VIX Futures Trading Volume Reaches All-Time High In January

February 3, 2014

CBOE futures exchange

- 4.4 Million Contracts Traded, Up 52% Over Year Ago
- CFE Preparing to Launch New Short-Term VIX Futures

CHICAGO, Feb. 3, 2014 /PRNewswire/ -- The CBOE Futures Exchange, LLC (CFE®) today reported  that January 2014 was the most-active trading month for futures on the CBOE Volatility Index® (VIX® Index). Total exchange-wide volume at CFE also reached a new all-time high during the month.        

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VIX Futures
January trading volume in VIX futures totaled a record 4.40 million contracts, a 52-percent increase from January 2013 and a 38-percent increase from December. The previous monthly volume record for VIX futures was 4.21 million contracts traded in June 2013. Average daily volume (ADV) in VIX futures during January was 209,611 contracts, a 52-percent increase from January 2013 and a 38-percent increase from December. January's ADV ranks as the second-busiest monthly ADV of all-time, trailing only the 210,674 contracts per day in June 2013.

Monthly Volume Summary


Jan

2014

Jan

2013

%

Chg

Dec

2013

%

Chg

Trading Days

21

21


21


VIX Index Futures

    Total

4,401,826

2,897,739

52%

3,195,262

38%

    ADV

209,611

137,988

52%

152,155

38%

CFE Total Exchange

    Total

4,407,201

2,927,613

51%

3,201,242

38%

    ADV

209,867

139,410

51%

152,440

38%

Total CFE
January exchange-wide trading volume at CFE reached a new all-time high of 4.41 million contracts, a 51-percent increase from January 2013 and a 38-percent increase from December. January surpassed the previous exchange-wide monthly volume record of 4.22 million contracts in June 2013. Monthly ADV during January was 209,867 contracts, a 51-percent increase from a year ago and a 38-percent increase from December.  January's ADV ranks as the second-busiest monthly ADV of all-time, trailing only the 211,022 contracts per day in June 2013.

Futures on CBOE Short-Term Volatility Index to Launch
CBOE Futures Exchange recently announced plans to launch trading of futures with weekly expirations on the new CBOE Short-Term Volatility IndexSM (VXSTSM) on Thursday, February 13, pending regulatory review.

Like CBOE's flagship CBOE Volatility Index (VIX), the "Short-Term VIX" Index reflects investors' consensus view of expected stock market volatility using CBOE's proprietary VIX methodology. The VIX Index uses S&P 500 Index (SPX) monthly options in its calculation to measure expectations of 30-day volatility, while the VXST Index uses SPX options that expire every week (including SPX Weeklys) to gauge expectations of nine-day volatility. The VXST Index's shorter time horizon makes it particularly responsive to short-term volatility triggered by market events such as corporate earnings, government reports and Fed announcements.

Spot Trading will be the Designated Primary Market Maker (DPM) for the Short-Term VIX futures traded at CFE. For information on the CBOE Short-Term Volatility Index, see www.cboe.com/VXST. For contract specifications, go to http://cfe.cboe.com/Products/Spec_VXST.aspx.  

About CBOE Futures Exchange
CBOE Futures Exchange currently offers eight contracts: CBOE Volatility Index (VIX Index) futures (VX), S&P 500 Variance futures (VA), CBOE NASDAQ-100 Volatility Index (VXN) futures (VN), CBOE Russell 2000 Volatility Index (RVX) futures (VU), CBOE Gold ETF Volatility Index (GVZ) security futures (GV), CBOE Crude Oil ETF Volatility Index (OVX) security futures (OV), CBOE Emerging Markets ETF Volatility Index (VXEEM) security futures (VXEM) and CBOE Brazil ETF Volatility Index (VXEWZ) security futures (VXEW).   

CFE, a wholly-owned subsidiary of CBOE Holdings, Inc. (NASDAQ: CBOE), offers an all-electronic, open-access market model, with traders providing liquidity and making markets. CFE is regulated by the Commodity Futures Trading Commission (CFTC) and all trades are cleared by the OCC.

More information on CFE and its products, including contract specifications, can be found at: http://cfe.cboe.com/  

CBOE-EF
CBOE®, Chicago Board Options Exchange®, CFE®, CBOE Volatility Index® and VIX® are registered trademarks, and CBOE Futures ExchangeSM, CBOE Short-Term Volatility IndexSM, CBOE Nasdaq-100 Volatility IndexSM, VXNSM, VNSM, CBOE Brazil ETF Volatility IndexSM, VXEWSM, VXEWZSM, CBOE Crude Oil ETF Volatility IndexSM, OVXSM, OVSM, CBOE Emerging Markets ETF Volatility IndexSM, VXEMSM, VXEEMSM, CBOE Gold ETF Volatility IndexSM, GVZSM, GVSM, Execute SuccessSM, SPXSM, RVX SM, VASM, VUSM, VXSM , VXSTSM and WeeklysSM are service marks of Chicago Board Options Exchange, Incorporated (CBOE).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 and CFE.

SOURCE CBOE Futures Exchange, LLC

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