April Options Review

Reviews by Asset Class

Options Complex Overview

Asset Class ADV % YoY % Globex Open Interest OI % Puts
Total Options 3,436,806 -14% 66% 67,679,489 57%
Interest Rates 1,936,976 -26% 50% 50,986,430 59%
Equity Index 797,069 15% 95% 4,255,634 69%
Energy 293,350 -15% 66% 6,778,793 44%
Agricultural 287,585 24% 78% 3,561,988 42%
FX 64,615 -11% 99% 781,895 53%
Metals 57,211 18% 80% 1,314,749 35%

Trends & Highlights

  • April marks a 40th consecutive month of YoY growth in month-end open interest
  • 2018 YTD options ADV of 4.5 million contracts is +19% vs the same period in 2017

Interest Rate Options

  Symbol ADV % YoY % Globex Open Interest OI % Puts
Eurodollar options   1,220,066 -32% 32% 45,126,540 60%
Eurodollars (Quarterly/Serial) GE 632,793 -27% 28% 26,686,907 61%
1-Year Mid-Curve GE0 294,602 -44% 37% 8,647,338 60%
2-Year Mid-Curve GE2 178,261 -42% 35% 5,879,929 61%
3-Year Mid-Curve GE3 109,104 21% 35% 3,592,619 51%
4-Year Mid-Curve GE4 919 65% 17% 6,400 88%
10-Year Note   462,500 -22% 82% 3,181,911 54%
Quarterly/Serial OZN 367,538 -21% 80% 2,861,029 54%
Friday Weekly ZN1-5 80,817 -38% 85% 289,264 50%
Wednesday Weekly WY1-5 14,145 N/A 91% 31,618 40%
5-Year Note   114,482 -10% 80% 1,409,355 67%
Quarterly/Serial OZF 102,517 3% 78% 1,372,623 68%
Friday Weekly ZF1-5 10,347 -62% 97% 32,770 51%
Wednesday Weekly WF1-5 2,203 N/A 100% 6,470 66%
T-Bond   112,846 17% 84% 851,881 55%
Quarterly/Serial OZB 92,874 17% 82% 774,019 55%
Friday Weekly ZB1-5 17,399 2% 95% 69,286 56%
Wednesday Weekly WB1-5 2,572 N/A 95% 8,576 64%
2-Year Note   26,555 508% 87% 398,411 29%
Quarterly/Serial OZT 25,339 500% 86% 385,333 29%
Friday Weekly ZT1-5 631 344% 98% 10,570 3%

Trends & Highlights

  • 2-Year note options ADV surged over 500% YoY in April to 26.5K contracts/day.
    • May ADV (as 5/15) has grown to 35K contracts per/day and with open interest reaching a record 634K contracts
  • Ultra T-Bond options averaged 519 contracts/day in April, +295% YoY
  • Relevant Research: Fed Unwinding Bernanke Experiments: Progress Report

Equity Index Options

  Symbol ADV % YoY Open Interest OI % Puts
E-mini S&P 500 options   742,827 16% 3,881,668 69%
Quarterlies ES 128,852 67% 1,998,338 68%
Monday Weekly E1A - E5A 37,105 25 41,255 74%
Wednesday Weekly E1C - E5C 65,683 27% 79,664 75%
Friday Weekly EW1 - EW4 421,086 16% 1,280,057 70%
End-of-Month EW 90,101 -22% 482,354 68%
S&P 500 options   39,515 -17% 264,431 72%
Quarterlies SP 3,292 -25% 92,379 60%
Monday Weekly S1A - S5A 2,599 -4 500 0%
Wednesday Weekly S1C - S5C 3,357 48% 11,300 87%
Friday Weekly EV1 - EV4 26,140 -12% 140,590 79%
End-of-Month EV 4,126 -53% 19,662 69%
E-mini NASDAQ-100 options   12,245 85% 70,865 59%
Quarterlies NQ 2,443 254% 36,280 63%
Weekly QN1 - QN4 9,511 100% 32,210 55%
End-of-Month QNE 290 -75% 2,375 37%
E-mini Russell 2000 options RTO 2,077 N/A 28,803 61%
E-mini Dow ($5) options YM 406 184% 9,865 51%

Trends & Highlights


Energy Options

  Symbol Settlement ADV % YoY % Globex Open Interest OI % Puts
Crude Oil options     223,162 -2% 69% 5,009,320 45%
WTI Crude Oil LO Physical 177,134 -15% 83% 3,199,038 44%
WTI 1 Month CSO WA Physical 11,918 83% 10% 391,525 59%
WTI-Brent Spread BV Financial 6,703 307% 13% 205,841 47%
Brent 1-Month CSO 9C Financial 6,312 N/A 1% 220,372 24%
Brent Futures-Style BZO Financial 6,257 641% 37% 171,315 33%
WTI 1 Month CSO 7A Financial 5,595 291% 1% 209,484 45%
WTI Weeklies LO1-5 Physical 3,225 22% 100% 5,522 42%
WTI Average Price AO Financial 2,712 28% 0% 461,987 53%
Natural Gas options     67,920 -41% 56% 1,655,478 44%
Natural Gas European LN Financial 60,721 -38% 54% 1,519,699 44%
Natural Gas American ON Physical 5,385 -35% 89% 80,030 40%
Natural Gas Daily KD Financial 876 -43% 50% 0 N/A
Refined Product options     1,753 -51% 25% 82,033 31%
NY Harbor ULSD OH Physical 1,216 -13% 24% 48,834 34%
RBOB Gasoline OB Physical 398 -79% 35% 12,165 27%

Trends & Highlights


Agricultural Options

  Symbol ADV % YoY % Globex Open Interest OI % Puts
Corn OZC 100,658 10% 76% 1,487,459 38%
Soybean OZS 84,874 61% 81% 615,019 41%
SRW Wheat OZW 36,632 14% 82% 394,067 42%
Soybean Meal OZM 15,693 96% 64% 188,068 42%
Live Cattle LE 14,375 -1% 90% 208,106 54%
Lean Hogs HE 10,041 11% 83% 161,596 54%
Soybean Oil OZL 5,208 -41% 57% 72,533 40%
KC HRW Wheat OKE 4,328 101% 69% 56,937 37%
Short-Dated New Crop Corn OCD 3,438 26% 69% 92,516 30%
Short-Dated New Crop Soybeans OSD 2,530 53% 73% 38,100 53%
Weekly Corn ZC1-5 2,413 24% 61% 8,668 41%
Weekly Soybean ZS1-5 1,736 133% 91% 5,134 62%
Feeder Cattle GF 1,627 -36% 94% 29,659 61%
Class III Milk DC 1,344 -15% 76% 74,392 48%

Trends & Highlights

  • Open interest in Grain & Oilseed options +14% YoY with 2.9 million contracts
  • Record R-Cross activity on April 4th off the Chinese Tariff announcement – learn more
  • Soybean Meal options volume +96% with recent price movements

FX Options

  Symbol ADV % YoY % Globex Open Interest OI % Puts
EUR/USD EUU 28,024 -30% 99% 296,635 56%
JPY/USD JPU 12,300 -13% 100% 143,545 52%
GBP/USD GPU 10,017 16% 99% 133,118 49%
CAD/USD CAU 7,955 52% 98% 84,579 49%
AUD/USD ADU 5,904 30% 98% 113,693 57%
MXN/USD 6M 249 528% 89% 6,337 20%
CHF/USD CHU 164 65% 100% 3,988 65%

Trends & Highlights

  • Open interest in Wednesday FX options reached a record 27.8K on 4/24
  • Over 558K Wednesday options have traded since launched October 30, 2017

Metals Options

  Symbol ADV % YoY % Globex Open Interest OI % Puts
Gold OG 45,683 11% 79% 1,112,099 35%
Silver SO 8,438 41% 86% 175,092 39%
Gold Weeklies OG1-5 1,637 184% 100% 3,989 52%
Copper HX 1,160 453% 58% 14,031 36%
Palladium PAO 219 -12% 50% 4,037 30%
Platinum PO 45 -67% 79% 1,790 41%

Trends & Highlights


Report Legend

Open Interest as of 04/30/18, unless otherwise specified
YoY – Compares current period 2018 to same period 2017,
MoM – Compares current month 2018 to previous month 2018

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