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CBOE Reports July 2010 Trading Volume

CHICAGO, Aug. 2 /PRNewswire/ -- The Chicago Board Options Exchange (CBOE) today reported that daily volume in July averaged 3.9 million contracts, a six-percent decline from June 2010 average daily volume (ADV) of 4.1 million contracts and down 11 percent from July 2009 ADV of 4.3 million contracts.

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With one less trading day in the month, July 2010 trading volume at CBOE totaled just under 81.0 million contracts, versus 90.7 million contracts in June 2010 and 95.1 million contracts in July 2009.  

Year-to-date ADV through July was up five percent compared with the same period in 2009.

Product-by-product comparisons – Year to date through July, average daily volume in index options and ETF options was up 35 percent and eight percent, respectively, and equity option ADV declined seven percent against the first seven months of 2009.

July 2010 ADV for index options rose nine percent against July 2009, while ETF and equity options declined eight percent and 19 percent, respectively.   When compared to average daily volume during June 2010, July 2010 ADV in equity options rose four percent; index and ETF options dropped 12 percent and 19 percent, respectively, for the same period.  



Current Month

Year-To-Date

(trades in thousands)

July 2010

July 2009

%   Chg

June 2010

%    Chg

July 2010

July 2009

%    Chg

Trading Days

21

22


22


145

146


Total Exchange

80,923.4

95,106.5

-15%

90,667.5

-11%

691,588.1

665,087.3

4%

Total Exchange ADV

3,853.5

4,323.0

-11%

4,121.2

-6%

4,769.6

4,555.4

5%

Equity Options

41,928.3

54,230.1

-23%

42,300.3

-1%

350,566.2

377,907.2

-7%

Equity Options ADV

1,996.6

2,465.0

-19%

1,922.7

4%

2,417.7

2,588.4

-7%

Index Options

18,782.5

17,971.4

5%

22,329.3

-16%

165,959.0

124,190.9

34%

Index Options ADV

894.4

816.9

9%

1,015.0

-12%

1,144.5

850.6

35%

ETF Options

20,212.6

22,905.0

-12%

26,037.9

-22%

175,060.8

162,983.9

7%

ETF Options ADV

962.5

1,041.1

-8%

1,183.5

-19%

1,207.3

1,116.3

8%




Expanded July volume information for index and ETF options is available at: www.cboe.com/data/monthlyvolume.aspx.

CBOE Overall Market Share:

CBOE's market share of total U.S. options industry volume in July was 29.2 percent, a 0.1-percentage-point decline from June 2010 and down 1.9 percentage points from July 2009.

  • CBOE July market share by product:
    • Index options - CBOE's market share was 92.8 percent, down 0.8 of a percentage point from June 2010 and up 2.7 percentage points from July 2009.
    • Equity options - CBOE's market share was 25.3 percent, an increase of 0.8 of a percentage point from June 2010 and a decline of 1.8 percentage points from July 2009.
    • ETF options - CBOE's market share was 22.1 percent, down one percentage point from June 2010 and a decline of 4.7 percentage points from July 2009.



Current Month

Year-To-Date


July 2010

July 2009

% Pt. Chg

June 2010

% Pt. Chg

July 2010

July 2009

% Pt. Chg

Total Exchange

29.2%

31.1%

-1.9%

29.3%

-0.1%

30.4%

31.4%

-1.0%

Equity Options

25.3%

27.1%

-1.8%

24.5%

0.8%

25.6%

28.0%

-2.4%

Index Options

92.8%

90.1%

2.7%

93.6%

-0.8%

93.4%

90.5%

2.9%

ETF Options

22.1%

26.8%

-4.7%

23.1%

-1.0%

24.0%

25.8%

-1.8%




Average Transaction Fee per Contract:

The company will report its average transaction fee per contract for the three months ended June 30, 2010, in conjunction with its quarterly earnings news release, which will be issued on Thursday, August 5.  This information also will be posted to the Investor Relations section of CBOE's web site under Financial Information, Supplemental Information.

July Highlights:

  • On July 8, CBOE announced that the Circuit Court of Cook County had ruled in favor of CBOE, CME Group Index Services, LLC (CGIS) and The McGraw-Hill Companies, Inc., regarding the index options litigation brought against the International Securities Exchange, LLC (ISE) and The Options Clearing Corporation (OCC).  The ruling prohibited ISE from listing or offering a market for trading in options on either the S&P 500® Index (SPX) or the Dow Jones Industrial AverageSM (DJX), to which CBOE holds exclusive licenses.  On July 28, 2010, ISE filed an appeal of the Circuit Court's ruling with the Illinois Appellate Court.
  • At CBOE Futures Exchange (CFE):  July 2010 trading volume totaled 270,014 contracts (ADV 12,857 contracts), compared to 89,851 contracts for July 2009 (ADV 4,084 contracts).  July marked the tenth consecutive month in which total CFE volume registered an increase compared with year-over-year trading activity.  July's volume was three percent greater than June 2010 trading volume.  
  • At CBOE Stock Exchange (CBSX): July volume reached an all-time record for any month as 598.0 million shares changed hands at CBSX, surpassing the previous record of 490.0 million shares in October 2008.
  • The top five most actively traded index and ETF options at CBOE were the S&P 500 Index (SPX), Standard and Poor's Depositary Receipts (SPY), CBOE Volatility Index (VIX), iShares Russell 2000 Index Fund (IWM), and PowerShares QQQ Trust (QQQQ).
  • The top five most actively traded equity options at CBOE were Citigroup (C), Apple (AAPL), Bank of America (BAC), BP, plc (BP), and Microsoft (MSFT).

Chicago Board Options Exchange (CBOE), the largest U.S. options exchange and creator of listed options, continues to set the bar for options trading through product innovation, trading technology and investor education. CBOE 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 on the CBOE Volatility Index (VIX). 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's Hybrid Trading System incorporates electronic and open-outcry trading and is powered by CBOEdirect, a proprietary, state-of-the-art electronic platform that also supports the CBOE Futures Exchange (CFE), CBOE Stock Exchange (CBSX) and OneChicago. CBOE is home to the world-renowned Options Institute and www.cboe.com, named "Best of the Web" for options information and education.

CBOE, a wholly-owned subsidiary of CBOE Holdings, Inc. (NASDAQ: CBOE), is regulated by the Securities and Exchange Commission (SEC), with all trades cleared by the AAA-rated Options Clearing Corporation (OCC).

CBOE®, Chicago Board Options Exchange®, CBOEdirect®, CBOE Volatility Index®, VIX®, FLEX®,, Hybrid®, LEAPS®, CBSX® and CBOE Stock Exchange® are registered trademarks of Chicago Board Options Exchange, Incorporated (CBOE).   SPXSM, BXMSM and The Options InstituteSM are service marks of CBOE.  CFE® is a registered trademark and CBOE Futures ExchangeSM is a service mark of CBOE Futures Exchange, LLC.  S&P®, and S&P 500® are registered trademarks of the McGraw-Hill Companies, Inc. and are licensed for use by CBOE.  Dow Jones and Dow Jones Industrial Average are trademarks of CME Group Index Services, LLC and have been licensed for use for certain purposes by CBOE.

CBOE-V

This press release contains statements which may be considered forward-looking statements within the meaning of the Securities Exchange Act of 1934, including, without limitation, statements regarding operating strategies, future plans and financial results. Forward-looking statements may be accompanied by words such as "anticipate", "believe", "could", "estimate", "expect", "forecast", "intend", "may", "possible", "predict", "project" or similar words, phrases or expressions. Neither CBOE nor CBOE Holdings, Inc. undertakes any obligation to update the information contained herein, which speaks only as of the date of this press release.  More detailed information about factors that may affect CBOE's or CBOE Holdings, Inc.'s performance may be found in CBOE Holdings, Inc.'s filings with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 under the heading "Forward-Looking Statements" and/or "Risk Factors". Such discussions regarding risk factors and forward-looking statements are incorporated herein by reference.

SOURCE Chicago Board Options Exchange

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