Volatile stocks lift options volume to record

U.S. options volume soared to a monthly record of 310.8 million contracts in November as stock market volatility boosted interest in tools used to hedge long equity positions, according to the Options Industry Council. The prior monthly high was 294.8 million contracts in August — also a month marked by high stock market volatility. Year-to-date options volume through November stands at 2.6 billion contracts, up 41.3% vs. January-November 2006. A record 2 billion options contracts were traded in all of 2006.