CBOE Holdings, Inc. (Nasdaq: CBOE) today announced that January trading volume for options on the Chicago Board Options Exchange (CBOE) and C2 Options Exchange (C2), the company's new alternative all-electronic market, combined, totaled 105.8 million contracts, an average daily volume (ADV) of 5.3 million contracts. Futures trading on CBOE Futures Exchange (CFE) set a new monthly volume record of over 778,000 contracts in January, an ADV of 39,000 contracts.
CBOE Options Trading:
- CBOE's January 5.13-million-contract ADV was a six-percent increase from 4.85 million contracts per day in January 2010 and a 34-percent increase over December 2010 ADV of 3.82 million contracts.
- CBOE index options — January 2011 index options ADV was 1.12 million contracts, even with January 2010 ADV and up 27 percent from December 2010 ADV of 888,200 contracts.
- CBOE equity options — January 2011 equity options ADV was 2.90 million contracts, up nine percent from 2.65 million contracts per day in January 2010 and up 38 percent from 2.11 million contracts per day in December 2010.
- CBOE ETF options — January 2011 ETF options ADV was 1.11 million contracts, up three percent from 1.08 million contracts ADV in January 2010 and up 35 percent from 821,900 contracts per day in December 2010.
- The top five most actively traded index and ETF options at CBOE during January were the S&P 500 Index (SPX), Standard and Poor's Depositary Receipts (SPY), CBOE Volatility Index (VIX), PowerShares QQQ Trust (QQQQ), and iShares Trust Russell 2000 Index Fund (IWM).
- CBOE Volatility Index (VIX) options volume totaled an all-time monthly record 7.9 million contracts in January, exceeding the previous monthly record of 6.7 million contracts traded in May 2010.
- The top five most actively traded equity options at CBOE during January were Citigroup (C), Bank of America (BAC), Apple (AAPL), Ford Motor Company (F), and General Electric (GE).
CBOE Trading Volume and Market Share:
CBOE Trading Volume (Current Month) |
||||||
(trades in thousands) |
January 2011 |
January 2010 |
% Chg |
December 2010 |
% Chg |
|
Trading Days |
20 |
19 |
22 |
|||
Total Exchange |
102,667.8 |
92,160.5 |
11% |
83,966.7 |
22% |
|
Total Exchange ADV |
5,133.4 |
4,850.6 |
6% |
3,816.7 |
34% |
|
Equity Options |
57,979.9 |
50,412.1 |
15% |
46,344.1 |
25% |
|
Equity Options ADV |
2,899.0 |
2,653.3 |
9% |
2,106.6 |
38% |
|
Index Options |
22,484.1 |
21,310.4 |
6% |
19,539.8 |
15% |
|
Index Options ADV |
1,124.2 |
1,121.6 |
0% |
888.2 |
27% |
|
ETF Options |
22,203.8 |
20,437.9 |
9% |
18,082.7 |
23% |
|
ETF Options ADV |
1,110.2 |
1,075.7 |
3% |
821.9 |
35% |
|
Expanded January volume information for CBOE index and ETF options is available at: www.cboe.com/data/monthlyvolume.aspx.
CBOE Market Share: CBOE's market share of total U.S. options industry volume in January was 27.1 percent, up 2.5 percentage points from December 2010 and down 2.5 percentage points from January 2010. If the volume from dividend trades was excluded from CBOE's data for January 2011, the Exchange's total market share for January would increase to 28.4 percent from 27.1 percent, an increase of 1.3 market share points. 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) |
||||||
January 2011 |
January 2010 |
% Pt. Chg |
December 2010 |
% Pt. Chg |
||
Total Exchange |
27.1% |
29.6% |
-2.5% |
24.6% |
2.5% |
|
Total Exchange (excluding dividend trades) |
28.4% |
30.9% |
-2.5% |
26.6% |
1.8% |
|
Equity Options |
23.5% |
24.8% |
-1.3% |
22.9% |
0.6% |
|
Index Options |
95.1% |
94.4% |
0.7% |
94.3% |
0.8% |
|
ETF Options |
20.6% |
23.8% |
-3.2% |
15.3% |
5.3% |
|
CBOE January Market Share by Product:
- Index options — CBOE's market share was 95.1 percent, up 0.8 of a percentage point from December 2010 and up 0.7 of a percentage point from January 2010.
- Equity options — CBOE's market share was 23.5 percent, up 0.6 of a percentage point from December 2010 and down 1.3 percentage points from January 2010.
- ETF options — CBOE's market share was 20.6 percent, up 5.3 percentage points from December 2010 and down 3.2 percentage points from January 2010.
C2 Trading Volume and Market Share:
In January, C2 trading volume totaled more than 3.1 million contracts, up 28 percent from December 2010 volume of 2.4 million contracts. C2 average daily volume in January was 156,000 contracts, up 41 percent from December 2010 ADV of 111,000 contracts. C2 equity option and ETF option ADV in January rose 56 percent and 25 percent, respectively, over December 2010 ADV.
C2 now lists 360 options classes, representing 81 percent of all U.S. options trading volume.
C2 Trading Volume |
||||||
(trades in thousands) |
January 2011 |
January 2010 |
% Chg |
December 2010 |
% Chg |
|
Trading Days |
20 |
19 |
22 |
|||
Total C2 |
3,120.2 |
--- |
--- |
2,442.8 |
28% |
|
Total C2 ADV |
156.0 |
--- |
--- |
111.0 |
41% |
|
Equity Options |
1,729.2 |
--- |
--- |
1,218.6 |
42% |
|
Equity Options ADV |
86.5 |
--- |
--- |
55.4 |
56% |
|
ETF Options |
1,391.0 |
--- |
--- |
1,224.2 |
14% |
|
ETF Options ADV |
69.5 |
--- |
--- |
55.6 |
25% |
|
C2 Market Share: C2's market share of total U.S. options industry volume in January was 0.8 percent, up 0.1 of a percentage point from December 2010.
C2 Market Share |
||||||
January 2011 |
January 2010 |
% Pt. Chg |
December 2010 |
% Pt. Chg |
||
Total C2 |
0.8% |
--- |
--- |
0.7% |
0.1% |
|
Total Exchange (excluding dividend trades) |
0.9% |
--- |
--- |
0.8% |
0.1% |
|
Equity Options |
0.7% |
--- |
--- |
0.6% |
0.1% |
|
ETF Options |
1.3% |
--- |
--- |
1.0% |
0.3% |
|
CFE Futures Trading:
- With volume totaling 778,157 contracts traded, CBOE Futures Exchange (CFE) recorded its most active month ever in January. Average daily volume at CFE in January was a record 38,908 contracts, up 234 percent from January 2010 and a 54-percent increase from December 2010.
- CBOE Volatility Index (VIX) futures, the most active of CFE's products, posted record monthly volume of 777,366 contracts in January, an ADV of 38,868 contracts. VIX futures ADV, also a record, was up 253 percent over January 2010 ADV and up 40 percent over December 2010 ADV.
- January also marked the sixteenth consecutive month of year-over-year volume increases for CFE.
CBOE Holdings Average Transaction Fee Per Contract:
The company will report its average transaction fee per contract for the three months ended December 31, 2010, in conjunction with its quarterly earnings news release, which will be issued on Thursday, February 10. This information also will be posted to the Investor Relations section of CBOE's web site under Financial Information, Supplemental Information.