CBOE Holdings Reports August Volume Of Over 100 Million Contracts

September 3, 2013

CBOE Holdings

- ADV Up 17 Percent from August 2012 and 4 Percent from July

CHICAGO, Sept. 3, 2013 /PRNewswire/ -- CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that August 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 101.72 million contracts. Average daily volume was 4.62 million contracts, an increase of 17 percent over August 2012 and up four percent from July 2013.

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CBOE Holdings Consolidated Trading Volume

Year-To-Date

(trades in thousands)

Aug-13

Aug-12

% Chg

Jul-13

% Chg

Aug-13

Aug-12

% Chg

Trading Days

22

23


22


168

169


Total Contracts
(options & futures)

101,716.9

91,258.5

11%

98,162.0

4%

779,211.3

785,698.3

-1%

Total Options Contracts
(CBOE & C2)

98,189.2

89,342.8

10%

95,196.5

3%

751,962.9

771,856.7

-3%

Total Futures Contracts
(CFE)

3,527.7

1,915.7

84%

2,965.5

19%

27,248.4

13,841.6

97%










Total ADV
(options & futures)

4,623.5

3,967.8

17%

4,461.9

4%

4,638.2

4,649.1

0%

Total Options ADV
(CBOE & C2)

4,463.2

3,884.5

15%

4,327.1

3%

4,476.0

4,567.2

-2%

Total Futures ADV
(CFE)

160.3

83.3

93%

134.8

19%

162.2

81.9

98%

CBOE Trading Volume and Market Share

CBOE Trading Volume:

  • CBOE's August trading volume totaled 91.95 million contracts. ADV in August was 4.18 million contracts, with increases of 12 percent and three percent, respectively, over August 2012 and July 2013.
  • Index options ADV was 1.36 million contracts, with increases of 35 percent and four percent, respectively, from August 2012 and July 2013. Year to date through August, index options ADV rose 27 percent from a year ago. 
  • Exchange traded product (ETP) options ADV was 1.12 million contracts, with increases of 21 percent and four percent, respectively, from August 2012 and July 2013.
  • Equity options ADV was 1.70 million contracts, a decrease of six percent from August 2012 and an increase of one percent from July 2013.
  • The five most actively traded index and ETP options at CBOE in August were S&P 500® Index (SPXSM) options, CBOE Volatility Index® (VIX® Index) options, Standard & Poor's Depositary Receipt (SPY) 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)

Aug-13

Aug-12

% Chg

Jul-13

% Chg

Aug-13

Aug-12

% Chg

Trading Days

22

23


22


168

169


Total Exchange

91,948.5

86,169.9

7%

89,475.0

3%

699,796.1

737,709.7

-5%

Total Exchange ADV

4,179.5

3,746.5

12%

4,067.0

3%

4,165.5

4,365.1

-5%

Equity Options

37,329.6

41,522.9

-10%

36,992.1

1%

264,537.1

340,752.8

-22%

Equity Options ADV

1,696.8

1,805.3

-6%

1,681.5

1%

1,574.6

2,016.3

-22%

Index Options

29,996.6

23,303.9

29%

28,881.5

4%

247,573.6

196,621.8

26%

Index Options ADV

1,363.5

1,013.2

35%

1,312.8

4%

1,473.7

1,163.4

27%

ETP Options

24,622.3

21,343.1

15%

23,601.4

4%

187,685.4

200,335.1

-6%

ETP Options ADV

1,119.2

928.0

21%

1,072.8

4%

1,117.2

1,185.4

-6%

Expanded full-year and August 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 28.6 percent in August 2013, an increase of 0.9 of a percentage point over August 2012 and an increase of one percentage point over July 2013. 

CBOE Market Share Current Month

Year-To-Date


Aug-13

Aug-12

% Pt. Chg

Jul-13

% Pt.  Chg

Aug-13

Aug-12

% Pt.  Chg

Total Exchange

28.6%

27.7%

0.9%

27.6%

1.0%

25.4%

27.3%

-1.9%

Equity Options

21.1%

22.8%

-1.7%

20.5%

0.6%

17.6%

22.1%

-4.5%

Index Options

97.5%

93.9%

3.6%

97.6%

-0.1%

96.1%

94.1%

2.0%

ETP Options

21.6%

20.6%

1.0%

20.6%

1.0%

18.8%

21.1%

-2.3%

C2 Trading Volume and Market Share

C2 Trading Volume:

  • C2's August trading volume totaled 6.24 million contracts. ADV was 283,700 contracts, with increases of 106 percent and nine percent, respectively, over August 2012 and July 2013. ETP options ADV rose 213 percent from August 2012.
  • Year to date through August, C2 ADV increased 54 percent from the same period a year ago, with ETP ADV — up 114 percent -- driving year-to-date increases.

C2 Trading Volume Current Month

Year-To-Date

(trades in thousands)

Aug-13

Aug-12

% Chg

Jul-13

% Chg

Aug-13

Aug-12

% Chg

Trading Days

22

23


22


168

169


Total Exchange

6,240.8

3,172.9

97%

5,721.5

9%

52,166.9

34,147.0

53%

Total Exchange ADV

283.7

138.0

106%

260.1

9%

310.5

202.1

54%

Equity Options

1,217.5

1,395.0

-13%

1,157.7

5%

10,764.8

13,739.0

-22%

Equity Options ADV

55.4

60.7

-9%

52.6

5%

64.1

81.3

-21%

ETP Options

5,023.3

1,676.3

200%

4,563.8

10%

41,265.8

19,402.9

113%

ETP Options ADV

228.3

72.9

213%

207.4

10%

245.6

114.8

114%

C2 Market Share:

C2 market share of total industry volume in August 2013 was 1.9 percent, an increase of 0.9 of a percentage point from August 2012 and an increase of 0.1 of a percentage point from July 2013.

C2  Market Share Current Month

Year-To-Date


Aug-13

Aug-12

% Pt. Chg

Jul-13

% Pt. Chg

Aug-13

Aug-12

% Pt. Chg

Total Exchange

1.9%

1.0%

0.9%

1.8%

0.1%

1.9%

1.3%

0.6%

Equity Options

0.7%

0.8%

-0.1%

0.6%

0.0%

0.7%

0.9%

-0.2%

ETP Options

4.4%

1.6%

1.9%

4.0%

0.4%

4.1%

2.0%

2.1%

CBOE Futures Exchange Trading Volume

  • August trading volume for VIX futures totaled nearly 3.5 million contracts, with increases of 83 percent and 19 percent, respectively, from August 2012 and July 2013. ADV was 158,552 contracts, an increase of 91 percent from August 2012 and up 19 percent from July 2013.     
  • Year to date through August, VIX trading volume outpaced last year by 97 percent, as 27.1 million contracts changed hands.  

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:

Jul-13

Jun-13

May-13

Apr-13

Equity Options

$0.082

$0.090

$0.094

$0.114

Index Options

$0.670

$0.675

$0.674

$0.679

ETP Options

$0.121

$0.119

$0.119

$0.127

     Total Options Average Revenue Per Contract

$0.282

$0.289

$0.295

$0.308

Futures

$1.544

$1.544

$1.594

$1.598

     Total Average Revenue Per Contract

$0.324

$0.334

$0.341

$0.357

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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