Last year, the underlying value of transactions on CME represented $294 trillion in asset allocation and risk management activity, an increase of 88 percent above the record $155 trillion set in 2000.
Both open outcry "pit" traded volume and electronic volume rose to the highest levels ever, with 321.8 million contracts traded via open outcry and 81.9 million contracts traded electronically on CME's GLOBEX electronic trading platform; an additional 8 million contracts were privately negotiated as block trades or exchange-for-physicals (EFPs).
Electronic trading represented 20 percent of CME total volume in 2001, compared to 15 percent in 2000. In 2000, the previous record year, 190 million contracts were traded via open outcry, 34.5 million were traded on GLOBEX and 6.6 million were privately negotiated.
Five times in 2001, CME's monthly volume reached record levels, in January, March, August, September and November, when 45.2 million contracts were traded. Also last year, CME's volume set new records for four consecutive quarters, reaching 116.2 million contracts in the fourth quarter - a 91 percent increase over the fourth quarter of 2000, when 60.7 million contracts were traded.
"The year 2001 was significant in so many ways and left an indelible impression on all of us," said CME Chairman Scott Gordon. "CME's unprecedented trading volume indicates the importance of our risk management products, particularly during times of economic uncertainty and global political change."
"Our open outcry and electronic trading platforms and our people have never been tested more than they were in 2001, and we passed with flying colors," said CME President and CEO Jim McNulty. "In addition to volume milestones, 2001 was crucial in CME's emphasis on customer service, including more open access to GLOBEX, improvements in the performance and speed of our systems, expansion of trade execution choices and dedication to customer satisfaction."
Each of CME's four principal product groups recorded volume gains in 2001 versus year-ago levels. Interest rate volume rose 97 percent and totaled 274.1 million contracts, equity index product volume increased 64 percent at 106.7 million, foreign exchange rose 16 percent at 22.4 million and commodity products rose more than 7 percent at 8.5 million contracts.
Annual volume in Eurodollar futures, CME's benchmark interest rate product and the world's most actively traded futures contract in 2001, totaled a record 184 million contracts, an increase of 70 percent over 2000. Trading in options on Eurodollar futures totaled 88.2 million, an increase of 208 percent over 2000 levels.
For the month of December, a new monthly volume record was set in Russell 2000 futures at 106,220 contracts. CME also had the best December in its history. Records compared to any previous December were set exchangewide on CME at 32.8 million contracts, in Eurodollar futures at 13.2 million contracts, in options on Eurodollar futures at 7.6 million, in E-mini S&P 500 futures at 3.3 million and in E-mini Nasdaq-100 futures at 2.6 million contracts.
Open interest on CME stood at more than 15 million positions at the close of trading Dec. 31, 2001. CME's open in interest in 2001 reached record levels 90 times and totaled 18.9 million positions on Dec. 13-the world record open interest for futures and options on futures. Open interest is the number of contracts outstanding at the close of trading. Prior to 2001, CME's open interest record stood at 10.1 million positions in 1998.
Chicago Mercantile Exchange Inc. (www.cme.com) is an international marketplace that brings together buyers and sellers on its trading floors and GLOBEX® around-the-clock
electronic trading platform. CME offers futures contracts and options on futures primarily in four product areas: interest rates, stock indexes, foreign exchange and commodities. The exchange moves about $1.5 billion per day in settlement payments and manages $30.1 billion in collateral deposits. CME is a wholly owned subsidiary of Chicago Mercantile Exchange Holdings Inc.
Highlights of 2001:
- An all-time record year with 411.7 million contracts traded, up 78 percent over previous record of 231.1 million in 2000
- CME became largest futures exchange in United States
- Highest open interest in the world for futures and options on futures set Dec. 13 at 18.9 million positions
- Eurodollar future s are the world's most actively traded futures contract, with 184 million contracts traded in 2001
- Single-day volume record set Nov. 15 at 3.3 million contracts
- Single-day volume record for open outcry set Nov. 16 at 2.9 million contracts
- Single-day volume record for GLOBEX electronic trading set Sept. 19 at 622,354 contracts
