• Interest rate ADV grew 46% to 18.4 million contracts
• Record monthly ADV in equity index and metals products
• Record monthly international ADV of 10.9 million contracts

CME Group, the world’s leading derivatives marketplace, reported its April 2025 market statistics reached an all-time monthly average daily volume (ADV) record of 35.9 million contracts, an increase of 36% year-over-year.

The company’s interest rate ADV grew 46% to 18.4 million contracts in April, while its equity index and metals products set new monthly ADV records of 9.7 million contracts and 1 million contracts, respectively. CME Group also reached monthly volume records in SOFR futures (6 million contracts), Micro E-mini Nasdaq-100 futures (2.3 million contracts), Micro E-Mini S&P 500 futures (2 million contracts) and U.S. Treasury options (1.8 million contracts).

Additionally, the company’s international ADV reached 10.9 million contracts for the first time ever in April, driven by record EMEA ADV of 7.8 million contracts, record Asia ADV of 2.6 million contracts and Latin American ADV of 235,000 contracts.

Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.

April 2025 ADV across asset classes includes:

• Interest Rate ADV of 18.4 million contracts
• Record monthly Equity Index ADV of 9.7 million contracts
• Energy ADV of 3.3 million contracts
• Agricultural ADV of 2.1 million contracts
• Foreign Exchange ADV of 1.3 million contracts
• Record monthly Metals ADV of 1 million contracts
• Cryptocurrency ADV of 183,000 contracts ($8.9 billion notional)

Additional April 2025 product highlights compared to April 2024:

• Interest Rate ADV increased 46%
  • 10-Year U.S. Treasury Note futures ADV increased 25% to 2.9 million contracts
  • 5-Year U.S. Treasury Note futures ADV increased 51% to 2.1 million contracts
  • SOFR options ADV increased 24% to 1.7 million contracts
• Equity Index ADV increased 28%
  • E-mini Russell 2000 futures ADV increased 43% to 300,000 contracts
  • Micro E-mini Dow Jones futures ADV increased 80% to 218,000 contracts
• Energy ADV increased 36%
  • Record monthly Energy options ADV of 609,000 contracts
  • WTI Crude Oil futures ADV increased 29% to 1.3 million contracts
  • Henry Hub Natural Gas futures ADV increased 34% to 660,000 contracts
  • Henry Hub Natural Gas options ADV increased 66% to 321,000 contracts
• Agricultural ADV increased 16%
  • Corn futures ADV increased 18% to 514,000 contracts
  • Agricultural options ADV increased 31% to 399,000 contracts
  • Soybean futures ADV increased 20% to 366,000 contracts
• Foreign Exchange ADV increased 28%
  • Japanese Yen futures ADV increased 43% to 243,000 contracts
  • Australian Dollar futures ADV increased 24% to 137,000 contracts
• Metals ADV increased 3%
  • Record monthly Micro Gold futures ADV of 287,000 contracts
  • Record monthly Gold options ADV of 153,000 contracts
• Cryptocurrency ADV increased 129%
  • Micro Bitcoin futures ADV increased 115% to 78,000 contracts
  • Micro Ether futures ADV increased 165% to 63,000 contracts
  • Ether futures ADV increased 239% to 14,000 contracts
• Micro Products ADV
  • Micro E-mini Equity Index futures and options ADV of 4.7 million contracts represented 48.1% of overall Equity Index ADV and Micro WTI Crude Oil futures accounted for 2.4% of overall Energy ADV
• BrokerTec U.S. Repo average daily notional value (ADNV) increased 28% to a record $378 billion, European Repo ADNV increased 8% to €321 billion and U.S. Treasury ADNV increased 39% to $151 billion
• EBS Spot FX ADNV increased 46% to $89.3 billion and FX Link ADV increased 80% to 47,000 contracts ($5 billion notional per leg)
• Customer average collateral balances to meet performance bond requirements for rolling 3-months ending March 2025 were $78.6 billion for cash collateral and $173.7 billion for non-cash collateral

Paul Houston, Global Head of FX, CME Group

$198B of notional value was traded across FX futures, options and cash markets in April, the highest volume month year-to-date (YTD) in 2025, building on a strong Q1 performance.

Some highlights for April include:

Futures and options

FX futures and options average daily notional volume (ADNV) of $109B (1.26M contracts, up 28% on April 2024).

Futures:

Comparing April ‘25 vs April ‘24, ADNV grew significantly in the following:

• FX futures currency pairs:
  • JPY $21.2B (+52%) (243K contracts)
  • EUR $39.6B (+36%) (273K contracts)
  • CHF $6.5B (+65%) (43.5K contracts)
  • AUD $8.6B (+18%) (137K contracts)
  • BRL $646M(+39%) (37K contracts, up 55%- volume record)
  • ZAR $235M (+87%) (9K contracts)
  • INR $322M (+374%) (5.5K contracts).

Micro FX Futures traded record monthly volume of over 100k contracts/day ($1.2bn); +94% YoY.

• Strong monthly OI in:
  • CAD $18B (+17%) (256K contracts)
  • NZD $4B (+16%) (69K contracts)
  • BRL $1.7B (+30%) (101K contracts).

The large open interest holder (LOIH) data provided by the CFTC also shows growing adoption via the number of customers holding ‘large’ open positions in our markets. According to CFTC data on 22 April:

• Emerging Market LOIH was 262, with growth in BRL futures, with 78 LOIH (+8% YOY) and ZAR futures with 40LOIH (+33% YoY).
• Majors LOIH was 925 – CAD was 109 LOIH (+17% YoY) and EUR was 307 LOIH (+1% YoY).

Options:  Options volumes remained strong with ADV up 42% vs April ‘24 and up 59% YTD.  April saw strong growth in the following currency pairs:

• EUR (+100%)
• CAD (+87%)
• CHF (+104%).

April also saw all-time record single day volumes in USD/CNH options ($1B notional traded) and EUR/GBP options.

FX Link: In April, FX Link traded $4.9B ADNV,+49% vs April 24.  (46.4K ADV in contracts YTD, up 78%). On 4 April, FX Link achieved an all-time record of $14.6B notional traded.

EBS

EBS ADNV was $89.3B in April, up 46% vs April 2024, driven by strong volumes in G3 currencies and CNH.

FX Volatility

The CME Group Volatility Index (CVOL) shows that the combined G5 CVOL index averaged 11.21 in April 2025.

Erik Norland, Chief Economist, CME Group

USD weakened versus other currencies in April. EURUSD jumped nearly 5% with most of the gains coming on 10 and 11 April. These gains followed on the heels of what appeared to be the U.S. Treasuries sell-off on 8 and 9 of April.  GBP didn’t benefit to the same extent but still rose by 3.2% versus USD. CHF rose by 7.4% versus USD benefitting both from the rally in EUR and also from the risk-off environment. JPY, another beneficiary of the risk-off environment, rose by 5% versus USD. AUD and CAD also rebounded versus USD, rising by 2.4% and 4.2%, respectively, while MXN gained 4.5%. The one exception was CNH which fell 0.1% versus USD amid concerns about the impact of 145% tariffs on Chinese growth.  In contrast to the rest of the world where inflation generally remains above central bank targets, Chinese core inflation remains at +0.5% YoY and risks falling further amid a potential glut of unsold goods leading some traders to think that a devaluation of CNY might be  on the table.

John Edwards, Global Head of BrokerTec, CME Group

April was BrokerTec’s highest overall volume month on record, with $1.01T in average daily notional value (ADNV) transacted, up 31% year-on-year (YoY) and up 6% month-on-month (MoM), across benchmark cash U.S. Treasuries, European Government Bonds and U.S. and EU Repo on its dealer-to-dealer CLOB and D2C RFQ and streaming platforms.

On 7 April 2025, BrokerTec set a new single-day volume record of $1.2T in ADNV traded. Additionally, April observed nine consecutive days over $1T ADNV from 3-15 April while surpassing $1T a total of 10 times in the month.

U.S. Treasuries

BrokerTec U.S. Treasuries ADNV in April was $151B, up 39% YoY and up 26% MoM, as Treasury markets digested news from the incoming tariff rollout plan. This was the largest monthly ADV on record. Additionally, on 7 April $322.5B notional was traded on the Treasury CLOB- the highest volume day since February of 2021.

BrokerTec’s RV product suite also reached a record $3.06B ADNV in April up 15% MoM including $928M ADV in Butterflies up 34% MoM.

U.S. Repo

April was a record month with ADNV of $378B, up 7% MoM and 28% YoY. This was a result of the strong volatility in the outright market, many  open positions, specials activity and Tax month. New issuance and quantitative tightening continued boosting our volumes in April.

EU Repo 

BrokerTec volumes remained robust for EU Repo throughout April, resulting in an ADV of €321B, up 9% YoY.

During April, the ECB continued their monetary policy easing. Interest rates for the euro-area were reduced for a seventh time by 25bps, taking the deposit rate from 2.50% to 2.25% effective from 23 April.

Erik Norland, Chief Economist, CME Group

U.S. Treasuries had a volatile and choppy April that finished with a significant yield curve steepening.  2Y Treasury yields fell by 26bps while 10Y yields fell by 3bps and 30Y yields rose by 11bps.  Traders were concerned about the possibility of slowing growth, rising inflation and $9T of U.S. Treasury debt due during the next 12 months. European bonds behaved very differently.  As capital flowed out of the U.S. and into the Eurozone, 10Y German Bund yields fell by nearly 30bps with similar declines occurring across the Euro area.

Source: CME