1,1661,5181,929186
11,8501,0816,168924230,652
2,6423,9408415754,97177519,19038,55117,7479,4931,0426127,0212,1541,73653,7456,05215,07910,65813,0266,897682,08540,188121,20852,059
8,2353,5264,87281,07413,1322,750
172,31332,580134,6327,0262,356,600
45,3366,67598,408488,699174,49852,96724,27224,75594,13719,79056,993429,26662,048320,14469,854184,90969,5555,353,792652,511294,011569,540
Texas Eastern Zone M-3 BasisNGPL LATRANSCO Zone 6 Basis SwapMalin BasisPG&E Citygate BasisNGPL TEX/OK BasisNorthern Natural Gas Demarcation BasisNorthern Natural Gas Ventura IowaDominion Transmission—Appalachian BasisPanhandle Basis SwapPermian BasisTCO BasisChicago Swing FutureHenry Hub SwingPanhandle SwingHouston Ship Channel Swing SwapWAHA SwingEl Paso, Permian Index SwapHenry Hub Index SwapHouston Ship Channel Index SwapPanhandle Index Swap FutureWAHA Index SwapChicago Index SwapNo. 2 Up-Down Spread Cal SwapFutures Total
225
PlatinumNo. 2 Heating Oil, NYHeating Oil 1 Month CSOHeating Oil 2 Month CSOHeating Oil APOUnleaded Reg. Gas., NYUnleaded Gas 1 Month CSOUnleaded Gas 2 Month CSOUnleaded Gasoline APOCrude OilCrude Oil 1 Month CSOCrude Oil 2 Month CSOCrude Oil 6 Month CSO
EnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergy
14,41830617,69210,4661,0751,8114,8215,9844,9743,759
7,345,14250 oz1,000 bbl
1,000 bbl
1,000 bbl
PreciousEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergy
6472,981250
23,3241,88632,65316,31528,1678,33452915512,51444,1155,73440,750319,286284947701,26626,1044,2301,4261,2401,333529,153,84218135,664
28,580
1,12442,274350
754,33123,790
1,132,81423,470
178,5912,260241,769110,81213,41835,90165,84395,595211,397103,343
92,246,019633668,8592,430100616,2453,4652510,237,121164,928
278,2353,724481,097334,230209,90660,26617,65121,771247,191224,329128,814244,04910240,1025991,0781,3102,25065,86012,7911,7984,5491,5812,352110,055,712637800,2771,8801,134904,4663,17530011,512,918357,156
300(continues)
226
Domestic Exchanges Futures, Options, and Options on Equities Volume, January–December 2004 (Continued)Unit
Crude Oil 12 Month CSOCrude Oil APONatural GasNatural Gas 1 Month CSONatural Gas 2 Month CSONatural Gas 3 Month CSONatural Gas 6 Month CSONatural Gas 12 Month CSOGas-Crude Oil SpreadHeating Oil-Crude Oil SpreadPJM MonthlyEuropean Style Natural GasEuropean Style Crude OilEuropean Style Heating OilEuropean Style Unleaded GasolineOptions on Futures TotalNYMEX Division TotalNew York Mercantile Exchange Total
10,000 MMBTU
1,000 bbl1,000 bbl
CommodityGroup
EnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergyEnergy
Dec.2003
833,000355
Dec.2004
162747,8036,597
Jan.–Dec.2003
Jan.–Dec.2004
8251318,742,27713,557
9,60023,6228,071,96747,328
1,719,9369,065,07810,651,596
50050502,25912,6291,960413,1055,0751,5798222,105,76411,259,60613,245,365
20,515,440112,761,459137,225,439
5005010079,66498,5033,9852,012,70317,0808,02312,27021,913,277131,968,989161,103,746
3,0603,525
35,79728,747
NQLXSingle-Stock FuturesExchange Traded Funds FuturesNQLX Total
Indiv. EquityIndiv. Equity
69,0973,79672,893
9225071,429
576,765282,135858,900
234,39222,608257,000
ONECHICAGOSingle-Stock FuturesExchange Traded Funds FuturesDow Jones MicroSector Index SM FuturesONECHICAGO Total
Indiv. EquityIndiv. EquityEquity
337,4484,504275342,227
146,7835,199246152,228
1,488,573127,4243,1971,619,194
1,890,09729,5853,0441,922,726
PACIFIC EXCHANGEAll Options on Individual EquitiesPCX Total
Indiv. Equity
8,692,4708,692,470
11,774,41111,774,411
86,152,63786,152,637
103,262,458103,262,458
2,16891,215
1,65599,556
10,8131,006,718
74,0051,472,900
PHILADELPHIA STOCK EXCHANGEUtility Index (UTY)Oil Service Sector (OSX)
$100 × Index$100 × Index
EquityEquity
Europe Sector (XEX)Forest & Paper Products Index (FPP)Semiconductor Index (SOX)OTC Prime Sector Index (OTX)Computer Box Maker (BMX)Gold/Silver Index (XAU)Bank Index (BKX)Defense Index (DFX)Drug Index (RXS)Housing Sector Index (HGX)KBW Capital Market Index (KSX)KBW Insurance Index (KIX)SIG Cable, Media & Entertainment Index(SCQ)SIG Casino Gaming Index (SGV)SIG Investment Managers Index (SMQ)SIG Semiconductor Capital EquipmentIndex (SEZ)SIG Semiconductor Device Index (SDL)SIG Steel Producers Index (STQ)TheStreet.com Internet Index (DOT)Wireless Telecom Sector (YLS)Nasdaq Composite Index (QCX)Nasdaq Composite Index—Mini (QCE)All Currency OptionsAll Options on Individual EquitiesPHLX Total
$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index
EquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquity
$100 × Index$100 × Index$100 × Index
EquityEquityEquity
$100 × Index$100 × Index$100 × Index$100 × Index
EquityEquityEquityEquityEquityEquityForeignIndiv. Equity
106101,8711704128,68433,9943,1023561,9063,417
411
76,80825125,75432,8492037094,9812102892,025643195
430
401,056225
33,60313,578,28813,979,619
11114,1329,799,72610,161,100
2243811,5586,5211,4491,130,430194,36610,3814,66220,7296,615
4,999
12,4771
278,649109,205,164112,705,597
6061,220,5052,9533,0101,760,404637,74514,1509,81346,4092109,8905,5016941,2324809851,0568,294574720230,779127,898,363133,401,278
TOTAL FUTURESPercent Change
88,683,026
107,394,099 1,042,968,664 1,324,027,53221.10%26.95%
TOTAL OPTIONS ON FUTURESPercent Change
15,913,748
20,361,50427.95%
221,700,069
TOTAL OPTIONS ON SECURITIESPercent Change
89,508,222
105,118,21417.44%
907,847,697 1,182,025,22930.20%
GRAND TOTALPercent Change
194,104,996
232,873,817 2,172,516,430 2,793,157,88419.97%28.57%
287,105,12329.50%
227
(continues)
228
Domestic Exchanges Futures, Options, and Options on Equities Volume, January–December 2004 (Continued)Unit
CommodityGroup
Dec.2003
Dec.2004
Jan.–Dec.2003
Jan.–Dec.2004
COMMODITY GROUPSFuturesInterest RateAgricultural CommoditiesEnergy ProductsForeign Currency/IndexEquity IndexesIndividual EquitiesPrecious MetalsNonprecious MetalsOtherTotal
40,284,6326,852,5067,291,6993,776,22628,726,065414,8451,105,859183,98047,21488,683,026
PercentagesInterest RateAgricultural CommoditiesEnergy ProductsForeign Currency/IndexEquity IndexesIndividual EquitiesPrecious MetalsNonprecious MetalsOtherTotal
45.43%7.73%8.22%4.26%32.39%0.47%1.25%0.21%0.05%100.00%
51.49%6.25%8.47%6.38%25.55%0.14%1.45%0.20%0.06%100.00%
48.86%8.43%8.81%3.23%28.45%0.24%1.62%0.31%0.06%100.00%
53.18%7.69%8.27%3.86%24.92%0.16%1.61%0.25%0.06%100.00%
Options on FuturesInterest RateAgricultural CommoditiesEnergy ProductsForeign Currency/IndexEquity IndexesPrecious MetalsNonprecious MetalsOtherTotal
11,483,7121,655,7531,719,872185,941490,556365,29110,1982,42515,913,748
15,323,5391,408,3512,528,287369,564762,800352,2208,96830,31620,784,045
168,613,77419,915,47920,514,8072,174,2745,534,9464,870,96950,00525,815221,700,069
223,519,75525,857,17323,966,7012,493,5577,314,6255,690,508216,350100,515289,159,184
55,300,769509,597,435704,154,6366,707,96987,948,750101,834,1559,097,57991,882,101109,492,4656,853,71433,649,88251,135,24227,439,744296,694,711329,955,619153,4112,474,8972,176,6821,561,42716,890,77421,255,785210,5693,196,7603,262,79468,917633,354760,154107,394,099 1,042,968,664 1,324,027,532
PercentagesInterest RateAgricultural CommoditiesEnergy ProductsForeign Currency/IndexEquity IndexesPrecious MetalsNonprecious MetalsOtherTotal
72.16%10.40%10.81%1.17%3.08%2.30%0.06%0.02%100.00%
73.73%6.78%12.16%1.78%3.67%1.69%0.04%0.15%100.00%
Options on SecuritiesInterest RateForeign Currency/IndexEquity IndexesIndividual EquitiesTotal
7,15033,60311,212,45878,255,01189,508,222
8,32514,13212,777,68892,318,069105,118,214
PercentagesInterest RateForeign Currency/IndexEquity IndexesIndividual EquitiesTotal
0.01%0.04%12.53%87.43%100.00%
0.01%0.01%12.16%87.82%100.00%
GRAND TOTALSource: Futures Industry Association.
194,104,996
76.05%8.98%9.25%0.98%2.50%2.20%0.02%0.01%100.00%
77.30%8.94%8.29%0.86%2.53%1.97%0.07%0.03%100.00%
90,43890,608278,649230,779118,316,616149,313,094789,161,994 1,032,390,748907,847,697 1,182,025,229
0.01%0.03%13.03%86.93%100.00%
0.01%0.02%12.63%87.34%100.00%
233,296,358 2,172,516,430 2,795,211,945
229
230
THE COMPLETE GUIDE TO FUTURES TRADING
International Exchanges Futures, Options, and Options on Equities Volume, January–December 2004CommodityGroup
AUSTRALIAN STOCK EXCHANGES&P/ASX IndexAll Futures on Individual EquitiesFutures TotalS&P/ASX Index OptionsAll Options on Individual Equities
Dec.2004
Jan.–Dec.2003
Jan.–Dec.2004
EquityIndiv. Equity
6,59828,63035,228
20,19157,31477,505
67,769267,630335,399
66,256460,501526,757
Equity Opt.Ind. EquityOpt.
47,8471,142,695
103,7331,406,185
578,06615,988,740
794,12119,164,851
1,190,5421,225,770
1,509,9181,587,423
16,566,80616,902,205
19,958,97220,485,729
47,548
55,301
9,769
24,0966774,805
478,544405113,473
620,99720225,20061,02447,3476052,6007,225152,74257,60940,4537,063,9236,2652,892,016
Options TotalASX TotalBM&F, BRAZILArabica CoffeeRobusta Conillon CoffeeLive CattleLive Cattle (WTr)Feeder CattleSugar CrystalCottonCornSoybeansGold ForwardGoldGold SpotAnhydrous Fuel Alcohol FuturesBovespa Stock Index FuturesIBrX-50Bovespa Mini IndexIGP-MIGP-M MiniInterest RateInterest Rate SwapInterest Rate × Exchange Rate SwapInterest Rate × Reference Rate SwapInterest Rate × Price Index SwapInterest Rate × Ibovespa Index SwapExchange Rate SwapPrice IndexID × U.S. Dollar Spread FuturesID × U.S. Dollar FRAID × U.S. Dollar Swap with resetID × U.S. Dollar Mini Swap with resetID × U.S. Dollar Swap without resetID × IGP-M Spread FuturesID × IGP-M Spread ForwardID Forward with resetGlobal 2040C-BondEI-Bond
Dec.2003
AgriculturalAgriculturalAgriculturalAgriculturalAgriculturalAgriculturalAgriculturalAgriculturalAgriculturalPreciousPreciousPreciousEnergyEquityEquityEquityOtherOtherInterestInterestInterestInterestInterestInterestInterestInterestInterestInterestInterestInterestInterestInterestInterestInterestInterestInterestInterest
2753,668
9,47540,25717243,9022,917483
2,54824820
3,883904
6,0822,114545,12778,167
4,6575,444443,8851,470179,709
98,38649,1586,630,407851,158,155780
5,822,4529,552166,623
8,136,2436,72830,634
31,5191281,0511,20038,6581,936,3657,291
30,9832411,685
57,641,625888,9573,520,1705,052666,9884359,77813,200731,54422,823,905234,9581,057,259
67,2272,043,52510,130
100,290,2631,005,2121,189,8059,762775,5911,17527,06914,255536,35833,326,518126,525189,441
760
1604,314
10,3151,382
5016035,903
579,64525,919
231
Appendix A: Domestic and International Futures Contract Volume
International Exchanges Futures, Options, and Options on Equities Volume (Continued)CommodityGroup
Dec.2003
Dec.2004
U.S. DollarMini U.S. DollarU.S. Dollar Forward PointsEuroFutures Total
ForeignForeignForeignForeign
1,308,37728,27119,526
2,209,09665,66439,479
10,071,053
13,377,569
Gold Options on ActualsGold Options ExerciseUS$ d. Arabica Coffee OptionsUS$ d. Arabica Coffee Options ExerciseLive Cattle Options on FuturesLive Cattle Options ExerciseAnhydrous Fuel Alcohol OptionsAnhydrous Fuel Alcohol OptionsExerciseBovespa Stock OptionsBovespa Stock Options ExerciseBovespa Stock Options VolatilityInterest Rate OptionsIDI IndexInterest Rate Options ExerciseInterest Rate Options (volatility)IDI Index (exercise)IDI Index (volatility)Flexible Bovespa Stock Index OptionsU.S. Dollar OptionsU.S. Dollar Options ExerciseU.S. Dollar Option VolatilityFlexible U.S. Dollar OptionsOptions TotalBM&F, Brazil, Total
Precious Opt.Precious Opt.Agric. Opt.Agric. Opt.Agric. Opt.Agric. Opt.Energy Opt.Energy Opt.
6,110
46,628
1,2821
5,532210
46,69392,116
9,4753,24516,77057,516161,982
9,810
111,955
182,1831,772,583155,2639,810
1,185161,852200,3968,52015,80076,838620,60310,691,656
11,91512,043404,31514,02015,86010,316881,78214,259,351
1,1851,216,4182,148,440130,18730,030949,2006,890,541120,785,602
172,655
174,397
1,600,261
14,623,235
16,978,671
200175,622,679
233,759,713
14,795,890
17,153,068
177,223,140
235,349,514
BOVESPA, BRAZILIbovespa Index OptionsMini Ibovespa Index OptionsExchange Traded Funds OptionsIbrX-50 Index OptionsAll Options on Individual Equities
Interest Opt.Interest Opt.Interest Opt.Interest Opt.Interest Opt.Interest Opt.Interest Opt.Interest Opt.Interest Opt.Equity Opt.Foreign Opt.Foreign Opt.Foreign Opt.Foreign Opt.
Equity Opt.Equity Opt.Equity Opt.Equity Opt.Ind. EquityOpt.
BOVESPA, Brazil, TotalDALIAN COMMODITY EXCHANGE, CHINASoybeansAgriculturalCornAgriculturalNo. 1 SoybeansAgriculturalNo. 2 SoybeansAgriculturalSoy MealAgriculturalDalian Commodity Exchange,China, Total
Jan.–Dec.2003
Jan.–Dec.2004
16,784,939625,382227,097300113,895,061
23,943,757608,772365,91420173,533,508
173,14282,72837,4231,14376442
236,05862,37850,1483,20655021005021,73011,35056,8851,253,5452,224,832154,100879,575131,099143,180687,4122,708,