Annual Trends in Futures and Options Trading Presenter: Will Acworth, Senior Vice President, FIA Feb. 6, 2019

Trading Volume Hits a Record In billions of contracts traded annually. Based on number of contracts traded and/or cleared on exchanges. © 2018 FIA. 2

Strong Growth in Most Regions In billions of contracts traded annually. Based on number of contracts traded and/or cleared on exchanges. Other consists of exchanges in Greece, Israel, South Africa and Turkey

Large Gains in Equity Categories In billions of contracts traded annually. Based on number of contracts traded and/or cleared on exchanges.

Top 15 Equity Index Futures and Options 2017 2018 Change 1 Bank Nifty Index Options, National Stock Exchange of India 800,401,601 1,587,426,222 98.3% 2 SPDR S&P 500 ETF Options * 634,508,023 834,994,877 31.6% 3 Bovespa Mini Index Futures, B3 290,827,570 706,224,217 142.8% 4 Kospi 200 Options, Korea Exchange 540,103,609 657,832,873 21.8% 5 CNX Nifty Index Options, National Stock Exchange of India 562,315,794 622,118,790 10.6% 6 E-mini S&P 500 Futures, Chicago Mercantile Exchange 365,601,616 445,199,191 7 S&P 500 Index Options, Chicago Board Options Exchange 292,029,953 371,345,596 27.2% 8 Euro Stoxx 50 Index Futures, Eurex 282,107,311 318,635,725 12.9% 9 Euro Stoxx 50 Index Options, Eurex 263,152,091 273,634,066 4.0% 10 Nikkei 225 Mini Futures, Japan Exchange 219,518,050 273,327,463 24.5% 11 Powershares QQQ ETF Options * 160,178,790 249,302,751 55.6% 12 Taiex Options, Taiwan Futures Exchange 186,410,859 194,438,947 4.3% 13 Volatility Index Options, Chicago Board Options Exchange 181,311,346 167,470,555 -7.6% 14 E-mini Nasdaq 100 Futures, Chicago Mercantile Exchange 69,559,095 124,195,504 78.5% 15 RTS Index Futures, Moscow Exchange 134,467,991 118,174,805 -12.1% * Traded on multiple U.S. options exchanges

The S&P 500 Complex In millions of contracts traded annually. SPX is the S&P 500 index options listed on CBOE; SPY is the SPDR ETF option traded on multiple exchanges; ES and ES Options are the E-mini S&P 500 futures and options traded on CME.

Top 15 Interest Rate Futures and Options   2017 2018 Change 1 Eurodollar Futures, Chicago Mercantile Exchange 639,847,185 765,208,581 19.6% 2 10 Year Treasury Note Futures, Chicago Board of Trade 375,338,442 457,719,304 21.9% 3 One Day Inter-Bank Deposit Futures, B3 354,386,047 371,801,536 4.9% 4 5 Year Treasury Note Futures, Chicago Board of Trade 226,441,088 287,221,081 26.8% 5 3 Month Euribor Futures, ICE Futures Europe 197,286,277 226,441,372 14.8% 6 3 Month Sterling Futures, ICE Futures Europe 198,845,679 216,984,337 9.1% 7 Euro-Bund Futures, Eurex 195,580,025 202,027,816 3.3% 8 Eurodollar Mid-Curve Options, Chicago Mercantile Exchange 190,004,215 183,150,164 -3.6% 9 Eurodollar Options, Chicago Mercantile Exchange 153,425,834 173,585,526 13.1% 10 10 Year Treasury Note Options, Chicago Board of Trade 128,546,313 167,962,668 30.7% 11 Euro-Bobl Futures, Eurex 135,394,434 138,001,817 1.9% 12 2 Year Treasury Note Futures, Chicago Board of Trade 97,249,457 135,499,156 39.3% 13 Euro-Schatz Futures, Eurex 86,000,890 108,326,655 26.0% 14 IDI Index Options, B3 98,481,487 102,904,073 4.5% 15 30 Year Treasury Bond Futures, Chicago Board of Trade 73,337,240 92,661,809 26.4%

Spotlight on the US Treasury Complex In millions of contracts traded annually. Volume measured on left axis, open interest on the right axis.

Mixed Picture in Commodity Categories In billions of contracts traded annually. Based on number of contracts traded and/or cleared on exchanges. Other includes contracts based on freight, glass, lumber, plastics and weather.

Top 15 Metal Futures and Options 2017 2018 Change 1 Steel Rebar Futures, Shanghai Futures Exchange 702,019,499 530,976,610 -24.4% 2 Iron Ore Futures, Dalian Commodity Exchange 328,743,737 236,491,632 -28.1% 3 Nickel Futures, Shanghai Futures Exchange 74,154,526 114,818,738 54.8% 4 Zinc Futures, Shanghai Futures Exchange 91,449,266 92,348,782 1.0% 5 Hot Rolled Coil Futures, Shanghai Futures Exchange 103,131,555 86,816,386 -15.8% 6 Gold Futures, Commodity Exchange (COMEX) 72,802,171 80,301,590 10.3% 7 Aluminium Futures, London Metal Exchange 51,429,383 65,574,126 27.5% 8 Copper Futures, Shanghai Futures Exchange 54,100,135 51,247,050 -5.3% 9 Aluminum Futures, Shanghai Futures Exchange 65,423,439 46,618,361 -28.7% 10 Silver Futures, Shanghai Futures Exchange 53,111,169 42,250,568 -20.4% 11 Copper Grade A Futures, London Metal Exchange 33,885,113 38,599,069 13.9% 12 Special High Grade Zinc Futures, London Metal Exchange 29,642,124 33,430,054 12.8% 13 Copper Futures, Commodity Exchange (COMEX) 27,051,503 32,710,103 20.9% 14 SPDR Gold Shares ETF Options * 33,418,599 27,899,213 -16.5% 15 Primary Nickel Futures, London Metal Exchange 21,080,612 24,011,101 * Traded on multiple U.S. options exchanges

Focus on Copper Futures Volume measured in metric tons

Top 15 Exchange Groups by Volume   2017 2018 Change 1 CME Group 4,089,345,897 4,844,856,880 18.5% 2 National Stock Exchange of India 2,465,333,505 3,790,090,142 53.7% 3 B3 1,809,358,955 2,574,073,178 42.3% 4 Intercontinental Exchange 2,125,404,062 2,474,223,217 16.4% 5 CBOE Holdings 1,810,195,197 2,050,884,142 13.3% 6 Eurex 1,675,898,310 1,951,763,081 16.5% 7 Nasdaq 1,676,626,292 1,894,713,045 13.0% 8 Moscow Exchange 1,584,632,965 1,500,375,257 -5.3% 9 Korea Exchange 1,015,335,674 1,408,257,756 38.7% 10 Shanghai Futures Exchange 1,364,243,528 1,201,898,093 -11.9% 11 BSE 609,215,973 1,032,693,325 69.5% 12 Dalian Commodity Exchange 1,101,280,152 981,927,369 -10.8% 13 Zhengzhou Commodity Exchange 586,070,148 817,969,982 39.6% 14 Hong Kong Exchanges and Clearing 372,186,941 480,966,627 29.2% 15 Miami International Holdings 232,223,967 421,320,501 81.4%

Open Interest Levels Off at the Global Level In millions of contracts outstanding at year-end

Steady Growth in Europe In millions of contracts outstanding at year-end

Equity Index and Interest Rates Trending Higher In millions of contracts outstanding at year-end

Energy Trending Lower In millions of contracts outstanding at year-end

Options – 72% of Open Interest in 2018 In millions of contracts outstanding at year-end

Spotlight on Interest Rate Sector in Europe In millions of contracts traded annually. Volume measured on left axis, open interest on the right axis.

Spotlight on Gas Oil In millions of contracts traded annually. Volume measured on left axis, open interest on the right axis.

Spotlight on Bond ETF Options In millions of contracts traded annually. Volume measured on left axis, open interest on the right axis.

Thank you! FIA collects volume and open interest data from 83 derivatives exchanges operated by 53 companies in 35 countries. Volume is measured by the number of contracts traded on a round-trip basis to avoid double-counting. Open interest is measured by the number of contracts outstanding at month-end.   For more information, visit the data resources page on the FIA website at https://fia.org/node/1672/. FIA members are eligible to receive monthly statistical reports with volume and open interest for each contract listed on the covered exchanges. For more information about this service, contact FIA’s data team at data@fia.org. 21