December Options Review + 2018 Year in Review

2018 By Asset Class

Asset Class ADV % YoY % Globex
Total Options 3,947,594 14% 66%
Interest Rates 2,411,543 14% 53%
Equity Index 823,564 22% 94%
Energy 317,743 -3% 69%
Agricultural 263,051 10% 78%
FX 73,808 -5% 98%
Metals 57,886 23% 80%

2018 Highlights

  • Record average daily volume (ADV): 3.94M contracts traded per day, a sixth consecutive record year
    • Record Interest Rate options ADV: 2.4M contracts/day
    • Record Equity Index options ADV: 823K contracts/day
    • Record Agricultural options ADV: 263K contracts/day
    • Record Metals options ADV: 58K contracts/day
  • Record total volume: 994 million contracts traded
  • Record electronic volume: 66% traded electronically
  • Record open interest: 78 million contracts on November 21, 2018
  • Record weekly options ADV: 723K contracts/day, representing over 18% of total options volume

2018 Top 25 Contracts

2018 Rank 2017 Rank Product Product Group Primary Symbol ADV % YoY % Globex Open Interest
1 1 Eurodollars Interest Rates GE 1,415,619 3% 33% 41,240,443
2 2 E-mini S&P 500 Equity Index ES 760,542 26% 100% 3,653,405
3 3 10-Year Note Interest Rates OZN 666,519 30% 81% 3,366,837
4 4 WTI Crude Oil Energy LO 199,173 4% 75% 3,923,152
5 6 5-Year Note Interest Rates OZF 164,677 39% 78% 1,906,313
6 7 T-Bond Interest Rates OZB 140,468 30% 89% 922,841
7 5 Natural Gas Energy LN 104,316 -19% 62% 2,223,424
8 8 Corn Agriculture OZC 101,725 7% 74% 949,381
9 9 Soybeans Agriculture OZS 75,758 11% 82% 450,699
10 11 Gold Metals OG 48,745 21% 81% 1,184,907
11 10 Standard S&P 500 Equity Index SP 48,643 -11% 0% 193,167
12 13 SRW Wheat Agriculture OZW 37,435 25% 78% 324,314
13 12 EUR/USD FX EUU 34,571 -5% 99% 224,215
14 19 2-Year Note Interest Rates OZT 23,705 160% 72% 182,207
15 15 GBP/USD FX GPU 12,875 1% 96% 165,410
16 20 Soybean Meal Agriculture OZM 12,684 47% 66% 101,240
17 14 JPY/USD FX JPU 12,426 -15% 98% 113,275
18 25 Brent Crude Oil Energy BZO 11,431 388% 30% 303,229
19 17 E-mini NASDAQ-100 Equity Index NQ 11,422 0% 100% 34,598
20 18 Lean Hogs Agriculture HE 10,991 9% 88% 190,625
21 16 Live Cattle Agriculture LE 10,484 -9% 89% 149,181
22 24 Silver Metals SO 7,438 30% 82% 221,725
23 22 CAD/USD FX CAU 7,432 -3% 98% 65,694
24 23 AUD/USD FX ADU 6,271 3% 96% 64,572
25 21 Soybean Oil Agriculture OZL 5,656 -31% 69% 67,281

Data reflects all expires in a given product (10-Year note data includes Quarterly/Serial and Friday and Wednesday Weeklies).

New Tools Launched in 2018

  • Economic Event Analyzer: Track potentially market-moving economic events and analyze the expiring options contracts available for managing associated risks.
  • Event Volatility Calculator: See how markets price upcoming economic and geopolitical events through the lens of options on futures forward volatility.
  • Block Trade Alerts - Get email alerts when privately negotiated block trades are submitted in the markets you care about
  • Options Calculator: Generate fair value prices and Greeks for any of CME Group’s options on futures contracts or price up a generic option with our universal calculator.
  • Options Expiration Calendar: View and download 12 months of listing and expiration dates across CME Group’s benchmark options, including yet to be listed weekly expiries.
  • Strategy Simulator: Test how different positions will perform based on hypothetical market scenarios.

December by Asset Class

Asset Class ADV % YoY % Globex Month-End OI OI % YoY
Total Options 3,957,499 32% 66% 62,713,829 14%
Interest Rates 2,405,752 40% 53% 47,659,023 20%
Equity Index 974,032 48% 94% 3,900,006 -14%
Energy 289,265 -14% 69% 6,579,885 -1%
Agricultural 169,464 2% 78% 2,505,609 2%
FX 60,121 -5% 98% 638,449 -3%
Metals 58,865 28% 80% 1,430,857 46%

December Highlights

  • Options closed the year strong with nearly 4M contracts traded daily, +32% vs December 2017
  • Month-end open interest of 62.7M contracts represents an increase of 14% YoY– a 48th consecutive month of YoY growth

Interest Rate Options

  Symbol ADV % YoY % Globex Month-End OI OI % Puts
Eurodollar options   1,418,541 25% 34% 41,240,443 63%
Eurodollars (Quarterly/Serial) GE 695,124 29% 34% 28,235,821 64%
1-Year Mid-Curve GE0 437,991 26% 32% 7,513,649 65%
2-Year Mid-Curve GE2 205,727 25% 39% 3,448,987 61%
3-Year Mid-Curve GE3 64,995 -16% 39% 1,913,703 47%
4-Year Mid-Curve GE4 11,203 156% 5% 103,883 2%
10-Year Note   648,435 70% 82% 3,366,837 40%
Quarterly/Serial OZN 523,083 71% 82% 3,130,121 44%
Friday Weekly ZN1-5 110,206 66% 79% 208,189 60%
Wednesday Weekly WY1-5 15,146 56% 93% 28,527 44%
5-Year Note   180,085 107% 76% 1,906,313 49%
Quarterly/Serial OZF 154,344 111% 75% 1,859,970 71%
Friday Weekly ZF1-5 22,192 75% 85% 42,017 39%
Wednesday Weekly WF1-5 4,208 176% 95% 4,640 35%
T-Bond   138,854 30% 90% 922,841 43%
Quarterly/Serial OZB 112,539 41% 90% 839,287 50%
Friday Weekly ZB1-5 21,846 -9% 88% 68,587 38%
Wednesday Weekly WB1-5 4,469 59% 99% 14,967 38%
2-Year Note   18,455 37% 76% 182,207 58%
Quarterly/Serial OZT 17,425 32% 75% 181,891 69%
Friday Weekly ZT1-5 370 792% 96% 2 100%
Ultra T-Bond OUB 1,331 424% 4% 38,378 96%

December Highlights

  • Treasury options averaged 987K contracts/day in December, +68% YoY
  • Ultra T-Bond options averaged 1.3K contracts/day, +424% YoY, and OI reached a record 50K on Jan 4, 2019.
  • Term Mid-Curves (3-,6-,9-month Mid-Curves on Whites) had their best month yet since launching in June 2018, averaging 2.5K contracts per day.

2018 Highlights

  • Record Interest Rate options ADV of 2.4M, +14% YoY
  • Record Treasury options ADV of nearly 1M, +33% YoY
  • Record Eurodollar options ADV of 1.4M, +3% YoY
  • Record Weekly Treasury options ADV of 193K, +38% YoY

Equity Index Options

  Symbol ADV % YoY Month-End OI OI % Puts
E-mini S&P 500 options   900,727 53% 3,653,405 64%
Quarterlies ES 280,131 95% 1,455,830 62%
Monday Weekly E1A-E5A 60,476 92% 20,370 67%
Wednesday Weekly E1C-E5C 73,860 94% 74,316 76%
Friday Weekly EW1-EW4 376,355 53% 1,497,797 66%
End-of-Month EW 109,905 -14% 605,092 59%
S&P 500 options   61,078 5% 193,167 54%
Quarterlies SP 11,209 19% 20,065 60%
Monday Weekly S1A-S5A 6,575 84% 0 n/a
Wednesday Weekly S1C-S5C 7,726 161% 25,935 69%
Friday Weekly EV1-EV4 26,665 -12% 122,211 52%
End-of-Month EV 8,903 -25% 24,956 46%
E-mini NASDAQ-100 options   9,758 7% 34,598 57%
Quarterlies NQ 5,783 66% 19,934 62%
Weekly QN1-QN4 3,325 -20% 13,081 52%
End-of-Month QNE 650 -55% 1,583 42%
E-mini Russell 2000 options RTO 1,537 -4% 11,775 42%
E-mini Dow ($5) options YM 933 81% 7,061 52%

December Highlights

  • Monday and Wednesday S&P 500 weekly options (Standard and E-mini) averaged 148K contracts/day in December, representing 15.5% of total S&P 500 options volume
  • E-mini Dow ($5) options surged 81% YoY to 933 contracts/day in December

2018 Highlights

  • Record Equity options ADV of 823K, +22% YoY
  • Record E-mini S&P 500 options ADV of 760K, +26% YoY

Energy Options

  Symbol Settlement ADV % YoY % Globex Month-End OI OI % Puts
Crude Oil options     188,124 35% 76% 4,232,641 50%
WTI Crude Oil LO Physical 161,351 38% 84% 2,836,936 45%
Brent Futures-Style BZO Financial 4,928 32% 72% 167,321 38%
WTI 1 Month CSO WA Physical 8,975 72% 4% 486,700 75%
WTI Weeklies LO1-5 Physical 3,222 59% 99% 3,586 44%
Brent European BE Financial 3,244 6388% 0% 92,421 59%
WTI 1 Month CSO 7A Financial 1,345 -62% 0% 122,750 69%
WTI-Brent Spread BV Financial 879 -70% 10% 104,434 60%
Natural Gas options     98,361 -50% 59% 2,228,317 48%
Natural Gas European LN Financial 86,243 -49% 59% 1,947,470 49%
Natural Gas American ON Physical 7,408 -59% 93% 161,047 41%
Natural Gas 1-Month CSO G3 Financial 3,927 40% 2% 84,759 54%
Refined Product options     2,589 2% 14% 93,170 26%
NY Harbor ULSD OH Physical 1,869 -2% 12% 58,351 28%
RBOB Gasoline OB Physical 440 -16% 29% 11,826 23%

2018 Highlights

  • Energy options electronic ADV was a record 218K, accounting for a record 69% of volume
  • Record WTI options (LO) electronic ADV of 144,927
  • Non-U.S. hours volume in WTI options (LO) accounted for a record 14% of total volume (up from 10.5% in 2017)
  • Record WTI weekly options (LO1-LO5) ADV of 3,187
  • Record Brent options (BZO) ADV of 7,807
  • Record WTI-Brent spread options (BV) ADV of 3,398
  • Record Nat Gas options (LN) electronic percentage of 61%

Agricultural Options

  Symbol ADV % YoY % Globex Month-End OI OI % Puts
Soybean OZS 52,546 -7% 86% 434,827 51%
Corn OZC 50,380 16% 80% 893,042 37%
SRW Wheat OZW 25,734 21% 85% 321,748 38%
Lean Hogs HE 7,897 14% 86% 190,625 52%
Live Cattle LE 7,288 -24% 88% 149,152 54%
Soybean Meal OZM 4,895 -61% 75% 99,740 44%
Soybean Oil OZL 4,786 -18% 84% 67,281 50%
Weekly Corn ZC1-5 4,539 226% 52% 11,619 17%
KC HRW Wheat OKE 3,614 126% 68% 79,027 33%
Class III Milk DC 2,031 43% 81% 84,259 52%
Short-Dated New Crop Multiple 1,703 75% 48% 43,801 35%
Feeder Cattle GF 1,016 -41% 90% 28,639 55%
Weekly Soybean ZS1-5 626 -38% 95% 1,709 44%

December Highlights

  • Strong volume in weekly Corn options with over 4.5K contracts/day for the second consecutive month

2018 Highlights

  • A record 66 million Ag options traded in 2018 with SRW Wheat, HRW Wheat, Soybean Meal, Dairy and Weekly options setting new volume records
  • 2018 non-U.S. average daily volume grew 43% compared to 2017

FX Options

  Symbol ADV % YoY % Globex Month-End OI OI % Puts
EUR/USD EUU 27,185 -11% 99% 224,215 54%
JPY/USD JPU 12,168 35% 99% 113,275 41%
GBP/USD GPU 9,860 -10% 97% 165,410 46%
CAD/USD CAU 5,420 -36% 100% 65,694 52%
AUD/USD ADU 5,371 44% 100% 64,572 52%
MXN/USD 6M 76 85% 80% 2,714 62%
CHF/USD CHU 40 -48% 100% 1,569 33%

December Highlights

  • Trading in JPY/USD options averaged 12K contracts/day, +35% YoY. Open interest +12% YoY

2018 Highlights

  • Wednesday weekly FX options averaged nearly 6K contracts/day in their first full year of trading, with open interest climbing as high as 50K

Metals Options

  Symbol ADV % YoY % Globex Month-End OI OI % Puts
Gold OG 48,545 30% 86% 1,170,527 34%
Silver SO 5,737 2% 86% 221,145 40%
Gold Weeklies OG1-5 2,978 91% 95% 14,380 52%
Copper HX 1,277 27% 70% 17,984 45%
Silver Weeklies SO1-5 156 2140% 100% 580 19%
Platinum PO 128 -60% 39% 4,413 11%
Palladium PAO 42 -49% 64% 1,124 49%

December Highlights

  • Weekly Gold options (OG1-5) averaged a record 2.9K contracts/day in December, +91% YoY – a 34th consecutive month of YoY growth
  • Copper options liquidity also remained strong, with average daily flow of 1.2K contracts/day, +27% YoY
  • Weekly Silver options are beginning to gain traction with improved liquidity on screen

2018 Highlights

  • Gold options (OG) ADV reached a record 46.6K, +18% YoY
  • Silver options (SO) ADV increased 28% YoY to 7.3K
  • Weekly Gold options ADV reached a record 2.1K, +179% YoY
  • Copper options ADV reached a record 1.4K, +226% YoY

Report Legend

Open Interest as of 12/31/18, 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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