Our data reveals record call exercises in July, pointing to a market riding peak bullish momentum.

One of my favourite ActrixFT blogs so far has been my “Man vs AI” analysis of OCC data. Back then, I enjoyed a decisive 3–0 victory over the machines. But the pace of AI development means I’m under no illusion—that lead will shrink fast.

Why? Because high-quality agentic workflows are now entirely possible when you combine pre-aggregated data, well-structured metadata, and clearly defined prompts and output formats.

But it’s mid-August. I’m not in the mood to try and beat an agent I built myself. Instead, this post is all about me analysing the data—setting a benchmark for the standard of analysis AI should aim to replicate.

Think of this as training data for the future.

A Rich OCC Dashboard

From modest beginnings, our OCC Dashboard has grown into a powerful data tool. Access is FREE—just request a login at dashboards.actrixft.com—and we’d love feedback (email us for details).

The dashboard covers:

• Volumes & Trade Counts in exchange-traded equity options across ETFs, single-name equities, and indices.
• Premiums Paid, Exercised Volumes, and Open Interest.
• Data split by puts/calls and market participant for all instruments, and by underlying for index products.
• Updated monthly, with data downloadable in a clean, AI-ready format.
• Give it a try:

Overview

As the first chart today highlights, my first foray into Index data only scratched the surface:

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• Number of contracts cleared versus each of ETFs, Indices and single name Equities.
• Volumes are up over 40% in the past two years, from sub 900m contracts in July 2023 to over 1.23bn in July 2025.
• The split of volumes has been relatively consistent each month:
  • 35% in ETF
  • 57% in Equity
  • 8% in Index
• July 2025 is the second largest month on record, behind only the Liberation Day fuelled fun and games in April.

Of course, contract counts aren’t directly comparable across underlyings—just as notional amounts can be misleading in rates markets. That’s where the OCC data on Premiums comes in.

Premiums – A Risk Weighted View

OCC publishes the total premium amounts for each market segment, giving a risk-sensitive lens on activity:

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• Total Premiums per market segment in $.
• Premiums are a risk-sensitive measure of activity.
• Premiums have jumped 88% from July 2023 to July 2025, far outpacing the 40% rise in contract counts.
• April 2025 stands as the record month, with over $900Bn settled.
• The amount of premium changing hands has been elevated throughout 2025, with every month this year out-stripping 2023 and 2024 equivalents.

In April 2025 (the record month), just 31% of premiums were related to single name equities. Activity was concentrated in Indices, accounting for 47% of premiums. Presumably the superior liquidity found in Index products, as well as the fact that tariffs are an all-encompassing policy, moved market activity. The distribution of premiums has since reverted to 15% ETF / 50% Equity / 35% Index mix.

Put:Call Ratio and Market Sentiment

The Put:Call ratio is a classic bearish/bullish barometer. Measured by premiums rather than contracts, it provides a more risk-adjusted view.

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• Peak bearish sentiment was way back in October 2023, when stock markets were having a wobble, and fixed income was selling off with inflationary concerns.
• Liberation Day in April 2025 led to bearish sentiment, but it faded quickly.
• Index products show the most volatility in sentiment swings; single-name equities rarely saw the ratio above 1.

Who Is Driving Activity?

Premiums are consistently split across different market segments:

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• 50% Market Makers – OCC members making two-way prices.
• 44% Customers – retail and institutional, non-clearing members.
• 6% Firms – OCC members trading directionally.

This distribution is very similar across Index, Equity and ETF activity. The more volatile data set is the call/put split by participant type:

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• The split of put and call premiums per market participant.
• For Customer Accounts;
  • July 2025 saw 66% of Premiums spent on Calls versus 60% two years ago in July 2023.
  • In comparison, April 2025 saw just 43% spent on Calls, still above the October 2023 nadir at 40%.
• For Market Makers;
  • July 2025 saw 64% of Premiums spent on Calls versus 58% two years ago in July 2023.
  • April 2025 saw 42% spent on Calls, still above October 2023 at 36%.
• For Firm accounts;
  • July 2025 saw 58% of Premiums spent on Calls versus 50% two years ago in July 2023.
  • In comparison, April 2025 saw just 37% spent on Calls, still above the October 2023 nadir at 27%.

Firms—those directional proprietary desks—show the biggest sentiment swings, flipping harder between bullish and bearish stances.

Post Trade Statistics

When you get your log-in, you will also have the pleasure of exploring OCC’s “post trade statistics,” including exercised volumes:

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• FOUR times as many Puts were exercised in October 2023 than Calls – was the market caught offside?
• Those extemes have not been reached since.
• July 2025 saw record call exercises relative to puts, with a put:call exercise ratio of just 0.42.
• This is the most bullish exercise profile on record. Have options markets again been caught offside and hence added fuel to the rally?

In Summary

• OCC Equity Derivatives Volumes & Premiums – From July 2023 to July 2025, cleared contracts rose over 40% to 1.23bn. Risk-weighted activity, measured by total premiums, surged 88%. April 2025 set records ($900bn), driven by index products amid tariff-related market moves.
• Post-Trade Insights – October 2023 saw four times as many puts exercised as calls, while July 2025 recorded the highest-ever call exercise ratio (0.42 puts per call), reflecting recent bullish market momentum.
• Market Sentiment via Put:Call Ratios – April 2025 saw a brief bearish spike before reverting. Index products showed the most sentiment volatility; single-name equities rarely broke a ratio of 1.
• Participant Activity – Premiums split consistently: ~50% Market Makers, 44% Customers, 6% Firms. Firms displayed the strongest bearish swings, with call/put positioning shifting significantly during market events.