OneChicago's 7 percent hike 02 October 2014Chicago Reporter: Mark Dugdale
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Equity finance exchange OneChicago recorded volume of 1,357,848 in September, a 7 percent increase year-over-year.
Year-to-date volume through 30 September was 7,952,933, up 14 percent compared to the first nine months of 2013.
Open interest increased 3 percent year-over-year to 678,148 contracts on the equity finance exchange at close-of-market on 30 September.
The equity finance exchange also saw 1,347,696 exchange futures for physicals and blocks traded in September, with activity representing $6.6 billion in notional value.
OCX.NoDivRisk products accounted for 59 percent of September’s month-end open interest.
Execution fees in OCX.NoDivRisk products—composed of 1D contracts and the recently launched OCX.Weekly—were also reduced on 1 October.
OneChicago reduced execution fees by 75 percent from the current $20 per $1 million to $5 per $1 million executed notional value for all OCX.NoDivRisk products.
“Market participants looking to increase their investment yields by reducing their financing costs are very sensitive to transaction fee frictions,” said David Downey, CEO OneChicago.
“Our fee reduction to five one-hundredths of a basis point will make establishing and rolling expiring security futures positions one of the most attractive means to carry equity delta exposure in individual equities as well as ETFs.”
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