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CBOT June Trading Volume Drops By 92.9% Compared To Prior Year

Tyler Durden's picture




 

There has to be some mistake here: according to the just released
June CBOT volume for futures and options across the 4 key product
categories: interest rate, equity index, energy, and commodities, plummeted by 92.9% Year over Year for the month of June. Although apparently not really per Reuters: "Trading volume at the Chicago Board of Trade was down 92.9 percent in June 2011 at about 5.3 million contracts versus about 74 million contracts traded in June 2010, CME Group said in its monthly volume report. The year-to-date volume through June 2011 was about 442 million contracts, compared with 443 million contracts for the same period in 2010, down by 0.3 percent." Some of the more jarring observations: $25DJ index futures: 2 contracts in June 2011, Mini Dow futures: 154K versus 3.7 million, and a complete collapse in IR futures and options: 5 and 10 Year Note futs down from 24MM and 10MM respectively to... 1.9MM and 934K! We can only assume this is due to some recalendarization of trading as otherwise this implies an epic collapse in any investor participation.

Full report link

 

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Tue, 07/05/2011 - 10:52 | 1426473 Ray1968
Ray1968's picture

You can't get robbed if you don't play their rigged game!

Tue, 07/05/2011 - 10:54 | 1426480 SheepDog-One
SheepDog-One's picture

Now their only option is to keep fishing for any investor sucker higher, cant let anything go lower as that might cause 100P/E paper holder lemmings to start placing sell orders into an empty market. Disaster.

Tue, 07/05/2011 - 11:04 | 1426477 SheepDog-One
SheepDog-One's picture

Epic collapse of investor participation...Skynet has now achieved awareness and autonomy and on weekends and evenings its building T-1 terminators..

Tue, 07/05/2011 - 11:36 | 1426585 Caviar Emptor
Caviar Emptor's picture

Right on. And they cleaned out nearly all options traders through consistent pre-expiration price manipulation vaporizing nearly all gamma. 

Who needs options in a market where Ben is the put option?

Tue, 07/05/2011 - 12:51 | 1426804 Saxxon
Saxxon's picture

Caviar, nothing more need be said.  Who will stay at that table when the dealer changes the rules in the middle of a hand?

Tue, 07/05/2011 - 11:58 | 1426646 Manthong
Manthong's picture

TPTB computers don't need investors or volume to control prices in paper markets.

Tue, 07/05/2011 - 12:23 | 1426719 johngaltfla
johngaltfla's picture

Spot on SheepDog. They are freaking out because they are running out of suckers. And the Asians are no longer going to support our stupidity in the Equity and high risk bond markets.

Tue, 07/05/2011 - 10:56 | 1426483 Loco Vida
Loco Vida's picture

its transitory.............bwhahahahhahahhhaha

Tue, 07/05/2011 - 10:56 | 1426484 PaperBear
PaperBear's picture

Are investors abandoning the futures market for the physical market ?

I would wager they are.

Tue, 07/05/2011 - 11:08 | 1426511 Advoc8tr
Advoc8tr's picture

AUS trade surplus up .... massive increase in gold exports reported as big contributor.

Tue, 07/05/2011 - 10:57 | 1426486 qussl3
qussl3's picture

Must be a mistake.

Otherwise, DOW 20k is a lock lol.

Tue, 07/05/2011 - 10:57 | 1426487 ak_khanna
ak_khanna's picture

The stock, commodity and currency exchanges have been reduced to gambling dens whereby the more powerful traders with deep pockets move the markets to maximize their own profits at the expense of the remaining not so powerful players. The big boys have enormous money power to move the markets in the direction which results in maximum profits for themselves­. They effectivel­y use the media to lure the other players in the market to a position where they would incur maximum loss.

At some point the traders would realise that the markets are rigged by the operators and stop playing the game. So the big operators will not be able to find victims to rob. That is when the game's up.

http://www­.marketora­cle.co.uk/­Article245­81.html

Tue, 07/05/2011 - 10:58 | 1426491 buzzsaw99
buzzsaw99's picture

more blatant manipulation will restore confidence.

Tue, 07/05/2011 - 11:12 | 1426517 SheepDog-One
SheepDog-One's picture

Well, blatant manipulation IS all they have left at this point.

Tue, 07/05/2011 - 10:59 | 1426497 Ancona
Ancona's picture

Ho hum......

I think I'll pack the hookah with some more hopium, smoke it up, and take another nap.

Tue, 07/05/2011 - 11:32 | 1426571 NotApplicable
NotApplicable's picture

Wait, you can smoke that shit? Here I thought everyone was mainlining it.

Tue, 07/05/2011 - 11:12 | 1426522 Quinvarius
Quinvarius's picture

it is believable after the way they screwed their customers over with margin games in may.

Tue, 07/05/2011 - 11:17 | 1426531 Mercury
Mercury's picture

So, to what extent then has HFT firepower redeployed from the equity markets to commodities then?  (and to FX but that's another kettle of fish).

Remember that crazy, mine-sweeper algo in the gas markets?

This report makes commodities and energy look surprisingly dead.

Tue, 07/05/2011 - 11:19 | 1426536 proptrader
proptrader's picture

Has to be a mistake- you would notice on the book if the volume was that light.

On my charts (ineractive data feed and on a Bberg) I have (for example), electronic

volume on the US10yr year for June 2011 @ 30.5m contracts and for june 2010, 23.09m.

 

Perhaps they printed the pit volume rather than the aggregate?

Tue, 07/05/2011 - 11:23 | 1426540 Franken_Stein
Franken_Stein's picture

 

Leo Melamed and Craig Donohue are already up in arms about this.

They are already summoning emergency sessions at 20 South Wacker, Chicago, Illinois 60606.

Rumor has it that office chairs haven't been thrown yet though.

 

Tue, 07/05/2011 - 11:23 | 1426545 Robslob
Robslob's picture

Maybe they are not counting the "stuffing" component of the CBOT?

Tue, 07/05/2011 - 11:25 | 1426553 Franken_Stein
Franken_Stein's picture

 

Quote stuffing or client stuffing ?

 

Tue, 07/05/2011 - 11:27 | 1426560 Winterland
Winterland's picture

I'm pretty sure the 5.3mm contracts is daily volume. There is no way this headline is correct. 

Tue, 07/05/2011 - 11:31 | 1426568 æther
æther's picture

Citi reverse split?

Tue, 07/05/2011 - 11:33 | 1426577 FUN160
FUN160's picture

It seems fairly obvious that they've put in the average daily volumes instead of the monthly totals.

Tue, 07/05/2011 - 11:39 | 1426579 FUN160
FUN160's picture

CHICAGO, July 5, 2011 -- CME Group, the world's leading and most diverse derivatives marketplace, today announced June volume averaged 14.9 million contracts per day, up 22 percent from June 2010. Total volume for June was 327 million contracts, of which a record 85 percent was traded electronically.

Tue, 07/05/2011 - 11:37 | 1426589 slewie the pi-rat
slewie the pi-rat's picture

CBOT = sell in may & disappear!

Tue, 07/05/2011 - 11:39 | 1426594 Putty
Putty's picture

it's a mistake, perhaps someone input a daily volume for the monthly volume for June 2011.   Take a look at the CBOT exchange volume comparison report - monthly.

ftp://ftp.cmegroup.com/webmthly/

Nothing to see here, move along please. 

Tue, 07/05/2011 - 12:08 | 1426671 Atlantis Consigliore
Atlantis Consigliore's picture

are you trading (scalping LOL hic sniff, snort)

off the Reuters alem galem numbers published

to the investment (sucker) ANAL-yst broker

advisor community who pimps their ride,

 

or the higher fee  front running Reuters II

feed that you get faster info on. and

front run your trades thru 2 min earlier,

early realease on data, REALLY on

Reuters from the FED, REALLY  really?  really...

 

snooze.   Madoff it baby. MAdoff it.

 

sure Ill believe Reuters, is snooze...LOL.

Tue, 07/05/2011 - 12:10 | 1426678 slaughterer
slaughterer's picture

If these figures are correct, then I would predict some extremely wild trading sessions lie ahead this summer.

Tue, 07/05/2011 - 12:16 | 1426699 Vol Addict
Vol Addict's picture

Please don't shake my usually unwavering faith in your website by publishing such obviously inaccurate information. One look at the daily numbers would show you that the 10-Year futures average almost a million contracts a day BY THEMSELVES!!  So apparently volume in all other contracts, like the 3-month bills, has turned negative.  Amazing what the Bernank is capable of these days........Total exchange volume for June was 327,000,000 contracts, up 22% YoY.

Tue, 07/05/2011 - 12:30 | 1426738 virgilcaine
virgilcaine's picture

This is Not inflationary.

Tue, 07/05/2011 - 12:31 | 1426744 antisoshal
antisoshal's picture

4th time in 2 weeks that a ridiculously innaccurate headline has remained up regardless of those pointing it out factually. If you guys need to keep doom and tradgedy headlines flowing just to keep your volume up, you are gonna end up being the next Godlike Productions.

Tue, 07/05/2011 - 12:39 | 1426765 wintermute
wintermute's picture

Could this be a collapse in floor-trading volume at CBOT? With the bulk now made via screen trading (and HFT etc).

Tue, 07/05/2011 - 12:42 | 1426773 bondvigilante
bondvigilante's picture

 What pathetic excuse does the editor want to use for publishing such dribble. Maybe the editor should solve the math problem to verify they are not in fact the Tin man. Check a fact before hitting the send button next time.

Tue, 07/05/2011 - 12:51 | 1426808 illyia
illyia's picture

Tyler !!!

The kids are on to something !

Tue, 07/05/2011 - 13:04 | 1426875 Atlantis Consigliore
Atlantis Consigliore's picture

What? no investment banking naked shorting?

no front running?

 

no moving metals from one warehouse to the other on bogus supply or inance Regulator

crop supply reports?

What no ANAl_ysts pimping downgrading

special reports/ to downdraft/sale quote stuff, or dump?

Sarbanes? Dodd Frank?

Let me hear ya say, More Regulation, Socialism

"more staff, b__ch budget me this, we need ,more staff"  

the Public Confidence in the markets, the

analysts, the brokers/banks (LOL) and

the Financial SNews Media.......LOL.

Dont make me Vomit.

Tue, 07/05/2011 - 13:55 | 1427118 Nathan Hale
Nathan Hale's picture

Not sure where you get your data, Tyler, ther link you provide doesn't even bear it out.  If you look at the published report on the CME's website right now, this is the data they publish :

 


TOTAL COMBINED  June 2011  June 2010  % Change  May 2011  % Change  Volume YTD 2011  Volume YTD 2010  % Change


Interest Rate 155,239,332 103,336,644 50.2% 136,370,211 13.8% 804,567,667 701,053,488 14.8%

Equity Index 77,109,352 79,871,855 -3.5% 57,480,482 34.1% 359,453,807 394,453,135 -8.9%

Metals 7,171,893 6,001,542 19.5% 9,721,872 -26.2% 48,716,862 39,651,007 22.9%

Energy 38,809,244 36,685,310 5.8% 38,407,199 1.0% 233,350,375 213,538,237 9.3%

FX 21,494,216 21,588,705 -0.4% 20,417,543 5.3% 117,414,029 120,361,924 -2.4%

Commodities and Alternative Investmen2ts6,952,344 20,375,833 32.3% 20,250,677 33.1% 144,246,121 102,287,743 41.0%

GRAND TOTAL 326,776,381 267,859,889 22.0% 282,647,984 15.6% 1,707,748,861 1,571,345,534 8.7%

 

I think Wintermute has it right suggesting that your report is most likely based on floor volume as opposed to overall volume

 

Tue, 07/05/2011 - 13:57 | 1427124 Nathan Hale
Nathan Hale's picture

And I also agree that as soon as spurious figures begin finding their way onto Zerohedge, the faster your legitimacy and relevance are going to erode.

Tue, 07/05/2011 - 14:56 | 1427352 DavidC
DavidC's picture

They've done it to themselves. Clean up their acts and investors will return.

DavidC

Tue, 07/05/2011 - 15:50 | 1427515 Buyemall
Buyemall's picture

If i read the report from the link correctly . The data at the end of the report are different. The headline is not correct

 

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