March Options Review

Reviews by Asset Class

Options Complex Overview

Asset Class ADV % YoY % Globex Open Interest
Total Options 3,962,365 47% 58% 60,001,360
Interest Rates 2,480,680 66% 44% 42,755,933
Equity Index 765,945 41% 92% 4,482,584
Energy 364,450 22% 64% 7,662,013
Agriculture 234,486 -5% 71% 3,270,677
FX 69,597 -8% 97% 710,889
Metals 47,206 0% 80% 1,119,264

Trends & Highlights

  • Q1 ADV of 3.75M is an all-time quarterly record
  • March Options ADV reached 3.96M, +47% YoY
  • March Electronic ADV reached 2.3M, +52% YoY

Interest Rate Options

  Symbol ADV % YoY % Globex Open Interest (% Puts)*
Eurodollar options   1,725,549 73% 29% 37,978,799 (65%)
Eurodollars (Quarterly/Serial) GE 862,779 59% 26% 21,965,135 (64%)
1-Year Mid-Curve GE0 405,405 40% 33% 6,661,275 (66%)
2-Year Mid-Curve GE2 342,412 219% 29% 6,899,091 (67%)
3-Year Mid-Curve GE3 109,055 134% 31% 2,177,999 (57%)
4-Year Mid-Curve GE4 3,887 19% 21% 270,773 (43%)
Treasury options   755,060 53% 78% 4,767,058 (55%)
10-Year Note OZN 388,158 44% 76% 2,679,441 (49%)
5-Year Note OZF 138,340 84% 71% 1,263,677 (73%)
Weekly 10-Year ZN1-5 99,119 81% 83% 164,278 (53%)
U.S. Treasury Bond OZB 74,431 18% 87% 459,324 (51%)
Weekly 5-Year ZF1-5 29,167 170% 80% 79,702 (41%)
Weekly 30-Year ZB1-5 20,382 52% 95% 39,306 (46%)
2-Year Note OZT 5,046 -6% 58% 76,871 (36%)

Trends & Highlights

  • Record 2.48M Interest Rate options traded per day, +66% YoY
  • Record Electronic ADV of 1.1M, +80% YoY
  • Eurodollar options hit record electronic ADV for the second consecutive month with 495K contracts (29% of volume)
  • Weekly Treasury options averaged a record 149K contracts daily, up 88% YoY

Equity Index Options

  Symbol ADV % YoY Open Interest (% Puts)*
E-mini S&P 500 options   696,829 47% 3,978,253 (75%)
Quarterlies ES 168,596 -43% 1,053,130 (70%)
Weekly EW1 - EW4 340,265 167% 2,329,241 (77%)
Wednesday Weekly E1C-E5C 48,166 n/a 78,261 (76%)
End-of-Month EW 124,701 154% 517,621 (75%)
S&P 500 options   57,918 -4% 453,297 (56%)
Quarterlies SP 15,115 -64% 53,968 (29%)
Weekly EV1 - EV4 30,915 198% 32,500 (59%)
Wednesday Weekly S1C-S5C 2,011 n/a 12,332 (95%)
End-of-Month EV 9,473 18% 18,810 (52%
E-mini NASDAQ-100 options   9,580 16% 44,416 (66%)
Quarterlies NQ 2,333 -59% 15,614 (57%)
Weekly QN1 - QN4 5,337 174% 28,251 (72%)
End-of-Month QNE 1,909 224% 551 (69%)
E-mini Dow ($5) options YM 297 -43% 6,378 (61%)

Trends & Highlights

  • Equity Index options averaged 765,945 contracts per day, +41% YoY
  • E-mini NASDAQ-100 options ADV +16% YoY
  • Monday weekly options now trading on S&P 500 and E-mini S&P 500
    • Nearly 32K contracts traded during the first 5 trading days with open interest quickly growing to nearly 26K contracts - Learn more

Energy Options

  Symbol Settlement ADV % YoY % Globex Open Interest (%Puts)*
Crude Oil options     244,394 28% 75% 4,673,050 (45%)
WTI Crude Oil LO Physical 223,565 36% 80% 2,937,598 (40%)
WTI 1 Month CSO WA Physical 9,396 -21% 25% 775,585 (56%)
WTI 1 Month CSO 7A Financial 3,117 -71% 0% 312,764 (77%)
WTI Average Price AO Financial 976 -15% 0% 290,847 (56%)
WTI Weeklies LO1-5 Physical 2,389 177% 100% 4,438 (51%)
WTI-Brent Spread BV Financial 1,722 97% 3% 157,620 (29%)
Brent Futures-Style BZO Financial 843 4,523% 12% 59,224 (44%)
Natural Gas options     115,041 15% 43% 2,756,624 (33%)
Natural Gas European LN Financial 101,787 19% 40% 2,599,796 (33%)
Natural Gas American ON Physical 8,668 -24% 98% 86,158 (46%)
Natural Gas Daily KD Financial 1,630 1% 1% 0
Refined Product options     2,470 -51% 23% 103,261 (26%)
NY Harbor ULSD OH Physical 1,290 -51% 17% 49,719 (31%)
RBOB Gasoline OB Physical 1,055 -51% 33% 17,684 (33%)

Trends & Highlights

  • Natural Gas options (LN) surpassed 40% electronic, with daily screen ADV of over 40K contracts
  • WTI Crude Oil options (LO) trading increased 36% YoY, with 80% executed on screen
  • Weekly WTI options (LO1-5) surged 177% to a record 2.4K contracts/day, including a single-day record of 8.4K on 3/9

Agricultural Options

  Symbol ADV % YoY % Globex Open Interest (% Puts)*
Corn OZC 85,077 13% 70% 1,207,048 (45%)
Soybean OZS 66,227 -19% 73% 654,038 (47%)
SRW Wheat OZW 27,177 -16% 74% 349,867 (41%)
Live Cattle LE 13,465 -32% 77% 224,984 (54%)
Soybean Oil OZL 10,163 -17% 52% 138,725 (40%)
Soybean Meal OZM 9,078 20% 66% 129,115 (45%)
Lean Hogs HE 8,665 49% 88% 181,683 (54%)
Class III Milk DC 2,015 101% 71% 98,202 (58%)
Feeder Cattle GF 1,971 15% 90% 34,419 (60%)
Weekly Corn ZC1-5 1,916 92% 63% 7,766 (61%)
KC HRW Wheat OKE 1,668 4% 74% 42,071 (38%)
Weekly Soybean ZS1-5 1,223 57% 68% 2,149 (51%)

Trends & Highlights

  • Class III options ADV +100% YoY to 2,018 contracts per day, with record OI of 100K
  • Weekly option ADV + 74%, including 17K contracts traded around March 31 Planting Intentions
  • Aug and Sep Short-Dated New Crop call open interest starting to ramp up ahead of the growing season

FX Options

  Symbol ADV % YoY % Globex Open Interest (% Puts)*
EUR/USD 6E 30,558 -24% 98% 281,691 (53%)
JPY/USD 6J 17,132 33% 96% 163,372 (55%)
GBP/USD 6B 9,413 2% 98% 117,578 (49%)
AUD/USD 6A 6,982 7% 94% 78,562 (56%)
CAD/USD 6C 5,340 -17% 95% 62,785 (56%)
CHF/USD 6S 52 -17% 99% 5,101 (37%)
MXN/USD 6M 118 -55% 91% 1,675 (40%)

Trends & Highlights

  • JPY/USD options increased 33% YoY to 17K contracts/day
  • Volatility-Quoted FX options now trading – Learn More
  • Amendment to exercise and assignment rules for FX options – Learn More

Metals Options

Option Product Symbol ADV % YoY % Globex Open Interest (% Puts)*
Gold OG 40,278 -1% 80% 978,835 (33%)
Silver SO 5,637 15% 86% 108,237 (33%)
Gold Weeklies OG1-5 600 210% 96% 1,877 (50%)
Iron Ore ICT 363 -68% 0% 21,406 (44%)
Copper HX 179 111% 94% 2,646 (47%)
Palladium PAO 91 -52% 31% 3,496 (67%)
Platinum PO 53 -65% 29% 2,748 (46%)

Trends & Highlights

  • Record Weekly Gold options ADV of 600 contracts/day, +210% YoY, including a single-day record of 1.3K contracts on 3/2, and record open interest of 4.8K contracts
  • March was the 13th consecutive month of YoY growth for Weekly Gold 

Report Legend

*Open Interest as of 03/31/17
YoY – Compares current period 2017 to same period 2016
MoM – Compares Mar 2017 to Feb 2017

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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.

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