Euribor Futures and Options Trading at Highest Volume in Over 10 Years

Intercontinental Exchange, a leading global provider of technology and data, announced record activity across its interest rate derivatives markets with over 190 million contracts traded in Q3 2024, surpassing the previous record set in Q1 2020.

ICE’s interest rate markets also hit record average daily volume (ADV) during the quarter with 2.9 million contracts traded, up 39% year-to-date (YTD). In the past quarter, a record 118 million Euribor futures and options traded, exceeding the last high set in 2013. Euribor is the benchmark for managing short term euro-related interest rate risk. ICE Euribor futures and options ADV is up 28% this year.

During September 2024, ADV across the interest rates complex exceeded 3.4 million contracts, surpassing the previous monthly record set in May 2010. Meanwhile, SONIA futures, the benchmark for managing U.K. interest rate risk, traded a record 14 million contracts during the month, with ADV up 59% YTD and open interest up 65% year-over-year (y/y).

“The record trading activity reflects customers utilizing ICE as the only exchange globally to offer a diverse and deeply liquid derivatives complex across European rates,” said Caterina Caramaschi, Vice President, Financial Derivatives at ICE. “As participants manage changing interest rate policy and exposure between central bank meeting dates, we are seeing heightened trading activity which is fueling liquidity.”

ICE offers customers liquid, multi-currency markets to trade interest rate benchmarks Euribor, SONIA and SARON, as well as Gilts, the benchmark for the U.K. government bond yield curve, where open interest is up 88% y/y and ADV is up 30% YTD. The latest additions to ICE’s STIRs complex are €uro Short Term Rate (€STR) futures and options, with €STR futures open interest hitting a record of over 650,600 contracts on October 22, 2024.

Source: ICE