February Options Review

Reviews by Asset Class

Overview

Asset Class

ADV

% YoY

% Globex

Month-End OI

OI % YoY

Total Options

3,542,233

-42%

61%

73,978,274

3%

Interest Rates

2,426,253

-38%

50%

59,324,264

7%

Equity Index

558,711

-62%

94%

4,091,505

-19%

Agricultural

243,144

-10%

83%

2,710,093

-7%

Energy

212,159

-40%

64%

5,705,902

-8%

Metals

51,253

-17%

79%

1,459,571

28%

FX

50,714

-44%

97%

686,939

-22%

Trends & Highlights

Despite lower volatility headwinds and unfavorable YoY comparisons due to record volumes in Feb 2018, CME Group’s options complex averaged over 3.5M contracts/day. Open interest grew 3% YoY to nearly 74M contracts – a 50th consecutive month of YoY growth. And numerous individual products continued to outperform, providing opportunities for traders.

Interest Rate Options

 

Symbol

ADV

% YoY

% Globex

Month-End OI

OI % Puts

Eurodollar options

 

1,576,600

-37%

34%

53,780,184

58%

Eurodollars (Quarterly/Serial)

GE

878,804

-34%

34%

35,847,834

58%

1-Year Mid-Curve

GE0

378,127

-33%

32%

10,398,201

64%

2-Year Mid-Curve

GE2

220,566

-45%

34%

4,565,063

58%

3-Year Mid-Curve

GE3

90,738

-54%

45%

2,837,600

42%

4-Year Mid-Curve

GE4

7,165

-58%

16%

105,686

35%

10-Year Note

 

543,766

-41%

79%

2,856,818

50%

Quarterly/Serial

OZN

409,342

-44%

79%

2,480,686

50%

Friday Weekly

ZN1-5

121,264

-21%

80%

363,259

49%

Wednesday Weekly

WY1-5

13,160

-52%

83%

12,873

51%

5-Year Note

 

180,705

-29%

74%

1,684,491

74%

Quarterly/Serial

OZF

155,740

-28%

73%

1,608,246

76%

Friday Weekly

ZF1-5

20,113

-41%

89%

69,603

46%

Wednesday Weekly

WF1-5

5,821

16%

53%

6,642

63%

T-Bond

 

110,073

-39%

86%

807,419

53%

Quarterly/Serial

OZB

85,235

-39%

85%

686,481

51%

Friday Weekly

ZB1-5

22,116

-40%

86%

112,404

65%

Wednesday Weekly

WB1-5

2,723

-38%

95%

8,534

84%

2-Year Note

OZT

14,455

-55%

79%

179,116

77%

Ultra T-Bond

OUB

640

159%

0%

14,486

96%

Trends & Highlights

  • Interest Rate options averaged 2.43M contracts/day, +1% vs full-year 2018’s record ADV
  • Eurodollar options open interest increased 13% in February to a record 53.8M contracts at month-end
  • 5-Year Note options volume as a percentage of total Treasury options was 18.33%, the highest level since January 2016

Equity Index Options

 

Symbol

ADV

% YoY

Month-End OI

OI % Puts

E-mini S&P 500 options

 

516,417

-62%

3,778,524

69%

Quarterlies

ES

150,639

-62%

2,386,908

69%

Monday Weekly

E1A-E5A

33,534

-49%

43,485

74%

Wednesday Weekly

E1C-E5C

44,000

-38%

27,047

75%

Friday Weekly

EW1-EW4

215,883

-64%

824,577

73%

End-of-Month

EW

72,360

-67%

496,507

63%

S&P 500 options

 

32,384

-59%

215,235

66%

Quarterlies

SP

3,224

-81%

83,089

56%

Monday Weekly

S1A-S5A

3,439

-4%

2,689

100%

Wednesday Weekly

S1C-S5C

3,087

-16%

7,791

100%

Friday Weekly

EV1-EV4

18,024

-47%

94,967

71%

End-of-Month

EV

4,611

-78%

26,699

67%

E-mini NASDAQ-100 options

 

7,986

-47%

62,406

60%

Quarterlies

NQ

3,317

-40%

46,189

61%

Weekly

QN1-QN4

4,193

-54%

12,766

58%

End-of-Month

QNE

475

-16%

3,451

50%

E-mini Russell 2000 options

RTO

1,674

-61%

25,948

75%

E-mini Dow ($5) options

YM

250

-69%

9,392

64%

Trends & Highlights

  • Monday and Wednesday S&P 500 options (E-mini and Standard) accounted for over 15% of total S&P 500 options volume

Energy Options

 

Symbol

Settlement

ADV

% YoY

% Globex

Month-End OI

OI % Puts

Crude Oil options

 

 

153,097

-28%

67%

4,213,926

50%

WTI Crude Oil

LO

Physical

118,514

-35%

82%

2,734,644

45%

WTI 1 Month CSO

WA

Physical

16,181

45%

1%

562,250

72%

Brent Futures-Style

BZO

Financial

4,941

9%

58%

150,767

37%

WTI-Brent Spread

BV

Financial

4,103

-19%

10%

131,720

62%

WTI 1 Month CSO

7A

Financial

2,879

-21%

0%

154,300

62%

WTI Weeklies

LO1-5

Physical

2,495

-14%

99%

9,109

51%

Brent European

BE

Financial

2,121

8810%

0%

85,517

57%

WTI Average Price

AAO

Financial

772

-74%

0%

292,607

51%

Brent 1 Month CSO

9C

Financial

714

N/A

0%

33,000

11%

Natural Gas options

 

 

124,410

-46%

60%

2,093,208

48%

Natural Gas European

LN

Financial

109,045

-46%

60%

1,843,721

48%

Natural Gas American

ON

Physical

8,726

-55%

95%

114,538

40%

Natural Gas 1-Month CSO

G3

Financial

5,500

-21%

1%

99,839

57%

Refined Product options

 

 

2,068

-14%

14%

91,957

25%

NY Harbor ULSD

OH

Physical

1,479

-6%

10%

60,318

27%

RBOB Gasoline

OB

Physical

390

-46%

35%

9,637

22%

Trends & Highlights

  • WTI weekly options averaged 2.9K contracts/day, +26% YoY

Agricultural Options

 

Symbol

ADV

% YoY

% Globex

Month-End OI

OI % Puts

Corn

OZC

89,561

25%

81%

936,029

38%

Soybean

OZS

51,544

-45%

88%

448,015

53%

SRW Wheat

OZW

44,494

23%

83%

348,685

38%

Lean Hogs

HE

12,190

24%

88%

232,972

51%

Live Cattle

LE

8,553

-27%

89%

175,274

55%

Weekly Corn

ZC1-5

7,005

178%

86%

21,607

38%

Soybean Meal

OZM

6,755

-68%

80%

107,202

43%

Soybean Oil

OZL

6,372

-11%

82%

72,269

61%

KC HRW Wheat

OKE

5,330

11%

76%

76,513

32%

Short-Dated New Crop

OCD, OSD

4,581

31%

65%

69,171

46%

Class III Milk

DC

1,662

39%

93%

68,101

54%

Weekly Soybeans

ZS1-5

1,135

-36%

79%

2,813

41%

Feeder Cattle

GF

931

-33%

98%

29,683

56%

Weekly Wheat

ZW1-5

692

369%

88%

4,529

60%

Trends & Highlights

  • Weekly Ag options set an all-time monthly ADV record of 8,862 contracts/day
  • Wheat complex very active with HRW Wheat setting an OI record of 107,128 contracts and SRW Wheat trading 112,738 times on Feb 20
  • Corn options volume up 25% YoY for Feb
  • Lean Hog options printed the fifth highest volume day on Feb 20 with 31,000 contracts

FX Options

 

Symbol

ADV

% YoY

% Globex

Month-End OI

OI % Puts

EUR/USD

EUU

26,828

-50%

98%

239,176

51%

GBP/USD

GPU

11,219

-26%

95%

167,249

44%

JPY/USD

JPU

8,768

-36%

100%

107,300

43%

AUD/USD

ADU

5,065

-37%

99%

71,565

46%

CAD/USD

CAU

5,019

-45%

99%

70,047

52%

CHF/USD

CHU

95

-32%

100%

2,222

65%

MXN/USD

6M

67

34%

79%

2,595

66%

NZD/USD

6N

23

N/A

100%

1,195

63%


Metals Options

 

Symbol

ADV

% YoY

% Globex

Month-End OI

OI % Puts

Gold

OG

38,292

-26%

79%

1,174,242

34%

Silver

SO

5,755

-16%

82%

216,591

41%

Copper

HX

3,700

252%

63%

40,187

34%

Gold Weeklies

OG1-5

3,097

92%

97%

19,753

55%

Platinum

PO

218

21%

46%

6,854

17%

Silver Weeklies

SO1-5

127

355%

96%

519

40%

Palladium

PAO

55

-69%

37%

899

43%

Trends & Highlights

  • Copper options averaged a record 3.7K contracts/day, +252% YoY, including a single-day volume record of 12.5K contracts
  • Copper options open interest surged to a record 56.6K contracts on 2/22
  • Weekly Gold options (OG1-5) averaged over 3K contracts/day, +92% YoY – a 36th consecutive month of YoY growth

Report Legend

Open Interest as of 2/28/19, unless otherwise specified

YoY – Compares current period 2019 to same period 2018, MoM – Compares current month 2019 to previous month 2018

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.

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. Russell 2000® is a trademark and service mark of the Frank Russell Company, used 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, CBOT and NYMEX rules. Current CME/CBOT/NYMEX rules should be consulted in all cases before taking any action.

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