March average daily volume was 3.1 million and total volume for March was 70.4 million contracts, also a new record. Average daily volume of 2.83 million contracts for the first quarter of 2004 was up 19 percent versus year-ago levels and was 8 percent higher than the prior quarterly record of 2.63 million set in the second quarter of 2003. New combined quarterly volume records were set in CME's interest rate, equity index, and foreign exchange product groups.
Leading the volume gain was strong growth in CME's benchmark Eurodollar interest rate contract which drove total interest rate average daily volume to over 1.4 million contracts. A new monthly volume record was set in March in Eurodollar futures and mid-curve options at 22.6 million and 3.3 million respectively.
The average daily volume of Eurodollar trading on GLOBEX during March surged to 220,000 contracts per day, compared to 134,000 last month. Overall interest rate volume for the month was up 26 percent for the first quarter of 2004 compared to first quarter 2003. Electronic interest rate volume averaged 156,000 contracts per day in the first quarter, up 361 percent compared to the same period a year ago and represented 11 percent of all interest rate volume.
Despite a significant decrease in equity market volatility in the first quarter of this year compared to last year, average daily volume of CME's E-mini™ equity index products increased 12 percent from first quarter 2003 to a record 1.07 million contracts per day in first quarter 2004. Combined E-mini volume in March reached an all-time average daily volume record of 1.21 million contracts per day, a 16 percent increase over March 2003.
CME's foreign exchange markets also continued to post strong growth and were up 31 percent in March versus year-ago levels and for the first time ever averaged above 200,000 contracts per day. A total of 4.8 million FX contracts traded during March, breaking the prior monthly record of 4.2 million set in June 1993. FX volume was 49 percent higher for the first quarter compared to last year.
"CME's March and first quarter 2004 volumes reflect the continued growth of each of our four core product areas. The increased GLOBEX trading volume, which grew 29 percent in the first quarter compared to the same period one year ago, reflects our commitment to electronic trading and to providing new opportunities for our global customers," said CME Chairman Terry Duffy.
"Eurodollars on GLOBEX had average daily volume more than double in just two months," said CME CEO Craig Donohue. "Overall the percent of Eurodollar futures trading transacted on GLOBEX in March was 21 percent, but the electronic percentage of front month Eurodollar contracts is significantly higher at 47 percent and 42 percent for the June and September contracts respectively. We will continue to focus our efforts on successfully executing initiatives such as our Eurodollar market maker program and increased distribution of our GALAX-C handheld trading devices to further develop this market."
In addition to Eurodollar futures and options, another 25 individual products set all-time single month volume records in March including E-mini S&P 500® futures (18,032,590), E-mini NASDAQ-100® futures (8,011,427), E-mini Russell 2000® futures (1,559,838), EuroFX futures (1,837,698) Mexican peso futures (329,152), Canadian dollar futures (516,334), lean hog futures (249,205), dollar-based Nikkei® 225 futures (181,112), Class III Milk futures (55,636), yen-based Nikkei® 225 futures (27,557), and CME heating degree day futures (1,379).
During March, CME recorded the two busiest single trading days in its 106-year history. On Friday, March 5, 5.5 million contracts were traded, and March 11, another 4.7 million contracts changed hands at CME, including 2.6 million contracts on GLOBEX, another CME record.
Open interest reached a new peak during the month on March 11 at 38,876,035 contract positions, including TRAKRSSM. Combined CME open interest - or the number of contract positions that remain open at the end of a trading session - hit new record levels every day between February 25 and March 11. The notional, or face, value of all contracts traded in March was $35.9 trillion, up from $26.3 trillion in February.
For the first quarter of 2004, CME's Clearing House, the largest clearing organization in the world, processed all Chicago Board of Trade (CBOT) contracts through its transaction processing agreement. CBOT volume, which averaged 2.2 million contracts during the first quarter, was up 41 percent versus year-ago levels. Click here for a summary of average daily volume (In thousands) for both the first quarter and March of 2004.
Chicago Mercantile Exchange Inc. (www.cme.com) is the largest futures exchange in the United States. As an international marketplace, CME brings together buyers and sellers on its trading floors and GLOBEX® 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 moved about $1.5 billion per day in settlement payments in the first quarter of 2004 and managed $38.6 billion in collateral deposits as of March 31, 2004. CME is a wholly owned subsidiary of Chicago Mercantile Exchange Holdings Inc. (NYSE: CME), which is part of the Russell 1000® Index.Statements in this news release that are not historical facts are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, which can be obtained at its Web site at www.sec.gov. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Chicago Mercantile Exchange, CME, the globe logo and GLOBEX are registered trademarks of Chicago Mercantile Exchange Inc. E-mini is a trademark of CME. CLEARING 21 is a registered trademark of CME and New York Mercantile Exchange, Inc. S&P, S&P 500, NASDAQ-100, Nikkei 225, Russell 1000, Russell 2000, TRAKRS, Total Return Asset Contracts and other trade names, service marks, trademarks and registered trademarks that are not proprietary to Chicago Mercantile Exchange Inc. are the property of their respective owners, and are used herein under license.
* All volume figures reported in this news release are exclusive of non-traditional TRAKRS contracts unless otherwise noted.
