .  
  • December 2012 ADV was 3.60 million contracts, up seven percent from December 2011 ADV of 3.36 million contracts and down ten percent from November 2011 ADV of 3.99 million contracts.

CBOE Trading Volume Current Month

Year-To-Date


(trades in thousands)

Dec-12

Dec-11

% Chg

Nov-12

% Chg

Dec-12

Dec-11

% Chg


Trading Days

20

21


21


250

252



Total Exchange

71,937.6

70,602.8

2%

83,704.1

-14%

1,059,404.1

1,152,063.4

-8%


Total Exchange ADV

3,596.9

3,362.0

7%

3,985.9

-10%

4,237.6

4,571.7

-7%


Equity Options

27,931.0

29,205.0

-4%

31,760.3

-12%

473,708.5

496,905.8

-5%


Equity Options ADV

1,396.5

1,390.7

0%

1,512.4

-8%

1,894.8

1,971.8

-4%


Index Options

25,628.9

20,474.4

25%

29,360.8

-13%

302,878.7

320,077.1

-5%


Index Options ADV

1,281.4

975.0

31%

1,398.1

-8%

1,211.5

1,270.1

-5%


ETF Options

18,377.8

20,923.3

-12%

22,583.1

-19%

282,816.9

335,080.4

-16%


ETF Options ADV

918.9

996.3

-8%

1,075.4

-15%

1,131.3

1,329.7

-15%


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

CBOE 2012 Market Share of total U.S. options industry volume was 26.5 percent, up 1.2 percentage points from 2011. If the volume from dividend trades was excluded from industry data for 2012, the Exchange's total market share for the year would be 27.7 percent.

CBOE December Market Share was 23.0 percent, up one percentage point from December 2011 and a 2.0-percentage-point decline from November 2012 . If the volume from dividend trades was excluded from industry data for December 2011 , the Exchange's total market share for December would be 24.3 percent.

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

C2 Trading Volume and Market Share

CBOE Market Share Current Month

Year-To-Date



Dec-12

Dec-11

% Pt. Chg

Nov-12

% Pt. Chg

Dec-12

Dec-11

% Pt. Chg


Total Exchange

23.0%

22.0%

1.0%

25.0%

-2.0%

26.5%

25.3%

1.2%


Total Exchange                            (excl. dividend trades)

24.3%

24.7%

-0.4%

25.8%

-1.5%

27.7%

26.2%

1.5%


Equity Options

16.8%

16.3%

0.5%

17.4%

-0.6%

20.9%

20.2%

0.7%


Equity Options                       (excl. dividend trades)

19.1%

20.1%

-1.0%

20.1%

-1.0%

23.2%

21.9%

1.3%


Index Options

94.9%

94.8%

0.1%

93.9%

1.0%

94.1%

94.8%

-0.7%


Index Options          (excl. dividend trades)

94.5%

94.8%

-0.3%

93.3%

1.2%

93.8%

94.8%

-1.0%


ETF Options

15.4%

17.4%

-2.0%

18.6%

-3.2%

20.0%

19.0%

1.0%


ETF Options            (excl. dividend trades)

16.5%

18.2%

-1.7%

18.6%

-2.1%

20.4%

19.3%

1.1%


C2 2012 Volume:

  • C2 trading volume totaled 51.02 million contracts in 2012. ADV was 204,100 contracts. -- down three percent from 2011 ADV of 209,600 contracts. Equity and index options ADV rose eight percent and 15 percent, respectively, over 2011, and ETF ADV declined by 12 percent.

C2 December 2012 Volume:

  • C2 volume in December totaled 4.21 million contracts. ADV was 210,500 contracts -- up 14 percent from December 2011 ADV of 184,900 contracts and down nine percent from November 2012 ADV of 231,700 contracts.

C2 Trading Volume Current Month

Year-To-Date


(trades in thousands)

Dec-12

Dec-11

% Chg

Nov-12

% Chg

Dec-12

Dec-11

% Chg


Trading Days

20

21


21


250

252



Total Exchange

4,210.0

3,882.6

8%

4,866.7

-13%

51,020.4

52,818.6

-3%


Total Exchange ADV

210.5

184.9

14%

231.7

-9%

204.1

209.6

-3%


Equity Options

1,815.1

1,706.1

6%

1,946.7

-7%

20,594.5

19,231.9

7%


Equity Options ADV

90.8

81.2

12%

92.7

-2%

82.4

76.3

8%


Index Options

119.3

105.5

13%

106.0

13%

1,472.6

316.3

366%


Index Options ADV

6.0

5.0

19%

5.0

18%

5.9

5.1

15%


ETF Options

2,275.7

2,071.0

10%

2,814.0

-19%

28,953.3

33,270.4

-13%


ETF Options ADV

113.8

98.6

15%

134.0

-15%

115.8

132.0

-12%


C2 2012 Market Share of total U.S. option industry volume was 1.3 percent, up 0.1 of a percentage point from 2011.

C2 December Market Share was 1.4 percent, up 0.2 of a percentage point from December 2011 and down 0.1 of a percentage point from November 2012 .

C2  Market Share Current Month

Year-To-Date


Dec-12

Dec-11

% Pt. Chg

Nov-12

% Pt. Chg

Dec-12

Dec-11

% Pt. Chg

Total Exchange

1.4%

1.2%

0.2%

1.5%

-0.1%

1.3%

1.2%

0.1%

Total Exchange
 (excl. dividend trades)

1.4%

0.9%

0.5%

1.5%

-0.1%

1.3%

1.2%

0.1%

Equity Options

1.1%

1.0%

0.1%

1.1%

--

0.9%

0.8%

0.1%

Equity Options
 (excl. dividend trades)

1.1%

1.1%

--

1.1%

--

1.0%

0.8%

0.2%

Index Options

0.4%

0.5%

-0.1%

0.3%

0.1%

0.5%

0.1%

0.4%

Index Options
 (excl. dividend trades)

0.5%

0.5%

--

0.4%

0.1%

0.5%

0.1%

0.4%

ETF Options

1.9%

1.7%

0.2%

2.3%

-0.4%

2.1%

1.9%

0.2%

ETF Options
 (excl. dividend trades)

2.0%

1.8%

0.2%

2.3%

-0.3%

2.1%

1.9%

0.2%

CBOE Futures Exchange Trading Volume

  • The year 2012 marked the busiest year in CFE history as annual trading volume totaled a record of nearly 24 million contracts, and ADV doubled from 2011 to over 95,000 contracts.  
  • VIX futures volume set a new annual volume record in 2012 with 23.79 million contracts traded, up 98 percent from 12.03 million contracts traded in 2011. ADV for VIX futures was 95,143 contracts, up 99 percent from 2011 ADV of 47,782 contracts.
  • During the year, VIX futures achieved new records in daily, weekly, monthly, quarterly and annual volumes and open interest. 
  • On December 31, 2012 , VIX futures set a new single-day volume record of 212,800 contracts, the first time daily volume in VIX futures has exceeded 200,000 contracts. 

CBOE Holdings Average Transaction Fee Per Contract
The following represents 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 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:

Nov-12

Oct-12

Sep-12

Aug-12


Equities

$0.124

$0.121

$0.118

$0.122


Indexes

$0.670

$0.675

$0.682

$0.684


Exchange Traded Funds

$0.183

$0.180

$0.177

$0.177


     Total Options Average Transaction Fee Per Contract

$0.309

$0.294

$0.287

$0.286


Futures

$1.473

$1.573

$1.606

$1.626


     Total Average Transaction Fee Per Contract

$0.342

$0.326

$0.317

$0.315


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 ETF 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 Exchange SM, SPXSM and The Options Institute are service marks of Chicago Board Options Exchange, Incorporated (CBOE). C2SM, C2 Options Exchange SM and SPXpmSM 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.

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SOURCE CBOE Holdings, Inc.

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