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Another Year, Another Record
2007 was another banner year for the Chicago Board Options Exchange (CBOE) and the busiest in its history. Its total contract volume of 944,471,924 and average daily contract volume of 3,762,836 exceeded those of 2006 by 40 percent. Options on the S&P 500 Index (SPX) were up more than 50 percent and represented roughly 17 percent of the exchange's total contract volume. Index and ETF options volume was up 56 percent from the prior year and represented 47 percent of the exchange's total volume; ETF options volume alone was up 68 percent and represented about 23 percent of the exchange's total volume. The CBOE Volatility Index (VIX) experienced a record increase during 2007 and was up 94.6 percent for the year, its largest one-year gain since 1996, when it rose 67.1 percent.
ISE Sees Big Increase
The International Securities Exchange (ISE) saw an average daily volume in options contracts of 3.2 million in 2007, a 35.9 percent increase from 2006. At the same time, the average daily volume for index options contracts was just 62,600. However, that's a 91.4 percent increase over 2006. The exchange lists options contracts based on its own proprietary indexes as well as contracts on such well-known indexes as the FTSE 100, the NASDAQ-100 and the Russell 2000.
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