ANNOUNCEMENTS AND SPECIAL NOTICES The Securities and Exchange Commission has determined to discontinue this publication. The last issue will be published in February 1989. Furthermore, the collection of data for the Registrations and Offerings Statistics (ROS) File will will be discontinued as of December 31, 1988. We regret any inconvenience this decision may cause. STATISTICAL HIGHLIGHTS Market Statistics During the first eleven months of 1988, $1.6 trillion of stocks, options, warrants and rights were sold on U.S. securities exchanges, a decrease of 33% from the $2.3 trillion sold in the same period of 1987. Stock sales were $1.5 trillion, decreasing 31% from $2.1 trillion the previous year. And the number of shares traded declined 17% to 48.6 billion. The value of exchange trading in call and put options on individual stocks (equity options) totaled $24.9 billion in the first eleven months of 1988, 50% less than the $49.9 billion traded a year earlier. Contract volume in equity options was 106.4 million, a 32% decrease from the 155.7 million traded the previous year. The value of equity options exercised decreased 41% to $46.0 billion, and the volume of contracts exercised decreased 33% to 10.3 million. Contract volume in put and call options on non-equities (foreign currencies, debt securities and stock indexes) decreased 44% to 75.4 million contracts in the first eleven months of 1988 from 134.2 million contracts a year earlier, and the market value decreased 47% to $33.1 billion (Table M-120). About 84.2 million call contracts in equity options were traded in the first eleven months of 1988, a 32% decrease over the comparable period in 1987, and the value of such trading decreased 50% to $20.6 billion. The number of put contracts traded decreased 32% to 22.2 million, and their value decreased 49% to $4.4 billion. Open interest in call contracts was 5.0 million on November 30, 1988, 20% less than twelve months earlier. And open interest in put contracts was 1.4 million, up slightly 1% from a year earlier (Table M-210). Offering Statistics In January through November of 1988, business offerings totalled $205.7 billion, $42.0 billion (17%) lower than the $247.7 billion offered in the first eleven months of 1987 (Table M-350). In 1988's eleven-month period, 3,647 issues of securities were offered, down 23% from the 4,760 issues offered in the comparable period in 1987. Offerings for foreign governments in January through November of 1988 amounted to $3.7 billion. This total is $1.3 billion (26%) lower than the $5.0 billion offered in 1987's first eleven months. 2 |