CBOT Fed Funds Futures Volume, Open Interest Set Records

Thirty Day Fed Funds futures at the Chicago Board of Trade surged to new volume and open interest records-26,107 contracts and 77,462 contracts, respectively--on Tuesday, December 19, as investors and speculators turned to the contract while anticipating the results of the Federal Reserve's Open Market Committee meeting that day.

The new highs easily surpassed the old volume record of 24,299 contracts set on June 28, 2000, and the previous open interest high of 72,808 set on December 18, 2000. The open interest record reflects growing interest by market participants in using the contract to hedge their exposure to the Fed Funds rate on which the CBOT® contract is based. For more information about the Chicago Board of Trade's markets, go to the exchange web site at www.cbot.com