CBOT: 10-Year T-Note Open Interest Tops Million Contracts For 1st Time

Topping the 1 million mark in open interest for the first time in its 20-year history, the Chicago Board of Trade's 10-Year Treasury note futures contract set a new open interest record at 1,002,572 contracts on August 7, 2002. The old record at 990,811 was established on August 2, 2002.

Through July 2002, year-to-date volume for CBOT's 10-Year Treasury Note futures contract was 48,768,369, an increase of 55.3% from the same period last year.

Open Interest represents the number of positions that have not yet been offset and closed out at the end of a trading day. It is regarded as a measure of the use of particular futures contract as a hedging tool. The industry also considers it to be a barometer of a contract's liquidity and the ability to efficiently get in and out of the market.

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