The Chicago Board of Trade announced today that CBOT® members set a new daily volume record in the 30-Day Federal Funds futures contract yesterday, trading 70,874 contracts. The record was set on the day of the Federal Open Market Committee (FOMC) meeting, at which the target federal funds interest rate is determined for the cash market. Open interest in the contract also set a new record, reaching 252,590 contracts.
The former daily volume record of 69,931 contracts was set June 26, 2002, the day of a previous FOMC meeting.
The CBOT Fed Funds futures contract provides the ideal risk management tool for market users who want to hedge their overnight and short-term financing risk, especially in advance of key financial reports and meetings that affect the nation's economy.
