December Options Review

Reviews by Asset Class

OPTIONS COMPLEX OVERVIEW

  2017 December
Asset Class 2017 ADV % YoY % Globex ADV % YoY % Globex Open Interest OI % Puts
Total Options 3,477,962 11% 62% 2,990,014 -5% 64% 55,076,638 58%
Interest Rates 2,116,139 17% 49% 1,720,206 -10% 49% 39,767,735 59%
Equity Index 672,403 6% 92% 656,542 2% 91% 4,541,651 74%
Energy 326,118 0% 64% 337,935 0% 68% 6,664,149 43%
Agricultural 238,530 -4% 75% 166,276 0% 81% 2,466,134 46%
FX 77,838 8% 97% 63,068 1% 99% 659,172 51%
Metals 46,934 2% 79% 45,988 16% 86% 977,797 35%

Record 2017 Year in Review

  • Record volume: 3.44M contracts traded per day, a fifth consecutive record year
    • Record 62% traded electronically
    • Record ADV in Interest Rate options, Equity Index options and Energy options
    • 22% increase in trading during non-U.S. hours
    • Record weekly options ADV of 587K contracts, +45% YoY
  • Record open interest: 71.7M contracts on 6/15
    • 36 consecutive months of YoY growth in month-end open interest

INTEREST RATE OPTIONS

  Symbol ADV % YoY % Globex Open Interest OI % Puts
Eurodollar options   1,131,354 -12% 34% 35,527,118 59%
Eurodollars (Quarterly/Serial) GE 537,791 17% 35% 21,832,135 59%
1-Year Mid-Curve GE0 347,125 -6% 32% 7,335,085 62%
2-Year Mid-Curve GE2 164,456 -38% 34% 3,863,877 63%
3-Year Mid-Curve GE3 77,291 -57% 31% 2,279,052 54%
4-Year Mid-Curve GE4 4,381 -69% 17% 216,969 50%
Treasury options   588,852 -4% 80% 4,240,052 59%
10-Year Note OZN 305,468 -25% 78% 2,169,315 59%
T-Bond OZB 79,675 48% 87% 563,484 60%
5-Year Note OZF 73,020 8% 77% 948,340 62%
2-Year Note OZT 13,167 277% 51% 287,024 55%
Fri Weekly 10-Year ZN1-5 66,517 12% 82% 172,130 53%
Fri Weekly T-Bond ZB1-5 23,915 81% 88% 50,891 56%
Fri Weekly 5-Year ZF1-5 12,691 6% 79% 37,475 43%
Wed Weekly 10-Year WY1-5 9,728 N/A 86% 1,526 45%
Wed Weekly T-Bond WB1-5 2,819 N/A 90% 1,953 80%
Wed Weekly 5-Year WF1-5 1,523 N/A 89% 846 63%

2017 Highlights

  • Interest Rate options averaged a record 2.1M contracts/day in 2017, +17% YoY with a record 49% traded electronically
  • Open interest records were achieved in total IR options (53M, 12/14), Eurodollar options (47.9M, 6/15), and Treasury options (7.9M, 10/26)
  • Wednesday Treasury options traded over 2.25 million contracts since launched on June 5

December Highlights

  • 2.4M Eurodollar options traded on 12/13 around the FOMC rate hike, +76% vs 2017 ADV
  • 2-Year note options averaged 13K contract/day in December, +277% YoY

EQUITY INDEX OPTIONS

  Symbol ADV % YoY Open Interest OI % Puts
E-mini S&P 500 options   587,261 -1% 4,018,684 74%
Quarterlies ES 143,455 -22% 1,284,078 74%
Weekly EW1 - EW4 246,397 -4% 1,925,874 74%
Wednesday Weekly E1C-E5C 38,069 -15% 66,704 95%
Monday Weekly E1A - E5A 31,561 NA 85,411 88%
End-of-Month EW 127,778 18% 656,617 72%
S&P 500 options   58,065 39% 455,671 74%
Quarterlies SP 9,407 -21% 32,778 66%
Weekly EV1 - EV4 30,277 45% 352,693 75%
Wednesday Weekly S1C-S5C 2,963 262% 1,884 84%
Monday Weekly S1A - S5A 3,567 NA 8,412 90%
End-of-Month EV 11,851 44% 59,904 72%
E-mini NASDAQ-100 options   9,092 17% 46,555 74%
Quarterlies NQ 3,486 83% 14,740 62%
Weekly QN1 - QN4 4,153 7% 28,886 79%
End-of-Month QNE 1,453 -25% 2,929 80%
E-mini Russell 2000 options RTO 1,609 N/A 12,189 62%
E-mini Dow ($5) options YM 514 3% 8,535 56%

2017 Highlights

  • Despite low volatilty, Equity Index options averaged a record 672K contracts per day in 2017, +6% vs 2016
  • Monday and Wednesday S&P 500 weekly options (Standard and E-mini), averaged 73.6K contracts per day in 2017, +590% YoY
  • E-mini Russell 2000 options have traded over 180K contracts since launched on July 10, with ADV growing to over 2K in Q4

ENERGY OPTIONS

  Symbol Settlement ADV % YoY % Globex Open Interest OI % Puts
Crude Oil options     139,490 -36% 72% 3,985,989 48%
WTI Crude Oil LO Physical 116,793 -38% 82% 2,509,273 45%
WTI 1 Month CSO WA Physical 5,206 -52% 16% 377,664 58%
WTI Average Price AO Financial 4,745 18% 0% 441,149 54%
Brent Futures-Style BZO Financial 3,724 209% 27% 114,798 40%
WTI 1 Month CSO 7A Financial 3,522 -57% 0% 237,020 66%
WTI-Brent Spread BV Financial 2,949 -38% 25% 226,666 40%
WTI Weeklies LO1-5 Physical 2,023 84% 98% 3,124 41%
Natural Gas options     195,533 70% 67% 2,541,021 35%
Natural Gas European LN Financial 169,093 79% 66% 2,193,215 34%
Natural Gas American ON Physical 18,115 15% 96% 143,545 35%
Natural Gas Daily KD Financial 3,084 141% 75% 0 N/A
Natural Gas 1 Month CSO G3 Financial 2,801 8% 0% 131,862 41%
Refined Product options     2,547 -2% 21% 81,978 29%
NY Harbor ULSD OH Physical 1,913 13% 16% 53,085 28%
RBOB Gasoline OB Physical 527 5% 43% 12,107 53%

2017 Highlights

  • Energy options averaged a record 326K contracts/day in 2017, surpassing the 2016 record of 324K

December Highlights

  • A record 66% of Natural Gas options (LN) traded electronically in Dec, with record electronic ADV of 110K contracts/day
  • Daily Natural Gas options (KD) continued to gain momentum in Dec, +141% YoY and a record 75% traded electronically
  • Brent options (BZO) surged 209% YoY with 3.7K contracts/day in Dec

AGRICULTURAL OPTIONS

  Symbol ADV % YoY % Globex Open Interest OI % Puts
Soybean OZS 56,623 12% 83% 412,721 43%
Corn OZC 43,362 -13% 83% 970,166 43%
SRW Wheat OZW 21,298 -1% 76% 304,797 46%
Soybean Meal OZM 12,662 97% 64% 99,646 51%
Live Cattle LE 9,560 -18% 90% 163,729 61%
Lean Hogs HE 6,948 -26% 92% 133,670 61%
Soybean Oil OZL 5,862 -25% 66% 75,650 41%
Feeder Cattle GF 1,722 36% 89% 35,720 61%
KC HRW Wheat OKE 1,600 71% 83% 40,663 45%
Class III Milk DC 1,424 -45% 78% 84,400 50%
Weekly Corn ZC1-5 1,393 18% 62% 1,167 29%
Weekly Soybean ZS1-5 1,009 91% 97% 1,473 57%
Cash-Settled Cheese CSC 807 78% 61% 49,446 56%

2017 Highlights

  • Despite suppressed grain market volatility, 2017 ADV of 238K was the 3rd highest yearly ADV on record
  • Electronic ADV reached a record 179K contracts
  • Dairy options ADV +20% YoY to a record 2.5K contracts, while open interest ended the year at a record 168K contracts

December Highlights

  • Weekly options grew 56% YoY, led by Soybeans and Corn, up 91% and 18% respectively

FX OPTIONS

  Symbol ADV % YoY % Globex Open Interest OI % Puts
EUR/USD EUU 30,707 -6% 99% 294,156 51%
GBP/USD GPU 11,014 69% 99% 134,036 51%
JPY/USD JPU 8,992 -28% 98% 100,980 50%
CAD/USD CAU 8,495 62% 100% 72,944 58%
AUD/USD ADU 3,742 -28% 99% 54,033 44%
CHF/USD CHU 78 -79% 100% 922 85%
MXN/USD 6M 41 -14% 100% 2,101 49%

2017 Highlights

  • Despite low volatility, FX options averaged 78K contracts/day in 2017, +8% YoY
  • Friday weekly FX options averaged a record 24K contracts/day, +502% YoY

December Highlights

  • Wednesday FX options averaged 3.3K contracts/day in Dec, including 7,452 contracts traded on Wednesday 12/13 around the December FOMC rate hike

METALS OPTIONS

  Symbol ADV % YoY % Globex Open Interest OI % Puts
Gold OG 37,362 7% 86% 823,411 34%
Silver SO 5,599 47% 84% 116,696 43%
Gold Weeklies OG1-5 1,556 410% 98% 6,264 53%
Copper HX 1,006 1053% 92% 11,888 53%
Palladium PAO 83 -59% 53% 3,406 26%
Platinum PO 315 17% 45% 5,068 16%
Iron Ore ICT 0 -100% N/A 9,530 37%

2017 Highlights

  • Metals options averaged 47K contracts/day in 2017, +2% YoY, with a record 79% traded electronically on CME Globex

December Highlights

  • Weekly Gold options ADV reached a record 1,556, +410% YoY – a 22nd consecutive month of YoY growth
  • Copper options ADV reached a record 1,006, +1053% YoY 

Report Legend

Unless otherwise specified, data contained within the asset class tables is for December 2017
Open Interest as of 12/29/17, unless otherwise specified
YoY – Compares current period 2017 to same period 2016
MoM – Compares current month 2017 to previous month 2017

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