CBOE Holdings Reports January 2013 Trading Volume: VIX Options and Futures Set All-Time Monthly Volume Records

CHICAGO, Feb. 1, 2013 /PRNewswire/ -- CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that January  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 89.02 million contracts. Average daily volume (ADV) in January was 4.24 million contracts, up eight percent from 3.93 million contracts in December 2012 and down seven percent from 4.56 million contracts in January 2012. 

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In January, CBOE Volatility Index® (VIX®) options and futures both established record-breaking monthly trading volumes.  

CBOE Holdings Consolidated Trading Volume

(trades in thousands)

Jan-13

Jan-12

%
Chg

Dec-12

%
Chg

Trading Days

21

20


20


Total Contracts
(options & futures)

89,019.9

91,173.9

-2%

78,594.1

13%

Total Options Contracts
(CBOE & C2)

86,092.3

90,362.7

-5%

76,147.6

13%

Total Futures Contracts
(CFE)

2,927.6

811.3

261%

2,446.5

20%







Total ADV
(options & futures)

4,239.0

4,558.7

-7%

3,929.7

8%

Total Options ADV
(CBOE & C2)

4,099.6

4,518.1

-9%

3,807.4

8%

Total Futures ADV
(CFE)

139.4

40.6

244%

122.3

14%

CBOE Trading Volume and Market Share

CBOE Trading Volume:

  • January 2013 ADV at CBOE was 3.85 million contracts, down 11 percent from January 2012 ADV of 4.32 million contracts and up seven percent from December 2012 ADV of 3.60 million contracts.
  • VIX Index options recorded their best month ever with an average daily volume of 680,822 contracts, exceeding the previous record ADV of 582,022 contracts in August 2011.  Total volume for the month was 14.3 million contracts, also a new record.
  • During the month, index options ADV rose 46 percent and 19 percent, respectively, from January 2012 and December 2012.
  • The five most actively traded index and ETF options at CBOE during January 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

(trades in thousands)

Jan-13

Jan-12

%
Chg

Dec-12

%
Chg

Trading Days

21

20


20


Total Exchange

80,839.6

86,326.8

-6%

71,937.6

12%

Total Exchange ADV

3,849.5

4,316.3

-11%

3,596.9

7%

Equity Options

32,613.1

44,147.6

-26%

27,931.0

17%

Equity Options ADV

1,553.0

2,207.4

-30%

1,396.5

11%

Index Options

32,027.7

20,898.1

53%

25,628.9

25%

Index Options ADV

1,525.1

1,044.9

46%

1,281.4

19%

ETF Options

16,198.8

21,281.1

-24%

18,377.8

-12%

ETF Options ADV

771.4

1,064.1

-28%

918.9

-16%

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

CBOE Market Share:
CBOE market share of total U.S. options industry volume was 22.4 percent in January 2013, down 0.6 of a percentage point from December 2012 and down 3.3 percentage points from January 2012. If the volume from dividend trades was excluded from industry data for January, the Exchange's total market share would be 22.8 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


Jan-13

Jan-12

%  Pt.
Chg

Dec-12

% Pt.
Chg

Total Exchange

22.4%

25.7%

-3.3%

23.0%

-0.6%

Total Exchange
(excl. dividend trades)

22.8%

27.8%

-5.0%

24.3%

-1.5%

Equity Options

14.8%

20.6%

-5.8%

16.8%

-2.0%

Equity Options
(excl. dividend trades)

16.4%

23.7%

-7.3%

19.1%

-2.7%

Index Options

94.8%

95.0%

-0.2%

94.9%

-0.1%

Index Options
(excl. dividend trades)

94.6%

95.0%

-0.4%

94.5%

0.1%

ETF Options

15.2%

21.4%

-6.2%

15.4%

-0.2%

ETF Options
(excl. dividend trades)

15.2%

21.4%

-6.2%

16.5%

-1.3%

C2 Trading Volume and Market Share

C2 Trading Volume Current Month

(trades in thousands)

Jan-13

Jan-12

%
Chg

Dec-12

%
Chg

Trading Days

21

20


20


Total Exchange

5,252.7

4,035.9

30%

4,210.0

25%

Total Exchange ADV

250.1

201.8

24%

210.5

19%

Equity Options

2,451.2

1,837.9

33%

1,815.1

35%

Equity Options ADV

116.7

91.9

27%

90.8

29%

Index Options

84.2

92.7

-9%

119.3

-29%

Index Options ADV

4.0

4.6

-13%

6.0

-33%

ETF Options

2,717.3

2,105.3

29%

2,275.7

19%

ETF Options ADV

129.4

105.3

23%

113.8

14%

C2 Trading Volume:
C2 volume in January 2013 totaled 5.25 million contracts. ADV was 250,100 contracts – up 24 percent from January 2012 ADV of 201,800 contracts and up 19 percent from December 2012 ADV of 210,500 contracts.

C2  Market Share Current Month


Jan-13

Jan-12

% Pt.
Chg.

Dec-12

% Pt.
Chg

Total Exchange

1.5%

1.2%

0.3%

1.4%

0.1%

Total Exchange
(excl. dividend trades)

1.5%

0.9%

0.6%

1.4%

0.1%

Equity Options

1.1%

0.9%

0.2%

1.1%

--

Equity Options
(excl. dividend trades)

1.2%

1.0%

0.2%

1.1%

0.1%

Index Options

0.2%

0.4%

-0.2%

0.4%

-0.2%

Index Options
(excl. dividend trades)

0.2%

0.4%

-0.2%

0.5%

-0.3%

ETF Options

2.5%

2.1%

0.4%

1.9%

0.6%

ETF Options
(excl. dividend trades)

2.6%

2.1%

0.5%

2.0%

0.6%

C2 Market Share:
C2 market share of total industry volume in January 2013 was 1.5 percent, up 0.3 of a percentage point from January 2012 and up 0.1 of a percentage point from December 2012.

CBOE Futures Exchange Trading Volume

  • VIX futures monthly trading volume and ADV established all-time highs in January 2013.  Nearly 2.9 million VIX futures contracts changed hands, beating the previous record of over 2.7 million contracts traded in November 2012. 
  • The record VIX futures ADV in January was 137,988 contracts, up 241 percent and 13 percent, respectively, from 40,439 contracts in January 2012 and 121,782 contracts in December 2012.
  • VIX futures also set new open interest records on four consecutive days in January, culminating on January 16 with record open interest of 472,403 contracts.

CBOE Holdings Average Transaction Fee Per Contract  

The company will report its average transaction fee per contract for the three months ended December 31, 2012, in conjunction with its quarterly earnings news release, which will be issued on Friday, February 8, 2013.  This information also will be posted to the Investor Relations section of CBOE's web site under Financial Information, Supplemental Information.

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 ETF 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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