News Release

CBOT Achieves Best Quarterly Volume Ever, Sets New Volume Records

Sun Apr 02 2006

For Immediate Release

Media Contact:
Craig Grabiner 
(312) 341-5758  
news@cbot.com

Investor Contact:
Tami Kamarauskas
(312) 789-8532
investorrelations@cbot.com

 

CBOT ACHIEVES BEST QUARTERLY VOLUME EVER, SETTING RECORDS FOR AVERAGE DAILY VOLUME AND TOTAL VOLUME; MARCH VOLUME SETS MONTHLY RECORD – MORE THAN 70 MILLION CONTRACTS TRADED
Exchange Reaches Quarterly Electronic Average Daily Volume Record

 

CHICAGO, April 3, 2006 – The Chicago Board of Trade (CBOT®), one of the world’s leading derivatives exchanges, today announced that volume during the first quarter of 2006 averaged a record 3,107,525 contracts per day, up 10 percent from the same period last year. Total volume across the Exchange reached a record of 192,666,573 contracts for the quarter. Average daily volume (ADV) on the Exchange’s e-cbot electronic trading platform also climbed to a record 2,132,195 contracts, a 20 percent increase over the first quarter of 2005.

 

For the second consecutive month, the CBOT posted record volume. In March 2006, total Exchange volume set a monthly record, with 70,480,117 contracts changing hands, a 5 percent increase over the previous monthly record set in February 2006. ADV for the month was 3,064,353 contracts, a slight increase over the same period in 2005. Electronic trading volume at the CBOT for March 2006 averaged a record 2,138,312 contracts per day, increasing 14 percent over March 2005.

 

CBOT First Quarter 2006 Highlights:

Three new products debuted at the CBOT during the first quarter. The Soybean Crush options on futures contract, the 100 Oz. Gold options on futures contract and the $25 "Big" Dow futures contract further diversified the Exchange’s product roster. At the same time, key product groups including Interest Rate, Agricultural and Equity Index experienced volume growth in the first quarter.

 

CBOT financial products experienced significant growth on the short end of the yield curve during the first quarter, driven by volume increases in Two-Year Treasury Note futures contracts and 30-Day Federal Funds futures contracts. ADV for Two-Year Treasury Note futures was 136,823, up 79 percent compared with the same period a year earlier. ADV for 30-Day Federal Funds futures was 67,581, up 52 percent over the first quarter of 2005.

Electronic trading of the Exchange’s Financial options complex also grew significantly during the first quarter. Due in part to the continued success of the CBOT’s electronic market maker program during Asian and European trading hours, Financial options saw a 123 percent increase in electronic ADV compared with the same period a year ago.

 

The CBOT Metals complex continued to gain momentum during the first quarter of 2006, posting an ADV of 22,065 contracts, an increase of 538 percent over the prior year’s first quarter. With an ADV of 19,221 contracts for the quarter, the Exchange’s Gold futures contracts continued to drive results within the Metals complex. CBOT Gold futures contracts accounted for approximately 18 percent of listed gold futures traded in North America based on March 2006 volumes.

 

Volume increases in CBOT Corn futures and options contracts paved the way for a successful quarter in the Exchange’s Agricultural complex. ADV for CBOT Corn futures grew to 147,334 contracts, an increase of 40 percent compared with the first quarter of 2005. Meanwhile, Corn options reached an ADV of 28,903 contracts, a 40 percent improvement over the same period a year earlier.

 

 

CBOT Average Daily Volume

 

 

Product Group

March 2006

March 2005

Percent Change

Q1 2006

Q1 2005

Percent Change

Interest Rate

2,565,087

2,543,298

0.9%

2,560,271

2,356,223

8.7%

Agricultural

361,132

365,978

-1.3%

411,762

373,421

10.3%

Market Indices

115,196

111,817

3.0%

113,306

104,556

8.4%

Metals, Energy and Other

22,938

3,651

528.3%

22,187

3,574

520.8%

Total

3,064,353

3,024,702

1.3%

3,107,525

2,837,720

9.5%


 

 

CBOT Rate Per Contract

 

The following chart depicts the Exchange’s February 2006 three-month rolling average rate per contract (in dollars), and the two preceding three-month period average rates per contract. Average rate per contract represents total exchange and clearing revenue divided by total reported trading volume. Average rates per contract can be affected by exchange and clearing fee price levels, and the customer, product, venue and transaction mix.

 

 

 

THREE-MONTH PERIOD ENDING

 

Feb. 28, 2006

Jan. 31, 2006

Dec. 31, 2005

Product Group

     

Interest Rate

0.531

0.532

0.537

Agriculture

0.676

0.664

0.666

Market Indices

0.769

0.789

0.789

Metals, Energy & Other

1.507

1.520

1.559

Overall Avg. Rate per Contract

0.568

0.566

0.570

Venue

     

Open-Auction

0.526

0.510

0.507

Electronic

0.505

0.504

0.506

Off-Exchange

2.300

2.345

2.299

Overall Avg. Rate per Contract

0.568

0.566

0.570


 

For more information on the CBOT, to view the Exchange’s daily and monthly volume and open interest records, and details on ADV and volume for February 2006, please visit www.cbot.com.

 

Forward Looking Statements

In this release, our use of the words "may," "will," "should," "could," "expects," "plans," "anticipates," "believes," "predicts," "potential" or "continue" or other comparable terminology is intended to identify forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-detailed information about factors that may affect our performance may be found in filings made by CBOT Holdings, Securities and Exchange Commission, which can be obtained at its website at www.sec.gov. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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