CBOE’s Futures, Trading Volumes Rise Marginally in 2016

CBOE's overall volumes rose by 1% in 2016, despite closing out the year on a negative note in December.

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 December 2016, which saw its numbers retreat lower, just one month after its most volatile trading month of the calendar year.

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During December 2016, 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 96.1 million, down -18.3% MoM from 117.6 million contracts in November 2016 – relative to December 2015, total volumes climbed 6.8% YoY.

The exchange also yielded an average daily volume (ADV) of 4.6 million contracts per day, a decline of -17.9% MoM from 5.6 million contracts per day in November 2016. Across a yearly timetable, CBOE’s total volumes experienced a healthy growth, rising 12.0% YoY from 4.1 million contracts per day in December 2015. December 2016 also had a total of 21 trading days, unchanged from November 2016.

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The performance was on par with the rest of the industry, with institutional and retail venues all suffering a pullback after a highly volatile November. The absence of any market drivers such as the US election just one month ago, as well as the onset of Christmas holidays in the United States helped contribute to lower volumes in December.

C2, Options Exchange Sees Mixed Results

Across its options business, CBOE’s ADV disclosed at 4.4 million contracts in December 2016, falling by -17.0% MoM from 5.3 million contracts set back in November 2016, as well as rise of 12.8% YoY from 3.9 million contracts in December 2015.

Futures ADV Pointed Lower

In terms of CBOE’s futures volumes, December 2016’s ADV was pointed lower on a MoM basis, coming in at 203,500 contracts, justifying a decrease of 270,500 contracts, or -25.0% MoM. When measured against its 2015 equivalent however, the latest numbers were also weaker, albeit incurring a marginal decline of less than -1.0% YoY from 206,100 contracts in December 2015.

Looking at 2016 overall, CBOE’s futures and options volume was fairly steady, securing a 1.0% gain YoY from 2015. A major departure from this trend was its futures volume, which spiked 16.0% YoY compared to 2015.

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