CME Group, the world’s leading derivatives marketplace, reported its quarterly and monthly market statistics, with average daily volume (ADV) reaching 25.3 million contracts in Q3 and 26.1 million contracts in September, the second-highest ADV on record for both periods. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.

Q3 2025 highlights across asset classes compared to Q3 2024 include:

• Interest Rate ADV of 13.4 million contracts
  • U.S. Treasury options ADV increased 7% to 1.4 million contracts
  • 30 Day Fed Funds futures ADV increased 5% to 555,000 contracts
• Equity Index ADV of 6.3 million contracts
• Energy ADV of 2.3 million contracts
  • Henry Hub Natural Gas options ADV increased 7% to 227,000 contracts
• Agricultural ADV of 1.7 million contracts
  • Soybean Meal futures ADV increased 5% to 176,000 contracts
• Foreign Exchange ADV of 834,000 contracts
• Metals ADV of 825,000 contracts
  • Micro Gold futures ADV increased 125% to 255,000 contracts
  • Platinum futures ADV increased 22% to 38,000 contracts
• Record Cryptocurrency ADV of 340,000 contracts ($14.1 billion notional)
  • Record Micro Ether futures ADV of 209,000 contracts
  • Record Ether futures ADV of 236,000 contracts
• International ADV of 7.4 million contracts, including EMEA ADV of 5.4 million contracts APAC ADV of 1.7 million contracts and Latin America ADV of 151,000 contracts

September 2025 highlights compared to September 2024 include:

• Interest Rate ADV of 13.3 million contracts
  • U.S. Treasury options ADV increased 21% to 1.5 million contracts
  • 30 Day Fed Funds futures ADV increased 5% to 743,000 contracts
• Equity Index ADV of 7 million contracts
• Energy ADV of 2.3 million contracts
• Agricultural ADV of 1.5 million contracts
• Foreign Exchange ADV of 1.1 million contracts
• Metals ADV of 1 million contracts
  • Micro Gold futures ADV increased 214% to 347,000 contracts
• Cryptocurrency ADV of 309,000 contracts ($13.7 billion notional)
  • Micro Ether futures ADV increased 472% to 182,000 contracts
  • Micro Bitcoin futures ADV increased 50% to 62,000 contracts
• Micro Products ADV
  • Micro E-mini Equity Index futures and options ADV of 2.6 million contracts represented 36% of overall Equity Index ADV and Micro WTI Crude Oil futures accounted for 2.2% of overall Energy ADV
• BrokerTec U.S. Repo average daily notional value (ADNV) increased 31% to a record $401 billion and European Repo ADNV increased 4% to €298 billion
• Customer average collateral balances to meet performance bond requirements for rolling 3-months ending August 2025 were $132.7 billion for cash collateral and $153 billion for non-cash collateral

Paul Houston, Global Head of FX, CME Group, said:

During September 2025, $157B of notional value per day was traded across CME Group’s FX futures, options and cash markets.

Some highlights for September 2025 include:

Futures and options

FX futures and options average daily notional volume (ADNV) of $101B (1m contracts). 

Futures:

Comparing September 2025 vs September 2024, ADNV grew significantly in the following:

• FX futures currency pairs:
  • BRL $0.6B (+41%) (34K contracts)
  • Scandies $0.6B (+42%) (3K contracts)

• Strong monthly open interest (OI) in:
  • EUR $131B (+28%) (885K contracts)
  • JPY $31B (+18%) (359K contracts)
  • Scandis $3.2B (+11%) (13K contracts)
  • BRL $2.2B (+80%) (121K 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 CME Group markets. According to CFTC data published on 23 September 2025:

• Emerging Market LOIH was 341, a new record , with growth in BRL futures, with 106 LOIH (+5% YOY) and ZAR futures with 52 LOIH (+4 % YoY).
• Majors LOIH was 967 – EUR was 307 LOIH (+4% YoY) and CAD was 118  LOIH (+1% YoY)

Options:  Options volumes were up 23% vs September 2024, and are up 38% YTD vs 2024.  Highlights in September 2025 included:

• EUR (+38% vs Sep 24)
• GBP (+52% vs Sep 24).

FX Link: In September, FX Link traded $4B ADNV (42K ADV in contracts YTD).

EBS

EBS ADNV was $58.2B in September 2025.

FX Volatility

The CME Group Volatility Index (CVOL) shows that the combined G5 CVOL index averaged 7.65 in September 2025, down 20 % on the H1 of 2025 (January to June 2025) average of 9.5.

John Edwards, Global Head of BrokerTec, CME Group, said:

BrokerTec’s overall average daily notional value (ADNV) for September was $961B, up 16% year-on-year (YoY) across benchmark cash U.S. Treasuries, European Government Bonds and U.S. and EU Repo on its dealer-to-dealer CLOB and D2C RFQ platforms.

U.S. Treasuries

BrokerTec U.S. Treasuries ADNV in September was $89.1B up 8% month-on-month while BrokerTec’s RV product suite reached $2.2B ADNV.

U.S Repo

BrokerTec U.S. Repo had a record month with $401B ADNV traded in September, up 31% year-on-year and up 5% month-on-month. Q3 was also a record quarter for U.S. Repo with ADV of $379B. Quarterly refunding added collateral in the system while MMFs had record levels of assets. Volumes went up substantially during the last week of the month, when there was some volatility in General Collateral (GC) and Specials.

EU Repo

BrokerTec EU Repo volumes remained robust during September, with ADV €298B, up 6% month-on-month and up 4% year-on-year. As anticipated by the market, both the ECB and the Bank of England held interest rates at current levels.

Source: CME