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CBOE Holdings Reports February 2013 Trading Volume

2013-03-01 14:15 ET - News Release

- VIX Futures Set Second Consecutive Monthly Volume Record

CHICAGO, March 1, 2013 /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 83.14 million contracts. Average daily volume (ADV) in February was 4.38 million contracts, up three percent from 4.24 million contracts in January 2013 and down 15 percent from 5.14 million contracts in February 2012. 

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

In February, CBOE Volatility Index® (VIX®) futures established record-breaking monthly trading volume for the second consecutive month.  

CBOE Holdings Consolidated Trading Volume

Year-To-Date

(trades in thousands)

Feb-13

Feb-12

% Chg

Jan-13

% Chg

Feb-13

Feb-12

% Chg

Trading Days

19

20


21


40

40


Total Contracts

  (options & futures)

83,140.4

102,867.9

-19%

89,019.9

-7%

172,160.3

194,041.8

-11%

Total Options Contracts    (CBOE & C2)

80,052.6

101,527.1

-21%

86,092.3

-7%

166,144.9

191,889.7

-13%

Total Futures Contracts (CFE)

3,087.8

1,340.8

130%

2,927.6

5%

6,015.4

2,152.0

180%










Total ADV 

 (options & futures)

4,375.8

5,143.4

-15%

4,239.0

3%

4,304.0

4,851.0

-11%

Total Options ADV    (CBOE & C2)

4,213.3

5,076.4

-17%

4,099.6

3%

4,153.6

4,797.2

-13%

Total Futures ADV      (CFE)

162.5

67.0

142%

139.4

17%

150.4

53.8

180%

CBOE Trading Volume and Market Share

CBOETrading Volume:

  • February 2013 ADV at CBOE was 3.95 million contracts, down 18 percent from February 2012 ADV of 4.84 million contracts and up three percent from January 2013 ADV of 3.85 million contracts.
  • On February 26, VIX options established an all-time, single-day volume record, totaling  1,388,634 contracts. The new record beat the previous record of 1,219,226 contracts traded on September 11, 2012.
  • The five most actively traded index and ETP options at CBOE in February 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.
  • The five most actively traded equity options in February were Apple (AAPL), Bank of America  (BAC), Facebook (FB), Blackberry (BBRY) and Citigroup (C).

CBOE Trading Volume Current Month

Year-To-Date

(trades in thousands)

Feb-13

Feb-12

% Chg

Jan-13

% Chg

Feb-13

Feb-12

% Chg

Trading Days

19

20


21


40

40


Total Exchange

75,053.9

96,699.0

-22%

80,839.6

-7%

155,893.5

183,025.8

-15%

Total Exchange ADV

3,950.2

4,835.0

-18%

3,849.5

3%

3,897.3

4,575.6

-15%

Equity Options

29,405.9

47,622.9

-38%

32,613.1

-10%

62,019.0

91,770.5

-32%

Equity Options ADV

1,547.7

2,381.1

-35%

1,553.0

0%

1,550.5

2,294.3

-32%

Index Options

26,827.1

24,724.1

9%

32,027.7

-16%

58,854.8

45,622.2

29%

Index Options ADV

1,412.0

1,236.2

14%

1,525.1

-7%

1,471.4

1,140.6

29%

ETP Options

18,820.9

24,352.0

-23%

16,198.8

16%

35,019.7

45,633.1

-23%

ETP Options ADV

990.6

1,217.6

-19%

771.4

28%

875.5

1,140.8

-23%

Expanded full-year and February 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 23.4 percent in February 2013, up one percentage point from January 2013 and down 4.3 percentage points from February 2012. If the volume from dividend trades was excluded from industry data for February, the Exchange's total market share would be 24.1 percent. Exclusion of dividend trades from total industry volume data presents a more relevant measure of the relative trends in the options business.

CBOE Market Share Current Month

Year-To-Date


Feb-13

Feb-12

% Pt. Chg

Jan-13

% Pt. Chg

Feb-13

Feb-12

% Pt. Chg

Total Exchange

23.4%

27.7%

-4.3%

22.4%

1.0%

22.9%

26.7%

-3.8%

Total Exchange (excl. dividend trades)

24.1%

29.1%

-5.0%

22.8%

1.3%

23.4%

28.5%

-5.1%

Equity Options

15.9%

22.2%

-6.3%

14.8%

1.1%

15.3%

21.4%

-6.1%

Equity Options (excl. dividend trades)

18.7%

24.7%

-6.0%

16.5%

2.2%

17.5%

24.2%

-6.7%

Index Options

94.6%

94.5%

0.1%

94.8%

-0.2%

94.7%

94.7%

--

Index Options  (excl. dividend trades)

93.8%

94.4%

-0.6%

94.4%

-0.6%

94.1%

94.7%

-0.6%

ETP Options

17.4%

22.4%

-5.0%

15.2%

2.2%

16.3%

21.9%

-5.6%

ETP Options   (excl. dividend trades)

17.4%

22.4%

-5.0%

15.2%

2.2%

16.3%

21.9%

-5.6%

 

C2 Trading Volume and Market Share

C2 Trading Volume Current Month

Year-To-Date

(trades in thousands)

Feb-13

Feb-12

% Chg

Jan-13

% Chg

Feb-13

Feb-12

% Chg

Trading Days

19

20


21


40

40


Total Exchange

4,998.6

4,828.1

4%

5,252.7

-5%

10,251.3

8,864.0

16%

Total Exchange ADV

263.1

241.4

9%

250.1

5%

256.3

221.6

16%

Equity Options

1,362.7

1,961.7

-31%

2,451.2

-44%

3,813.9

3,799.6

0%

Equity Options ADV

71.7

98.1

-27%

116.7

-39%

95.3

95.0

0%

Index Options*

52.0

102.1

-49%

84.2

-38%

136.3

194.8

-30%

Index Options ADV*

2.7

5.1

-46%

4.0

-32%

3.4

4.9

-30%

ETP Options

3,583.9

2,764.3

30%

2,717.3

32%

6,301.2

4,869.5

29%

ETP Options ADV

188.6

138.2

36%

129.4

46%

157.5

121.7

29%

*SPXpm moved from C2 to CBOE on February 19.

C2 Trading Volume:

C2 volume in February 2013 totaled just under five million contracts. ADV was 263,100 contracts – up nine percent from February 2012 ADV of 241,400 contracts and up five percent from January 2013 ADV of 250,100 contracts.

C2  Market Share Current Month

Year-To-Date


Feb-13

Feb-12

% Pt. Chg

Jan-13

% Pt. Chg

Feb-13

Feb-12

% Pt. Chg

Total Exchange

1.6%

1.4%

0.2%

1.5%

0.1%

1.5%

1.3%

0.2%

Total Exchange (excl. dividend trades)

1.6%

0.9%

0.7%

1.5%

0.1%

1.5%

1.4%

0.1%

Equity Options

0.7%

0.9%

-0.2%

1.1%

-0.4%

0.9%

0.9%

--

Equity Options   (excl. dividend trades)

0.8%

1.0%

-0.2%

1.1%

-0.3%

1.0%

1.0%

--

Index Options*

0.2%

0.4%

-0.2%

0.2%

--

0.2%

0.4%

-0.2%

Index Options*  (excl. dividend trades)

0.3%

0.4%

-0.1%

0.3%

--

0.3%

0.4%

-0.1%

ETP Options

3.3%

2.5%

0.8%

2.5%

0.8%

2.9%

2.3%

0.6%

ETP Options    (excl. dividend trades)

3.3%

2.5%

0.8%

2.6%

0.7%

2.9%

2.3%

0.6%

*SPXpm moved from C2 to CBOE on February 19.

C2 Market Share:

C2 market share of total industry volume in February 2013 was 1.6 percent, up 0.2 of a percentage point from February 2012 and up 0.1 of a percentage point from January 2013.

CBOE Futures Exchange Trading Volume

  • Trading volume in VIX futures established a new all-time monthly record in February --  3,062,344 contracts – surpassing the previous record of 2,897,739 contracts traded in January 2013.
  • Average daily volume in VIX futures during February reached a new all-time high of 161,176 contracts.  This record ADV topped the 66,924 contracts per day in February 2012 by 141 percent and January's ADV of 137,988 contracts, the previous record, by 17 percent.
  • February was the first time that total monthly volume in VIX futures eclipsed the three-million-contract mark and the sixth consecutive month that volume surpassed the two-million-contract mark.    

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-13

Dec-12

Nov-12

Oct-12


Equities

$0.149

$0.134

$0.124

$0.121


Indexes

$0.665

$0.670

$0.670

$0.675


Exchange Traded Products

$0.194

$0.186

$0.183

$0.180


     Total Options Average Revenue Per Contract

$0.340

$0.322

$0.309

$0.294


Futures

$1.484

$1.442

$1.473

$1.573


     Total Average Revenue Per Contract

$0.376

$0.355

$0.342

$0.326


About CBOE Holdings

CBOE Holdings, Inc. (NASDAQ: CBOE) is the holding company for Chicago Board Options Exchange (CBOE), CBOE Futures Exchange (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 is regulated by the Securities and Exchange Commission (SEC), with all trades cleared by the OCC.

CBOE®, Chicago Board Options Exchange®, CFE®, FLEX®, LEAPS®, CBOE Volatility Index® and VIX® are registered trademarks, and BuyWriteSM, BXMSM, CBOE Futures ExchangeSM, SPXSM and The Options Institute are service marks of Chicago Board Options Exchange, Incorporated (CBOE). C2SM, C2 Options ExchangeSM and SPXpmSM 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.

CBOE-V

CBOE-2

CBOE-EF

 

 

SOURCE CBOE Holdings, Inc.

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