The record coincides with the launch of LMC TRAKRSSM futures in a special opening procedure concluded yesterday, when 2.4 million contracts changed hands and open positions totaled 2.4 million. Dec. 10 also was the second busiest day in the exchange's history, with nearly 4.5 million contracts changing hands.
In addition, open interest in stock index products set a new record of 8,344,102 positions. E-mini™ S&P Midcap 400™ set an open interest record for the second consecutive day with 12,704 positions, surpassing its previous record set on Dec. 9, with 12,418 positions.
The previous exchange-wide open interest record was set on Nov 14, with 23,244,729 open positions. CME's single-day volume record was set Oct. 31, 2002, at 5.9 million contracts, including 2.7 million Select 50 TRAKRS launched in a special opening procedure on that day.
The LMC TRAKRS Index is a total return index that is designed with the goal of identifying value and growth stocks of lower market cap companies and achieving a strategic style allocation between stocks in the value and growth components. Each contract had an underlying value of $25 at startup. Designed and maintained by Merrill Lynch, the index is licensed exclusively to CME for North America. LMC TRAKRS began their regular trading schedule today, trading on business days from 8:30 a.m. to 3:00 p.m. (Central time) on CME's GLOBEX® electronic trading platform.
TRAKRS, which stands for Total Return Asset ContractsSM, are designed to enable customers to track an index of stocks, bonds, currencies, commodities or other financial instruments. TRAKRS are futures contracts based on an index that is calculated on a total return basis. Dividends and certain other distributions are included in the calculation of the index.
Open interest represents the number of futures and options on futures contracts outstanding at the close of trading each day. Open interest can be seen as a measure of the use of risk management instruments by institutions and individuals with a long-term stake in the markets, as well as the liquidity of a contract.
Chicago Mercantile Exchange Inc. (www.cme.com) is the largest futures exchange in the United States and the second largest exchange in the world for the trading of futures and options on futures. As an international marketplace, CME brings together buyers and sellers on its trading floors and GLOBEX® around-the-clock electronic trading platform. CME offers futures and options on futures primarily in four product areas: interest rates, stock indexes, foreign exchange and commodities. The exchange moves an average of about $1.7 billion per day in settlement payments and manages $27.7 billion in collateral deposits.
CME is a wholly owned subsidiary of Chicago Mercantile Exchange Holdings Inc. (NYSE: CME).
