Exchange-wide volume in December rose to 46,143,879 contracts, up 30.7 percent from December 2003. Open interest at the end of the month was 9,919,649 contracts, up 36.5 percent from the same time last year.
CBOT President and CEO Bernard W. Dan said, “The CBOT’s many ambitious initiatives of 2004 -- the implementation of the Common Clearing Link, our transition to a new superior electronic trading platform, programs to increase global access to the Exchange as well as a multitude of educational efforts -- combined to make 2004 the CBOT’s most successful year ever. There is no greater validation of the Exchange’s core values and strategic business model than our customers continuing to bring their business to the unparalleled liquidity and full transparency of the CBOT marketplace.
“The CBOT’s focus on technology, driving industry standardization and customer service does not end in 2004--in 2005, the Exchange will further enhance its electronic trading platform, deliver increased functionality to the open outcry trading environment and launch many other initiatives designed to position the Exchange for continued growth.”
2004 Year-End Volume Highlights
The CBOT shattered 23 yearly volume records in 2004. The Exchange’s three major complexes – Financial, Agricultural and Equity – each recorded their highest volume levels ever. Trading in the Financial complex surpassed last year’s record by an impressive 33.9 percent, totaling 490,039,117 contracts, compared with 365,838,537 contracts traded in 2003. CBOT U.S. Treasuries also shattered the prior record, rising 33.1 percent above 2003’s record to 383,992,387 contracts traded in 2004. The Financial complex saw records in contracts including Ten-, Five- and Two-Year Treasury Note futures and options and Thirty-Day Fed Funds futures and options.
It was also the best year ever for the Exchange’s Agricultural futures complex, with volume rising 16.7 percent from 2003 to reach 85,149,570 contracts in 2004. Corn futures and options, Soybean, Soybean Meal and Soybean Oil futures and options were among the contracts that set annual volume records within the Agricultural Complex.
Additionally, the CBOT Equity complex reached an all-time high of 24,038,021 contracts traded, up 54.6 percent from the record set in 2003.
In a year defined by multiple volume records, the stand-out month was November. A total of seven of the 16 CBOT monthly volume records occurred that month including the all-time total monthly Exchange volume record of 59,467,507 contracts.
Year-End Volume Records
- Total Exchange volume set an annual record of 599,994,386 contracts, up 32.0 percent from 2003.
- Financial futures and options complex set a yearly volume record of 490,039,117 contracts, up 33.9 percent from 2003.
- Treasury complex set a yearly volume record of 383,992,387 contracts, up 31.3 percent from 2003.
- Equity complex set a yearly volume record of 24,038,021 contracts, up 54.6 percent from 2003.
- Agricultural complex set a yearly volume record of 85,149,570 contracts, up 16.7 percent from 2003.
- Metal complex set a yearly volume record of 726,796 contracts, up 303.8 percent from 2003.
- Ten-Year Treasury Note futures set a yearly volume record of 196,119,150 contracts, up 33.6 percent from 2003.
- Ten-Year Treasury Note options set a yearly volume record of 56,878,013 contracts, up 38.2 percent from 2003.
- Five-Year Treasury Note futures set a yearly volume record of 105,469,410, up 43.0 percent from 2003.
- Five-Year Treasury Note options set a yearly volume record of 17,215,903, up 77.5 percent from 2003.
- Two-Year Treasury Note futures set a yearly volume record of 9,454,774, up 114.1 percent from 2003.
- Five-Year Interest Rate Swap futures set a yearly volume record of 243,353, up 120.7 percent from 2003.
- Thirty-Day Fed Funds futures set a yearly volume record of 11,940,120, up 44.3 percent from 2003.Thirty-Day Fed Funds options set a yearly volume record of 4,707,103, up 191.6 percent from 2003.
December 2004 Highlights
CBOT average daily volume for December totaled 2,097,449 contracts, an increase of 30.7 percent from December 2003.
To increase the efficiency of the open auction marketplace, the CBOT enhanced its electronic order routing technology. As a result, 8,047,691 futures and options orders were electronically sent directly to floor brokers using Electronic Clerks, as compared with the 7,382,008 orders that were filled electronically last year.
December Financial Futures and Options
- CBOT Financial futures and options complex trade was up 39.4 percent from last year trading 38,888,244 contracts in December.
- The CBOT's benchmark Ten-Year Treasury Note futures contract surged 37.8 percent from last year trading 15,038,943 contracts in December.
- U.S. Treasury Bond futures saw an increase of 22.3 percent from last year, trading 5,913,977 contracts.
- Five-Year Treasury Note futures saw an impressive volume gain of 49.8 percent from last year, trading 9,416,772 contracts.
- Five-Year Treasury Note options were up 54.8 percent from 2003 trading 1,008,141 contracts.
- Two-Year Treasury Note futures posted a gain of 116.7 percent from last year, trading 1,058,503 contracts.
- Thirty-Day Fed Fund futures rose 53.3 percent from last year, trading 780,208 contracts.
- CBOT Agricultural futures and options complex trade totaled 5,151,749 contracts in December.
- Soybean futures were up 9.4 percent from last month at 1,526,109 contracts.
- Mini Soybean futures were up 14.0 percent from last month at 31,516 contracts.
- Rough Rice futures were up 70.7 percent from last month at 15,962 contracts.
- CBOT Precious Metals futures and options complex trade was up 260.2 percent from last year at 91,144 contracts.
- Mini Silver futures contracts rose 356.4 percent from last year trading 19,155 contracts in December.
- Mini Gold futures were up 65.4 percent from last year at 34,919 contracts. December Equity Complex Futures and Options
- CBOT Equity Index complex trade posted a gain of 53.5 percent from last year trading 2,010,404 contracts.
- Mini Dow futures rose 72.6 percent from last year trading 1,710,046 contracts.
- Most recent sales of CBOT seats in December were: CBOT Full Membership at $1,340,000 on December 27, 2004; CBOT Associate Membership at $495,000 on December 30, 2004; CBOT Commodity Options membership at $139,000 on December 28, 2003; and CBOT IDEM membership at $59,000 on December 27, 2004.
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