Open interest in Eurodollar futures, CME’s flagship interest rate product and the world’s most actively traded futures contract, reached a record 4,311,486 open positions, surpassing its previous record set March 9 with 4,253,249 open positions.
Trading volume on the GLOBEX®2 electronic trading system also set a new record of 364,284, boosted by record volume in E-mini S&P 500 futures of 175,420 and E-mini Nadaq-100 futures of 144,763 contracts. The previous day, March12, volume and open interest in the standard sized Nasdaq-100 set a record with 48,826 contracts changing hands and 69,526 open positions.
Open interest in E-mini Nasdaq-100 Index futures also reached new highs yesterday, with 104,853 open positions, besting its previous record set March 12 with 101,865 open positions. In addition, open interest in Nasdaq-100 futures set a record with 72,951 positions remaining open after the close of trading.
Both E-mini equity index futures contracts—the fastest growing contracts in the history of the exchange—are traded electronically on CME’s GLOBEX2 trading system and are smaller-sized versions of contracts traded actively via open outcry on the exchange’s trading floor. E-mini index trading occurs virtually around the clock from 3:45 p.m. until 3:15 p.m. the following day.
Open interest is the number of futures and options 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 an international marketplace that brings together buyers and sellers on its trading floors and GLOBEX®2 around-the-clock electronic trading system. CME offers futures contracts and options on futures primarily in four product areas: interest rates, stock indexes, foreign currencies and agricultural commodities. On Nov. 13, 2000, CME finalized its transformation into a for-profit, shareholder-owned corporation as it became the first U.S. financial exchange to demutualize by converting its membership interests into shares of common stock that can trade separately from exchange trading privileges. The exchange moves about $1 billion per day in settlement payments, manages $25 billion in collateral deposits and administers more than $1 billion of letters of credit.
