CBOE Sets Record Breaking Volume: Stock Options Climb While Index Options Soar
PR Newswire - September 03, 1998 18:49
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CHICAGO, Sept. 3 /PRNewswire/ -- Volume at the Chicago Board Options Exchange (CBOE), already at record levels, soared to new heights in the month of August as investors turned to options as a means to stay in the market while protecting their investments amidst recent market uncertainty.
A new record for August year-to-date volume was set at CBOE as total year to date trading reached 135,763,166 contracts (80,842,665 calls, 54,920,501 puts) at the end of the month, a gain of 12.3% over the previous year-to-date high for August, which was set in 1997.
Average daily volume in all CBOE listed options during August was 920,385 contracts, the second highest daily average level for any month in CBOE history. The all-time record was set in January of 1987, when average daily volume stood at 926,450 contracts. Volume on Monday, August 31, 1998 surged to 1,306,036 contracts (611,231 calls, 694,805 puts) traded.
Total volume for the month of August climbed to 19,328,091 contracts (10,406,698 calls, 8,921,393 puts) up 26.5% from August 1997 levels. Open interest stood at 19,420,110 contracts (10,944,254 calls, 8,475,856 puts), 22.1% higher than August 1997.
Index option volume at CBOE rose dramatically for the month to 7,787,316 contracts (3,279,993 calls, 4,507,323 puts) traded, an increase of 52.7% over index options volume in August a year ago. Market uncertainty spurred heavy trading in index put options, which was up 54.5% over August 1997 levels.
Activity in the S&P 500(R) Index options (SPX) rose to 2,865,049 contracts (1,082,343 calls, 1,782,706 puts) in August 1998, a sharp increase of 41% over August 1997. S&P 100(R) options (OEX) also rose sharply to 3,904,061 contracts (1,855,115 calls, 2,048,946 puts), an increase of 50.8% from August of the previous year.
Options on the Dow Jones Industrial Average(SM) jumped to 502,068 contracts (167,594 calls, 334,474 puts), up 79.4% from the previous month. LEAPS based on the Dow Jones Industrial Average(SM) also had a strong month, with 40,762 contracts traded (12,669 calls, 28,093 puts).
A monthly record of 117,283 contracts (36,750 calls, 80,533 puts) was set in CBOE's Russell 2000 Index options.
Trading in stock options continued to soar at CBOE as 11,532,946 contracts (7,122,135 calls, 4,410,811 puts) changed hands in August, up 13.4% from August 1997. Year-to-date, stock option trading totaled 90,059,577 contracts (61,353,858 calls, 28,705,719 puts), a gain of 22% over the first eight months of 1997. As with index options, puts trading saw the most dramatic gains, with a 42.9% increase over August 1997.
Another CBOE innovation, Equity FLEX options, also saw large volume gains, rising to 40,313 contracts (12,450 calls, 27,863 puts). FLEX options are now traded on more than 256 securities.
The CBOE, regulated by the Securities Exchange Commission (SEC), is the pioneer of listed options and is the world's largest option marketplace. For more information, please visit the CBOE web site at www.cboe.com.
SOURCE Chicago Board Options Exchange
/CONTACT: Michael VanDam, 312-786-7927, or Carol Kennedy, 312-786-7323,
both of CBOE/
/Web site: cboe.com |
