CME Sets New March Volume Record

Trading volume on the Chicago Mercantile Exchange rose nearly 24 percent above the previous month's levels to record the busiest March in exchange history, with 19.6 million contracts changing hands. March volume was up nearly 5 percent compared to March 1998. Trading in equity index products set a new all-time monthly volume record for the second consecutive month, as March volume totalled 4.65 million contracts. GLOBEX2 volume in March set a new all-time monthly record, with 1,169,932 contracts traded, an 81 percent increase over year-ago levels. Year-to-date, GLOBEX2 volume is 76 percent higher than in 1998, with first-quarter volume standing at 3.3 million. Included in the new record for equity index products were an all-time record 4.24 million equity index futures, along with all-time monthly records in the following: 791,760 E-mini S&P 500 futures, 188,914 Nasdaq 100 futures 50,474 Russell 2000 futures and 5,305 E-mini S&P 500 options. Setting new records for any March were S&P MidCap 400 futures at 43,395, Nasdaq 100 options at 21,381, S&P/BARRA Value futures at 4,249 and S&P MidCap 400 options at 545. The all-time monthly record in E-mini S&P 500 futures included record single-day volume of 46,456 contracts traded on March 23. Among currency products, South African rand futures set an all-time monthly record of 3,985, while several currency products set new March records: Canadian dollar futures (280,005), Australian dollar futures (79,801), Brazilian real futures (12,865) and New Zealand dollar futures (2,268). Euroyen futures saw a record March with 97,829 contracts changing hands. Basic formula price (BFP) milk futures and options also set March records, with 4,168 futures contracts and 1,421 options changing hands. Open interest, the number of contracts outstanding after the close of trading, stood at 7.3 million positions at month's end, 1.9 percent higher than year-ago levels.