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OIC Reviews 2002 Records, Accomplishments: Year-End Volume is Second Highest Ever, Equity Open Interest Records Shattered

Chicago—January 8, 2003

The Options Industry Council (OIC) announced today that total equity options volume reached 709,784,014 contracts, the second highest annual volume on record. The highest year-end volume occurred in 2001 with 722,680,249 contracts.

Daily equity open interest reached a new single day high in December. Beginning on Dec. 10, equity open interest hit a new one day high at 102,587,885 contracts and continued increasing on a daily basis until it peaked to its new single day record of 106,856,665 contracts on Dec. 20. Month-end equity open interest for December 2002 was 93,122,926 contracts, up from 81,597,318 contracts in December 2001.

Equity open interest, the total number of options contracts not yet exercised or allowed to expire, is seen as an indication of longer-term investing in these instruments.

"The year-long rise in equity open interest illustrates the long-term and widespread use of options for different market scenarios," said Paul Stevens, President, OIC. "As OIC completed its first 10 years, the options industry enjoyed tremendous growth and saw record breaking activity in a challenging market environment."

A Review of 2002 Records

In addition to the single day equity open interest record set in December, the following equity options records were set during 2002.

Month-end equity open interest

The record for the highest month-end equity open interested occurred in November with 96,997,274 contracts.

Month-end equity option volume


In July, a new month-end equity options volume record occurred with 75,488,393 contracts.

Highest single trading day for equity volume

The highest single day of trading in 2002 took place on July 24 with 4,837,478 contracts. This represented the sixth highest trading day on record.

A Review of OIC Educational Efforts in 2002

In 2002, OIC kicked off the year with the introduction of the Options Investigatorâ„¢. The free interactive educational software offers 400 educational tutorials and 40 interactive strategies. In its first year, nearly 70,000 CDs were distributed.

OIC continued to offer its free educational seminars nationwide in more than 90 cities and introduced its first strategy specific seminar for covered calls as both a live seminar ("Practical Uses of Covered Calls") and an online class ("Covered Calls"). OIC's seminar registration increased to 15,504 in 2002 vs. 14,602 in 2001.

Other OIC statistics in 2002 included the following:

Internet

  • 3.9 million page views in 2002 with an average of 330,000 per month (a 26 percent increase over 2001)
  • An average of 24,000 unique users per month (a 25 percent increase over 2001)
  • An average of 73,000 visits per month (an 18 percent increase over 2001)

Call Center

  • 12,000 subscriptions for OIC's broadcast e-mail lists
  • Over 1,000,000 emails sent for various information on options volume, new listings, contract adjustments and seminars.

December Volume

December 2002 month-end equity volume was 48,743,329 contracts (20,478,728 puts and 28,264,601 calls), vs. December 2001 equity volume of 51,236,933 contracts (20,249,164 puts and 30,987,769 calls). Average daily equity volume for 2002 was 2,816,603 contracts vs. 2,914,033 contracts in 2001. For December, daily average equity volume was 2,321,111 vs. 2,561,847 contracts in December 2001.

About OIC

OIC is a non-profit association funded by the American Stock Exchange, Chicago Board Options Exchange, International Securities Exchange, Pacific Exchange, Philadelphia Stock Exchange and The Options Clearing Corporation. OIC's resources include: The Options Industry Services call center at 1-888-OPTIONS, an educational Web site at www.888options.com, evening seminars throughout the continental United States and Canada, instructional videos and educational literature and software.

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