"CME average daily volume continues to grow, rising 11 percent in the first two months of this year," said CME Chairman Terry Duffy. "Growth in foreign exchange product volume has been particularly impressive, averaging 118,000 contracts per day in February and up 40 percent compared to 84,000 contracts per day a year ago."
"Average daily volume on our GLOBEX electronic trading platform rose 91 percent in February and year to date has averaged more than one million contracts daily," said Jim McNulty, CME President and Chief Executive Officer. "We have also seen recent gains in privately negotiated transactions, which rose nearly 26 percent in February to approximately 39,000 contracts per day."
CME average daily volume totaled 2.23 million contracts in February 2003, compared to 1.82 million contracts in February 2002. Excluding its lower-priced TRAKRSSM products, total volume was 42.1 million contracts in February 2003. Excluding TRAKRS, CME average daily volume totaled 2.22 million contracts. On GLOBEX, February average daily volume totaled more than 1 million contracts, compared to 532,315 in February 2002. Electronically traded volume represented 46 percent of total volume in the first two months of 2003.
The notional, or underlying dollar value of transactions on CME in February represented $21 trillion in asset allocation and risk management activity. Average daily notional value totalled 1.1 trillion.
Among product groups, stock index product volume grew 72 percent in February compared to February 2002 levels, with average daily volume of more than 1 million contracts. Stock index trading volume set a February record of nearly 20 million contracts. Foreign exchange product volume rose 40 percent, averaging 117,729 contracts per day. Commodity product volume increased 25 percent, averaging 34,850 contracts daily. Interest rate product volume declined 7 percent compared to February 2002.
E-mini S&P MidCap 400 futures set a new all-time monthly volume record at 96,546 contracts. New records for any February were set in E-mini S&P 500 futures at 12.6 million, Eurodollar options at 7.2 million, E-mini NASDAQ-100 futures at 4.6 million, Euro FX futures at 749,195, Canadian dollar futures at 256,672, Euro FX options at 75,075 and milk futures at 20,539 contracts.
Open interest on CME stood at nearly 23 million positions on Feb. 28, up 32 percent from 17.4 million positions at the end of February 2002. Open interest represents the number of futures and options on futures contracts outstanding at the close of trading each day.
Chicago Mercantile Exchange Inc. (www.cme.com) is the largest futures exchange in the United States and the second largest exchange in the world for the trading of futures and options on futures. As an international marketplace, CME brings together buyers and sellers on its trading floors and GLOBEX® around-the-clock 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 moves an average of about $1.8 billion per day in settlement payments and manages $27.4 billion in collateral deposits. On Dec. 6, 2002, Chicago Mercantile Exchange Holdings Inc. (NYSE: CME) and its CME subsidiary became the first publicly traded U.S. financial exchange. For more information about Chicago Mercantile Exchange Holdings Inc. or about Chicago Mercantile Exchange's products and .9markets, visit the CME Web site at www.cme.com.
GLOBEX is a registered trademark of Chicago Mercantile Exchange Inc. E-mini is a trademark of Chicago Mercantile Exchange Inc. "TRAKRS" and "Total Return Asset Contracts" are service marks of Merrill Lynch & Co., Inc. TRAKRS are patent pending. S&P, S& 500, S&P MidCap 400, NASDAQ-100 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. Further information about CME and its products is available on the CME Web site at www.cme.com.
