October Options Review

Reviews by Asset Class

Options Complex Overview

Asset Class ADV % YoY % Globex Month-End OI OI % YoY
Total Options 4,464,962 25% 70% 72,453,512 8%
Interest Rates 2,725,739 16% 58% 54,394,079 10%
Equity Index 1,068,791 70% 96% 5,217,264 -2%
Energy 345,310 23% 70% 7,042,041 -2%
Agricultural 191,531 -5% 79% 3,323,625 14%
FX 71,272 -12% 98% 808,165 -12%
Metals 62,320 42% 86% 1,668,338 37%

Trends & Highlights

  • Options volume surged 25% YoY, trading 4.46M contracts/day in October
  • 70% of volume was traded on CME Globex
  • Month-end open interest of 72M contracts represents an increase of 8% YoY– a 46th consecutive month of YoY growth
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Interest Rate Options

  Symbol ADV % YoY % Globex Month-End OI OI % Puts
Eurodollar options   1,451,595 -4% 37% 46,899,680 63%
Eurodollars (Quarterly/Serial) GE 734,914 38% 32% 29,968,923 63%
1-Year Mid-Curve GE0 421,084 -24% 39% 9,776,801 65%
2-Year Mid-Curve GE2 212,728 -22% 44% 4,506,070 63%
3-Year Mid-Curve GE3 81,148 -39% 54% 2,406,937 51%
4-Year Mid-Curve GE4 641 -94% 44% 203,449 18%
10-Year Note   877,718 48% 80% 4,123,755 54%
Quarterly/Serial OZN 691,719 41% 79% 3,502,573 53%
Friday Weekly ZN1-5 156,671 76% 84% 602,226 61%
Wednesday Weekly WY1-5 29,328 156% 87% 18,956 44%
T-Bond   220,395 112% 92% 1,082,215 52%
Quarterly/Serial OZB 180,382 118% 92% 950,017 51%
Friday Weekly ZB1-5 34,413 82% 93% 130,577 58%
Wednesday Weekly WB1-5 5,600 129% 99% 1,621 43%
5-Year Note   157,657 20% 79% 2,074,123 70%
Quarterly/Serial OZF 134,177 26% 77% 1,987,972 71%
Friday Weekly ZF1-5 18,808 -17% 92% 80,851 46%
Wednesday Weekly WF1-5 5,776 156% 89% 5,300 31%
2-Year Note   17,843 64% 75% 196,487 48%
Quarterly/Serial OZT 16,423 53% 73% 193,233 48%
Friday Weekly ZT1-5 243 N/A 100% 3,254 71%

Trends & Highlights

  • October was the second-best month ever for Treasury options with ADV of nearly 1.3M, +52% YoY
  • Weekly Treasury Options ADV was 250K in Oct, +71%, including record ADV of 40K in Wednesday Weeklies
  • T-Bond options averaged a record 220K contracts/day, smashing the previous high of 180K in Feb 2018

Equity Index Options

  Symbol ADV % YoY Month-End OI OI % Puts
E-mini S&P 500 options   1,004,360 81% 4,811,171 63%
Quarterlies ES 168,428 74% 2,095,356 62%
Monday Weekly E1A - E5A 73,156 129% 46,978 64%
Wednesday Weekly E1C - E5C 77,677 105% 38,919 60%
Friday Weekly EW1 - EW4 512,783 72% 1,700,940 66%
End-of-Month EW 172,316 93% 928,978 59%
S&P 500 options   47,274 -18% 291,607 57%
Quarterlies SP 2,993 -60% 84,805 57%
Monday Weekly S1A - S5A 5,822 142% 523 32%
Wednesday Weekly S1C - S5C 5,360 100% 1,495 89%
Friday Weekly EV1 - EV4 26,008 -27% 139,932 59%
End-of-Month EV 7,091 -28% 64,852 52%
E-mini Nasdaq-100 options   13,947 5% 75,665 57%
Quarterlies NQ 2,939 61% 38,902 61%
Weekly QN1 - QN4 8,948 -18% 25,506 56%
End-of-Month QNE 2,059 255% 11,257 43%
E-mini Russell 2000 options RTO 2,737 23% 29,703 58%
E-mini Dow ($5) options YM 474 41% 9,116 66%

Trends & Highlights

  • Equity Index options averaged over 1 million contracts per day, +70% YoY
  • Monday and Wednesday S&P 500 weekly options (Standard and E-mini) averaged over 162K contracts/day, representing 117% growth YoY
  • E-mini Nasdaq-100 options volume increased 5% YoY to nearly 14K contracts/day

Energy Options

  Symbol Settlement ADV % YoY % Globex Month-End OI OI % Puts
Crude Oil options     217,264 46% 73% 4,418,262 47%
WTI Crude Oil LO Physical 176,576 35% 83% 3,164,013 46%
Brent Futures-Style BZO Financial 17,206 466% 32% 186,092 39%
WTI 1 Month CSO WA Physical 9,707 132% 12% 330,810 70%
WTI Weeklies LO1-5 Physical 4,042 51% 99% 7,102 46%
Brent European BE Financial 1,452 3139% 0% 38,324 31%
WTI 1 Month CSO 7A Financial 3,785 162% 0% 141,975 54%
WTI-Brent Spread BV Financial 1,385 -70% 23% 90,814 57%
Natural Gas options     125,378 -3% 67% 2,513,373 49%
Natural Gas European LN Financial 111,068 -1% 66% 2,188,121 50%
Natural Gas American ON Physical 10,768 5% 98% 202,795 42%
Natural Gas 1-Month CSO G3 Financial 2,204 -11% 1% 81,730 48%
Natural Gas Daily KD Financial 605 -74% 77% 0 N/A
Refined Product options     2,372 -14% 13% 75,738 34%
NY Harbor ULSD OH Physical 1,329 -25% 15% 45,526 41%
RBOB Gasoline OB Physical 873 12% 13% 12,039 28%

Trends & Highlights

  • WTI Crude Oil options (LO) averaged 176K contracts/day, +35% YoY with 83% traded on screen
  • WTI weekly options averaged over 4,000 contracts/day, +51% YoY
  • Brent Crude Oil options (BZO) averaged a record 17K contracts/day, +466% YoY

Agricultural Options

  Symbol ADV % YoY % Globex Month-End OI OI % Puts
Corn OZC 61,491 -17% 76% 1,415,596 36%
Soybean OZS 54,406 -5% 83% 394,722 48%
SRW Wheat OZW 30,938 43% 81% 456,321 37%
Lean Hogs HE 11,661 0% 89% 244,404 58%
Soybean Meal OZM 8,781 48% 71% 189,277 40%
Live Cattle LE 7,616 -39% 89% 173,454 53%
Soybean Oil OZL 6,671 -8% 63% 97,206 45%
Class III Milk DC 1,815 18% 94% 70,827 55%
KC HRW Wheat OKE 1,715 39% 69% 89,577 29%
Weekly Corn ZC1-5 1,253 -43% 55% 9,669 35%
Feeder Cattle GF 1,133 -35% 96% 24,105 56%
Weekly Soybean ZS1-5 830 -13% 82% 2,315 53%
Weekly Wheat ZW1-5 456 291% 100% 3,570 53%

Trends & Highlights

  • Wheat Complex continues to show strong volume
  • Soybean Meal options volume +48% YoY to 8.7K contracts/day

FX Options

  Symbol ADV % YoY % Globex Month-End OI OI % Puts
EUR/USD EUU 29,070 -25% 99% 287,625 55%
JPY/USD JPU 15,225 3% 97% 216,318 46%
GBP/USD GPU 13,748 16% 96% 142,423 45%
CAD/USD CAU 7,296 -13% 100% 79,225 52%
AUD/USD ADU 5,701 -1% 100% 74,792 48%
CHF/USD CHU 123 -78% 100% 4,167 52%
MXN/USD 6M 109 -83% 83% 3,605 44%

Trends & Highlights

  • Wednesday weekly options averaged 8.1K contracts/day, while open interest grew to a record 49K contracts as of 10/30

Metals Options

  Symbol ADV % YoY % Globex Month-End OI OI % Puts
Gold OG 51,016 39% 86% 1,369,177 33%
Silver SO 6,372 29% 83% 245,455 38%
Gold Weeklies OG1-5 2,623 207% 99% 12,824 44%
Copper HX 1,990 145% 78% 30,540 46%
Silver Weeklies SO1-5 143 1428% 100% 1,049 68%
Platinum PO 126 36% 43% 5,980 13%
Palladium PAO 48 -88% 68% 2,140 50%

Trends & Highlights

  • Liquidity continues to grow in Weekly Gold options (OG1-5), leading to record ADV of 2.6K contracts/day, +207% YoY – a 32nd consecutive month of YoY growth
  • Copper options liquidity also remains strong, attracting average daily flow of 2K contracts/day, +145% YoY

Report Legend

Open Interest as of 10/31/18, 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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