August Options Review

Reviews by Asset Class

Options Complex Overview

Asset Class ADV % YoY % Globex Month-End OI OI % YoY
Total Options 3,159,548 0% 67% 67,400,071 6%
Interest Rates 1,868,436 6% 54% 50,189,478 9%
Equity Index 659,242 -9% 94% 5,010,318 -2%
Agricultural 269,772 6% 76% 3,373,307 17%
Energy 224,530 -15% 73% 6,479,102 -10%
FX 69,913 -18% 99% 805,065 -11%
Metals 67,655 27% 75% 1,542,801 28%

Trends & Highlights

  • Options open interest increased 6% YoY to 67.4M contracts – a 44th consecutive month of YoY growth
  • YTD through August, options average daily volume is at 3.87M contracts/day, +11% YoY
  • The return of volatility in precious metals resulted in a 27% YoY increase in trading volume for metals options
  • FX options expiration time changing to 10 a.m. New York time – read more
  • QuikStrike® end-of-day implied option volatility curves for more than 40 CME Group products now available in CME DataMine: Learn more

Interest Rate Options

  Symbol ADV % YoY % Globex Month-End OI OI % Puts
Eurodollar options   1,020,296 4% 31% 45,448,823 63%
Eurodollars (Quarterly/Serial) GE 528,761 63% 28% 28,866,750 65%
1-Year Mid-Curve GE0 245,320 -19% 33% 8,222,102 62%
2-Year Mid-Curve GE2 202,412 -13% 33% 5,649,630 64%
3-Year Mid-Curve GE3 39,661 -63% 47% 2,422,524 48%
4-Year Mid-Curve GE4 3,607 -54% 91% 247,566 20%
10-Year Note   551,594 2% 83% 2,487,954 48%
Quarterly/Serial OZN 447,808 1% 81% 2,208,279 49%
Friday Weekly ZN1-5 82,760 -6% 87% 237,554 37%
Wednesday Weekly WY1-5 21,026 104% 89% 42,121 51%
5-Year Note   137,871 27% 74% 1,392,717 75%
Quarterly/Serial OZF 122,205 29% 73% 1,332,971 77%
Friday Weekly ZF1-5 11,849 -6% 85% 45,565 49%
Wednesday Weekly WF1-5 3,997 163% 81% 14,275 29%
T-Bond   130,491 14% 86% 659,076 50%
Quarterly/Serial OZB 102,999 15% 84% 605,131 50%
Friday Weekly ZB1-5 21,361 6% 94% 44,580 57%
Wednesday Weekly WB1-5 6,130 29% 93% 9,365 51%
2-Year Note   27,992 30% 73% 196,207 49%
Quarterly/Serial OZT 27,352 28% 72% 194,384 49%
Friday Weekly ZT1-5 452 260025% 79% 1,729 83%

Trends & Highlights

  • Wednesday treasury options averaged 31K contracts/day, +87% YoY, including a single day record of 106K contracts on 8/10. Open interest reached a record 148K contracts on 8/14
  • Sign up for Block Trade AlertsGet email alerts when privately negotiated block trades are submitted in the markets you care about

Equity Index Options

  Symbol ADV % YoY Month-End OI OI % Puts
E-mini S&P 500 options   606,947 -7% 4,581,676 67%
Quarterlies ES 164,245 -2% 2,500,423 68%
Monday Weekly E1A - E5A 38,282 11% 94,816 77%
Wednesday Weekly E1C - E5C 50,223 8% 65,296 78%
Friday Weekly EW1 - EW4 241,751 -22% 1,075,966 71%
End-of-Month EW 112,445 24% 845,175 58%
S&P 500 options   41,150 -29% 307,014 71%
Quarterlies SP 3,285 -73% 97,331 55%
Monday Weekly S1A - S5A 5,274 8% 27,367 81%
Wednesday Weekly S1C - S5C 3,897 -3% 8,222 43%
Friday Weekly EV1 - EV4 21,915 -24% 131,052 62%
End-of-Month EV 6,779 -19% 43,042 79%
E-mini NASDAQ-100 options   8,966 -43% 82,437 68%
Quarterlies NQ 3,442 -8% 61,370 66%
Weekly QN1 - QN4 4,324 -63% 16,866 76%
End-of-Month QNE 1,200 249% 4,201 69%
E-mini Russell 2000 options RTO 1,832 254% 29,447 65%
E-mini Dow ($5) options YM 347 19% 9,742 59%

Trends & Highlights

  • Monday S&P 500 weekly options (Standard and E-mini) averaged 43.5K contracts/day, +11% YoY
  • Wednesday S&P 500 weekly options (Standard and E-mini) averaged 54K contracts/day,+7% YoY
  • S&P 500 options block trade enhancements, including allowance of delta-neutral S&P 500 option blocks View SER
    • Lower block threshold of 100 contracts (previously 250 contracts) during European and Asian Trading Hours only
    • Extended block trade reporting window of 15 min (previously 5) during European and Asian Trading Hours only

Energy Options

  Symbol Settlement ADV % YoY % Globex Month-End OI OI % Puts
Crude Oil options     146,740 -13% 76% 4,366,763 45%
WTI Crude Oil LO Physical 127,669 -12% 82% 2,837,453 44%
WTI 1 Month CSO WA Physical 5,001 -41% 12% 363,780 64%
Brent Futures-Style BZO Financial 5,353 129% 47% 202,657 35%
WTI 1 Month CSO 7A Financial 2,067 -48% 1% 127,275 51%
WTI-Brent Spread BV Financial 871 -37% 6% 194,906 40%
WTI Weeklies LO1-5 Physical 2,733 -19% 100% 2,956 52%
WTI Average Price AO Financial 1,380 -53% 0% 398,287 53%
Natural Gas options     75,962 -17% 68% 2,021,031 49%
Natural Gas European LN Financial 65,719 -17% 68% 1,781,310 49%
Natural Gas American ON Physical 7,336 11% 95% 125,658 39%
Natural Gas 1-Month CSO G4 Financial 1,332 143% 1% 36,966 57%
Natural Gas Daily KD Financial 797 -67% 60% 0 N/A
Refined Product options     1,526 -55% 13% 58,182 26%
NY Harbor ULSD OH Physical 1,035 -26% 12% 30,662 31%
RBOB Gasoline OB Physical 384 -78% 18% 8,900 20%

Trends & Highlights

  • Open interest in WTI Crude oil options (LO) has increased 13% YTD, with 2.837M contracts held at month-end
  • Brent Crude Oil options (BZO) continue to grow averaging 5,353 contracts/day, +129% YoY
  • Natural Gas 1-Month Calendar Spread options averaged 1,332 contracts/day, +143% YoY

Agricultural Options

  Symbol ADV % YoY % Globex Month-End OI OI % Puts
Corn OZC 100,446 1% 73% 1,347,259 38%
Soybean OZS 66,467 -10% 80% 685,557 40%
SRW Wheat OZW 45,006 51% 77% 401,882 38%
Lean Hogs HE 16,824 21% 90% 232,805 58%
Soybean Meal OZM 11,801 85% 72% 181,871 41%
Live Cattle LE 6,731 -31% 86% 153,143 57%
KC HRW Wheat OKE 5,160 119% 56% 62,388 28%
Soybean Oil OZL 4,781 -42% 70% 80,219 44%
Short-Dated New Crop Corn OCD 2,288 27% 70% 23,210 16%
Short-Dated New Crop Soybeans OSD 1,207 -25% 80% 3,691 58%
Class III Milk DC 2,101 31% 87% 74,086 54%
Weekly Corn ZC1-5 1,943 51% 79% 3,603 34%
Feeder Cattle GF 1,306 -27% 92% 25,001 56%
Weekly Soybean ZS1-5 969 -16% 86% 2,780 35%

Trends & Highlights

  • Strong activity in SRW and HRW Wheat with the December $6.00 calls being the most active strike in both products trading over 50K times in August
  • Grain calendar spread options averaged 1,031 contracts/day, +27% YoY
  • Short-Dated New Crop Option listing cycle extended to now include Oct/Nov/Dec for Corn & Soybeans

FX Options

  Symbol ADV % YoY % Globex Month-End OI OI % Puts
EUR/USD EUU 33,740 -28% 99% 344,178 58%
JPY/USD JPU 11,115 -25% 97% 135,081 47%
GBP/USD GPU 13,320 30% 98% 176,230 48%
CAD/USD CAU 5,707 -22% 100% 72,123 48%
AUD/USD ADU 5,897 -7% 99% 69,393 49%
CHF/USD CHU 102 -38% 100% 7,130 80%
MXN/USD 6M 33 225% 74% 930 40%

Trends & Highlights

  • Wednesday weekly options averaged a record 7,191 contracts/day, including a record 17K contracts on 8/10. Open interest reached a record 38.9K contracts on 8/28.
  • FX options expiration time changing from 2 p.m. Chicago to 10 a.m. New York Time. Here’s what you need to know…
    • Why: To align our FX options with the primary OTC market convention
    • When: The expiration time will change to 10 a.m. New York (10 a.m. ET) for all contracts expiring after June 7, 2019, nearly a year from now
    • All the codes you use today will remain the same.
    • CME Group systems will continue to refer to the Chicago time convention for consistency. Thus 10 a.m. New York (10 a.m. ET) will appear as 9 a.m. CT in our clearing and trading systems.
    • Get all the details

Metals Options

  Symbol ADV % YoY % Globex Month-End OI OI % Puts
Gold OG 55,061 27% 74% 1,287,108 33%
Silver SO 8,590 15% 71% 221,355 39%
Gold Weeklies OG1-5 2,259 176% 100% 3,638 38%
Copper HX 1,250 176% 69% 16,891 46%
Platinum PO 173 -8% 82% 8,968 18%
Palladium PAO 145 -75% 38% 2,379 52%

Trends & Highlights

  • Gold options (OG) averaged 55K contracts/day, +27% YoY
  • Open interest in OG increased 22% YoY to 1.287M contracts with 33% held in puts at month-end
  • Weekly Gold options (OG1-5) ADV remained strong at 2,259 contracts/day, +176% YoY – a 30th consecutive month of YoY growth
  • Copper options ADV at 1,250 contracts/day, +176% YoY

Report Legend

Open Interest as of 08/31/18, unless otherwise specified
YoY – Compares current period 2018 to same period 2017
MoM – Compares current month 2018 to previous month 2018

 

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