CBOE Holdings Reports Trading Volume For 2015

-- Total Volume of 1.2 Billion Contracts in 2015

-- Total Index Options, SPX Options at CBOE and VIX Futures at CFE Set Annual Volume Records

-- Total Volume of 90 Million Contracts in December

04 Jan, 2016, 16:05 ET from CBOE Holdings, Inc.

CHICAGO, Jan. 4, 2016 /PRNewswire/ -- CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that consolidated trading volume for options contracts on Chicago Board Options Exchange® (CBOE®) and C2 Options Exchange (C2) and futures contracts on CBOE Futures Exchange (CFE®) totaled 1.2 billion contracts in 2015, a decrease of 11 percent from the record 1.3 billion contracts in 2014.  Average daily volume (ADV) was 4.7 million contracts on the year, a decrease of 11 percent from the record 5.3 million contracts per day in 2014.

 

Several trading records were set at CBOE and CFE during the year. Index options trading at CBOE reached a new all-time high for a third consecutive year, driven by record trading in S&P 500 Index (SPX) options. In addition, trading in CBOE Volatility Index® (VIX®) futures set new records for total volume and ADV for the sixth straight year.  

CBOE Holdings Consolidated Trading Volume

Full Year

(contracts in thousands)

Dec

 2015

Dec

2014

% Chg

Nov

2015

% Chg

2015

2014

% Chg

Trading Days

22

22

20

252

252

Total Contracts (options & futures)

90,028.8

112,559.9

-20%

82,767.2

9%

1,173,934.2

1,325,391.5

-11%

Total Options Contracts (CBOE & C2)

85,495.5

107,567.0

-21%

79,286.0

8%

1,122,258.6

1,274,776.2

-12%

Total Futures Contracts (CFE)

4,533.4

4,992.9

-9%

3,481.2

30%

51,675.5

50,615.3

2%

Total ADV (options & futures)

4,092.2

5,116.4

-20%

4,138.4

-1%

4,658.5

5,259.5

-11%

Total Options ADV (CBOE & C2)

3,886.2

4,889.4

-21%

3,964.3

-2%

4,453.4

5,058.6

-12%

Total Futures ADV (CFE)

206.1

226.9

-9%

174.1

18%

205.1

200.9

2%

 

CBOE Trading Volume and Market Share

CBOE Volume

  • Total trading volume at CBOE in 2015 was 1.0 billion contracts, down 13 percent from the record volume in 2014. ADV was 4.1 million contracts, down 13 percent from the record ADV set in 2014.
  • In 2015, total volume in equity options was 370.1 million contracts, and ADV was 1.5 million contracts, both down 22 percent from 2014.
  • In 2015, total volume in exchange traded product (ETP) options was 266.4 million contracts, and ADV was 1.1 million contracts, both down 14 percent from 2014.
  • In the 2:00 a.m. to 8:15 a.m. CT extended trading hours (ETH) session, a total of nearly 640,000 SPX and VIX options contracts traded. CBOE introduced ETH for SPX and VIX options in March.

CBOE Volume Records

  • Total trading volume at CBOE set a single-day record on August 21 with 11.2 million contracts traded.
  • Trading in index options set new total volume and ADV records for a third consecutive year. Total volume in 2015 was 406.5 million contracts, and ADV was 1.6 million contracts, both up slightly from 2014.
  • Total index options trading volume also set a single-day record on August 21 with 5.0 million contracts traded.
  • Trading in SPX options set multiple volume records in 2015. For a third consecutive year, total annual volume and annual ADV reached new all-time highs of 236.5 million contracts and nearly 940,000 contracts, respectively. In addition, SPX options trading set new records for monthly ADV (1.3 million contracts in August) and single-day volume (2.9 million contracts on August 21).
  • Trading in VIX options set records for monthly total volume and monthly ADV in August with 20.8 million contracts and more than 900,000 contracts, respectively.
  • Expanded December 2015 and full-year volume information for CBOE index and ETP options is available at: www.cboe.com/data/monthlyvolume.aspx.

 

CBOE Trading Volume Current Month

Full Year

(contracts in thousands)

Dec

2015

Dec

2014

% Chg

Nov

2015

% Chg

2015

2014

% Chg

Trading Days

22

22

20

252

252

Total Exchange

78,798.9

100,537.2

-22%

74,221.6

6%

1,043,031.6

1,193,388.4

-13%

Total Exchange ADV

3,581.8

4,569.9

-22%

3,711.1

-3%

4,139.0

4,735.7

-13%

Equity Options

26,090.9

37,623.4

-31%

29,618.2

-12%

370,122.1

476,930.0

-22%

Equity Options ADV

1,186.0

1,710.2

-31%

1,480.9

-20%

1,468.7

1,892.6

-22%

Index Options

32,326.0

35,470.3

-9%

28,813.2

12%

406,467.5

405,948.2

0.1%

Index Options ADV

1,469.4

1,612.3

-9%

1,440.7

2%

1,613.0

1,610.9

0.1%

ETP Options

20,382.0

27,443.6

-26%

15,790.2

29%

266,442.0

310,510.1

-14%

ETP Options ADV

926.5

1,247.4

-26%

789.5

17%

1,057.3

1,232.2

-14%

 

CBOE Market Share    

  • CBOE's market share of total U.S. options industry volume for 2015 was 25.2 percent, a decrease of 2.8 percentage points from 2014.
  • Market share in index options posted a 1.2 percentage point gain over the previous year, while equity and ETP options declined 3.4 and 3.5 percentage points, respectively, from 2014.

 

CBOE Market Share Current Month

Full Year

Dec 2015

Dec 2014

% Pt. Chg

Nov 2015

% Pt. Chg

2015

2014

% Pt. Chg

Total Exchange

23.3%

28.4%

-5.1%

23.0%

0.3%

25.2%

28.0%

-2.8%

Equity Options

16.2%

20.7%

-4.5%

15.8%

0.4%

17.0%

20.4%

-3.4%

Index Options

98.2%

97.2%

1.0%

97.7%

0.5%

97.8%

96.6%

1.2%

ETP Options

14.1%

20.2%

-6.1%

14.9%

-0.8%

17.2%

20.7%

-3.5%

 

C2 Trading Volume and Market Share

C2 Volume

  • Total trading volume at C2 for 2015 was 79.2 million contracts, down 3 percent from the record volume in 2014. ADV on the year was 314,393 contracts, down 3 percent from the record ADV set in 2014.

  

C2 Trading Volume Current Month

Full Year

(contracts in thousands)

Dec

2015

Dec

2014

% Chg

Nov

2015

% Chg

2015

2014

% Chg

Trading Days

22

22

20

252

252

Total Exchange

6,696.5

7,029.8

-5%

5,064.4

32%

79,226.9

81,387.8

-3%

Total Exchange ADV

304.4

319.5

-5%

253.2

20%

314.4

323.0

-3%

Equity Options

1,543.6

1,183.0

30%

1,430.8

8%

22,862.5

11,601.0

97%

Equity Options ADV

70.2

53.8

30%

71.5

-2%

90.7

46.0

97%

Index Options

237.5

71.8

231%

187.8

26%

1,810.7

550.1

229%

Index Options ADV

10.8

3.3

231%

9.4

15%

7.2

2.2

229%

ETP Options

4,915.4

5,774.9

-15%

3,445.9

43%

54,553.7

69,236.7

-21%

ETP Options ADV

223.4

262.5

-15%

172.3

30%

216.5

274.7

-21%

 

C2 Market Share

  • C2's market share of total U.S. options industry volume for 2015 was 1.9 percent, unchanged from 2014. Market share in equity options and index options grew 0.5 and 0.3 of a percentage point, respectively over 2014, while ETP options declined by 1.1 percentage points from 2014.

 

C2  Market Share Current Month

Full Year

Dec 2015

Dec 2014

% Pt. Chg

Nov 2015

% Pt. Chg

2015

2014

% Pt. Chg

Total Exchange

2.0%

2.0%

--

1.6%

0.4%

1.9%

1.9%

--

Equity Options

1.0%

0.6%

0.4%

0.8%

0.2%

1.0%

0.5%

0.5%

Index Options

0.7%

0.2%

0.5%

0.6%

0.1%

0.4%

0.1%

0.3%

ETP Options

3.4%

4.2%

-0.8%

3.3%

0.1%

3.5%

4.6%

-1.1%

 

CBOE Futures Exchange (CFE) Trading Volume

CFE Volume

  • Exchangewide trading volume and ADV at CFE set new annual records for a sixth consecutive year in 2015. Total exchangewide volume was 51.7 million contracts, up 2 percent from 2014, while ADV at CFE was 205,062 contracts, also up 2 percent from 2014.
  • Trading volume in VIX futures also set new total volume and ADV records for a sixth straight year in 2015. The 51.6 million VIX futures total contracts traded in 2015 was an increase of 2 percent from 2014. ADV in VIX futures was 204,856 contracts, up 2 percent from 2014.
  • In the first full year of nearly 24-hour trading, VIX futures posted volume of 4.6 million contracts, with an ADV of more than 18,000 contracts in extended (non-U.S.) trading hours, representing nearly 9 percent of total volume.

CBOE Holdings Average Revenue Per Contract 

The following represents 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 during the period. Average transaction fees 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:

Nov

2015

Oct

2015

Sept

2015

Aug

2015

Equity Options

$0.098

$0.105

$0.106

$0.104

Index Options

$0.718

$0.706

$0.709

$0.703

ETP Options

$0.144

$0.146

$0.143

$0.133

     Total Options Average Revenue Per Contract

$0.357

$0.370

$0.368

$0.352

Futures

$1.686

$1.662

$1.647

$1.661

     Total Average Revenue Per Contract

$0.417

$0.432

$0.431

$0.416

 

About CBOE Holdings:

CBOE Holdings, Inc. (NASDAQ: CBOE) is the holding company for Chicago Board Options Exchange (CBOE), the 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 options and futures on the CBOE Volatility Index (VIX Index) and S&P 500 options (SPX), the most active U.S. index option.  Other products engineered by CBOE include equity options, security index options, Weeklys options, FLEX options, and benchmark products such as the CBOE S&P BuyWrite Index (BXM). CBOE Holdings is home to the world-renowned Options Institute, Livevol options analytics and data tools, and www.cboe.com, the go-to place for options and volatility trading resources.

Media Contacts:

Analyst Contact:

Suzanne Cosgrove

Gary Compton

Debbie Koopman

(312) 786-7123

(312) 786-7612

(312) 786-7136

cosgrove@cboe.com 

comptong@cboe.com 

koopman@cboe.com

CBOE-V CBOE-2 CBOE-EF

CBOE®, Chicago Board Options Exchange®, CFE®, Execute Success®, FLEX®, Livevol®, CBOE Volatility Index® and VIX® are registered trademarks, and BuyWriteSM, BXMSM, CBOE Futures ExchangeSM, The Options InstituteSM and WeeklysSM are service marks of Chicago Board Options Exchange, Incorporated (CBOE). 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 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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