The FINANCIAL -- NYSE Euronext (NYX) on November 6 announced trading volumes for its global cash equities and derivatives exchanges for October 2009[1].
"Trading volumes in October 2009 were mostly lower compared to October 2008 levels, during which crisis-level volatility drove record trading volumes. Trading volumes compared to September 2009 were mixed, with U.S. options and European cash increasing 6.3% and 7.1%, respectively, and European derivatives and U.S. cash decreasing, 11.1% and 3.3%, respectively," NYSE Euronext informs.
Highlights
NYSE Euronext European derivatives products average daily volume (“ADV”) in October 2009 of 3.9 million contracts decreased 12.9% compared to October 2008, and decreased 11.1% from September 2009. Total interest rate products ADV in October 2009 of 2.0 million contracts decreased 9.5% compared to October 2008 and total equity products ADV of 1.8 million contracts decreased 16.9% compared to October 2008.
NYSE Euronext U.S. equity options ADV of 3.2 million contracts in October 2009 increased 23.3% compared to October 2008 levels, and increased 6.3% from September 2009. NYSE Euronext’s U.S. options exchanges accounted for 22.8% of the total consolidated equity options trading in October 2009, up from 17.6% in October 2008, and up from 21.4% in September 2009.
NYSE Liffe U.S. futures and futures options ADV in October 2009 of approximately 22,000 contracts increased from approximately 21,000 contracts in September 2009 with the launch of equity index futures trading in September 2009 based on the MSCI U.S., EM and EAFE indexes.
NYSE Euronext European cash products ADV of 1.6 million transactions in October 2009 decreased 26.1% compared to October 2008, but increased 7.1% from September 2009 and represented the third consecutive monthly increase in trading volumes since July with market share stable at approximately 78%.
NYSE, NYSE Arca and NYSE Amex (“NYSE Group”) U.S. cash products handled ADV of 2.9 billion shares in October 2009 decreased 38.9% compared to October 2008 and decreased 3.3% compared to September 2009. NYSE Group matched share of all U.S. equity trading volume in October 2009 was 28.1%, up from 28.0% in September 2009, and compared to matched market share of 24.7% for our next largest competitor. NYSE Group’s Tape A matched market share in October 2009 was 36.6%, up from 36.1% in September 2009.
NYSE Euronext is the largest exchange operator in the two fastest growing tapes in the U.S. equity markets. Year-to-date, total Tape A and Tape B consolidated ADV of 7.9 billion shares increased a combined 23.6%, compared to the prior year period, while Tape C consolidated ADV of 2.3 billion shares has declined 0.9% during the same period.
Derivatives Trading
European Derivatives
NYSE Euronext European derivatives products ADV in October 2009 was 3.9 million futures and options contracts, a decrease of 12.9% from October 2008, and a decrease of 11.1% from the 4.4 million contracts recorded in September 2009. The 3.9 million in futures and options contracts ADV in October 2009 consisted of 3.3 million contracts executed through our full-service LIFFE CONNECT trading platform and 0.6 million, or 15.6%, executed through Bclear, NYSE Liffe's trade administration and clearing service for OTC products. Year-to-date European derivatives products ADV of 4.1 million contracts was 3.3% below prior year levels.
Total interest rate products ADV of 2.0 million contracts in October 2009 decreased 9.5% and 12.7% from October 2008 and September 2009, respectively. Year-to-date, total interest rate products ADV decreased 12.4% compared to the prior year period.
Total equity products (including Bclear) ADV of 1.8 million contracts in October 2009 decreased 16.9% compared to October 2008, and decreased 9.7% compared to September 2009. Year-to-date total equity products ADV increased 7.9% from the prior year period driven primarily by a 37.0% increase in volume executed through Bclear.
U.S. Derivatives
NYSE Group U.S. equity options (NYSE Arca and NYSE Amex) ADV of 3.2 million contracts in October 2009 increased 23.3% compared to October 2008 and increased 6.3% compared to September 2009. The increase in ADV year-over-year and compared to September 2009 was driven in part by increased trading related to the anticipated sale of an equity stake in NYSE Amex Options and NYSE Amex Options pricing changes implemented July 1, 2009.
Year-to-date, NYSE Group U.S. equity options volume of 2.6 million contracts was 47.5% above the prior year period driven in part by the addition of the former Amex options business.
Total U.S. consolidated options ADV decreased 4.8% to 13.9 million contracts in October 2009, and was flat compared to September 2009. Year-to-date, U.S. consolidated options ADV of 13.6 million contracts was 0.7% above the prior year period.
NYSE Euronext’s U.S. options exchanges accounted for 22.8% of the total consolidated equity options trading in October 2009, up from 17.6% in October 2008, and up from 21.4% in September 2009. The increase in market share year-over-year and compared to September was driven in part by increased trading related to the anticipated sale of an equity stake in NYSE Amex Options and NYSE Amex Options pricing changes implemented July 1, 2009.
NYSE Euronext U.S. futures and futures options (NYSE Liffe U.S. ) ADV in October 2009 of approximately 22,000 contracts increased from approximately 21,000 contracts in September 2009 with the launch of equity index futures trading in September based on the MSCI U.S., EM and EAFE indexes.
Cash Trading
European Cash
NYSE Euronext European cash products ADV of 1.6 million transactions in October 2009 decreased 26.1%, compared to October 2008, but increased 7.1% compared to September 2009 and represented the third consecutive monthly increase in ADV since July with market share stable at approximately 78%. Year-to-date, European cash products ADV of 1.4 million transactions was 12.0% below the same period last year.
U.S. Cash
NYSE Group U.S. cash products handled ADV in October 2009 decreased 38.9% to 2.9 billion shares, compared to October 2008, and decreased 3.3% from September 2009. Year-to-date, NYSE Group handled ADV of 3.5 billion shares was 1.3% below the same period last year.
NYSE Group matched share of all U.S. equity volume in October 2009 was 28.1%, compared to matched market share of 24.7% for our next largest competitor.
Consolidated Tape A and Tape B trading volume in October 2009 accounted for approximately 75% of all Consolidated Tape trading in the U.S. market which includes trade reporting facility (“TRF”) volumes.
NYSE-listed (Tape A)
NYSE Group’s Tape A matched market share in October 2009 was 36.6%, up from 36.1% in September 2009, and compared to matched market share of 19.5% for our next largest competitor. Tape A matched market share for NYSE was 25.1% in October 2009, above the 24.5% market share reported in October 2008. TRF market share across Tape A was 33.2%, down from 37.6% in August 2009, but up from 25.0% in December 2008.
Designated Market Maker (“DMM”) participation in October 2009 was 9.3%, compared to 9.1% in September 2009. Supplemental Liquidity Provider (“SLP”) participation in October 2009 was 10.3%, compared to 9.5% in September 2009. A total of 7 SLPs are now on the platform. DMM and SLP participation pertain only to trading on NYSE.
NYSE Arca and NYSE Amex-listed (Tape B)
Tape B matched market share of NYSE Group in October 2009 was 22.5%, down from 22.6% in September 2009, compared to matched market share of 27.3% for our nearest competitor. TRF market share across Tape B in October 2009 was 32.6% compared to 21.5% in December 2008.
Nasdaq-listed (Tape C)
NYSE Group’s Tape C matched market share in October 2009 increased to 12.3% from 12.2% in September 2009, compared to matched market share of 34.6% for our nearest competitor. TRF market share across Tape C in October 2009 was 38.9% compared to 29.9% in December 2008.
Exchange Traded Products
NYSE Group matched exchange-traded products ADV (included in volumes from Tape B and Tape C noted above) of 346 million shares in October 2009 decreased 54.3% compared to October 2008, but increased 9.1% compared to September 2009. Year-to-date, matched exchange-traded products ADV was 11.5% above the prior year period.
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