May Options Review

Reviews by Asset Class

Overview

Asset Class ADV % YoY % Globex Month-End OI OI % YoY
Total Options 5,023,473 40% 64% 88,305,924 30%
Interest Rates 3,379,237 49% 52% 71,252,930 41%
Equity Index 808,313 39% 97% 4,734,176 9%
Agricultural 453,445 50% 85% 4,236,490 6%
Energy 268,822 -11% 70% 5,952,792 -10%
FX 58,704 9% 87% 1,442,223 9%
Metals 54,951 -33% 99% 687,313 -24%

Trends & Highlights

  • Options averaged 5M contracts/day in May, the second highest monthly ADV ever
  • Open interest closed the month at a record 88M contracts, +30% YoY – a 53rd consecutive month of YoY growth

Interest Rate Options

  Symbol ADV % YoY % Globex Month-End OI OI % Puts
Eurodollar options   2,133,501 73% 38% 64,421,790 54%
Eurodollars (Quarterly/Serial) GE 1,192,476 115% 34% 43,412,729 56%
1-Year Mid-Curve GE0 604,186 70% 42% 11,765,489 50%
2-Year Mid-Curve GE2 257,059 7% 41% 5,808,996 53%
3-Year Mid-Curve GE3 75,581 -4% 45% 3,211,800 46%
4-Year Mid-Curve GE4 3,849 60% 18% 218,526 49%
10-Year Note   756,565 7% 76% 3,410,524 50%
Quarterly/Serial OZN 525,145 -9% 73% 3,026,773 49%
Friday Weekly ZN1-5 202,227 84% 82% 325,873 58%
Wednesday Weekly WY1-5 29,193 59% 90% 57,878 65%
5-Year Note   289,599 66% 78% 2,121,632 73%
Quarterly/Serial OZF 235,004 48% 76% 2,006,301 73%
Friday Weekly ZF1-5 48,886 270% 82% 97,573 73%
Wednesday Weekly WF1-5 6,450 173% 98% 18,030 81%
T-Bond   164,052 30% 88% 933,251 61%
Quarterly/Serial OZB 122,683 18% 88% 787,501 59%
Friday Weekly ZB1-5 34,600 87% 88% 118,781 78%
Wednesday Weekly WB1-5 6,769 105% 92% 26,969 45%
2-Year Note   34,114 1% 62% 332,034 79%
Quarterly/Serial OZT 33,165 -1% 61% 331,562 80%
Friday Weekly ZT1-5 208 1357% 56% 200 0%
Ultra T-Bond OUB 1,210 84% 3% 26,596 99%
Ultra 10-Year Note OTN 197 100% 0% 5,351 0%

Trends & Highlights

  • Interest rates options ADV of 3.37M in May was the second highest monthly ADV ever
  • Open interest hit multiple records during the month, and currently sits at a record 74.7M contracts as of June 4
  • Eurodollar options surged 115%, closing the month with a record day of 5.2M contracts on May 31 (only to be surpassed the following day with 7M contracts on June 3)
  • 5-Year note options averaged a record 289K contracts/day, +66% YoY
  • Weekly Treasury options averaged 328K contracts/day, including a record 42K in Wednesday weeklies

Equity Index Options

  Symbol ADV % YoY Month-End OI OI % Puts
E-mini S&P 500 options   765,665 43% 573,322 66%
Quarterlies ES 206,600 30% 2,813,201 70%
Monday Weekly E1A-E5A 57,547 86% 89,405 73%
Wednesday Weekly E1C-E5C 64,252 44% 46,535 76%
Friday Weekly EW1-EW4 307,301 33% 954,706 55%
End-of-Month EW 129,966 83% 506,722 63%
S&P 500 options   28,249 -14% 225,615 55%
Quarterlies SP 2,258 -55% 76,680 46%
Monday Weekly S1A-S5A 4,409 82% 30,111 84%
Wednesday Weekly S1C-S5C 2,359 -22% 3,405 30%
Friday Weekly EV1-EV4 12,847 -32% 61,453 53%
End-of-Month EV 6,376 88% 53,967 54%
E-mini NASDAQ-100 options   11,291 43% 63,570 59%
Quarterlies NQ 3,787 13% 44,764 58%
Weekly QN1-QN4 5,397 28% 13,448 60%
End-of-Month QNE 2,107 489% 5,358 60%
E-mini Russell 2000 options RTO 2,944 40% 30,659 72%
E-mini Dow ($5) options YM 164 -59% 3,762 57%

Trends & Highlights

  • Equitiy options averaged 808K contracts per day, +39% YoY, the highest monthly ADV of 2019

Energy Options

  Symbol Settlement ADV % YoY % Globex Month-End OI OI % Puts
Crude Oil options     198,844 -10% 77% 4,036,737 48%
WTI Crude Oil LO Physical 164,602 -8% 88% 2,416,847 45%
WTI 1 Month CSO WA Physical 13,782 2% 5% 655,949 60%
WTI 1 Month CSO 7A Financial 2,201 -41% 1% 141,510 51%
Brent Futures-Style BZO Financial 7,162 14% 67% 184,370 32%
WTI Weeklies LO1-5 Physical 3,629 0% 100% 5,063 63%
WTI Average Price AAO Financial 1,263 -58% 0% 376,971 55%
Brent European BE Financial 3,159 24% 0% 63,595 53%
WTI-Brent Spread BV Financial 2,280 -48% 10% 112,055 46%
Natural Gas options     66,402 -16% 50% 1,812,969 46%
Natural Gas European LN Financial 59,565 -14% 48% 1,650,925 46%
Natural Gas American ON Physical 4,413 -42% 99% 70,107 41%
Natural Gas 3 Month CSO G3 Financial 686 0% 0% 30,350 71%
Natural Gas 1 Month CSO G4 Financial 885 90% 0% 24,900 63%
Refined Product options     3,031 50% 13% 77,103 30%
NY Harbor ULSD OH Physical 1,847 57% 13% 42,737 29%
RBOB Gasoline OB Physical 853 36% 20% 17,245 38%

Trends & Highlights

Agricultural Options

  Symbol ADV % YoY % Globex Month-End OI OI % Puts
Corn OZC 244,538 117% 85% 1,726,857 36%
Soybean OZS 89,589 4% 90% 633,595 52%
SRW Wheat OZW 38,033 -10% 86% 442,204 41%
Lean Hogs HE 16,733 132% 90% 433,265 49%
Live Cattle LE 11,946 -14% 85% 211,778 49%
Short-Dated New Crop OCD, OSD 11,729 60% 82% 160,770 40%
Soybean Meal OZM 11,293 -28% 83% 140,077 40%
Weekly Corn ZC1-5 7,472 152% 79% 21,166 16%
Soybean Oil OZL 6,521 37% 77% 91,597 44%
KC HRW Wheat OKE 5,962 53% 75% 94,287 37%
Feeder Cattle GF 2,177 78% 90% 29,177 51%
Class III Milk DC 1,856 12% 94% 78,394 52%
Weekly Soybeans ZS1-5 1,416 18% 98% 1,881 69%
Weekly Wheat ZW1-5 1,053 209% 98% 4,320 75%

Trends & Highlights

  • Given weather and trade concerns, corn implied volatility saw a dramatic increase throughout May leading to a record single day volume record on May 21st of 441,209 contracts, record monthly ADV of 217K and record Weekly option activity
  • Record Lean Hog short option open interest was established in May for producers based on CFTC Commitment of Traders report
  • 48% of the volume on Globex was a spread, resulting in spread ADV of173K. The Grain & Oilseed complex averaged 58K verticals a day in May

FX Options

  Symbol ADV % YoY % Globex Month-End OI OI % Puts
EUR/USD EUU 24,128 -48% 98% 248,637 50%
JPY/USD JPU 12,532 6% 99% 165,291 50%
GBP/USD GPU 7,000 -34% 99% 130,689 46%
AUD/USD ADU 6,186 10% 100% 70,994 55%
CAD/USD CAU 4,929 -40% 100% 64,390 46%
CHF/USD CHU 99 -55% 100% 4,647 67%
MXN/USD 6M 69 -27% 100% 2,385 49%

Trends & Highlights

  • FX options expiration time will be changed to 10 a.m. ET for all contracts expiring after June 9, 2019 (Details)

Metals Options

  Symbol ADV % YoY % Globex Month-End OI OI % Puts
Gold OG 45,551 3% 87% 1,134,990 30%
Silver SO 5,375 -16% 93% 232,836 39%
Gold Weeklies OG1-5 4,987 184% 93% 11,774 40%
Copper HX 2,318 139% 76% 46,676 37%
Platinum PO 210 42% 57% 10,271 30%
Silver Weeklies SO1-5 198 478% 100% 1,209 48%
Palladium PAO 53 -48% 39% 1,946 60%

Trends & Highlights

Open Interest as of 5/31/19, 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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