2-year celebrates First Anniversary of the Electronic Market Maker Program
On May 1, 2003, the Chicago Board of Trade launched its Electronic Market Maker Program in its 2 Year US Treasury note futures. During the course of the next twelve months the contract grew significantly in terms of both volume and open interest. The table below summarizes its success:
Open Interest | Percent Change | Average Daily Volume-Total | Percent Change | Average Daily Volume-Electronic | Percent Change | |
April 30 2003 | 109,678 | 7,301 | 1,485 | |||
April 30 2004 | 182,005 | Up 65.9% | 22,018 | Up 201.6% | 15,436 | Up 939% |
This growth trend marched along in May with total average daily volume exceeding 43,000 contracts and average daily open interest of approximately 199,000 contracts. Average daily electronic volume accounted for 58% of trading volume in May, or 25,469 contracts per session.