- Delivered eighth consecutive year of record volume on a combined basis
- 2008 total equity index volume was up 35 percent, exceeding 20 percent annual growth for fourth consecutive year
- Achieved double-digit volume growth for seventh consecutive year in foreign exchange products and commodities products
- 2008 OTC volume cleared on ClearPort was up 39 percent
CME Group, the world's largest and most diverse derivatives exchange, today announced 2008 volume totaled 3.3 billion contracts, representing the eighth consecutive year of record volume, assuming combined CME Group/NYMEX volumes, and $1.2 quadrillion in notional value. Daily volume in 2008 averaged 13.0 million contracts per day, up 4 percent from 2007 on a combined basis. Total electronic volume averaged 10.3 million contracts per day, up 12 percent from the prior year and representing 79 percent of total exchange volume. Average daily volume cleared on NYMEX ClearPort was 468,000 contracts for 2008, up 39 percent compared with 2007, highlighting market participants' increased interest in the safety and soundness of CME Group's regulated, transparent and centrally cleared markets.
CME Group 2008 E-mini equity index volume averaged 3.5 million contracts per day, up 37 percent compared with 2007. Equity standard volume averaged 190,000 contracts per day, up two percent compared with the prior year. CME Group commodities and alternative investments volume averaged 848,000 contracts per day, up 11 percent from 2007. CME Group foreign exchange (FX) contracts volume averaged 624,000 contracts per day, up 10 percent, and represented an average daily notional value of $85 billion. CME Group interest rate volume averaged 6.1 million contracts per day, down 12 percent compared with the same period in 2007.
Total NYMEX volume averaged 1.8 million contracts for 2008, up 19 percent compared with the prior year. Annual NYMEX energy futures and options volume averaged 1.0 million contracts per day, up 11 percent from 2007. COMEX metals volume averaged 221,000 contracts per day for 2008, up 40 percent. Average daily volume cleared on NYMEX ClearPort was 468,000 contracts for 2008, up 39 percent compared with 2007. The remaining NYMEX volume of 74,000 trades per day consisted of other transactions, which include position transfers and exchanges.
All references to CME Group volume and rate per contract information in the text of this document exclude our non-traditional TRAKRS products, for which CME Group receives significantly lower clearing fees than other CME Group products, and Swapstream products.
Fourth-quarter daily volume averaged 10.4 million contracts, down 14 percent compared with the same period last year on a combined basis. Quarterly volume highlights included 35 percent growth in E-mini equity index products and 58 percent growth in average daily volume cleared on ClearPort. Daily volume averaged 8.2 million contracts in December, down 22 percent compared with December 2007. Both E-mini equity index volume and OTC volume cleared on ClearPort demonstrated strong growth in December as well, growing 15 percent and 56 percent, respectively. The PJM off-peak and peak electricity swap futures contracts were launched on ClearPort on December 8 and are priced at approximately 3 cents and 40 cents per contract, respectively. The lower priced off-peak contracts averaged 43,000 contracts per day from the launch until the end of the month, while the peak contracts averaged 4,000 contracts per day. These lower priced contracts represented 8 percent of the volume cleared on ClearPort for the full month of December and 2.5 percent of the cleared volume in the fourth quarter. As a result, the rolling 3-month average rate per contract for ClearPort through December is expected to decrease.
ANNUAL AVERAGE DAILY VOLUME (ADV)
Total Exchange Pro Forma ADV (Legacy CME, CBOT, and NYMEX combined, in thousands)
2008 2007 Percent Change
Total 12,992 12,454 4%
CME Group ADV (Legacy CME and CBOT combined, in thousands)
PRODUCT LINE 2008 2007 Percent Change
Interest Rates 6,085 6,920 -12%
E-minis 3,473 2,529 37%
Equity Standard 190 186 2%
FX 624 569 10%
Commodities and Alt. Inv. 848 766 11%
Total 11,219 10,970 2%
VENUE 2008 2007 Percent Change
Open outcry 1,755 2,283 -23%
CME Globex 9,289 8,504 9%
Privately negotiated 175 183 -4%
NYMEX/COMEX ADV (In thousands)
2008 2007 Percent Change
NYMEX floor 213 261 -18%
NYMEX electronic 798 649 23%
COMEX floor 37 44 -15%
COMEX electronic 184 113 62%
NYMEX ClearPort 468 336 39%
Other 74 82 -10%
Total 1,773 1,485 19%
QUARTERLY AVERAGE DAILY VOLUME (ADV)
Total Exchange Pro Forma ADV (Legacy CME, CBOT, and NYMEX combined, in thousands)
Q4 2008 Q4 2007 Percent Change
Total 10,441 12,113 -14%
CME Group ADV (Legacy CME and CBOT combined, in thousands)
PRODUCT LINE Q4 2008 Q4 2007 Percent Change
Interest Rates 3,692 6,290 -41%
E-minis 3,799 2,817 35%
Equity Standard 194 166 17%
FX 481 561 -14%
Commodities and Alt. Inv. 691 740 -7%
Total 8,857 10,574 -16%
VENUE Q4 2008 Q4 2007 Percent Change
Open outcry 1,275 1,876 -32%
CME Globex 7,447 8,528 -13%
Privately negotiated 136 169 -20%
NYMEX/COMEX ADV (In thousands)
Q4 2008 Q4 2007 Percent Change
NYMEX floor 166 229 -28%
NYMEX electronic 682 704 -3%
COMEX floor 29 42 -32%
COMEX electronic 144 147 -2%
NYMEX ClearPort 489 310 58%
Other 75 107 -30%
Total 1,584 1,539 3%
MONTHLY AVERAGE DAILY VOLUME (ADV)
Total Exchange Pro Forma ADV (Legacy CME, CBOT, and NYMEX combined, in thousands)
December 2008 December 2007 Percent Change
Total 8,228 10,605 -22%
CME Group ADV (Legacy CME and CBOT combined, in thousands)
PRODUCT LINE December 2008 December 2007 Percent Change
Interest Rates 2,741 5,332 -49%
E-minis 2,908 2,520 15%
Equity Standard 175 210 -17%
FX 405 510 -20%
Commodities and Alt. Inv. 577 700 -17%
Total 6,806 9,271 -27%
VENUE December 2008 December 2007 Percent Change
Open outcry 1,013 1,661 -39%
CME Globex 5,685 7,409 -23%
Privately negotiated 108 200 -46%
NYMEX/COMEX ADV (In thousands)
December 2008 December 2007 Percent Change
NYMEX floor 137 191 -28%
NYMEX electronic 644 619 4%
COMEX floor 17 25 -31%
COMEX electronic 105 99 6%
NYMEX ClearPort 462 295 56%
Other 56 106 -47%
Total 1,421 1,335 6%
ROLLING THREE-MONTH AVERAGES
CME Group (Legacy CME and CBOT combined)
Average Rate Per Contract (In dollars)
3-Month Period Ending
Nov-08 Oct-08 Sep-08 Aug-08
Interest Rates 0.545 0.539 0.521 0.519
E-minis 0.703 0.703 0.677 0.670
Equity Standard 1.559 1.529 1.486 1.444
FX 0.915 0.932 0.936 0.911
Commodities/Alt.
Investments 1.167 1.144 1.154 1.155
----- ----- ----- -----
Total 0.691 0.684 0.659 0.658
Open outcry 0.619 0.608 0.607 0.608
Electronic 0.672 0.665 0.637 0.634
Privately negotiated 2.546 2.533 2.526 2.481
Average Daily Volume (In thousands)
3-Month Period Ending
Dec-08 Nov-08 Oct-08 Sep-08
Interest Rates 3,692 5,156 5,538 6,030
E-minis 3,799 4,444 4,049 3,638
Equity Standard 194 238 228 204
FX 481 625 681 710
Commodities/Alt.
Investments 691 746 786 822
--- --- --- ---
Total 8,857 11,208 11,282 11,404
Open outcry 1,275 1,595 1,607 1,602
Electronic 7,447 9,445 9,510 9,641
Privately negotiated 136 167 165 161
NYMEX/COMEX
Average Rate Per Contract (In dollars, on a pro forma basis*)
3-Month Period Ending
Nov-08 Oct-08 Sep-08 Aug-08
NYMEX floor 1.60 1.36 1.39 1.40
NYMEX electronic 1.30 1.30 1.32 1.32
COMEX floor 1.76 1.73 1.63 1.64
COMEX electronic 1.75 1.74 1.72 1.73
NYMEX ClearPort 2.11 2.04 1.93 1.92
Other 1.99 1.97 1.93 1.86
---- ---- ---- ----
Total Pro Forma
Average Gross Rate 1.66 1.60 1.57 1.56
Total Pro Forma
Average Net Rate 1.56 1.53 1.49 1.48
Pro forma adjustment excludes the Globex payment to CME Group from the NYMEX electronic, COMEX electronic and Direct Transaction Cost lines. Average RPC by venue are gross figures - NYMEX historically reported average net RPC by venue.
Average Daily Volume (In thousands)
3-Month Period Ending
Dec-08 Nov-08 Oct-08 Sep-08
NYMEX floor 166 184 185 194
NYMEX electronic 682 754 796 831
COMEX floor 29 36 35 36
COMEX electronic 144 186 192 214
NYMEX ClearPort 489 509 500 492
Other 75 78 59 62
Total 1,584 1,746 1,767 1,828
CME Group (www.cmegroup.com) is the world's largest and most diverse derivatives exchange. Building on the heritage of CME, CBOT and NYMEX, 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 trading floors in Chicago and New York. By acting as the buyer to every seller and the seller to every buyer, CME Clearing virtually eliminates counterparty credit risk. CME Clearing also offers $7 billion in financial safeguards to help mitigate systemic risk, providing the security and confidence market participants need to operate, invest and grow. 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, energy, agricultural commodities, metals, and alternative investment products such as weather and real estate. CME Group is listed on 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. NYMEX, New York Mercantile Exchange, and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. All other trademarks are the property of their respective owners. Further information about CME Group and its products can be found at www.cmegroup.com.
