CBOE Holdings Reports 2013 Consolidated Trading Volume

January 2, 2014

CBOE Holdings

-- Second-Best Year for CBOE Holdings Volume
-- CBOE Cash Index, SPX and VIX Options Set All-Time Annual Volume Records
-- CFE and VIX Futures Set Volume Records for Fourth Straight Year

CHICAGO, Jan. 2, 2014 /PRNewswire/ -- CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that 2013 marked its second-best year in total trading volume and average daily volume (ADV).

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

CBOE Holdings consolidated trading volume for options contracts on Chicago Board Options Exchange® (CBOE®) and C2 Options ExchangeSM (C2SM) and futures contracts on CBOE Futures ExchangeSM (CFE®) totaled nearly 1.19 billion contracts. Average daily volume (ADV) in 2013 was 4.71 million contracts, an increase of four percent from 2012. 

CBOE reported record ADV of 1.48 million contracts for its cash index options in 2013, an increase of 22 percent from a year earlier, led by record volume in CBOE's S&P 500® Index options (SPXSM) and CBOE Volatility Index® (VIX Index®) options. SPX ADV was 823,369 contracts, a 19-percent increase from 2012, and VIX options ADV was 567,460 contracts, a 29-percent increase.

CBOE Futures Exchange reported its fourth consecutive year of record trading in VIX futures in 2013 when VIX futures ADV was 159,498 contracts, up 67 percent from 2012.

CBOE Holdings Consolidated Trading Volume

Year-To-Date

(trades in thousands)

Dec-13

Dec-12

% Chg

Nov-13

% Chg

Dec-13

Dec-12

% Chg

Trading Days

21

20


20


252

250


Total Contracts      (options & futures)

94,805.6

78,594.1

21%

91,904.6

3%

1,187,642.6

1,134,316.7

5%

Total Options Contracts      (CBOE & C2)

91,604.4

76,147.6

20%

89,343.2

3%

1,147,449.2

1,110,424.5

3%

Total Futures Contracts (CFE)

3,201.2

2,446.5

31%

2,561.4

25%

40,193.4

23,892.2

68%










Total ADV                 (options & futures)

4,514.5

3,929.7

15%

4,595.3

-2%

4,712.9

4,537.3

4%

Total Options ADV    (CBOE & C2)

4,362.1

3,807.4

15%

4,467.2

-2%

4,553.4

4,441.7

3%

Total Futures ADV      (CFE)

152.4

122.3

25%

128.1

19%

159.5

95.6

67%

CBOE Trading Volume and Market Share

CBOE Volume:

  • CBOE's 2013 ADV was 4.25 million contracts, even with 2012 ADV.
  • December ADV was 4.09 million contracts, a 14-percent increase from December 2012 and a two-percent decrease from November 2013.  

CBOE Trading Volume Current Month

Year-To-Date

(trades in thousands)

Dec-13

Dec-12

% Chg

Nov-13

% Chg

Dec-13

Dec-12

% Chg

Trading Days

21

20


20


252

250


Total Exchange

85,875.1

71,937.6

19%

83,669.8

3%

1,070,865.5

1,059,404.1

1%

Total Exchange ADV

4,089.3

3,596.9

14%

4,183.5

-2%

4,249.5

4,237.6

0%

Equity Options

35,579.9

27,931.0

27%

38,089.9

-7%

419,858.5

473,708.5

-11%

Equity Options ADV

1,694.3

1,396.5

21%

1,904.5

-11%

1,666.1

1,894.8

-12%

Index Options

29,487.0

25,628.9

15%

25,911.5

14%

372,455.6

302,878.7

23%

Index Options ADV

1,404.1

1,281.4

10%

1,295.6

8%

1,478.0

1,211.5

22%

ETP Options

20,808.2

18,377.8

13%

19,668.5

6%

278,551.4

282,816.9

-2%

ETP Options ADV

990.9

918.9

8%

983.4

1%

1,105.4

1,131.3

-2%

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

CBOE Market Share:

CBOE's December market share of total U.S. options industry volume was 26.8 percent, an increase of 3.8 percentage points from December 2012 and an increase of 0.2 of a percentage point from November 2013.

CBOE Market Share Current Month

Year-To-Date


Dec-13

Dec-12

% Pt. Chg

Nov-13

% Pt. Chg

Dec-13

Dec-12

% Pt. Chg

Total Exchange

26.8%

23.0%

3.8%

26.6%

0.2%

26.0%

26.5%

-0.5%

Equity Options

19.8%

16.8%

3.0%

19.9%

-0.1%

18.5%

20.9%

-2.4%

Index Options

97.6%

94.9%

2.7%

97.5%

0.1%

96.6%

94.1%

2.5%

ETP Options

18.9%

15.4%

3.5%

20.3%

-1.4%

19.2%

20.0%

-0.8%

C2 Trading Volume and Market Share

C2 Trading Volume Current Month

Year-To-Date

(trades in thousands)

Dec-13

Dec-12

% Chg

Nov-13

% Chg

Dec-13

Dec-12

% Chg

Trading Days

21

20


20


252

250


Total Exchange

5,729.3

4,210.0

36%

5,673.4

1%

76,583.8

51,020.4

50%

Total Exchange ADV

272.8

210.5

30%

283.7

-4%

303.9

204.1

49%

Equity Options

641.6

1,815.1

-65%

994.2

-35%

14,627.6

20,594.5

-29%

Equity Options ADV

30.6

90.8

-66%

49.7

-39%

58.0

82.4

-30%

Index Options*

20.4

119.3

NM

18.4

11%

212.8

1,472.6

NM

Index Options ADV*

1.0

6.0

NM

0.9

6%

0.8

5.9

NM

ETP Options

5,067.3

2,275.7

123%

4,660.8

9%

61,743.4

28,953.3

113%

ETP Options ADV

241.3

113.8

112%

233.0

4%

245.0

115.8

112%

*Russell 2000 Index options began trading on C2 on September 3, 2013.  Prior period and year-to-date index options include SPXpmSM, which was moved to CBOE from C2 on February 17, 2013.

NM — not meaningful

C2 Volume:

  • 2013 was a record volume year for C2.  ADV was 303,900 contracts, a 49-percent increase from 2012.
  • December ADV was 272,800 contracts — a 30-percent increase from December 2012 and a four-percent decrease from November 2013.

C2 Market Share:

C2  Market Share Current Month

Year-To-Date


Dec-13

Dec-12

% Pt. Chg

Nov-13

% Pt.  Chg

Dec-13

Dec-12

% Pt. Chg

Total Exchange

1.8%

1.4%

0.4%

1.8%

--

1.9%

1.3%

0.6%

Equity Options

0.4%

1.1%

-0.7%

0.5%

-0.1%

0.6%

0.9%

-0.3%

Index Options

0.1%

0.4%

NM

0.1%

--

0.1%

0.5%

NM

ETP Options

4.6%

1.9%

2.7%

4.8%

-0.2%

4.3%

2.1%

2.2%

C2's December market share of total U.S. options industry volume was 1.8 percent, an increase of 0.4 of a percentage point from December 2012 and even with November 2013.

*Russell 2000 Index options began trading on C2 on September 3, 2013.  Prior period and year-to-date index options include SPXpm, which was moved to CBOE from C2 on February 17, 2013.

NM — not meaningful

CBOE Futures Exchange Trading Volume

  • In 2013, VIX futures achieved new records in daily, monthly, quarterly and annual volumes.
  • The top ten highest volume trading months in CFE history all occurred during 2013.    
  • December VIX ADV was 152,155 contracts, a 25-percent increase from December 2012 and a 21-percent increase from November 2013.

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-13

Oct-13

Sep-13

Aug-13

Equity Options

$0.076

$0.076

$0.077

$0.081

Index Options

$0.666

$0.666

$0.669

$0.671

ETP Options

$0.126

$0.124

$0.123

$0.122

     Total Options Average Revenue Per Contract

$0.275

$0.278

$0.273

$0.278

Futures

$1.561

$1.548

$1.559

$1.533

     Total Average Revenue Per Contract

$0.315

$0.320

$0.315

$0.321

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, SPXpmSM, 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). Russell 2000® is a registered trademark of Russell Investments, used under license. 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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