Trading Pace Rushes Towards New Year November '99 Volume Crushes November '98 by 73% - Records Set in Open Interest, Daily Volume
Chicago—December 7, 1999
The Options Industry Council (OIC) announced today that 47,750,154 equity options contracts changed hands in November, surpassing the November 1998 volume by an astounding 73% (27,637,805 contracts).
Average daily equity volume in November was 2,273,817 contracts, up from 1,381,890, or 65% over the same period last year.
November 19th saw two records tumble that were set just last month. On that day, equity open interest stood at 53,928,591, marking the highest open interest day ever, as well as the highest volume day with 3,585,337 contracts traded. Open interest is one indication of longer-term investing in equity options.
"Repeated record volumes demonstrate that investors are enthusiastic about the options marketplace of the new millennium," said Paul Stevens, OIC's President. "Equity options will continue as a valuable investment tool in building a healthy portfolio."
An equity option is the right but not the obligation to either buy or sell 100 shares of stock at a predetermined price (strike price) on or before a fixed date (expiration date).
The OIC, which includes the American Stock Exchange, Chicago Board Options Exchange, Pacific Exchange, Philadelphia Stock Exchange and The Options Clearing Corporation, has an extensive educational program. The program, aimed at current and potential investors and their brokers, includes the following free resources: a web site at www.optionscentral.com, evening seminars throughout the continental United States and Canada, two instructional videos: "How To Optimize Your Stock Portfolio With Options" and "Investing with LEAPS" (available at 800/952-8665), and "The Options Toolbox" educational software available through the 800 number or web site. A print and broadcast advertising campaign has resulted in more than 250,000 inquiries seeking literature and videotapes.
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