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CME Group, the world's largest and most diverse derivatives exchange, today announced May 2008 volume averaged 10.6 million contracts per day, up 4 percent from May 2007. Total volume exceeded 223 million contracts for the month, of which 82 percent was traded electronically. Total electronic volume increased 12 percent versus May 2007 to average 8.7 million contracts per day. Year-to-date 2008 volume through May averaged 12.3 million contracts per day, up 26 percent versus the same period last year, and second-quarter volume to date through May averaged 10.4 million contracts per day, up 15 percent.
CME Group E-mini equity index volume averaged 2.5 million contracts per day, up 29 percent compared with May 2007. CME Group foreign exchange (FX) volume averaged 621,000 contracts per day, up 29 percent from May 2007, and represented an average daily notional value traded of $88 billion, up 48 percent compared with the same period a year ago. CME Group commodities and alternative investments volume averaged 751,000 contracts per day, up 14 percent. CME Group interest rate volume averaged 6.6 million contracts per day, down 6 percent from May 2007. The U.S. Treasury complex saw a shift in volume to shorter duration instruments, with average daily volume for 2-year and 5-year Treasury note futures increasing more than 18 percent. Thirty Day Fed Fund futures were the beneficiary of widening and volatile LIBOR spreads, with average daily volume increasing 126 percent from the same period last year and open interest reaching a record of more than 745,000 contracts on May 28, partially offsetting slower activity in eurodollars. Monthly NYMEX energy and metals volume on the CME Globex electronic trading platform increased 59 percent to average 1.1 million contracts per day.
All references to volume and rate per contract information in the text of this document assume combined legacy CME and legacy CBOT volumes and exclude our non-traditional TRAKRS products, for which CME Group receives significantly lower clearing fees than other CME Group products, and Swapstream products.
CME GROUP MONTHLY AVERAGE DAILY VOLUME
(In thousands)
May 2008 May 2007 Percent Change
PRODUCT LINE
Interest Rates 6,627 7,028 -6%
E-minis 2,518 1,953 29%
Equity Standard 131 149 -12%
FX 621 482 29%
Commodities and Alt. Inv.* 751 659 14%
Total 10,649 10,270 4%
May 2008 May 2007 Percent Change
VENUE
Open Outcry 1,768 2333 -24%
CME Globex 8,721 7,775 12%
Privately Negotiated 160 162 -1%
*CME Group Commodities and Alternative Investments product line includes
the legacy CME commodities and alternative investments product line and
the legacy CBOT agricultural product line and metals, energy and other
product line.
CME GROUP ROLLING THREE-MONTH AVERAGES
Average Rate Per Contract
(In dollars, and calculated from combined average daily volumes for entire
period)
By Product Line By Venue
3-Month Int- Commodities Privately
Period erest E- Equity and Alt. Open Elec- Negot-
Ending Rates minis Standard FX Inv. Total Outcry tronic iated
Apr-08 0.521 0.676 1.484 0.926 1.117 0.643 0.586 0.617 2.332
Mar-08 0.505 0.684 1.506 0.927 1.119 0.630 0.553 0.609 2.345
Feb-08 0.506 0.705 1.501 0.963 1.109 0.635 0.563 0.616 2.593
Jan-08 0.509 0.699 1.478 0.964 1.096 0.635 0.510 0.622 2.947
Average Daily Volume
(In thousands, average daily volumes combined for entire period)
By Product Line By Venue
3-Month Int- Commodities Privately
Period erest E- Equity and Alt. Open Elec- Negot-
Ending Rates minis Standard FX Inv. Total Outcry tronic iated
May-08 6,702 2,987 172 662 865 11,387 1,883 9,308 195
Apr-08 7,303 3,138 179 645 960 12,224 2,017 9,989 218
Mar-08 8,251 3,628 201 640 949 13,669 2,336 11,097 236
Feb-08 7,536 3,137 184 558 882 12,297 2,209 9,880 208
CME Group (http://www.cmegroup.com/) is the world's largest and most diverse derivatives exchange. Formed by the 2007 merger of Chicago Mercantile Exchange Holdings Inc. (CME) and CBOT Holdings, Inc. (CBOT), CME Group serves the risk management needs of customers around the globe. As an international marketplace, CME Group brings buyers and sellers together on the CME Globex electronic trading platform and on its trading floors. CME Group offers the widest range of benchmark products available across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, agricultural commodities, and alternative investment products such as weather and real estate. CME Group is traded on the New York Stock Exchange and NASDAQ under the symbol "CME".
The Globe logo, CME, Chicago Mercantile Exchange, CME Group, Globex and E-mini, are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago, Inc. TRAKRS and Total Return Asset Contracts are trademarks of Merrill Lynch & Co., Inc. These trademarks are used herein under license. All other trademarks are the property of their respective owners. Further information about CME Group and its products can be found at http://www.cmegroup.com/.
Statements in this news release that are not historical facts are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. Among the factors that might affect our performance are: our ability to obtain the required approvals and to satisfy the closing conditions for our proposed merger with NYMEX Holdings, Inc. and our ability to realize the benefits and control the costs of the proposed transaction; our ability to successfully integrate the businesses of CME Holdings and CBOT Holdings, including the fact that such integration may be more difficult, time consuming or costly than expected and revenues following the merger may be lower than expected; increasing competition by foreign and domestic entities, including increased competition from new entrants into our markets and consolidation of existing entities; our ability to keep pace with rapid technological developments, including our ability to complete the development and implementation of the enhanced functionality required by our customers; our ability to continue introducing competitive new products and services on a timely, cost-effective basis, including through our electronic trading capabilities, and our ability to maintain the competitiveness of our existing products and services; our ability to adjust our fixed costs and expenses if our revenues decline; our ability to continue to generate revenues from our processing services; our ability to maintain existing customers and attract new ones; our ability to expand and offer our products in foreign jurisdictions; changes in domestic and foreign regulations; changes in government policy, including policies relating to common or directed clearing or as a result of a combination with the Securities and Exchange Commission and the Commodity Futures Trading Commission; the costs associated with protecting our intellectual property rights and our ability to operate our business without violating the intellectual property rights of others; our ability to generate revenue from our market data that may be reduced or eliminated by decreased demand or the growth of electronic trading; changes in our rate per contract due to shifts in the mix of the products traded, the trading venue and the mix of customers (whether the customer receives member or non-member fees or participates in one of our various incentive programs) and the impact of our tiered pricing structure; the ability of our financial safeguards package to adequately protect us from the credit risks of clearing members; the ability of our compliance and risk management methods to effectively monitor and manage our risks; changes in price levels and volatility in the derivatives markets and in underlying fixed income, equity, foreign exchange and commodities markets; economic, political, geopolitical and market conditions; natural disasters and other catastrophes, our ability to accommodate increases in trading volume and order transaction traffic without failure or degradation of performance of our systems; our ability to execute our growth strategy and maintain our growth effectively; our ability to manage the risks and control the costs associated with our acquisition, investment and alliance strategy; our ability to continue to generate funds and/or manage our indebtedness to allow us to continue to invest in our business; industry and customer consolidation; decreases in trading and clearing activity; the imposition of a transaction tax on futures and options on futures transactions; and the seasonality of the futures business. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, which is available in the Investor Relations section of the CME Group Web site. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
