March Options Review

Reviews by Asset Class

Overview

Asset Class

ADV

% YoY

% Globex

Month-End OI

OI % YoY

Total Options

4,092,772

-3%

63%

74,710,558

10%

Interest Rates

2,937,665

12%

54%

59,943,724

16%

Equity Index

588,654

-33%

95%

3,666,684

-12%

Agricultural

260,610

-15%

85%

3,293,839

-10%

Energy

175,099

-31%

66%

5,614,872

-11%

Metals

71,304

33%

78%

1,568,862

31%

FX

59,442

-18%

97%

622,577

-21%

Trends & Highlights

  • Over 4M options traded daily, driven by record trading in interest rate options
  • Open interest hit an all-time high of 79.5M contracts on March 14, and closed the month at 74.7M contracts, +10% YoY – a 51st consecutive month of YoY growth
  • Interest rates options hit a single-day volume record of over 6.2M contracts on March 27
  • Metals options continue to grow reaching 71K contracts/day in March, +31% YoY

Interest Rate Options

 

Symbol

ADV

% YoY

% Globex

Month-End OI

OI % Puts

Eurodollar options

 

1,805,909

5%

36%

52,324,031

55%

Eurodollars (Quarterly/Serial)

GE

1,117,512

32%

33%

37,071,996

57%

1-Year Mid-Curve

GE0

410,873

-18%

44%

8,076,573

55%

2-Year Mid-Curve

GE2

176,343

-30%

35%

4,016,152

52%

3-Year Mid-Curve

GE3

95,360

-8%

40%

2,969,874

41%

4-Year Mid-Curve

GE4

4,044

-27%

14%

176,136

43%

10-Year Note

 

709,044

14%

82%

3,614,477

48%

Quarterly/Serial

OZN

533,167

10%

80%

3,169,894

48%

Friday Weekly

ZN1-5

147,748

24%

86%

401,252

52%

Wednesday Weekly

WY1-5

28,129

50%

98%

43,331

39%

5-Year Note

 

225,306

41%

78%

2,436,665

68%

Quarterly/Serial

OZF

183,569

36%

76%

2,235,803

69%

Friday Weekly

ZF1-5

35,952

68%

85%

174,206

60%

Wednesday Weekly

WF1-5

6,180

48%

88%

27,400

79%

T-Bond

 

160,616

48%

89%

1,089,340

55%

Quarterly/Serial

OZB

121,986

46%

87%

963,096

58%

Friday Weekly

ZB1-5

33,801

56%

95%

115,349

33%

Wednesday Weekly

WB1-5

4,829

27%

99%

10,895

47%

2-Year Note

OZT

35,977

70%

65%

448,391

72%

Ultra 10-Year Note

OTN

453

151x

56%

9,564

0%

Ultra T-Bond

OUB

347

43%

41%

19,304

96%

Trends & Highlights

Equity Index Options

 

Symbol

ADV

% YoY

Month-End OI

OI % Puts

E-mini S&P 500 options

 

548,249

-34%

3,409,669

68%

Quarterlies

ES

131,178

-36%

1,535,649

70%

Monday Weekly

E1A-E5A

47,105

-21%

77,286

73%

Wednesday Weekly

E1C-E5C

56,106

-24%

40,858

65%

Friday Weekly

EW1-EW4

219,168

-35%

1,233,958

69%

End-of-Month

EW

94,692

-39%

521,918

62%

S&P 500 options

 

28,973

-29%

169,488

66%

Quarterlies

SP

6,005

-35%

36,155

34%

Monday Weekly

S1A-S5A

4,285

-35%

11,466

93%

Wednesday Weekly

S1C-S5C

3,070

-32%

3,310

91%

Friday Weekly

EV1-EV4

8,832

-37%

80,794

69%

End-of-Month

EV

6,779

7%

37,763

82%

E-mini NASDAQ-100 options

 

8,816

-21%

55,387

64%

Quarterlies

NQ

2,806

-21%

19,485

64%

Weekly

QN1-QN4

4,452

-19%

26,422

57%

End-of-Month

QNE

1,558

-23%

9,480

81%

E-mini Russell 2000 options

RTO

2,370

-57%

29,329

80%

E-mini Dow ($5) options

YM

247

-63%

2,811

59%

Trends & Highlights

Agricultural Options

 

Symbol

ADV

% YoY

% Globex

Month-End OI

OI % Puts

Corn

OZC

108,335

-4%

85%

1,136,532

39%

Soybean

OZS

40,950

-50%

85%

534,443

54%

SRW Wheat

OZW

39,649

0%

84%

404,498

40%

Lean Hogs

HE

26,177

146%

89%

361,315

52%

Live Cattle

LE

12,124

-23%

84%

213,878

56%

Weekly Corn

ZC1-5

6,153

75%

82%

13,284

13%

Soybean Meal

OZM

6,037

-64%

80%

108,964

42%

KC HRW Wheat

OKE

5,201

-5%

80%

97,175

36%

Soybean Oil

OZL

4,438

-34%

83%

85,108

57%

Short-Dated New Crop

OCD, OSD

4,055

-28%

64%

99,789

45%

Feeder Cattle

GF

1,589

-27%

94%

25,971

54%

Class III Milk

DC

1,378

28%

93%

74,437

54%

Weekly Soybeans

ZS1-5

1,307

-26%

86%

1,283

45%

Weekly Wheat

ZW1-5

1,215

352%

98%

582

68%

Trends & Highlights

  • Lean Hog options hit an all-time open interest record of 364,316 and a single-day daily volume record of 51,322 contracts
  • Driven off the March 29 Planting Intention report, Corn options hit the 2nd highest volume day with 352,714 contracts
  • Weekly Ag options averaged 8.7K contracts/day, the second highest all-time, driven by 75% YoY growth in weekly corn, and record ADV in Weekly SRW Wheat options of 1,215
  • July Grain and Oilseed implied volatility levels at historical lows at the end of March

Energy Options

 

Symbol

Settlement

ADV

% YoY

% Globex

Month-End OI

OI % Puts

Crude Oil options

 

 

124,969

-36%

72%

4,020,719

50%

WTI Crude Oil

LO

Physical

97,957

-39%

84%

2,530,860

45%

WTI 1 Month CSO

WA

Physical

9,872

127%

4%

526,054

69%

Brent Futures-Style

BZO

Financial

4,717

-21%

77%

166,876

40%

WTI Average Price

AAO

Financial

4,467

41%

0%

349,364

54%

WTI 1 Month CSO

7A

Financial

2,755

-33%

2%

125,750

68%

WTI Weeklies

LO1-5

Physical

2,563

7%

99%

3,149

51%

WTI-Brent Spread

BV

Financial

1,129

-85%

16%

145,120

61%

Brent European

BE

Financial

1,102

-29%

0%

96,010

60%

Natural Gas options

 

 

47,999

-17%

52%

1,480,896

46%

Natural Gas European

LN

Financial

42,816

-17%

49%

1,397,188

46%

Natural Gas American

ON

Physical

4,128

-6%

98%

52,724

43%

Refined Product options

 

 

1,581

-4%

20%

83,502

27%

NY Harbor ULSD

OH

Physical

996

-11%

19%

50,394

28%

RBOB Gasoline

OB

Physical

495

24%

25%

16,838

29%

Trends & Highlights

Metals Options

 

Symbol

ADV

% YoY

% Globex

Month-End OI

OI % Puts

Gold

OG

56,328

26%

77%

1,256,986

33%

Silver

SO

5,943

-1%

86%

230,624

40%

Gold (Weekly)

OG1-5

5,253

220%

94%

19,002

42%

Copper

HX

3,120

268%

60%

48,982

27%

Silver (Weekly)

SO1-5

221

362%

100%

859

53%

Platinum

PO

93

-44%

62%

4,557

19%

Palladium

PAO

75

-51%

52%

1,902

33%

Trends & Highlights

  • Weekly Gold options (OG1-5) averaged a record 5,253 contracts/day, +220% YoY – a 37th consecutive month of YoY growth. Open interest hit a record 23.5K contracts
  • Copper options averaged 3,120 contracts/day, +268% YoY, while open interest hit an all-time high of 67.5K contracts
  • Weekly Silver options (SO1-5) continue to gain traction with improved liquidity on screen

FX Options

 

Symbol

ADV

% YoY

% Globex

Month-End OI

OI % Puts

EUR/USD

EUU

27,401

-18%

98%

246,227

52%

GBP/USD

GPU

11,363

2%

92%

147,066

48%

JPY/USD

JPU

9,928

-28%

98%

94,580

41%

CAD/USD

CAU

5,491

-33%

98%

68,353

46%

AUD/USD

ADU

4,999

-15%

99%

60,743

50%

CHF/USD

CHU

165

227%

100%

3,309

71%

MXN/USD

6M

91

35%

100%

2,189

47%

Trends & Highlights

Open Interest as of 3/29/19, unless otherwise specified

YoY – Compares current period 2019 to same period 2018, MoM – Compares current month 2019 to previous month 2019

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