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

Report Legend

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

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.

Copyright © 2019 CME Group Inc. All rights reserved

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