February Options Review

Reviews by Asset Class

OPTIONS COMPLEX OVERVIEW

Asset Class ADV % YoY % Globex Open Interest OI % Puts
Total Options 6,121,401 59% 62% 71,701,978 56%
Interest Rates 3,891,471 58% 47% 55,478,559 57%
Equity Index 1,455,941 98% 95% 5,069,603 70%
Energy 352,346 18% 70% 6,203,779 45%
Agricultural 269,286 15% 76% 2,929,361 44%
FX 90,583 50% 97% 876,017 55%
Metals 61,774 41% 80% 1,144,659 37%

Trends & Highlights

  • Average daily options volume surged to a record 6.1M, surpassing the previous record of 4.5M in Jan 2018
  • Open interest reached a record 77 million contracts on Feb 15
  • Weekly options averaged a record 1.1M, accounting for 18% of total options volume
  • Option volume during Singapore trading day (8:00 am – 4:59 pm SGT) +318% YoY
  • Option volume during London trading day (8:00 am – 4:59 pm GMT) +62% YoY

INTEREST RATE OPTIONS

  Symbol ADV % YoY % Globex Open Interest OI % Puts
Eurodollar options   2,504,854 47% 29% 49,262,120 58%
Eurodollars (Quarterly/Serial) GE 1,321,817 57% 27% 27,567,604 58%
1-Year Mid-Curve GE0 564,224 35% 29% 10,169,679 56%
2-Year Mid-Curve GE2 402,793 15% 32% 6,944,988 60%
3-Year Mid-Curve GE3 198,272 118% 45% 4,078,899 54%
4-Year Mid-Curve GE4 16,963 229% 30% 482,150 38%
Treasury options   1,386,471 82% 80% 6,212,902 40%
10-Year Note OZN 736,523 77% 77% 3,207,346 55%
5-Year Note OZF 216,965 75% 80% 1,455,809 61%
T-Bond OZB 139,578 67% 88% 617,512 53%
2-Year Note OZT 31,820 432% 50% 235,477 51%
Fri Weekly 10-Year ZN1-5 153,237 67% 81% 396,390 39%
Fri Weekly 5-Year ZF1-5 34,058 78% 87% 166,307 44%
Fri Weekly T-Bond ZB1-5 36,934 96% 89% 113,737 32%
Wed Weekly 10-Year WY1-5 27,572 N/A 89% 13,476 41%
Wed Weekly 5-Year WF1-5 5,005 N/A 95% 1,616 40%
Wed Weekly T-Bond WB1-5 4,418 N/A 97% 622 36%

Trends & Highlights

  • Record trading in Treasury options with ADV of 1.38M, surpassing the previous record of 943K in Jan 2018
  • Friday weekly options averaged a record 224K contracts/day, +73% YoY
  • Wednesday weekly options averaged a record 37K contracts/day
  • Open interest records in OZF (2.3M) and OZN (5.3M)
  • Eurodollar options open interest surpassed 50 million contracts for the first time on March 5
  • Rates options volume during London morning hours grew 164% YoY with over 326K contracts traded daily from 8:00 – 11:59 a.m. GMT

EQUITY INDEX OPTIONS

  Symbol ADV % YoY Open Interest OI % Puts
E-mini S&P 500 options   1,356,300 103% 4,552,446 71%
Quarterlies ES 397,906 116% 2,565,423 71%
Weekly EW1 - EW4 604,860 74% 1,205,132 72%
Wednesday Weekly E1C - E5C 70,895 33% 55,061 78%
Monday Weekly E1A - E5A 66,210 N/A 41,184 78%
End-of-Month EW 216,429 161% 685,646 69%
S&P 500 options   79,471 33% 386,235 60%
Quarterlies SP 16,622 -6% 188,442 63%
Weekly EV1 - EV4 34,177 10% 115,583 63%
Wednesday Weekly S1C - S5C 3,657 54% 140 100%
Monday Weekly S1A - S5A 3,590 N/A 4,640 98%
End-of-Month EV 21,426 146% 77,430 47%
E-mini NASDAQ-100 options   15,122 82% 79,468 66%
Quarterlies NQ 5,529 188% 59,401 64%
Weekly QN1 - QN4 9,028 60% 15,796 75%
End-of-Month QNE 566 -22% 4,271 56%
E-mini Russell 2000 options RTO 4,241 N/A 39,967 64%
E-mini Dow ($5) options YM 806 176% 15,756 58%

Trends & Highlights

  • Equity Index options ADV surpassed 1M for the first time ever, with a record 1.45M contracts/day, +95% YoY
  • Open interest in Equity Index options reached a record 7.5M on Feb 8
  • Monday S&P 500 weekly options (Standard and E-mini) averaged a record 69.8K contracts/day
  • Wednesday S&P 500 weekly options (Standard and E-mini) averaged a record 74.5K contracts/day

ENERGY OPTIONS

  Symbol Settlement ADV % YoY % Globex Open Interest OI % Puts
Crude Oil options     241,460 52% 75% 4,372,594 46%
WTI Crude Oil LO Physical 212,708 51% 82% 2,838,992 44%
WTI 1 Month CSO WA Physical 9,224 45% 2% 334,650 64%
WTI-Brent Spread BV Financial 6,421 282% 37% 320,588 40%
Brent Futures-Style BZO Financial 5,415 330% 34% 163,962 34%
WTI 1 Month CSO 7A Financial 2,125 -16% 9% 176,627 58%
WTI Average Price AO Financial 2,205 2% 0% 452,170 52%
WTI Weeklies LO1-5 Physical 2,321 37% 100% 4,666 53%
Natural Gas options     106,347 -21% 60% 1,706,428 42%
Natural Gas European LN Financial 93,111 -23% 61% 1,567,291 41%
Natural Gas American ON Physical 6,780 -38% 94% 65,028 36%
Natural Gas Daily KD Financial 1,066 -32% 60% 0 N/A
Natural Gas 1 Month CSO G3 Financial 3,509 517% 0% 0 N/A
Refined Product options     3,879 55% 24% 74,771 28%
NY Harbor ULSD OH Physical 2,753 97% 21% 45,391 28%
RBOB Gasoline OB Physical 762 -16% 44% 8,833 31%

Trends & Highlights

  • WTI options (LO) surged 51% YoY with 212K contracts/day
  • Brent Crude Oil options (BZO) continue to grow, reaching a record 5.4K contracts/day in February
  • Heating oil options (OH) increased 97% YoY

AGRICULTURAL OPTIONS

  Symbol ADV % YoY % Globex Open Interest OI % Puts
Soybean OZS 93,711 58% 82% 575,788 43%
Corn OZC 71,726 -24% 73% 1,035,631 40%
SRW Wheat OZW 36,076 10% 77% 385,192 40%
Soybean Meal OZM 21,294 181% 58% 160,816 48%
Live Cattle LE 11,691 5% 89% 183,030 60%
Lean Hogs HE 9,831 -4% 87% 142,596 58%
Soybean Oil OZL 7,131 -13% 70% 73,937 48%
KC HRW Wheat OKE 4,820 194% 70% 69,688 33%
Weekly Corn ZC1-5 2,523 146% 59% 13,468 24%
Short-Dated New Crop Corn OCD 1,894 65% 81% 41,166 33%
Weekly Soybean ZS1-5 1,774 137% 92% 7,186 39%
Short-Dated New Crop Soybeans OSD 1,611 59% 87% 25,052 61%
Feeder Cattle GF 1,380 32% 90% 39,566 63%

Trends & Highlights

  • Five-year highs in implied volatility for the May Soybean Meal (31%) and HRW Wheat (34%) options
    • Soybean meal options ADV reached a record 21K contracts/day, +181%
    • HRW Wheat options ADV reached a record 4.8K, +194% YoY
  • Weekly Ag options volume increased 146% YoY to 4.5K contracts/day, with record ADV and OI in Weekly Soybean options

FX OPTIONS

  Symbol ADV % YoY % Globex Open Interest OI % Puts
EUR/USD EUU 44,486 82% 98% 352,940 57%
JPY/USD JPU 15,562 -2% 98% 142,315 51%
GBP/USD GPU 13,860 38% 95% 172,902 48%
CAD/USD CAU 8,839 87% 97% 87,202 50%
AUD/USD ADU 7,666 54% 93% 116,705 62%
CHF/USD CHU 51 -72% 100% 2,070 67%
MXN/USD 6M 42 -79% 38% 1,883 45%

Trends & Highlights

  • Wednesday FX options saw a single-day record 12K contracts traded on 2/14 around CPI, while open interest climbed to a new high of 27.8K contracts
  • Friday Weekly FX options remain highly active with 23K contracts/day, +51% YoY

METALS OPTIONS

  Symbol ADV % YoY % Globex Open Interest OI % Puts
Gold OG 51,856 36% 79% 973,032 36%
Silver SO 6,840 61% 91% 140,872 42%
Gold Weeklies OG1-5 1,613 211% 89% 5,877 35%
Copper HX 1,051 445% 76% 11,587 54%
Platinum PO 180 61% 36% 4,454 35%
Palladium PAO 178 60% 54% 1,759 44%

Trends & Highlights

  • Weekly Gold options ADV of 1.6K, +211% YoY – a 24th consecutive month of YoY growth
  • Copper options continue to grow with ADV of 1,051, +445% YoY

Report Legend

Open Interest as of 02/28/18, 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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