October 1, 2013

CBOE Holdings Reports September Volume

- Year-to-Date Volume: Index Options Up 24 Percent, VIX Futures Up 86 Percent

CHICAGO, Oct. 1, 2013 /PRNewswire/ -- CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that September 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 95.48 million contracts. Average daily volume (ADV) was 4.77 million contracts, a three-percent increase from August 2013 and a two-percent decrease from September 2012.

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

Year to date, CBOE Volatility Index® (VIX® Index) futures trading volume through September was 86 percent higher than for the same period a year ago.   

CBOE Holdings Consolidated Trading Volume

Year-To-Date

(trades in thousands)

Sep-13

Sep-12

% Chg

Aug-13

% Chg

Sep-13

Sep-12

% Chg

Trading Days

20

19


22


188

188


Total Contracts      (options & futures)

95,479.1

92,870.4

3%

101,716.9

-6%

874,690.5

878,568.7

--

Total Options Contracts      (CBOE & C2)

92,502.5

90,459.9

2%

98,189.2

-6%

844,465.4

862,316.6

-2%

Total Futures Contracts (CFE)

2,976.6

2,410.5

23%

3,527.7

-16%

30,225.1

16,252.1

86%










Total ADV                 (options & futures)

4,774.0

4,887.9

-2%

4,623.5

3%

4,652.6

4,673.2

0%

Total Options ADV    (CBOE & C2)

4,625.2

4,761.0

-3%

4,463.2

4%

4,491.8

4,586.8

-2%

Total Futures ADV      (CFE)

148.8

126.9

17%

160.3

-7%

160.8

86.4

86%

CBOE Trading Volume and Market Share

CBOE Trading Volume:

  • CBOE's September trading volume totaled 87.21 million contracts. ADV in September was 4.36 million contracts, a five-percent decrease from September 2012 and a four-percent increase from August 2013.
  • Index options ADV was 1.47 million contracts, a six-percent increase from September 2012 and an eight-percent increase from August 2013. Year to date through September, index options ADV is up 24 percent from a year ago. 
  • Exchange trade product (ETP) options ADV was 1.11 million contracts, a six-percent decrease from September 2012 and one-percent decrease from August 2013.
  • Equity options ADV was 1.78 million contracts, an 11-percent decrease from September 2012 and a five-percent increase from August 2013.
  • The five most actively traded index and ETP options at CBOE in September 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)

Sep-13

Sep-12

% Chg

Aug-13

% Chg

Sep-13

Sep-12

% Chg

Trading Days

20

19


22


188

188


Total Exchange

87,208.4

86,948.4

--

91,948.5

-5%

787,004.5

824,658.1

-5%

Total Exchange ADV

4,360.4

4,576.2

-5%

4,179.5

4%

4,186.2

4,386.5

-5%

Equity Options

35,685.8

38,213.5

-7%

37,329.6

-4%

300,222.9

378,966.3

-21%

Equity Options ADV

1,784.3

2,011.2

-11%

1,696.8

5%

1,596.9

2,015.8

-21%

Index Options

29,319.5

26,394.3

11%

29,996.6

-2%

276,893.0

223,016.1

24%

Index Options ADV

1,466.0

1,389.2

6%

1,363.5

8%

1,472.8

1,186.3

24%

ETP Options

22,203.1

22,340.6

-1%

24,622.3

-10%

209,888.5

222,675.7

-6%

ETP Options ADV

1,110.2

1,175.8

-6%

1,119.2

-1%

1,116.4

1,184.4

-6%










Expanded full-year and September 2013 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 27.6 percent in September 2013, an increase of 1.2 percentage points from September 2012 and a decrease of one percentage point from August 2013. 

CBOE Market Share Current Month

Year-To-Date


Sep-13

Sep-12

%  Pt. Chg

Aug-13

% Pt. Chg

Sep-13

Sep-12

% Pt. Chg

Total Exchange

27.6%

26.4%

1.2%

28.6%

-1.0%

25.6%

27.2%

-1.6%

Equity Options

20.6%

21.2%

-0.6%

21.1%

-0.5%

17.9%

22.0%

-4.1%

Index Options

97.5%

93.6%

3.9%

97.5%

--

96.3%

94.0%

2.3%

ETP Options

19.8%

18.5%

1.3%

21.6%

-1.8%

18.9%

20.8%

-1.9%

C2 Trading Volume and Market Share

C2 Trading Volume:

  • C2's September trading volume totaled 5.29 million contracts. ADV was 264,700 contracts, a 43-percent increase from September 2012 and a seven-percent decrease from August 2013.
  • Year to date through September, ADV increased 53 percent from the same period a year ago, with ETPs options ADV -- up 113 percent -- driving year-to-date increases.
  • On September 3, C2 listed Russell 2000 Index options for trading.

C2 Trading Volume Current Month

Year-To-Date

(trades in thousands)

Sep-13

Sep-12

% Chg

Aug-13

% Chg

Sep-13

Sep-12

% Chg

Trading Days

20

19


22


188

188


Total Exchange

5,294.0

3,511.5

51%

6,240.8

-15%

57,460.9

37,658.5

53%

Total Exchange ADV

264.7

184.8

43%

283.7

-7%

305.6

200.3

53%

Equity Options

938.4

1,362.0

-31%

1,217.5

-23%

11,703.2

15,101.0

-23%

Equity Options ADV

46.9

71.7

-35%

55.4

-15%

62.3

80.3

-23%

Index Options*

14.7

99.7

nm

--

nm

151.0

1,104.8

nm

Index Options ADV*

0.7

5.2

nm

--

nm

0.8

5.9

nm

ETP Options

4,340.9

2,049.8

112%

5,023.3

-14%

45,606.8

21,452.7

113%

ETP Options ADV

217.0

107.9

101%

228.3

-5%

242.6

114.1

113%

*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

C2 Market Share:
C2 market share of total industry volume in September 2013 was 1.7 percent, a 0.6-percentage- point increase from September 2012 and a 0.2-percentage-point decrease from August 2013.

C2  Market Share Current Month

Year-To-Date


Sep-13

Sep-12

% Pt.  Chg

Aug-13

% Pt. Chg

Sep-13

Sep-12

% Pt.  Chg

Total Exchange

1.7%

1.1%

0.6%

1.9%

-0.2%

1.9%

1.2%

0.7%

Equity Options

0.5%

0.8%

-0.3%

0.7%

-0.2%

0.7%

0.9%

-0.2%

Index Options*

0.1%

0.4%

-0.3%

--

0.1%

0.1%

0.5%

-0.4

ETP Options

3.9%

1.7%

1.9%

4.4%

-0.5%

4.1%

2.0%

2.1%

*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.

CBOE Futures Exchange Trading Volume and Highlights

  • September trading volume for VIX futures totaled 2.96 million contracts. Average daily trading volume in VIX futures was 148,039 contracts, a 17-percent increase from September 2012 and a seven-percent decrease from August 2013.   
  • Year to date through September, VIX futures volume totaled over 30 million contracts, an 86-percent increase from the same period in 2012.
  • Announced yesterday:

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:

Aug-13

Jul-13

Jun-13

May-13

Equity Options

$0.081

$0.082

$0.090

$0.094

Index Options

$0.671

$0.670

$0.675

$0.674

ETP Options

$0.122

$0.121

$0.119

$0.119

     Total Options Average Revenue Per Contract

$0.278

$0.282

$0.289

$0.295

Futures

$1.533

$1.544

$1.544

$1.594

     Total Average Revenue Per Contract

$0.321

$0.324

$0.334

$0.341






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). 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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