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CBOE Holdings Reports February Volume (pdf, 60KB, opens in a new window) Print

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CBOE Holdings Reports February Volume

March 3, 2014

- February ADV up 37% from a year ago and 3% from January
- VIX options and futures and SPX Weeklys set monthly ADV records

CHICAGO, March 3, 2014 /PRNewswire/ -- CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that February 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 113.51 million contracts. Average daily volume (ADV) was nearly six million contracts, a 37-percent increase from February 2013 and a three-percent increase from January 2014.

CBOE Holdings

CBOE Volatility Index® (VIX® Index) options and futures and WeeklysSM options on the S&P 500® Index (SPXSM) recorded their highest monthly ADV ever during February.

CBOE Holdings Consolidated Trading Volume

Year-To-Date

(trades in thousands)

Feb-14

Feb-13

% Chg

Jan-14

% Chg

Feb-14

Feb-13

% Chg

Trading Days

19

19


21


40

40


Total Contracts      (options & futures)

113,508.1

83,140.3

37%

121,446.5

-7%

234,954.5

172,160.3

36%

Total Options Contracts      (CBOE & C2)

109,384.6

80,052.5

37%

117,039.4

-7%

226,423.9

166,144.9

36%

Total Futures Contracts (CFE)

4,123.5

3,087.8

34%

4,407.1

-6%

8,530.6

6,015.4

42%










Total ADV (options & futures)

5,974.1

4,375.8

37%

5,783.2

3%

5,873.9

4,304.0

36%

Total Options ADV    (CBOE & C2)

5,757.1

4,213.3

37%

5,573.3

3%

5,660.6

4,153.6

36%

Total Futures ADV (CFE)

217.0

162.5

34%

209.9

3%

213.3

150.4

42%

CBOE Trading Volume and Market Share

CBOE Trading Volume:

  • CBOE's February ADV was 5.43 million contracts, a 37-percent increase from February 2013 and a three-percent increase from January 2014.
  • Equity options ADV was 2.13 million contracts, a 37-percent increase from February 2013 and an eight-percent decrease from January 2014.
  • Index options ADV was 1.92 million contracts, a 36-percent increase from February 2013 and an eight-percent increase from January 2014. CBOE VIX options and S&P 500 Index Weeklys options (SPXW) set monthly ADV records of 857,361 contracts and 294,571 contracts, respectively.
  • Exchange traded product (ETP) options ADV was 1.38 million contracts, a 39-percent increase from February 2013 and an 18-percent increase from January 2014.
  • The five most actively traded index and ETP options at CBOE in February were SPX options, VIX 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)

Feb-14

Feb-13

% Chg

Jan-14

% Chg

Feb-14

Feb-13

% Chg

Trading Days

19

19


21


40

40


Total Exchange

103,100.7

75,053.9

37%

110,503.4

-7%

213,604.1

155,893.5

37%

Total Exchange ADV

5,426.4

3,950.2

37%

5,262.1

3%

5,340.1

3,897.3

37%

Equity Options

40,381.7

29,405.9

37%

48,587.4

-17%

88,969.1

62,019.0

43%

Equity Options ADV

2,125.4

1,547.7

37%

2,313.7

-8%

2,224.2

1,550.5

43%

Index Options

36,474.6

26,827.1

36%

37,335.0

-2%

73,809.6

58,854.8

25%

Index Options ADV

1,919.7

1,412.0

36%

1,777.9

8%

1,845.2

1,471.4

25%

ETP Options

26,244.4

18,820.9

39%

24,581.0

7%

50,825.4

35,019.7

45%

ETP Options ADV

1,381.3

990.6

39%

1,170.5

18%

1,270.6

875.5

45%

Expanded February 2014 and year-to-date volume information for CBOE index and ETP options is available at: www.cboe.com/data/monthlyvolume.aspx.

CBOE Market Share:
CBOE's market share of total U.S. options industry volume was 29.9 percent in February 2014, an increase of 6.5 percentage points from February 2013 and an increase of 1.5 percentage points from January 2014.

CBOE Market Share Current Month

Year-To-Date


Feb-14

Feb-13

% Pt. Chg

Jan-14

% Pt. Chg

Feb-14

Feb-13

% Pt. Chg

Total Exchange

29.9%

23.4%

6.5%

28.4%

1.5%

29.1%

22.9%

6.2%

Equity Options

21.6%

15.9%

5.7%

21.5%

0.1%

21.5%

15.3%

6.2%

Index Options

96.7%

94.6%

2.1%

97.8%

-1.1%

97.3%

94.7%

2.6%

ETP Options

21.8%

17.4%

4.4%

19.6%

2.2%

20.7%

16.3%

4.4%

C2 Trading Volume and Market Share

C2 Trading Volume:
C2's February trading volume totaled 6.28 million contracts. ADV was 330,700 contracts, a 26-percent increase from February 2013 and a six-percent increase from January 2014.

C2 Trading Volume Current Month

Year-To-Date

(trades in thousands)

Feb-14

Feb-13

% Chg

Jan-14

% Chg

Feb-14

Feb-13

% Chg

Trading Days

19

19


21


40

40


Total Exchange

6,283.8

4,998.6

26%

6,536.0

-4%

12,819.8

10,251.3

25%

Total Exchange ADV

330.7

263.1

26%

311.2

6%

320.5

256.3

25%

Equity Options

643.7

1,362.7

-53%

854.9

-25%

1,498.7

3,813.9

-61%

Equity Options ADV

33.9

71.7

-53%

40.7

-17%

37.5

95.3

-61%

Index Options

40.3

52.0

nm

29.2

38%

69.5

136.3

nm

Index Options ADV

2.1

2.7

nm

1.4

52%

1.7

3.4

nm

ETP Options

5,599.8

3,583.9

56%

5,651.8

-1%

11,251.6

6,301.2

79%

ETP Options ADV

294.7

188.6

56%

269.1

10%

281.3

157.5

79%

*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 Market Share:
C2 market share of total industry volume in February 2014 was 1.8 percent, a 0.2-percentage-point increase from February 2013 and a 0.1-percentage-point increase from January 2014.

C2  Market Share Current Month

Year-To-Date


Feb-14

Feb-13

% Pt. Chg

Jan-14

% Pt. Chg

Feb-14

Feb-13

% Pt. Chg

Total Exchange

1.8%

1.6%

0.2%

1.7%

0.1%

1.7%

1.5%

0.2%

Equity Options

0.3%

0.7%

-0.4%

0.4%

-0.1%

0.4%

0.9%

-0.5%

Index Options

0.1%

0.2%

nm

0.1%

--

0.1%

0.2%

nm

ETP Options

4.7%

3.3%

1.4%

4.5%

0.2%

4.6%

2.9%

1.7%

*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

CFE Trading Volume and Highlights

  • VIX futures set a new all-time monthly record for ADV in February -- 216,797 contracts. The previous monthly ADV record for VIX futures -- 210,674 contracts -- was set in June 2013.
  • February's record ADV was a 35-percent increase from February 2013 and a three-percent increase from January 2014.  

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:

Jan-14

Dec-13

Nov-13

Oct-13

Equity Options

$0.079

$0.075

$0.076

$0.076

Index Options

$0.664

$0.666

$0.666

$0.666

ETP Options

$0.124

$0.125

$0.126

$0.124

     Total Options Average Revenue Per Contract

$0.273

$0.275

$0.275

$0.278

Futures

$1.602

$1.565

$1.556

$1.548

     Total Average Revenue Per Contract

$0.317

$0.316

$0.315

$0.320

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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