CME Group reports a record single-day volume for forex futures and options
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The Chicago Mercantile Exchange (CME) Group recently reported a record single-day volume in regard to forex futures and options contracts. The company reported 3.15 million contracts, with the new volume being equivalent to $296 billion, according to the Group’s statement, issued this Friday, March 10th.
The volume outperformed the previous record by as much as 5%, according to the statement. The past record, achieved on September 14th, 2022, resulted in over 3 million contracts, with the single-day volume at the time exceeding the previous record by 7%. The record before the September surge was 2.8 million, and that one was reported on December 2nd, 2020.
Apart from that, the CME Group also reported a new all-time high of open interest record, which hit 3.25 million contracts on September 8th last year, reaching $294 billion notional.
CME Group’s Global Head of FX Products, Paul Hoston, spoke about the new development, stating that the derivatives marketplace organizer achieved a strong momentum despite the ongoing uncertainty that has been holding the financial markets for quite some time.
As a result, the Group saw a 6% revenue growth last year. He further added that the Group is pleased to offer the flexibility of a highly liquid, central limit order book, as well as its OTC-style block and EFRP (Exchange For Related Position) trading to its clients. Both are now supported by over 20 different liquidity providers, according to Houston.
CME Group continues to see new records
However, the new record in FX futures and options contracts is not the only major achievement that CME Group has seen lately. It also achieved new trading records regarding multiple individual currencies. Euro forex futures contracts have peaked on Globex recently, hitting a record of 1.1 million contracts so far. In addition, the company saw a record training of 264k contracts of CAD forex futures. Commenting on this, CME stated that blocks and EFRP transactions saw a record of 274,000 contracts traded on March 8th, which represents a 23% increase compared to the past record seen three months ago, in December 2022.
Another thing worth noting was that earlier this year, on January 12th, the SOFR (Secured Overnight Financing Rate) futures and options contract on Globex saw a single-day volume record of 7.56 million contracts. Meanwhile, the open interest (OI) rate also hit a new record of 35.7 million contracts on the very same day.
CME Group’s previous statement noted that SOFR futures managed to hit 4,513,725 contracts on the same day, while SOFR options traded 3,044,742 contracts, also hitting a record. As for OI, it hit a record of 26,258,989 contracts in 2023 on January 12th.
