April Options Review

Reviews by Asset Class

Overview

Asset Class

ADV

% YoY

% Globex

Month-End OI

OI % YoY

Total Options

3,365,457

-2%

63%

78,041,931

15%

Interest Rates

2,329,541

20%

53%

62,409,966

22%

Equity Index

455,229

-43%

94%

4,174,105

-2%

Energy

243,105

-17%

61%

6,008,227

-11%

Agricultural

227,616

-21%

85%

3,155,960

-11%

FX

58,310

-10%

98%

695,909

-11%

Metals

51,655

-10%

84%

1,597,764

22%

Trends & Highlights

  • Open interest hit an all-time high of 80M contracts on April 25, and closed the month at 78M contracts, +15% YoY – a 52nd consecutive month of YoY growth
  • Interest rates options trading increased 20% YoY, while open interest grew 22%

Interest Rate Options

 

Symbol

ADV

% YoY

% Globex

Month-End OI

OI % Puts

Eurodollar options

 

1,426,106

17%

36%

55,476,500

53%

Eurodollars (Quarterly/Serial)

GE

821,394

30%

30%

38,944,046

55%

1-Year Mid-Curve

GE0

376,977

28%

51%

8,853,129

50%

2-Year Mid-Curve

GE2

159,086

-11%

36%

4,409,918

52%

3-Year Mid-Curve

GE3

66,336

-39%

42%

3,083,692

43%

4-Year Mid-Curve

GE4

1,655

-62%

21%

174,315

41%

10-Year Note

 

557,002

20%

77%

3,307,889

50%

Quarterly/Serial

OZN

418,937

14%

78%

2,808,114

51%

Friday Weekly

ZN1-5

121,417

50%

74%

428,733

44%

Wednesday Weekly

WY1-5

16,649

18%

87%

71,042

58%

5-Year Note

 

210,258

84%

80%

2,087,991

65%

Quarterly/Serial

OZF

160,488

57%

77%

1,896,632

67%

Friday Weekly

ZF1-5

40,089

287%

87%

172,109

45%

Wednesday Weekly

WF1-5

11,881

439%

96%

21,046

51%

T-Bond

 

113,118

0%

88%

1,069,568

58%

Quarterly/Serial

OZB

87,348

-6%

86%

951,192

60%

Friday Weekly

ZB1-5

22,551

30%

94%

105,903

43%

Wednesday Weekly

WB1-5

3,219

25%

98%

12,473

62%

2-Year Note

OZT

22,759

-14%

81%

434,884

76%

Ultra 10-Year Note

OTN

82

N/A

0%

8,284

0%

Ultra T-Bond

OUB

215

-59%

26%

23,098

96%

Trends & Highlights

  • Interest rates options averaged 2.3M contracts/day, +20% YoY
  • Eurodollars options averaged 1.4M contracts/day, led by Quarterly/Serials (821K per day, +30%), and 1-Year Mid-Curves (377K per day, +28%)
  • Treasury options averaged 903K contracts/day, led by 10-Year (557K per day, +20%), and 5-Year (210K per day, +84% YoY)
  • 5-Year note options open interest reached the 3rd highest level all-time with 2.67M contracts outstanding on April 25
  • Weekly Treasury options averaged 216K contracts/day, +69% YoY

Equity Index Options

 

Symbol

ADV

% YoY

Month-End OI

OI % Puts

E-mini S&P 500 options

 

416,447

-44%

3,838,933

71%

Quarterlies

ES

91,598

-29%

2,253,989

74%

Monday Weekly

E1A-E5A

29,264

-21%

24,254

81%

Wednesday Weekly

E1C-E5C

36,773

-44%

78,739

69%

Friday Weekly

EW1-EW4

200,541

-52%

949,269

69%

End-of-Month

EW

58,271

-35%

532,682

63%

S&P 500 options

 

28,581

-28%

239,703

59%

Quarterlies

SP

1,771

-46%

56,265

40%

Monday Weekly

S1A-S5A

3,375

30%

8,649

94%

Wednesday Weekly

S1C-S5C

3,041

-9%

15,196

91%

Friday Weekly

EV1-EV4

14,561

-44%

102,307

62%

End-of-Month

EV

5,833

41%

57,286

58%

E-mini NASDAQ-100 options

 

8,091

-34%

63,993

61%

Quarterlies

NQ

1,835

-25%

34,762

63%

Weekly

QN1-QN4

5,289

-44%

23,500

59%

End-of-Month

QNE

968

234%

5,731

59%

E-mini Russell 2000 options

RTO

1,986

-4%

28,195

80%

E-mini Dow ($5) options

YM

125

-69%

3,281

58%

Trends & Highlights

Energy Options

 

Symbol

Settlement

ADV

% YoY

% Globex

Month-End OI

OI % Puts

Crude Oil options

 

 

172,195

-23%

68%

4,295,845

50%

WTI Crude Oil

LO

Physical

132,905

-25%

82%

2,748,750

46%

WTI 1 Month CSO

WA

Physical

15,150

27%

3%

596,856

63%

WTI 1 Month CSO

7A

Financial

5,283

-6%

4%

149,400

53%

Brent Futures-Style

BZO

Financial

4,556

-27%

66%

138,058

40%

WTI Weeklies

LO1-5

Physical

4,175

29%

100%

11,030

49%

WTI Average Price

AAO

Financial

3,866

43%

0%

386,852

56%

Brent European

BE

Financial

2,760

13%

0%

64,260

68%

WTI-Brent Spread

BV

Financial

2,204

-67%

5%

116,000

57%

Natural Gas options

 

 

67,491

-1%

46%

1,593,487

47%

Natural Gas European

LN

Financial

58,562

-4%

44%

1,464,558

47%

Natural Gas American

ON

Physical

5,792

8%

98%

63,535

42%

Natural Gas 3 Month CSO

G3

Financial

1,214

226%

0%

22,800

88%

Natural Gas 1 Month CSO

G4

Financial

571

7900%

0%

9,800

56%

Natural Gas 6 Month CSO

G6

Financial

538

1030%

0%

9,500

76%

Refined Product options

 

 

2,627

50%

19%

92,725

28%

RBOB Gasoline

OB

Physical

1,585

299%

18%

25,009

31%

NY Harbor ULSD

OH

Physical

952

-22%

21%

52,819

28%

Trends & Highlights

  • WTI 1 Month Calendar Spread Options averaged 20.4K contracts/day, +17% YoY
  • Natural Gas Calendar Spread options averaged 2.4K contracts/day, +397% YoY
  • WTI Weekly options averaged 4.5K contracts/day, +29% YoY
  • RBOB Gasoline options jumped 299% YoY with 1.6K contracts/day

Agricultural Options

 

Symbol

ADV

% YoY

% Globex

Month-End OI

OI % Puts

Corn

OZC

94,687

-6%

84%

1,131,505

38%

Soybean

OZS

49,036

-42%

87%

490,943

56%

SRW Wheat

OZW

23,123

-37%

87%

333,887

40%

Lean Hogs

HE

20,408

103%

89%

397,812

50%

Live Cattle

LE

11,316

-21%

85%

198,582

52%

Soybean Meal

OZM

7,114

-55%

76%

100,627

41%

Short-Dated New Crop

OCD, OSD

5,223

-13%

74%

110,238

41%

Soybean Oil

OZL

4,951

-5%

85%

60,389

51%

KC HRW Wheat

OKE

2,874

-34%

79%

71,354

41%

Weekly Corn

ZC1-5

2,106

-13%

68%

8,053

29%

Class III Milk

DC

2,038

52%

92%

78,015

51%

Feeder Cattle

GF

1,654

2%

94%

28,182

52%

Weekly Soybeans

ZS1-5

526

-70%

95%

2,862

50%

Weekly Wheat

ZW1-5

204

-32%

100%

823

51%

Trends & Highlights

  • Lean Hog options averaged 20.4K contracts/day, +103% YoY

FX Options

 

Symbol

ADV

% YoY

% Globex

Month-End OI

OI % Puts

EUR/USD

EUU

27,573

-2%

99%

286,888

51%

JPY/USD

JPU

11,306

-8%

98%

142,639

53%

GBP/USD

GPU

8,470

-15%

95%

133,594

46%

CAD/USD

CAU

5,644

-29%

97%

65,067

45%

AUD/USD

ADU

5,074

-14%

99%

60,977

56%

CHF/USD

CHU

185

13%

69%

4,397

83%

MXN/USD

6M

49

-81%

100%

2,110

44%

Trends & Highlights

  • Wednesday weekly FX options averaged 5.4K contracts/day, +16% YoY
  • FX options expiration time will be changed to 10 a.m. ET for all contracts expiring after June 9, 2019 (Details)

Metals Options

 

Symbol

ADV

% YoY

% Globex

Month-End OI

OI % Puts

Gold

OG

38,430

-16%

85%

1,304,305

33%

Silver

SO

4,932

-42%

90%

225,252

40%

Gold Weeklies

OG1-5

4,245

159%

94%

17,309

44%

Copper

HX

3,323

186%

65%

37,481

32%

Silver Weeklies

SO1-5

210

631%

95%

1,623

68%

Platinum

PO

202

350%

28%

6,427

15%

Palladium

PAO

73

-67%

35%

2,707

46%

Trends & Highlights

  • Weekly Gold options (OG1-5) averaged 4.2K contracts/day, +159% YoY – a 38th consecutive month of YoY growth Open interest hit a record 23.5K contracts
  • Copper options averaged 3.3K contracts/day, +186% YoY

Open Interest as of 4/30/19, unless otherwise specified

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

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