CME Group, the world’s leading derivatives marketplace, announced new milestones in the growth of its SOFR derivatives contracts, with a single-day record of 9,784,528 SOFR futures and options traded on March 7 and record open interest (OI) of 54,666,191 contracts on March 8.

Individually, SOFR futures traded a record of 5,836,669 contracts on March 7, with record OI of 10,897,300 contracts the same day. SOFR options traded a record 4,533,369 contracts on March 8, with record OI of 43,781,996 contracts the same day.

“With continued economic and interest rate policy uncertainties, SOFR futures and options are proving to be extremely valuable risk management and hedging tools,” said Agha Mirza, CME Group Global Head of Rates and OTC Products. “The market for SOFR futures and options is deeply liquid and fully developed, with a year-to-date average daily volume that exceeds the highest annual volume ever recorded for Eurodollar futures and options.”

Month-to-date in March 2023, the average daily volume (ADV) of SOFR futures and options traded is 6,808,280 contracts, with SOFR futures ADV equivalent to 1,168% of Eurodollar futures ADV and SOFR options ADV equivalent to 1,800% of Eurodollar options ADV.

Globally, SOFR futures and options markets include broad participation from global banks, hedge funds, asset managers, principal trading firms and other types of traders.

SOFR futures and options are listed with and subject to the rules of CME. For more information on SOFR futures and options, please visit www.cmegroup.com/sofr.

CME FX Contracts Reach Records

CME Group, the world’s leading derivatives marketplace, announced its foreign exchange futures and options reached a new single-day volume record of 3.15 million contracts on March 8, 2023, equivalent to $296 billion in USD notional.

In addition to the overall futures and options volume record, which represents a 5% increase over the previous record of 3 million contracts set in September 2022, CME Group also reached trading records in several individual currencies, including a record of 1.1 million Euro FX futures and a record 264,000 Canadian Dollar FX futures. In addition, blocks and exchange for related positions (EFRP) transactions traded a record 274,000 contracts on March 8, a level 23% higher than the previous record set in December 2022.

“We are pleased to see strong momentum in our FX futures and options products as our clients turn to our deep liquidity to manage their currency exposure amid ongoing market uncertainty,” said Paul Houston, Global Head of FX Products, CME Group. “We are pleased to offer clients the flexibility of both our highly liquid, central limit order book, as well as disclosed, OTC-style block and EFRP trading now supported by more than 20 liquidity providers.”

Source: CME