CBOE’s October Volumes Reflect MoM Decline Amid Falling Revenues

Most major segments were lower across the board, although C2 Option Exchange’s volumes pointed higher.

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 October 2016, which saw numbers fall to the lower levels last seen in April. The figures were in line with its Q3 2016 earnings, which showed a stumble across key areas, including revenues that were lower by -16.5 percent YoY.

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While last month’s CBOE’s figures aligned with an industry-wide trend that saw a strong performance during September 2016, October has turned out to be a mixed bag across the industry, as far as trading volumes are concerned. For October, 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 92.1 million, down -14.2 percent MoM from 107.4 million contracts in September 2016.

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The exchange also yielded an average daily volume (ADV) of 4.4 million contracts per day, a decline of 13.7 percent MoM from 5.1 million contracts per day in September 2016. Across a yearly timetable, CBOE’s total volumes declined marginally by -2.2 percent YoY from 4.5 million contracts per day in October 2015. October 2016 had a total of 21 trading days, the same as in September 2016.

CBOE Options

Across its options business, CBOE’s ADV was disclosed at 4.2 million contracts in October 2016, down by -12.5 percent  MoM from 4.8 million contracts set back in September 2016, as well as a decline of -2.3 percent YoY from 4.3 million contracts in October 2015.

C2 Option Exchange

In terms of C2 Option Exchange’s volumes, October 2016’s trading volume pointed higher, coming in at 9.4 million contracts, or an increase of 5.6 percent MoM from 8.9 million contracts in September 2016. When measured against its 2015 equivalent however, the latest numbers were even stronger, representing a 56.7 percent YoY increase from 6.0 million contracts in October 2015.


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