CME Volume Sets New July Record

Trading activity at the Chicago Mercantile Exchange (CME) last month enjoyed its best July ever, with total volume of 15,786,660 representing a 16 percent increase over year-ago levels. Record July futures volume of 13,398,079 fuelled the increase. Much of the volume gain was attributable to dramatic growth in interest rate and equity index products, though numerous contracts in each of the CME's four main product areas - including currency and agricultural products - posted record months. The CME's benchmark Eurodollar futures contract posted a 42.1 percent increase over July 1998, with 7,746,340 contracts traded. Two products principally traded electronically - E-mini S&P 500 futures and E-mini Nasdaq 100 futures - both posted their best monthly performance ever, with respective volume of 883,278 and 62,043. Average daily July volume in E-mini Nasdaq (introduced on June 21) of 2,954 was more than twice the level recorded in the preceding month. Equity index products posting their best July on record include futures on the Russell 2000 index with volume of 18,147, Nasdaq 100 with 164,822, and the Goldman Sachs Commodity Index with 68,023. Continuing price volatility in agriculture markets led to record July futures volume in Lean Hogs with total monthly volume of 239,096, Lumber with 30,791 contracts traded, and BFP Milk with 3,959. Among the currency futures products that had their busiest July were the Australian dollar at 75,632, Canadian dollars at 216,329, New Zealand dollars at 1,162, and South African rand at 4,189. Options on futures products recording their highest July total volumes included Lean Hogs (21,115), Nasdaq 100 (9,614), E-mini S&P 500 (5,684), Lumber (2,511), and BFP Milk (1,292). Trading volume on the GLOBEX?2 electronic trading system also continued its dramatic growth, posting a nearly 82 percent increase compared to year ago levels, with contract volume of 1,291,638. Year-to-date GLOBEX?2 volume of 8,188,251 reflects a year-to-date increase of over 72 percent compared to 1998. Open interest, the number of open futures and options positions, for all contracts at the CME totaled 7,941,498 at the end of July, a 2 percent increase over the prior month's close.