Trading activity at CBOE Holdings reached new all-time highs in total volume and average daily volume (ADV) in 2014.
CBOE Holdings consolidated trading volume for options contracts on Chicago Board Options Exchange (CBOE) and C2 Options ExchangeSM (C2SM) and futures contracts on CBOE Futures Exchange (CFE) totalled 1.3 billion contracts, an increase of 12 per cent over the 1.2 billion contracts in 2013. Average daily volume was 5.3 million contracts, an increase of 12 per cent from the 4.7 million contracts per day in 2013.
New records for annual total volume and average daily volume were also set at CBOE, C2 and CFE in 2014.
Total trading volume at CBOE for 2014 was a record 1.2 billion contracts, up 11 per cent from 2013. ADV reached a new all-time high of 4.7 million contracts, also up 11 per cent from 2013.
Total index options volume at CBOE reached a new all-time high of 405.9 million contracts, driven by record volume of 223.8 million contracts in S&P 500 Index (SPX) options and record volume of 159.4 million contracts in CBOE Volatility Index (VIX Index) options.
For the year, ADV in CBOE's equity options was 1.9 million contracts, up 14 per cent from 2013, index options was 1.6 million contracts, up nine per cent from 2013, and exchange traded product (ETP) options was 1.2 million contracts, up 11 per cent from 2013.
CBOE's market share of total U.S. options industry volume in 2014 was 28.0 percent, an increase of 2.0 percentage points from 2013. Equity and ETP options both posted percentage point gains over the previous year, while index options remained on par with 2013.
Total trading volume at C2 for 2014 was a record 81.4 million contracts, up six per cent from 2013. ADV on the year was 322,968 contracts, also a new all-time high, and an increase of six per cent from the prior year.
C2's market share of total U.S. options industry volume in 2014 was 1.9 percent, unchanged from 2013. Market share in ETP options grew 0.3 of a percentage point over 2013.
Exchange-wide trading volume and ADV at CFE set new annual records for a fifth consecutive year in 2014. Total exchange-wide volume was 50.6 million contracts, up 26 per cent from 2013, while ADV at CFE was 200,854 contracts, also up 26 per cent from 2013.
The top five – and seven of the top ten – highest volume trading months in CFE history occurred during 2014.
Trading volume in VIX futures also set new total volume and average daily volume records for a fifth straight year in 2014. The 50.5 million VIX futures contracts in 2014 was an increase of 27 per cent from the 39.9 million contracts in 2013, the previous record. ADV in VIX futures was 200,521 contracts, up 27 per cent from the ADV of 158,508 contracts in 2013.
New records were set during the year for single-day, weekly, monthly, quarterly and annual trading volumes for VIX futures.
The following represents average transaction fee per contract based on a three-month rolling average, reported on a one-month lag. The average transaction fee per contract represents total transaction fees for CBOE, C2, and CFE recognised 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.
