• Record ADV in interest rate products, including U.S. Treasury futures and options
• Record ADV in agricultural products
• Record international ADV of 11.6 million contracts

CME Group, the world’s leading derivatives marketplace, reported its average daily volume (ADV) reached a new monthly record of 37.6 million contracts in February, an increase of 14% year-over-year. The company’s previous monthly ADV record was set in April 2025 with 35.9 million contracts. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.

February 2026 ADV across asset classes includes:

• Interest Rate ADV of 21.3 million contracts
• Equity Index ADV of 8.4 million contracts
• Energy ADV of 3.2 million contracts
• Agricultural ADV of 2.3 million contracts
• Metals ADV of 1.5 million contracts
• Foreign Exchange ADV of 946,000 contracts
• Cryptocurrency ADV of 322,000 contracts ($9.3 billion notional)

Additional February 2026 product highlights compared to February 2025:

• Interest Rate ADV increased 11%
  • Record U.S. Treasury futures and options ADV of 13.7 million contracts
    • Record 10-Year U.S. Treasury Note futures ADV of 3.7 million contracts
    • Record 5-Year U.S. Treasury Note futures ADV of 3.2 million contracts
    • Record 2-Year U.S. Treasury Note futures ADV of 1.9 million contracts
    • Record 10-Year U.S. Treasury Note options ADV of 1.4 million contracts
  • SOFR futures and options ADV increased 25% to 7.1 million contracts
  • 30 Day Fed Funds futures ADV increased 24% to 512,000 contracts
• Equity Index ADV increased 16%
  • Micro E-mini Nasdaq-100 futures ADV increased 37% to 2.2 million contracts
  • Micro E-mini S&P 500 futures ADV increased 28% to 1.4 million contracts
• Energy ADV increased 12%
  • WTI Crude Oil futures ADV increased 35% to 1.1 million contracts
  • NY Heating Oil futures ADV increased 14% to 228,000 contracts
• Agricultural ADV increased 11%
  • Record Soybean futures ADV of 444,000 contracts
  • Record Soybean Oil futures ADV of 278,000 contracts
  • Record Soybean Meal futures ADV of 226,000 contracts
  • Record Chicago SRW Wheat futures ADV of 213,000 contracts
• Metals ADV increased 88%
  • Micro Gold futures ADV increased 290% to 573,000 contracts
  • Micro Silver futures ADV increased 865% to 205,000 contracts
• Cryptocurrency ADV increased 45%
  • Micro Ether futures ADV increased 22% to 115,000 contracts
  • Micro Bitcoin futures ADV increased 31% to 100,000 contracts
  • Ether futures ADV increased 65% to 24,000 contracts
• Micro Products ADV
  • Micro E-mini Equity Index futures and options ADV of 4 million contracts represented 47.3% of overall Equity Index ADV and Micro WTI Crude Oil futures accounted for 2.7% of overall Energy ADV
• Record International ADV of 11.6 million contracts, with record EMEA ADV of 8.7 million contracts and APAC ADV up 16% to 2.4 million contracts
• BrokerTec overall average daily notional value (ADNV) increased 16% to a record $1.042 trillion in February
  • U.S. Repo ADNV increased 18% to $383 billion
  • European Repo ADNV increased 11% to €369 billion
• Customer average collateral balances to meet performance bond requirements for rolling 3-months ending January 2026 were $141.2 billion for cash collateral and $164.4 billion for non-cash collateral

Matt Gierke, global head of BrokerTec, CME Group, said in an email:

BrokerTec’s overall average daily notional value (ADNV) for February reached an all-time record high of $1.042T, 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 central limit order book and dealer-to-client request-for-quote platforms.

U.S. Treasuries

BrokerTec U.S. Treasuries ADNV in February was $92B as U.S. Treasury volatility continues to remain around multi-year lows, with the CME Group Volatility Index (CVOL) levels measuring a 24% decrease in volatility YoY.

U.S. Repo

BrokerTec U.S. Repo volume in February was the fourth-highest month on record with $383B ADNV, up 18% year-on-year. We continued to see high volumes in General Collateral (GC) executed mostly at the high end of the range.

EU Repo

BrokerTec’s EU Repo ADNV in February was €369B, the fourth-highest monthly ADNV on record, up 6.5% month-on-month and up 11.5% year-on-year, driven by continued strong issuance, and year- end term trades rolling back down to day-to-day funding.

Erik Norland, chief economist at CME Group, said in an email:

The U.S. yield curve bull flattened in February with 2Y Treasury yields falling 15bps while 5Ys and 10Ys declined by 29bps and 30bps respectively. 30Y yields slid by 26bps amid soft consumer spending numbers. European yields also fell by less so with Bund and OAT yields down by 18-20bps across the 5Y to 30Y portion of the yield curves while 2Y Eurozone yields by around 9-10bps.

Source: CME