During June, CME interest rate average daily volume of 1.85 million contracts was up 19 percent compared to last year, driven primarily by interest rate volume on GLOBEX that averaged 655,000 contracts per day. The electronic interest rate volume is up from 53,000 contracts per day in June 2003 and just over 100,000 contracts per day in January 2004. In June, Eurodollar futures on GLOBEX represented 50 percent of total Eurodollar futures trades. CME also saw strong volumes in its FX product group with 204,000 contracts, up 21 percent compared to last June.
For the second quarter of 2004, average daily trading volume was 3.29 million contracts, an increase of 25 percent compared to the second quarter 2003 and 16 percent above the prior quarterly record of 2.83 million contracts per day set in the first quarter of 2004. Volume on GLOBEX during the second quarter was up 65 percent to 1.72 million contracts per day from 1.04 million per day in Q2 of 2003. New quarterly volume records were set in CME’s interest rate and E-mini equity products for the quarter. Eurodollar trading on GLOBEX totaled more than 520,000 contracts per day during the second quarter of 2004 compared to 156,000 per day during the first quarter of 2004.
“A significant part of our strong volume performance this year has been the dramatic growth we have seen in CME’s Eurodollar futures on GLOBEX,” said CME Chairman Terry Duffy. “As users around the globe adjust their exposure following yesterday’s initial interest rate hike by the Federal Reserve Board, we are pleased to provide a world-class electronic trading platform where global investors can effectively manage risk.”
“During the first half of the year, CME made important inroads in expanding the distribution of our products via GLOBEX,” said CME Chief Executive Officer Craig Donohue. “We announced several strategic initiatives, including our agreement with Reuters that will provide access to CME’s FX markets via the Reuters Dealing 3000 terminals, as well as the launch of our venture with Tullett Liberty that will provide clearing and trade matching functionality to the interest rate OTC market. Later this year, we will implement a series of technical enhancements that will facilitate the trading of Eurodollar options on GLOBEX and add new spread functionality for trading Eurodollar futures electronically.”
Other CME volume achievements attained during the quarter include:
- Average daily volume of CME’s E-mini™ equity index products averaged almost 1.1 million contracts per day, an increase of 15 percent from last year, and also was up slightly from the first quarter of 2004. This comes as equity volatility continued to drop during the second quarter, and remains down considerably from year ago levels.
- CME’s foreign exchange markets also continued to post strong growth and were up 29 percent in the second quarter versus last year. FX volume on GLOBEX totaled more than 112,000 contracts per day, up 99% compared to the second quarter 2003. Foreign exchange volume on GLOBEX represented 64 percent of the total FX volume.
- The notional, or face, value of all CME contracts traded during the first half of 2004 (through June 30), was $222.9 trillion, a significant increase from the $167.1 trillion in notional value traded during the first half of 2003. The notional value of all CME contracts traded in June was $43.7 trillion, up from $35.2 trillion in June 2003.
- For the first half of 2004, CME’s Clearing House, the largest futures clearing organization in the world, processed all Chicago Board of Trade (CBOT) contracts through its transaction processing agreement. CBOT volume, which averaged 2.52 million contracts during the second quarter of 2004, was up 37 percent versus year-ago levels. For June, CBOT averaged 2.26 million contracts per day, up 15 percent compared to June 2003.
Below is summary of CME average daily volume for the second quarter, the first half of 2004, and the month of June:
CME AVERAGE DAILY VOLUME (In Thousands)
|
|
Q2 2004 |
Q2 2003 |
Percentage Change |
|
PRODUCT GROUP |
|
|
|
|
Interest Rates |
1,889 |
1,389 |
+36% |
|
E-Minis |
1,075 |
936 |
+15% |
|
Equity Standard |
112 |
134 |
-16% |
|
Foreign Exchange |
176 |
137 |
+29% |
|
Commodities |
41 |
34 |
+20% |
|
Sub Total |
3,293 |
2,630 |
+25% |
|
TRAKRS |
68 |
46 |
+48% |
|
Total |
3,360 |
2,676 |
+26% |
|
|
|
|
|
|
VENUE |
|
|
|
|
Open Outcry |
1,534 |
1,549 |
-1% |
|
GLOBEX (Ex TRAKRS) |
1,720 |
1,041 |
+65% |
|
Privately Negotiated |
39 |
41 |
-3% |
|
|
First Half 2004 |
First Half 2003 |
Percentage Change |
|
PRODUCT GROUP |
|
|
|
|
Interest Rates |
1,655 |
1,258 |
+32% |
|
E-Minis |
1,072 |
947 |
+13% |
|
Equity Standard |
115 |
138 |
-17% |
|
Foreign Exchange |
182 |
132 |
+38% |
|
Commodities |
39 |
34 |
+14% |
|
Sub Total |
3,063 |
2,509 |
+22% |
|
TRAKRS |
92 |
32 |
+186% |
|
Total |
3,155 |
2,540 |
+24% |
|
|
|
|
|
|
VENUE |
|
|
|
|
Open Outcry |
1,490 |
1,426 |
+5% |
|
GLOBEX (Ex TRAKRS) |
1,534 |
1,043 |
+47% |
|
Privately Negotiated |
39 |
40 |
-2% |
|
|
June 2004 |
June 2003 |
Percentage Change |
|
PRODUCT GROUP |
|
|
|
|
Interest Rates |
1,852 |
1,560 |
+19% |
|
E-Minis |
910 |
1,037 |
-12% |
|
Equity Standard |
151 |
194 |
-22% |
|
Foreign Exchange |
204 |
169 |
+21% |
|
Commodities |
39 |
33 |
+19% |
|
Sub Total |
3,156 |
2,993 |
+5% |
|
TRAKRS |
41 |
37 |
+9% |
|
Total |
3,196 |
3,030 |
+5% |
|
|
|
|
|
|
VENUE |
|
|
|
|
Open Outcry |
1,413 |
1,785 |
-21% |
|
GLOBEX (Ex TRAKRS) |
1,694 |
1,160 |
+46% |
|
Privately Negotiated |
48 |
48 |
|