May Options Review

Reviews by Asset Class

Options Complex Overview

Asset Class

ADV

% YoY

% Globex

Open Interest

OI % Puts

Total Options

3,594,514

5%

64%

67,700,522

55%

Interest Rates

2,274,152

12%

53%

50,506,071

57%

Equity Index

579,609

-9%

94%

4,330,675

69%

Agricultural

302,790

27%

76%

4,007,931

41%

Energy

301,770

-24%

66%

6,631,196

45%

FX

82,560

12%

98%

902,738

52%

Metals

53,632

12%

82%

1,321,911

35%

Trends & Highlights

  • May marks a 41st consecutive month of YoY growth in month-end open interest
  • NEW 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.

Interest Rate Options

 

Symbol

ADV

% YoY

% Globex

Open Interest

OI % Puts

Eurodollar options

 

1,232,782

-9%

31%

44,464,851

58%

Eurodollars (Quarterly/Serial)

GE

555,905

-17%

28%

25,748,031

60%

1-Year Mid-Curve

GE0

354,664

-16%

35%

8,914,866

58%

2-Year Mid-Curve

GE2

240,578

23%

30%

6,233,110

56%

3-Year Mid-Curve

GE3

78,502

12%

37%

3,273,777

50%

4-Year Mid-Curve

GE4

2,402

-52%

55%

284,267

44%

10-Year Note

 

706,187

55%

80%

3,119,249

53%

Quarterly/Serial

OZN

577,662

56%

79%

2,650,697

54%

Friday Weekly

ZN1-5

110,130

28%

86%

447,306

50%

Wednesday Weekly

WY1-5

18,395

N/A

88%

21,246

62%

5-Year Note

 

174,636

55%

72%

1,619,665

59%

Quarterly/Serial

OZF

159,308

56%

70%

1,541,305

60%

Friday Weekly

ZF1-5

13,223

24%

93%

76,653

41%

Wednesday Weekly

WF1-5

2,364

N/A

100%

1,707

33%

T-Bond

 

125,932

31%

89%

848,766

49%

Quarterly/Serial

OZB

104,118

28%

89%

762,008

49%

Friday Weekly

ZB1-5

18,517

24%

92%

84,676

48%

Wednesday Weekly

WB1-5

3,297

N/A

97%

2,082

35%

2-Year Note

 

33,626

784%

83%

434,185

28%

Quarterly/Serial

OZT

33,353

790%

83%

434,183

28%

Friday Weekly

ZT1-5

14

-75%

100%

2

0%

Trends & Highlights

  • Treasury options averaged over 1 million contracts/day, +56% YoY, with 80% traded electronically
  • Trading in 2-Year note options surged 784% YoY to 33.6K contracts/day, while open interest reached a record 728K contracts on 5/24
  • Ultra T-Bond options averaged 657 contracts/day, +2,331% YoY
  • Eurodollar Term Mid-Curve options now available
    • New 3-, 6-, and 9-month Eurodollar Term Mid-Curve options offer greater flexibility to trade short-dated 1-3 month options on white quarterly Eurodollar futures.

Equity Index Options

 

Symbol

ADV

% YoY

Open Interest

OI % Puts

E-mini S&P 500 options

 

536,441

-8%

3,919,632

69%

Quarterlies

ES

158,529

17%

2,298,220

69%

Monday Weekly

E1A - E5A

30,988

7%

46,026

83%

Wednesday Weekly

E1C - E5C

44,565

1%

18,540

74%

Friday Weekly

EW1 - EW4

231,532

-23%

1,000,739

72%

End-of-Month

EW

70,826

-4%

556,107

62%

S&P 500 options

 

32,746

-29%

291,303

76%

Quarterlies

SP

5,033

-54%

133,505

70%

Monday Weekly

S1A - S5A

2,422

14%

11,269

94%

Wednesday Weekly

S1C - S5C

3,027

-10%

1,275

100%

Friday Weekly

EV1 - EV4

18,867

-24%

119,990

83%

End-of-Month

EV

3,397

-33%

25,264

68%

E-mini NASDAQ-100 options

 

7,913

-17%

75,740

63%

Quarterlies

NQ

3,342

14%

59,520

65%

Weekly

QN1 - QN4

4,213

-32%

12,489

59%

End-of-Month

QNE

358

13%

3,731

51%

E-mini Russell 2000 options

RTO

2,104

N/A

33,178

64%

E-mini Dow ($5) options

YM

406

150%

10,820

52%

Trends & Highlights

  • S&P 500 options block trade enhancements are here:
  • Allowance of delta-neutral S&P 500 option blocks
  • Lower block threshold of 100 contracts (previously 250 contracts) during European and Asian Trading Hours only
  • Extended block trade reporting time window of 15 minutes (previously 5 minutes) during European and Asian Trading Hours only
  • View SER

Energy Options

 

Symbol

Settlement

ADV

% YoY

% Globex

Open Interest

OI % Puts

Crude Oil options

 

 

219,764

-17%

70%

4,758,526

45%

WTI Crude Oil

LO

Physical

178,881

-26%

82%

2,855,200

44%

WTI 1 Month CSO

WA

Physical

13,566

49%

4%

446,235

61%

Brent Futures-Style

BZO

Financial

6,262

223%

36%

196,739

36%

WTI-Brent Spread

BV

Financial

4,363

235%

4%

233,480

44%

WTI 1 Month CSO

7A

Financial

3,759

-24%

3%

178,700

45%

WTI Weeklies

LO1-5

Physical

3,638

-3%

100%

13,913

59%

WTI Average Price

AO

Financial

3,023

152%

0%

475,009

53%

Brent 1-Month CSO

9C

Financial

2,801

N/A

1%

210,610

17%

Natural Gas options

 

 

79,310

-36%

59%

1,767,932

48%

Natural Gas European

LN

Financial

68,877

-37%

57%

1,608,303

48%

Natural Gas American

ON

Physical

7,626

-14%

95%

86,764

42%

Natural Gas Daily

KD

Financial

1,070

-37%

57%

0

N/A

Refined Product options

 

 

2,017

-52%

20%

71,162

32%

NY Harbor ULSD

OH

Physical

1,178

-51%

18%

36,367

38%

RBOB Gasoline

OB

Physical

628

-62%

28%

11,711

25%

Trends & Highlights

  • Month-end open interest in Crude Oil options +7% YoY to 4.7 million contracts
  • WTI-Brent Spread options remain highly active, averaging 4.3K contract/day, +235% YoY
  • Brent Crude Oil options (BZO) traded a record 6.26K contracts/day, +223% YoY

Agricultural Options

 

Symbol

ADV

% YoY

% Globex

Open Interest

OI % Puts

Corn

OZC

112,749

31%

74%

1,661,935

37%

Soybean

OZS

85,909

42%

78%

734,364

39%

SRW Wheat

OZW

42,199

26%

77%

442,675

47%

Soybean Meal

OZM

15,650

81%

57%

221,967

42%

Live Cattle

LE

13,928

1%

90%

226,578

52%

Lean Hogs

HE

7,202

-24%

92%

161,317

54%

Short-Dated New Crop Corn

OCD

5,051

185%

63%

123,658

28%

Soybean Oil

OZL

4,777

-58%

69%

82,509

40%

KC HRW Wheat

OKE

3,907

3%

78%

68,210

42%

Weekly Corn

ZC1-5

2,968

157%

66%

20,109

35%

Short-Dated New Crop Soybeans

OSD

2,214

104%

63%

37,501

49%

Class III Milk

DC

1,660

-11%

65%

68,606

51%

Feeder Cattle

GF

1,222

-34%

92%

25,500

62%

Weekly Soybean

ZS1-5

1,200

61%

90%

4,530

50%

Trends & Highlights

  • Open interest in Ag options +15% YoY with 4M million contracts held at month-end
  • Short-Dated New Crop Options volume +154% YoY to 7.2K contracts/day

FX Options

 

Symbol

ADV

% YoY

% Globex

Open Interest

OI % Puts

EUR/USD

EUU

46,001

25%

99%

399,774

53%

JPY/USD

JPU

11,811

-6%

98%

146,535

50%

GBP/USD

GPU

10,655

-3%

98%

141,921

48%

CAD/USD

CAU

8,151

17%

99%

94,925

50%

AUD/USD

ADU

5,627

-5%

98%

107,424

59%

CHF/USD

CHU

220

31%

100%

6,654

64%

MXN/USD

6M

95

97%

42%

5,505

26%

Trends & Highlights

  • Wednesday weekly FX options averaged 6.1K contracts per day
  • EUR/USD options +25% with over 46K contracts/day

Metals Options

 

Symbol

ADV

% YoY

% Globex

Open Interest

OI % Puts

Gold

OG

44,210

12%

81%

1,093,215

35%

Silver

SO

6,416

-8%

86%

191,439

39%

Gold Weeklies

OG1-5

1,755

154%

97%

7,648

48%

Copper

HX

968

391%

60%

21,482

34%

Platinum

PO

147

7%

40%

2,748

14%

Palladium

PAO

101

-62%

60%

2,101

48%

Trends & Highlights

  • Weekly Gold options ADV of 1.7K, +154% YoY – a 27th consecutive month of YoY growth
  • Copper options ADV surged 391% YoY to 968 contracts/day

Report Legend

Open Interest as of 05/31/18, 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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