OIC Announces a New Monthly Volume
OIC Announces a New Monthly Volume Record as August Trading Jumps 83% over the Same Period Last Year
The Options Industry Council (OIC) announced that total options trading volume in August reached 294,211,443 contracts, an 83.4 percent increase over the year-ago level of 160,450,902 contracts. This sets a new monthly trading volume record 11 percent higher than the previous record set just the month before, in July 2007.
OIC also reported that a new equity options volume record was set in August with 261,505,106 contracts changing hands, an increase of 79.8 percent over August 2006.
Year-to-date options volume stands at 1.82 billion contracts, up 37.5 percent over the same point in 2006. Equity options volume for the year so far is up 36.5 percent from the year ago level.
Average daily trading volume continued its climb to new heights in August, finishing the month at 12,791,802 contracts, compared to 6,976,126 contracts in August 2006. Daily trading volume for 2007 is averaging 10,829,666 contracts, compared to 7,873,328 contracts at the same point last year.
The Options Clearing Corporation reported a new open interest record of 311,757,222 contracts was set on August 17. Open interest, the total number of options contracts not yet exercised or allowed to expire, is seen as an indication of longer-term investing in these instruments.
August Highlights:
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Seven of the top 10 volume days were recorded in August, including a new daily volume record on August 16 when 23,745,650 contracts changed hands.
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Six of the top 10 equity option trading volume days occurred in August, also including a new daily record on August 16, when 20,238,343 contracts traded.
OIC is a non-profit association funded by the American Stock Exchange, Boston Options Exchange, Chicago Board Options Exchange, International Securities Exchange, NYSE Arca, Philadelphia Stock Exchange and The Options Clearing Corporation.
The Options Clearing Corporation also announced that new discounts to its standard fee schedule are now in effect, lowering the clearing fee to 2 cents per contract for most transactions.
The new discounted fee schedule took effect September 1 and will remain in place through the end of 2007. OCC annually refunds all revenues in excess of operational expenses. Options trading volume is on pace to surpass last year’s total later this month and the greater volume has generated revenue beyond expected budgetary needs.
