June Options Review

Reviews by Asset Class

Options Complex Overview

Asset Class ADV % YoY % Globex Open Interest OI % Puts
Total Options 3,379,706 -1% 63% 58,733,603 59%
Interest Rates 1,965,183 5% 50% 42,323,094 63%
Equity Index 634,710 -11% 92% 4,000,381 75%
Energy 338,662 8% 64% 7,444,344 39%
Agriculture 317,094 -16% 75% 3,156,274 43%
FX 82,484 4% 96% 714,840 52%
Metals 41,574 -9% 80% 1,094,670 34%

Trends & Highlights

  • Open Interest in options on futures reached a record 71.7 million contracts on June 15
  • A record 63% of options traded electronically on CME Globex

Interest Rate Options

  Symbol ADV % YoY % Globex Open Interest OI % Puts
Eurodollar options   1,286,166 14% 34% 37,739,139 63%
Eurodollars (Quarterly/Serial) GE 727,266 12% 30% 23,564,493 64%
1-Year Mid-Curve GE0 281,556 2% 36% 6,225,525 65%
2-Year Mid-Curve GE2 188,279 40% 41% 5,694,306 64%
3-Year Mid-Curve GE3 83,123 47% 46% 2,053,410 55%
4-Year Mid-Curve GE4 5,374 -47% 38% 197,405 41%
Treasury options   679,000 -8% 81% 4,582,554 62%
10-Year Note OZN 362,812 -15% 77% 2,438,555 56%
T-Bond OZB 101,555 22% 90% 727,756 60%
Fri Weekly 10-Year ZN1-5 83,844 24% 82% 148,198 65%
5-Year Note OZF 75,109 -38% 79% 1,082,838 78%
Fri Weekly T-Bond ZB1-5 27,912 51% 88% 66,822 56%
Fri Weekly 5-Year ZF1-5 14,734 17% 90% 50,251 66%
Wed Weekly 10-Year WY1-5 5,316 n/a 83% 12,182 52%
2-Year Note OZT 4,149 -54% 67% 40,305 25%
Wed Weekly T-Bond WB1-5 1,969 n/a 93% 3,790 69%
Wed Weekly 5-Year WF1-5 970 n/a 98% 2,889 59%

Trends & Highlights

  • A record 50% of Rates options traded electronically, with 81% of Treasuries and 34% of Eurodollars traded on CME Globex
  • Open interest reached a record 53M contracts on June 15, including a record 48M in Eurodollar options
  • Over 217K Wednesday Weekly Treasury options traded in the first 5 weeks, including 42K contracts on June 14 ahead of the FOMC statement.

Equity Index Options

  Symbol ADV % YoY Open Interest OI % Puts
E-mini S&P 500 options   570,669 -10% 3,526,917 75%
Quarterlies ES 135,000 -23% 968,256 74%
Weekly EW1 - EW4 250,237 -30% 1,835,268 74%
Wednesday Weekly E1C-E5C 46,343 n/a 61,221 87%
Monday Weekly E1A - E5A 29,071 n/a 70,209 85%
End-of-Month EW 110,017 9% 591,963 77%
S&P 500 options   50,107 -28% 399,698 76%
Quarterlies SP 11,090 -22% 48,578 65%
Weekly EV1 - EV4 23,790 -49% 316,602 78%
Wednesday Weekly S1C-S5C 4,028 n/a 10,247 70%
Monday Weekly S1A - S5A 2,831 n/a 7,229 74%
End-of-Month EV 8,663 -10% 26,122 68%
E-mini NASDAQ-100 options   13,406 41% 59,924 71%
Quarterlies NQ 4,739 -28% 14,733 69%
Weekly QN1 - QN4 6,105 189% 43,129 73%
End-of-Month QNE 2,561 212% 2,062 60%
E-mini Dow ($5) options YM 234 -45% 4,752 80%

Trends & Highlights

  • Over 2.1M Monday Weekly S&P 500 options (E-mini and Standard) have traded since launched on April 3, 2017
  • Over 9.6M Wednesday Weekly S&P 500 options (E-mini and Standard) have traded since launched on September 26, 2016
  • E-mini NASDAQ-100 options ADV reached 13.4K contracts/day, +41% YoY

Energy Options

 

Symbol

Settlement

ADV

% YoY

% Globex

Open Interest

OI % Puts

Crude Oil options

 

 

203,222

15%

72%

4,522,608

42%

WTI Crude Oil

LO

Physical

184,807

26%

77%

2,913,158

37%

WTI 1 Month CSO

WA

Physical

8,677

-44%

12%

659,030

53%

WTI Weeklies

LO1-5

Physical

3,289

318%

99%

3,884

55%

WTI 1 Month CSO

7A

Financial

2,091

-77%

0%

342,592

70%

WTI Average Price

AO

Financial

1,671

6%

0%

285,317

54%

Brent Futures-Style

BZO

Financial

1,159

-26%

8%

61,909

26%

WTI-Brent Spread

BV

Financial

471

35%

3%

144,280

28%

Natural Gas options

 

 

131,749

2%

53%

2,701,503

34%

Natural Gas European

LN

Financial

115,848

5%

52%

2,397,867

33%

Natural Gas American

ON

Physical

9,698

-32%

95%

105,236

38%

Natural Gas Daily

KD

Financial

2,023

-3%

5%

0

N/A

Natural Gas 1 Month CSO

G4

Financial

1,645

1440%

1%

124,650

44%

Natural Gas 3 Month CSO

G3

Financial

1,311

-7%

0%

40,075

73%

Refined Product options

 

 

3,314

-34%

17%

123,523

26%

NY Harbor ULSD

OH

Physical

1,907

-31%

16%

61,482

27%

RBOB Gasoline

OB

Physical

1,098

-41%

23%

26,559

31%

Trends & Highlights

  • Natural Gas Financial options (LN) reached record electronic ADV of 60K contracts, +156% YoY
  • Weekly WTI options (LO1-5) surged 318% to 3.2K contracts/day 

Agricultural Options

  Symbol ADV % YoY % Globex Open Interest OI % Puts
Corn OZC 142,659 -13% 71% 1,250,016 43%
Soybean OZS 72,349 -30% 85% 636,480 39%
SRW Wheat OZW 44,312 32% 81% 303,137 42%
Live Cattle LE 10,307 -20% 80% 198,107 56%
Lean Hogs HE 10,016 23% 80% 181,188 57%
Soybean Meal OZM 9,111 -11% 73% 120,421 38%
Soybean Oil OZL 8,707 -9% 51% 86,189 38%
KC HRW Wheat OKE 3,965 34% 69% 43,754 42%
Weekly Corn ZC1-5 2,686 54% 55% 12,557 18%
Class III Milk DC 1,352 -31% 65% 75,051 59%
Feeder Cattle GF 1,301 -4% 78% 43,170 57%
Weekly Soybean ZS1-5 1,068 141% 91% 1,897 38%

Trends & Highlights

  • SRW & HRW Wheat volume remained elevated in June, +32% and +34%, respectively, YoY
  • Weekly options volume increased 62% YoY with 4,000 contracts/day

FX Options

  Symbol ADV % YoY % Globex Open Interest OI % Puts
EUR/USD 6E 32,341 -18% 98% 261,769 53%
GBP/USD 6B 18,764 101% 96% 148,658 48%
JPY/USD 6J 15,916 -7% 96% 136,949 50%
CAD/USD 6C 8,546 50% 97% 84,003 53%
AUD/USD 6A 6,748 -8% 89% 79,079 56%
CHF/USD 6S 96 -60% 100% 2,754 56%
MXN/USD 6M 74 -50% 100% 1,628 46%

Trends & Highlights

  • FX Weekly options reached record ADV of 26K contracts/day, a fourth consecutive record month.
  • GBP/USD options volume increased 101% YoY as participants managed UK election risk

Metals Options

Option Product Symbol ADV % YoY % Globex Open Interest OI % Puts
Gold OG 35,468 -13% 79% 962,167 34%
Silver SO 4,931 10% 90% 102,991 33%
Gold Weeklies OG1-5 716 289% 97% 2,562 55%
Palladium PAO 262 213% 19% 6,461 60%
Copper HX 106 -5% 100% 2,819 51%
Platinum PO 60 26% 74% 2,839 34%
Iron Ore ICT 28 -76% 0% 14,831 31%

Trends & Highlights

  • Weekly Gold options ADV reached a record 716 contracts/day, +289% YoY – a 16th consecutive month of YoY growth
  • Silver options increased for a second consecutive month

Report Legend

Open Interest as of 06/30/17, unless otherwise specified
YoY – Compares current period 2017 to same period 2016
MoM – Compares current month 2017 to previous month 2017

CME Group is a trademark of CME Group Inc. The Globe logo, CME, E-mini and Globex are trademarks of Chicago Mercantile Exchange Inc. CBOT is a trademark of the Board of Trade of the City of Chicago, Inc. NYMEX and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. S&P® 500 and S&P MidCap 400™ are trademarks of The McGraw-Hill Companies, Inc., and have been licensed for use by Chicago Mercantile Exchange Inc. NASDAQ-100 is a trademark of The Nasdaq Stock Market, used under license. Dow Jones is a trademark of Dow Jones & Company, Inc. and used here under license. All other trademarks are the property of their respective owners.

The information within this document has been compiled by CME Group for general purposes only and has not taken into account the specific situations of any recipients of the information. CME Group assumes no responsibility for any errors or omissions. The information in this brochure should not be considered investment advice. All matters pertaining to rules and specifications herein are made subject to and are superseded by official CME, NYMEX and CBOT rules. Current CME/CBOT/NYMEX rules should be consulted in all cases before taking any action.

Futures and options trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged investment, and because only a percentage of a contract’s value is required to trade, it is possible to lose more than the amount of money deposited for a futures position. Therefore, traders should only use funds that they can afford to lose without affecting their lifestyles. And only a portion of those funds should be devoted to any one trade because they cannot expect to profit on every trade. All references to options refer to options on futures.

Copyright 2017 CME Group All Rights Reserved.

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