CBOE GLOBAL MARKETS 
By In the news release, CBOE Holdings Reports 2012 Consolidated Trading Volume:, issued
CBOE Holdings Reports 2012 Consolidated Trading Volume:
-- CBOE Trading Volume Tops One Billion Contracts for Fifth Straight Year
-- CBOE Futures Exchange Sets New Record - ADV Doubles to 95,000+ Contracts
CHICAGO, Jan. 2, 2013 /PRNewswire/ -- CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that 2012 consolidated trading volume for options contracts on Chicago Board Options Exchange® (CBOE®) and C2 Options Exchange(SM) (C2(SM)) and futures contracts on CBOE Futures Exchange(SM) (CFE®) totaled 1.13 billion contracts. Average daily volume (ADV) in 2012 was 4.54 million contracts, down six percent from 4.83 million contracts traded in 2011.
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The year 2012 marked CBOE Holdings' fifth consecutive year of one-billion-plus contract trading volume.
Propelled by robust activity in futures on the CBOE Volatility Index® (VIX Index®) throughout the year, CBOE Futures Exchange ADV doubled to a record 95,600 contracts on annual volume of 23.89 million contracts.
CBOE Holdings Consolidated Trading Volume Year-To-Date
========================================= ============
(trades in thousands) Dec-12 Dec-11 % Chg Nov-12 % Chg Dec-12 Dec-11 % Chg
==================== ====== ====== ===== ====== ===== ====== ====== =====
Trading Days 20 21 21 250 252
------------ --- --- --- --- ---
Total Contracts 78,594.1 75,133.9 5% 91,314.9 -14% 1,134,317.4 1,216,923.1 -7%
(options & futures)
Total Options Contracts 76,147.6 74,485.4 2% 88,570.7 -14% 1,110,424.5 1,204,882.0 -8%
(CBOE & C2)
----------
Total Futures Contracts (CFE) 2,446.5 648.5 277% 2,744.2 -11% 23,892.9 12,041.1 98%
Total ADV 3,929.7 3,577.8 10% 4,348.3 -10% 4,537.3 4,829.1 -6%
(options & futures)
------------------
Total Options ADV (CBOE & C2) 3,807.4 3,546.9 7% 4,217.7 -10% 4,441.7 4,781.3 -7%
---------------------------- -------
Total Futures ADV (CFE) 122.3 30.9 296% 130.7 -6% 95.6 47.8 100%
=========================== ===== ==== === ===== === ==== ==== ===
CBOE Trading Volume and Market Share
CBOE 2012 Volume:
-- CBOE trading volume in 2012 totaled 1.06 billion contracts versus 1.15
billion contracts in 2011.
-- ADV in 2012 was 4.24 million contracts, down seven percent from 2011 ADV
of 4.57 million contracts.
CBOE December 2012 Volume:
-- CBOE trading volume in December 2012 totaled 71.94 million contracts
versus 70.60 million contracts in December 2011.
-- December 2012 ADV was 3.60 million contracts, up seven percent from
December 2011 ADV of 3.36 million contracts and down ten percent from
November 2011 ADV of 3.99 million contracts.
CBOE Trading Volume Current Month Year-To-Date
================================= ============
(trades in thousands) Dec-12 Dec-11 % Chg Nov-12 % Chg Dec-12 Dec-11 % Chg
==================== ====== ====== ===== ====== ===== ====== ====== =====
Trading Days 20 21 21 250 252
------------ --- --- --- --- ---
Total Exchange 71,937.6 70,602.8 2% 83,704.1 -14% 1,059,404.1 1,152,063.4 -8%
-------------- ---
Total Exchange ADV 3,596.9 3,362.0 7% 3,985.9 -10% 4,237.6 4,571.7 -7%
------------------
Equity Options 27,931.0 29,205.0 -4% 31,760.3 -12% 473,708.5 496,905.8 -5%
-------------- -------- -------- --- -------- --- --------- --------- ---
Equity Options ADV 1,396.5 1,390.7 0% 1,512.4 -8% 1,894.8 1,971.8 -4%
------------------ ------- ------- --- ------- --- ------- ------- ---
Index Options 25,628.9 20,474.4 25% 29,360.8 -13% 302,878.7 320,077.1 -5%
------------- -------- -------- --- -------- --- --------- --------- ---
Index Options ADV 1,281.4 975.0 31% 1,398.1 -8% 1,211.5 1,270.1 -5%
----------------- ------- ----- --- ------- --- ------- ------- ---
ETF Options 18,377.8 20,923.3 -12% 22,583.1 -19% 282,816.9 335,080.4 -16%
----------- -------- -------- --- -------- --- --------- --------- ---
ETF Options ADV 918.9 996.3 -8% 1,075.4 -15% 1,131.3 1,329.7 -15%
=============== ===== ===== === ======= === ======= ======= ===
Expanded full-year and December 2012 volume information for CBOE index and ETF options is available at: www.cboe.com/data/monthlyvolume.aspx.
CBOE 2012 Market Share of total U.S. options industry volume was 26.5 percent, up 1.2 percentage points from 2011. If the volume from dividend trades was excluded from industry data for 2012, the Exchange's total market share for the year would be 27.7 percent.
CBOE December Market Share was 23.0 percent, up one percentage point from December 2011 and a 2.0-percentage-point decline from November 2012. If the volume from dividend trades was excluded from industry data for December 2011, the Exchange's total market share for December would be 24.3 percent.
Exclusion of dividend trades from total industry volume data presents a more relevant measure of the relative trends in the options business.
C2 Trading Volume and Market Share
CBOE Market Share Current Month Year-To-Date
=============================== ============
Dec-12 Dec-11 % Pt. Chg Nov-12 % Pt. Chg Dec-12 Dec-11 % Pt. Chg
====== ====== ========= ====== ========= ====== ====== =========
Total Exchange 23.0% 22.0% 1.0% 25.0% -2.0% 26.5% 25.3% 1.2%
-------------- ---- --- ---- ---- ---- ---
Total Exchange
(excl. dividend trades) 24.3% 24.7% -0.4% 25.8% -1.5% 27.7% 26.2% 1.5%
Equity Options 16.8% 16.3% 0.5% 17.4% -0.6% 20.9% 20.2% 0.7%
-------------- ---- ---- --- ---- ---- ---- ---- ---
Equity Options (excl.
dividend trades) 19.1% 20.1% -1.0% 20.1% -1.0% 23.2% 21.9% 1.3%
------------------------------------------- ---- ---- ---- ---- ---- ---- ---- ---
Index Options 94.9% 94.8% 0.1% 93.9% 1.0% 94.1% 94.8% -0.7%
------------- ---- ---- --- ---- --- ---- ---- ----
Index Options (excl. dividend trades) 94.5% 94.8% -0.3% 93.3% 1.2% 93.8% 94.8% -1.0%
--------------------------------------------- ---- ---- ---- ---- --- ---- ---- ----
ETF Options 15.4% 17.4% -2.0% 18.6% -3.2% 20.0% 19.0% 1.0%
----------- ---- ---- ---- ---- ---- ---- ---- ---
ETF Options (excl. dividend trades) 16.5% 18.2% -1.7% 18.6% -2.1% 20.4% 19.3% 1.1%
============================================= ==== ==== ==== ==== ==== ==== ==== ===
C2 2012 Volume:
-- C2 trading volume totaled 51.02 million contracts in 2012. ADV was
204,100 contracts. -- down three percent from 2011 ADV of 209,600
contracts. Equity and index options ADV rose eight percent and 15
percent, respectively, over 2011, and ETF ADV declined by 12 percent.
C2 December 2012 Volume:
-- C2 volume in December totaled 4.21 million contracts. ADV was 210,500
contracts -- up 14 percent from December 2011 ADV of 184,900 contracts
and down nine percent from November 2012 ADV of 231,700 contracts.
C2 Trading Volume Current Month Year-To-Date
=============================== ============
(trades in thousands) Dec-12 Dec-11 % Chg Nov-12 % Chg Dec-12 Dec-11 % Chg
==================== ====== ====== ===== ====== ===== ====== ====== =====
Trading Days 20 21 21 250 252
------------ --- --- --- --- ---
Total Exchange 4,210.0 3,882.6 8% 4,866.7 -13% 51,020.4 52,818.6 -3%
-------------- ---
Total Exchange ADV 210.5 184.9 14% 231.7 -9% 204.1 209.6 -3%
------------------
Equity Options 1,815.1 1,706.1 6% 1,946.7 -7% 20,594.5 19,231.9 7%
-------------- ------- ------- --- ------- --- -------- -------- ---
Equity Options ADV 90.8 81.2 12% 92.7 -2% 82.4 76.3 8%
------------------ ---- ---- --- ---- --- ---- ---- ---
Index Options 119.3 105.5 13% 106.0 13% 1,472.6 316.3 366%
------------- ----- ----- --- ----- --- ------- ----- ---
Index Options ADV 6.0 5.0 19% 5.0 18% 5.9 5.1 15%
----------------- --- --- --- --- --- --- --- ---
ETF Options 2,275.7 2,071.0 10% 2,814.0 -19% 28,953.3 33,270.4 -13%
----------- ------- ------- --- ------- --- -------- -------- ---
ETF Options ADV 113.8 98.6 15% 134.0 -15% 115.8 132.0 -12%
=============== ===== ==== === ===== === ===== ===== ===
C2 2012 Market Share of total U.S. option industry volume was 1.3 percent, up 0.1 of a percentage point from 2011.
C2 December Market Share was 1.4 percent, up 0.2 of a percentage point from December 2011 and down 0.1 of a percentage point from November 2012.
C2 Market Share Current Month Year-To-Date
============================== ============
Dec-12 Dec-11 % Pt. Chg Nov-12 % Pt. Chg Dec-12 Dec-11 % Pt. Chg
====== ====== ========= ====== ========= ====== ====== =========
Total Exchange 1.4% 1.2% 0.2% 1.5% -0.1% 1.3% 1.2% 0.1%
-------------- --- --- ---- --- ---
Total Exchange 1.4% 0.9% 0.5% 1.5% -0.1% 1.3% 1.2% 0.1%
(excl. dividend trades)
Equity Options 1.1% 1.0% 0.1% 1.1% -- 0.9% 0.8% 0.1%
-------------- --- --- --- --- --- --- --- ---
Equity Options 1.1% 1.1% -- 1.1% -- 1.0% 0.8% 0.2%
(excl. dividend trades)
----------------------
Index Options 0.4% 0.5% -0.1% 0.3% 0.1% 0.5% 0.1% 0.4%
------------- --- --- ---- --- --- --- --- ---
Index Options 0.5% 0.5% -- 0.4% 0.1% 0.5% 0.1% 0.4%
(excl. dividend trades)
----------------------
ETF Options 1.9% 1.7% 0.2% 2.3% -0.4% 2.1% 1.9% 0.2%
----------- --- --- --- --- ---- --- --- ---
ETF Options 2.0% 1.8% 0.2% 2.3% -0.3% 2.1% 1.9% 0.2%
(excl. dividend trades)
======================
CBOE Futures Exchange Trading Volume
-- The year 2012 marked the busiest year in CFE history as annual trading
volume totaled a record of nearly 24 million contracts, and ADV doubled
from 2011 to over 95,000 contracts.
-- VIX futures volume set a new annual volume record in 2012 with 23.79
million contracts traded, up 98 percent from 12.03 million contracts
traded in 2011. ADV for VIX futures was 95,143 contracts, up 99 percent
from 2011 ADV of 47,782 contracts.
-- During the year, VIX futures achieved new records in daily, weekly,
monthly, quarterly and annual volumes and open interest.
-- On December 31, 2012, VIX futures set a new single-day volume record of
212,800 contracts, the first time daily volume in VIX futures has
exceeded 200,000 contracts.
CBOE Holdings Average Transaction Fee Per Contract
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 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-12 Oct-12 Sep-12 Aug-12
--------
Equities $0.124 $0.121 $0.118 $0.122
-------- ------ ------ ------ ------
Indexes $0.670 $0.675 $0.682 $0.684
------- ------
Exchange Traded
Funds $0.183 $0.180 $0.177 $0.177
--------------- ------ ------ ------ ------
Total Options
Average Transaction
Fee Per Contract $0.309 $0.294 $0.287 $0.286
-------------------- ------ ------ ------ ------
Futures $1.473 $1.573 $1.606 $1.626
------- ------ ------ ------ ------
Total Average
Transaction Fee Per
Contract $0.342 $0.326 $0.317 $0.315
==================== ====== ====== ====== ======
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 BuyWrite(SM), BXM(SM), CBOE Futures Exchange(SM), SPX(SM) and The Options Institute are service marks of Chicago Board Options Exchange, Incorporated (CBOE). C2(SM), C2 Options Exchange(SM) and SPXpm(SM) 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.
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SOURCE CBOE Holdings, Inc.
