March Options Review

Reviews by Asset Class

Options Complex Overview

Asset Class ADV % YoY % Globex Open Interest OI % Puts
Total Options 4,202,055 6% 62% 67,725,050 57%
Interest Rates 2,629,065 6% 48% 51,599,072 59%
Equity Index 883,725 15% 95% 4,177,243 71%
Agricultural 307,628 31% 76% 3,648,655 44%
Energy 255,195 -30% 67% 6,314,398 44%
FX 72,781 5% 97% 783,673 54%
Metals 53,661 14% 83% 1,202,009 36%

Trends & Highlights

  • Record quarterly ADV of 4.9 million contracts/day, +31% YoY
  • Single-day record open interest of 77.9 million contracts achieved on March 15
  • March marks a 39th consecutive month of YoY growth in month-end open interest

NEW 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.
  • Integrated U.S. economic event information notifies of potential high (red boxes) or medium (orange boxes) impact events for a given day, while clicking said boxes will pop-up a full list of the day’s events.
  • cmegroup.com/options-calendar

Interest Rate Options

  Symbol ADV % YoY % Globex Open Interest OI % Puts
Eurodollar options   1,716,302 -1% 29% 46,228,588 60%
Eurodollars (Quarterly/Serial) GE 849,418 -2% 28% 27,302,180 60%
1-Year Mid-Curve GE0 501,489 24% 32% 9,486,029 60%
2-Year Mid-Curve GE2 253,726 -26% 29% 5,734,412 64%
3-Year Mid-Curve GE3 104,027 -5% 34% 3,393,963 53%
4-Year Mid-Curve GE4 5,555 43% 27% 307,204 42%
Treasury options   912,476 21% 83% 5,365,433 53%
10-Year Note OZN 484,424 25% 82% 2,693,186 50%
5-Year Note OZF 135,045 -2% 81% 1,408,991 66%
T-Bond OZB 83,275 12% 90% 567,861 52%
2-Year Note OZT 20,028 297% 67% 346,755 38%
Fri Weekly 10-Year ZN1-5 119,445 21% 82% 185,312 39%
Fri Weekly 5-Year ZF1-5 21,437 -27% 89% 53,851 70%
Fri Weekly T-Bond ZB1-5 21,688 6% 86% 58,971 28%
Wed Weekly 10-Year WY1-5 18,770 N/A 83% 33,424 44%
Wed Weekly 5-Year WF1-5 4,185 N/A 91% 4,891 57%
Wed Weekly T-Bond WB1-5 3,799 N/A 87% 5,319 32%

Trends & Highlights

  • Record quarterly ADV of 3 million contracts/day, +29% YoY
  • Record open interest of 59.8 million contracts achieved on March 15
  • 2-Year note options Q1 ADV of 21.4K, 372% YoY

Equity Index Options

  Symbol ADV % YoY Open Interest OI % Puts
E-mini S&P 500 options   825,695 18% 3,803,098 72%
Quarterlies ES 203,726 21% 1,506,106 74%
Monday Weekly E1A - E5A 59,253 NA 100,247 74%
Wednesday Weekly E1C - E5C 73,424 16% 33,077 72%
Friday Weekly EW1 - EW4 335,038 -2% 1,665,345 69%
End-of-Month EW 154,255 24% 498,323 74%
S&P 500 options   40,752 -31% 252,170 66%
Quarterlies SP 9,223 -41% 57,844 66%
Monday Weekly S1A - S5A 6,604 NA 37,041 89%
Wednesday Weekly S1C - S5C 4,510 35% 1,124 47%
Friday Weekly EV1 - EV4 14,067 -54% 132,559 62%
End-of-Month EV 6,347 -33% 23,602 57%
E-mini NASDAQ-100 options   11,095 16% 70,718 57%
Quarterlies NQ 3,563 53% 27,670 61%
Weekly QN1 - QN4 5,517 3% 41,463 54%
End-of-Month QNE 2,015 6% 1,585 60%
E-mini Russell 2000 options RTO 5,509 N/A 41,723 64%
E-mini Dow ($5) options YM 674 127% 8,788 54%

Trends & Highlights

  • E-mini NASDAQ 100 options are off to a strong start in 2018 with Q1 ADV of 14,286, +61% YoY
  • E-mini Russell 2000 options gained momentum in March, posting their strongest month since launched in July 2017

Energy Options

  Symbol Settlement ADV % YoY % Globex Open Interest OI % Puts
Crude Oil options     195,094 -20% 70% 4,639,170 44%
WTI Crude Oil LO Physical 159,775 -29% 81% 2,920,201 43%
WTI-Brent Spread BV Financial 7,469 334% 16% 334,804 41%
Brent Futures-Style BZO Financial 5,950 606% 39% 178,758 39%
Brent 1-Month CSO 9C Financial 5,819 N/A 0% 118,900 17%
WTI 1 Month CSO WA Physical 4,345 -54% 11% 339,700 63%
WTI 1 Month CSO 7A Financial 4,125 32% 0% 180,868 46%
WTI Average Price AO Financial 3,167 225% 0% 452,603 52%
WTI Weeklies LO1-5 Physical 2,389 0% 99% 2,366 62%
Natural Gas options     57,966 -50% 59% 1,554,656 43%
Natural Gas European LN Financial 51,637 -49% 57% 1,437,590 43%
Natural Gas American ON Physical 4,369 -50% 93% 65,841 39%
Natural Gas 6 Month CSO G6B Financial 1,152 32% 0% 500 0%
Natural Gas Daily KD Financial 525 -68% 66% 0 N/A
Refined Product options     1,655 -33% 22% 75,642 28%
NY Harbor ULSD OH Physical 1,120 -13% 18% 45,709 29%
RBOB Gasoline OB Physical 401 -62% 41% 9,404 28%

Trends & Highlights

  • WTI-Brent Spread options surged 334% YoY with 7.4K contracts/day
  • Brent Crude Oil options (BZO) traded a record 5.9K contracts/day

Agricultural Options

  Symbol ADV % YoY % Globex Open Interest OI % Puts
Corn OZC 113,116 33% 71% 1,425,934 40%
Soybeans OZS 82,256 24% 82% 683,488 44%
SRW Wheat OZW 39,745 46% 80% 419,277 40%
Soybean Meal OZM 16,872 86% 65% 189,098 48%
Live Cattle LE 15,751 17% 87% 207,455 56%
Lean Hogs HE 10,642 23% 86% 180,315 52%
Soybean Oil OZL 6,775 -33% 69% 93,055 43%
KC HRW Wheat OKE 5,498 230% 59% 81,689 37%
Short-Dated New Crop Corn OCD 3,894 70% 60% 73,116 43%
Weekly Corn ZC1-5 3,525 84% 61% 4,948 29%
Feeder Cattle GF 2,165 10% 95% 46,882 59%
Weekly Soybean ZS1-5 1,760 44% 81% 2,447 31%
Short-Dated New Crop Soybeans OSD 1,756 29% 93% 34,037 43%

Trends & Highlights

  • Uptick in volatility boosting options trading +31% to 307K contracts/day
  • Open interest YoY: Corn options +25%, SRW Wheat +27%, Soy Meal +57%, HRW Wheat +101%
  • Short-Dated New Crop options volume 5.6K contracts/day, +54% YoY
  • Second best volume month for weekly Ag options with ADV of 5.6K, +64% YoY

FX Options

  Symbol ADV % YoY % Globex Open Interest OI % Puts
EUR/USD EUU 33,594 10% 99% 311,011 57%
JPY/USD JPU 13,815 -19% 97% 135,699 51%
GBP/USD GPU 11,194 19% 97% 139,935 49%
CAD/USD CAU 8,161 53% 93% 82,097 50%
AUD/USD ADU 5,899 -16% 95% 111,263 60%
CHF/USD CHU 50 -57% 100% 1,367 72%
MXN/USD 6M 68 29% 86% 2,301 46%

Trends & Highlights

  • FX options open interest +9% YoY
  • Over 460K Wednesday FX options have traded since launched October 30, 2017
  • 11.4K Wednesday options traded on March 21 around FOMC rate hike

Metals Options

  Symbol ADV % YoY % Globex Open Interest OI % Puts
Gold OG 44,790 11% 82% 1,019,943 35%
Silver SO 5,988 6% 92% 151,782 40%
Gold Weeklies OG1-5 1,644 174% 98% 4,237 43%
Copper HX 848 372% 68% 13,999 46%
Platinum PO 166 214% 27% 3,230 57%
Palladium PAO 152 66% 59% 2,864 40%
Silver Weeklies SO1-5 48 690% 100% 30 93%

Trends & Highlights

  • Weekly Gold options ADV of 1.6K, +174% YoY – a 25th consecutive month of YoY growth
  • Copper options remain strong with ADV +372% YoY

Report Legend

Open Interest as of 03/29/18, unless otherwise specified
YoY – Compares current period 2018 to same period 2017
MoM – Compares current month 2018 to previous month 2018