- Third Quarter Electronic ADV Up 31 Percent Over Third Quarter
2005 CHICAGO, Oct. 2 /PRNewswire-FirstCall/ -- The Chicago Board of
Trade (CBOT(R)), one of the world's leading derivatives exchanges,
today announced that volume during the third quarter of 2006 was
199,266,877 contracts, an increase of 21 percent over the third
quarter of 2005. Volume for the third quarter averaged 3,162,966
contracts per day, up 23 percent from the same period last year.
Average daily volume (ADV) on the Exchange's e-cbot electronic
trading platform was 2,232,091 in the third quarter, a 31 percent
increase compared with the third quarter of 2005. Total CBOT volume
for September 2006 was 66,051,731 contracts, and total electronic
trading volume was 48,326,594 contracts for respective increases of
18 and 23 percent over September 2005. The Exchange also enjoyed
its highest daily volume total in its history during the third
quarter. On August 29, 2006, volume reached 6,522,607 contracts,
surpassing the previous record of 6,003,976 contracts set on
November 29, 2005. The record total marked the second time total
CBOT volume topped six million contracts. Quarterly Metals Complex
ADV - 11 Times Greater Than Third Quarter 2005 ADV in the CBOT
Metals Complex continued to increase during the third quarter of
2006, as volume was 11 times greater than the same period in 2005.
For the quarter, the Exchange's Gold and Silver futures complexes
each experienced ADV increases compared with the third quarter of
2005 -- Gold futures volume was up 13-fold and Silver futures
volume was up eight-fold. For the month of September, the
Exchange's Metals complex accounted for 52 percent of listed Metals
futures contracts in North America. The CBOT Gold complex saw ADV
reach 52,464 contracts during September, nine times greater than
September 2005. And September's ADV in the Exchange's Silver
complex was 8,847 -- eight times greater than the same month in
2005. In September the CBOT Gold and Silver complexes consisted of
54 percent and 39 percent share of the respective listed North
American Gold and Silver futures markets. The CBOT Metals Complex
includes Full-sized (100 oz.) Gold futures and options contracts,
mini-sized (33 oz.) Gold futures contracts, Full-sized (5,000 oz.)
Silver futures and options contracts and mini-sized (1,000 oz.)
Silver futures contracts. Agricultural Complex Continues Steady
Growth During the third quarter, the CBOT launched daytime
electronic trading of Agricultural futures contracts, side-by-side
with its open auction environment. With two months of side-by-side
trading complete, the Exchange has experienced volume growth across
the Agricultural complex. For the third quarter, total Agricultural
ADV was 489,901 contracts, a 40 percent increase over the third
quarter of 2005. In September, ADV reached 484,784 contracts, up 77
percent compared with the same month in the prior year. ADV
increases in Corn and Wheat futures and options, contributed to the
increased Agricultural volume totals at the CBOT. During September,
the Corn and Wheat complexes grew by 129 percent and 114 percent,
respectively, compared with September 2005. The Exchange also
experienced increases in Soybean futures (40 percent), Soybean Meal
futures (41 percent), and Soybean Oil futures (29 percent), when
comparing September 2006 ADV to the same month in the previous
year. Open interest in the complex was 4,422,166 contracts as of
September 28 -- 59 percent greater than the same date in 2005, when
Agricultural open interest was 2,777,615 contracts. On September
28, CBOT electronically traded Agricultural futures experienced
their highest volume ever for a single session, trading 242,929
contracts, up 57 percent from the previous record of 154,356
Agricultural futures contracts traded electronically on August 14,
2006. Interest Rate Complex Continues Growth at Short, Long Ends of
Yield Curve Quarterly ADV within the CBOT Interest Rate complex was
2,506,623 contracts -- an increase of 18 percent over the third
quarter of 2005. Volume in the Interest Rate complex displayed
growth at both the short end and long end of the yield curve in the
quarter. At the short end of the curve (30-day Federal Funds
futures and options, Two-year U.S. Treasury Note futures and
options), third quarter's ADV was 273,719 contracts, a 51 percent
increase over the same quarter in 2005. And on the long end of the
curve (10-year U.S. Treasury Note futures and options, 30-year U.S.
Treasury Bond futures and options), ADV reached 1,690,713
contracts, up 22 percent compared with the third quarter of 2005.
September's ADV in the complex was 2,636,148 contracts, 16 percent
greater than September 2005. Early in the third quarter, the CBOT
launched a new Binary options contract on the Target Federal Funds
Rate. For the quarter, ADV for the Binary options was 678
contracts. ADV during September was 890 contracts. Open interest,
which surpassed 10,000 contracts in less than two months of
trading, was at 11,207 contracts as of September 28, 2006. ADV in
the CBOT Interest Rate Swap complex has continued to increase since
early July, when new market makers Citigroup and Goldman Sachs
began to provide liquidity. Swap complex ADV was 9,046 in
September, three times greater than June 2006 -- just before the
new market makers began working with CBOT market participants.
Meanwhile, ADV for the quarter was 4,651 in the Swap complex, an
increase of 45 percent compared with the same quarter in 2005. CBOT
Interest Rate Swap futures, which are traded both side-by-side and
via cash exchange facilities, offer the same price/yield
relationship as traditional interest rate swaps, but counter-party
credit risk is mitigated by the guarantee of the centralized
clearinghouse. Equity Index Complex ADV up Seven Percent Over Third
Quarter 2005 The CBOT Equity Index complex also experienced ADV
growth, both during the third quarter and the month of September.
In September, the complex averaged 119,459 contracts traded per
day, while ADV for the quarter was 110,425 contracts -- respective
increases of five percent and seven percent over the same periods
in 2005. CBOT Average Daily Volume Product Sep. Sep. Percent Q3 Q3
Percent Group 2006 2005 Change 2006 2005 Change Agricultural
484,784 274,333 77% 489,901 350,363 40% Financial 2,636,148
2,274,185 16% 2,506,623 2,123,438 18% Equity Indices 119,459
113,878 5% 110,425 103,247 7% Metals, Energy and Other 62,197 6,352
879% 56,017 4,513 1,141% TOTAL 3,302,587 2,668,748 23.8% 3,162,966
2,581,561 22.5% CBOT Rate Per Contract The following chart depicts
the Exchange's August 2006 three-month rolling average rate per
contract (in dollars), and the two preceding three-month periods'
average rates per contract. Average rate per contract represents
total exchange and clearing revenue divided by total reported
trading volume. Average rates per contract can be affected by
exchange and clearing fee price levels, and the customer, product,
venue and transaction mix. THREE-MONTH PERIOD ENDING August 31,
July 31, June 30, 2006 2006 2006 Product Group Interest Rate 0.544
0.528 0.523 Agriculture 0.737 0.680 0.680 Equity Indices 0.720
0.708 0.712 Metals, Energy & Other 1.002 0.984 0.986 Overall
Avg. Rate per Contract 0.591 0.568 0.564 Venue Open-Auction 0.523
0.519 0.515 Electronic 0.528 0.507 0.503 Off-Exchange 3.021 2.733
2.564 Total Avg. Rate per Contract 0.591 0.568 0.564 About the CBOT
As one of the leading global derivative exchanges, the Chicago
Board of Trade provides a diverse mix of financial, equity and
commodity futures and options-on-futures products. Building on its
158-year history, the CBOT continues to advance into the future
using the strength of deep liquidity, market integrity and
member-trader expertise. Using superior trading technology in both
electronic and open-auction trading platforms, the CBOT provides
premier customer service to risk managers and investors worldwide.
For more information, visit our website at http://www.cbot.com/.
Forward Looking Statements Certain statements in this press release
may contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 and includes any
use of the words "may," "should," "could," "expects," "plans,"
"anticipates," "believes," "estimates," "predicts," "potential" or
"continue." These statements are based on management's current
expectations and involve assumptions that may be subject to change
or risks and uncertainties that could cause actual results to
differ materially from those set forth in the statements.
Accordingly, actual outcomes and results may differ materially from
what is expressed or implied in any forward-looking statement
contained in this press release. The factors that may affect our
performance may be found in the Annual Report on Form 10-K and
other periodic reports filed by CBOT Holdings, Inc. with the U.S.
Securities and Exchange Commission ("SEC"). These filings can be
obtained at the SEC's website at http://www.sec.gov/. We undertake
no obligation to publicly update any forward- looking statements,
whether as a result of new information, future events or otherwise.
DATASOURCE: Chicago Board of Trade CONTACT: Media: Jennifer Rook,
+1-312-435-3625, , Investors: Deborah Koopman, +1-312-789-8532, Web
site: http://www.cbot.com/
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