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

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