| September Sees Varied Trading on Global Derivatives Marke |
Date: October 9, 2013 CME: North American Market Leader According to statistics from the Bank for International Settlements (BIS), the total turnover of the Chicago Mercantile Exchange (CME Group) reached US$209 trillion in the second quarter and US$370 trillion in the first half of this year. Last year, the total turnover was US$620 trillion, with its total trading volume even 50% lower than that in the first half of this year. In terms of options, the turnover reached US$97 trillion in the first half of this year and US$194 trillion throughout last year. As for other exchanges, the idiom of ¡°Some Gotta Win, Some Gotta Lose¡± hits the nail on the head for this situation. After going through the tough year 2012, CME Group finally gets to embrace the positive performance this year. Definitely, it is a market leader in North America, even without significant growth in trading volume. In September, CME Group traded 261 million contracts with a year on year growth of 10%, average daily volume being 13.1 million contracts, and 84% of them traded via the e-trading platform. Most products were well-performed in September. The average daily trading volume of bond futures reached 2.5 million contracts, up by 16% year-on-year. The average daily trading volume of bond options reached 528,000 contracts, up by 45% year-on-year. The average daily trading volume of Euro-Dollar futures contract reached 2.6 million contracts, up by 31% year-on-year. The average daily trading volume of Euro-Dollar options traded 963,000 contracts, up by 31% year-on-year, with the open interest being a high of 25 million in mid-September. The average daily trading volume of stock index futures traded 2.9 million contracts, up by 4% year-on-year and stock index option up by 52%year-on-year. However, some products had a rather sluggish performance. Among them, the average daily trading volume of foreign exchange products traded 825,000 contracts, down by 11% year-on-year. Trading volume of metals and energy commodities were savaged, down by 12% and 7% respectively compared with the same period of last year. A small number of underperforming products did not affect the upward trend of the overall trading volume. Besides, the speech on quantitative easing policy made by U.S Federal Reserve Chairman Bernanke fueled the trading volume of interest rate products, with daily average volume of interest rate products in CME Group reaching 6.6 million contracts in September, up by 3% year-on-year. Euronext¡¯s Jaw-dropping Performance NYSE Euronext has seen its trading volume in the doldrums since the beginning of 2013, but the rising volume of its U.S. branch in September spread positive atmosphere. To the dismay of the market, the current trading volumes are still in negative growth compared with the same period of last year. Euronext¡¯s average daily trading volume of 9.1 million contracts in September, the highest record since July 2013, indicated negative growth compared with that of 10.2 million contracts in September 2012. There goes a speculation over the market depression for Euronext and other European exchanges in the fourth quarter. Good News from SGX In September, the derivatives trading volume of the Singapore Exchange (SGX) jumped by 26% on a year-on-year basis, with the average daily volume of 8.9 million contracts. The increase was mainly due to the outperformance of A50 Index futures and MSCI Taiwan Index futures, with the average daily volume of 1.7 million contracts and 1.5 million contracts, respectively. The average daily volume of Japan's Nikkei 225 Index futures reached 2.7 million contracts, up by 13% on a year-on-year basis. MSCI Indonesia Index futures has even quintupled its volume, with the average daily volume of 45,000 contracts. Trading Volume of JPX Totaled 0.2 Billion Contracts Two trading platforms Osaka Securities Exchange (OSE) and Tokyo Stock Exchange (TSE) of the Japan Exchange Group (JPX) traded a total of 0.2 billon contracts from April to September, with the volume of OSE and TSE in September going up by 83% and 22% on a month-on-month basis, respectively. Trading Volume of ICE Saw Slight Fall The average daily volume of the Intercontinental Exchange (ICE) reached 3.22 million contracts in September, down by 3% compared with the same period of last year. ICE¡¯s average daily volume in the 3rd quarter slipped back a little compared with the same period of last year. Products differ greatly in trading and agricultural products and electricity products saw a significant increase in trading volume. In September, white sugar is down by 36%, stock index futures down by 11 %, electricity contracts up by a considerable 51%, natural gas down by 25%, and Brent crude oil futures and options up by 25%, compared with trading volume over the same period of last year. Underperforming Stocks Leave Burdens on Options According to statistics from the Options Industry Council (OIC), the total trading volume of options in U.S. reached 310 million contracts in September, down by 16% compared with the volume of 330 million in September 2012, and the average daily volume of 15.79 million contracts went down by 8.95% on a year-on-year basis. The stock options (including single stock options and ETF options), accounting for the largest proportion of the total trading volume of options in September, traded 285 million contracts, down by 5.17% on a year-on-year basis. The average daily volume reached 14.29 million contracts, down by 9.91% on a year-on-year basis. Since this year unfolded, the total trading volume of options reached 3.07 billion contracts, up by 1.43% compared with the same period of last year. The total trading volume of stock options reached 2.79 billion contracts, down by 0.24% compared with the same period of last year. As the underperforming of stock market in September put a burden on the long-term well-performed options market, trading volume of options didn¡¯t come out well as a whole. ¡¡¡¡ |