Intercontinental Exchange, Inc., a leading global provider of data, technology, and market infrastructure, announced record volume in SONIA futures and options as investors return to U.K. interest rate futures markets.

A record 1.147 million SONIA futures and options traded on February 2, 2023, including a record 979,561 in SONIA futures, a 19% increase on the previous record. Open Interest in SONIA futures and options is up by a third since the start of 2023 at 2.758 million contracts.

“The record trading in SONIA reflects a return of confidence by investors to U.K. interest rate markets following the impact of the mini-budget in 2022,” said Chris Rhodes, President of ICE Futures Europe. “As the benchmark for pricing and risk managing UK interest rate risk, SONIA futures and options markets are benefiting from the measures taken last year to bolster liquidity. The record volumes, together with the growth in Euribor volumes over the past year, are creating an exciting European rates environment for traders.”

ICE offers customers the most liquid European interest rate futures and options markets, including the global benchmark Euribor which is used to manage Euro-denominated interest rate risk. As investors respond to the European Central Bank rates environment, open interest in Euribor futures and options is up 23% year-over-year (y/y) at 16.274 million contracts, with average daily volume up 42% at 1.55 million contracts y/y.

The total traded across ICE’s short term interest rate (STIR) futures and options portfolio was 4.7 million contracts on February 2, 2023, of which approximately 3.5 million was in Euribor futures and options.

Source: ICE