CBOE’s April Turnover Lower as Futures, Equities Volumes Drop

Volatility and trading day differentials factored into CBOE's April volumes, which were pointed lower.

The Chicago Board Options Exchange Holdings (CBOE, NASDAQ: CBOE), one of the largest operators in the US equity options market, has reported its trading volumes for the month ending April 2017, which managed to see mixed results given the dual factors of lower volatility and a difference in trading days, according to a CBOE statement.

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CBOE’s latest figures are in line with an industry-wide trend that saw a generally lower performance in April 2017, hurt by a dearth of volatility. During the month, CBOE Holdings reported a total trading volume for options contracts on Chicago Board Options Exchange, C2 Options Exchange, and futures contracts on CBOE Futures Exchange of 136.6 million, down -14.3 percent month-over-month from 159.4 million contracts in March 2017.

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The exchange also yielded an average daily volume (ADV) of 7.2 million contracts per day in April 2017, which was higher by a margin of 4.3 percent month-over-month from 6.9 million contracts per day in March 2016 – the most recent month featured 19 trading days to 23 in the month prior. Across a yearly timetable, CBOE’s total volumes also grew by a smaller margin of 24.4 percent year-over-year from 5.8 million contracts per day in April 2016.

CBOE Futures

Across its futures business, CBOE’s ADV was disclosed at 5.7 million contracts in April 2017, up by approximately 23.9 percent month-over-month from 4.6 million contracts set back in March 2017, as well as a -7.1 percent drop year-over-year from 6.2 million contracts in April 2016.

US Equities

Looking at CBOE’s US equities volumes, April 2017’s trading volume was pointed lower, coming in at just 24.1 million contracts, or -20.7 percent lower month-over-month from 30.4 million contracts in March 2017. When measured against its 2016 equivalent however, the latest numbers were similarly lower, with a -30.4 percent decline year-over-year from -30.4 million contracts in April 2016.

Hotspot

CBOE-owned Hotspot also reported on the trading venue’s performance for April 2017, which saw clients transact a total of $554 billion throughout the month. The figure is lower by 19 percent when compared to the previous month and higher by 3 percent when compared to a year ago.

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