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29. Juli 2015

Eurex

Eurex Exchange's equity derivatives: changing market structures in the equity options space

Q2/2015 has seen some interesting developments in single equity derivatives not only in terms of volume but also in terms of overall market structure:

  • We currently offer equity options from 13 different countries and Single Stock Futures from 20 different countries respectively.
  • Our equity options traded over 46 million contracts in the second quarter of 2015, up 11 percent from the previous year. Open interest stood at 40 million contracts at the end of the quarter, a 13 percent y-o-y growth.
  • 30 percent of all equity option trades were executed from agent (customer) accounts, 13 percent from proprietary accounts and 57 percent from Market Maker accounts.
  • European-style equity options continue to grow rapidly with over 1 million contracts traded in the first half of 2015.
  • Weekly Options posted a record month in June with 21,701 contracts traded. At present we offer Weekly Options on 14 underlyings.
  • With over 12 million contracts traded, Single Stock Futures saw a strong month in June as well, with an increase of 16 percent over volumes in June 2014.

Changing structures in the listed equity option space
The listed equity option market structure shows currently some interesting developments.

  • France
    In French equity options, we have reached a market share of +50 percent.
  • Belgium
    In Belgian equity options, Eurex Exchange doubled its market share (from about 20 percent within one year to 40 percent).
  • Italy & Spain
    A comparable trend exists for Italian and Spanish equity options, with overall market volumes in Italian equity options of circa 25 million contracts and Spanish equity options with 33 million contracts. For Italian equity options, Eurex Exchange is approaching a 75 to 25 percent split with IDEM. Eurex Exchange market share in Spanish equity options is more volatile, and occasionally often reaches almost 40 percent in certain months.
  • Netherlands
    For Dutch equity options, you'll find also an interesting picture between three competing exchanges, with Eurex Exchange featuring the lowest fees. In these products, volume reached a peak in June. We also observe that an increasing number of transactions are executed via the order book rather than via our Eurex Trade Entry services. For Dutch equity options, the split between on exchange trades and our Trade Entry Services was 65 percent versus 35 percent, and in June 49 versus 51 percent, respectively


Volume and open interest charts



For further information, please click on the links bewlow.

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