Market context
Why CFTC Shows 14 Banks but No U.S. or Non-U.S. Count for E-mini Options
CFTC's September Bank Participation Report shows 14 banks in CME E-mini S&P 500 options while withholding the U.S. and non-U.S. category counts. Its call and put figures are gross counts, not delta-adjusted exposure.
Why CFTC Shows 14 Banks but No U.S. or Non-U.S. Count for E-mini Options
CFTC's September Bank Participation Report has a row for CME E-mini S&P 500 options. The row leaves the U.S. Bank and Non-U.S. Bank counts blank, then shows 14 in the total-bank-count line. The blank cells do not mean zero banks.
CFTC says it omits both category counts when either category has fewer than four banks, while continuing to show the total. The 14 identifies the combined count. It does not reveal either category's count or establish which category triggered the confidentiality rule.
The same row reports calls and puts, yet it is not a net-position report. CFTC describes the Bank Participation Report's options data as gross and not delta adjusted. A reader can preserve the published counts and percentages without turning them into a directional conclusion about E-mini futures, SPX options, or the next session.
The report date and the completed-session boundary are different records
The page heading gives the report date as 1 September 2026. CFTC's release schedule lists 4 September for the September report and says the monthly report publishes on the first Friday after 3:30 p.m. Eastern Time. The CFTC source does not provide a time-stamped market-price observation.
This article was prepared at 07:10:35 Australia/Brisbane on 21 September. At that time it was Sunday, 20 September in Eastern Time. Cboe's U.S. options hours page labels its times Eastern Time, so Friday, 18 September was the latest completed relevant C1 U.S. options session. The Bank Participation Report remains a 1 September position record. It cannot describe prices, implied volatility, executions, or changes from the later Friday session.
| Record field | September report value | Scope of the field |
|---|---|---|
| BPR report date | 1 September 2026 | The source's stated data date |
| Scheduled publication date | 4 September 2026 | The release date shown in CFTC's schedule |
| Total bank count | 14 | Combined count after category-count confidentiality treatment |
| U.S. and non-U.S. bank counts | Omitted | CFTC withholds both category counts when either is below four |
| Latest completed C1 session at preparation | 18 September 2026 | A separate later session boundary, not a BPR observation |
The call and put columns are gross counts
For the CME E-mini S&P 500 row, the report's total line shows 21,809 long calls and 22,438 short calls against call open interest of 1,577,009. It shows 42,565 long puts and 23,449 short puts against put open interest of 3,134,567.
| Published total-line field | Contracts | Published share of its own open-interest column |
|---|---|---|
| Long calls | 21,809 | 1.4% of call O.I. |
| Short calls | 22,438 | 1.4% of call O.I. |
| Long puts | 42,565 | 1.4% of put O.I. |
| Short puts | 23,449 | 0.7% of put O.I. |
Each percentage has its own denominator. Call fields use call open interest, while put fields use put open interest. Combining the percentages would create a measure that the report does not publish.
CFTC also says that its Bank Participation Report options figures are gross, rather than delta adjusted. A long call, short call, long put, and short put have different option sensitivities. The report supplies no strike, expiry, premium, multiplier, implied volatility, or delta for this row. Subtracting one gross column from another would add assumptions that the source does not contain.
The rounded percentages can be checked without changing their meaning
The two quoted 1.4% call figures are close in print but come from different numerators. Using the published total-line fields produces the following author arithmetic:
21,809 / 1,577,009 x 100 = 1.382934%
22,438 / 1,577,009 x 100 = 1.422820%
Both round to 1.4% at one decimal place. The short-put calculation also reproduces the reported rounded value:
23,449 / 3,134,567 x 100 = 0.748078%
Rounded to one decimal place, that is 0.7%. These calculations check the displayed percentages. They do not create a net bank exposure, a probability, a price estimate, or a trading signal.
Keep the confidentiality and contract limits in the research record
A usable note for this report keeps the 1 September data date, 4 September scheduled release date, named CME market, total bank count, omitted category counts, gross-option label, and each call or put denominator together. It should also keep the source's confidentiality condition: a blank category count does not identify a zero count or a category composition.
For any option-specific research, use a separate current chain that identifies the exact product, option type, strike, expiry, bid, ask, displayed size, and quote timestamp. The Bank Participation Report does not replace those fields. It also does not identify a reader's account, funding capacity, tax position, transaction cost, liquidity, exercise or assignment treatment, or risk tolerance.
Options involve substantial risk. This article is general education, not personal financial, legal, or tax advice, and it gives no position, entry, exit, or expected-result instruction.
Sources
- CFTC September 2026 Bank Participation Report, Options in Contracts
- CFTC Bank Participation Report explanatory notes
- CFTC Bank Participation Report release schedule
- Cboe U.S. options hours and holidays
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Frequently asked questions
Why are the U.S. and non-U.S. bank counts blank in the CFTC report?
CFTC withholds both category counts when either category has fewer than four banks. The blank cells do not mean that either category has zero banks.
Does the total of 14 banks show which category has fewer than four banks?
No. The total identifies the combined count only. It does not reveal either category's count or which category caused the confidentiality treatment.
Can CFTC Bank Participation Report options fields show a net market position?
No. The report describes its options figures as gross and not delta adjusted. It does not provide the contract details needed to convert the fields into a net exposure or a trading signal.
Sources
Verified September 21, 2026
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