The rise in June average daily volume represented an increase of more than 21 percent over June 2002. Second quarter average daily volume was nearly 2.7 million contracts, approximately 11 percent higher than volume levels in the first quarter of 2003 and more than 23 percent higher than the same prior-year period.
New monthly volume records were set in June among both CME interest rate products and foreign exchange futures, with more than 32.8 million and 3.4 million contracts traded, respectively. Activity in CME E-miniTM equity products also continued to surge in June with 21.8 million contracts, representing 42 percent growth compared to last June.
Each CME trading venue also set new average daily trading records during the quarter. Average volume on CME's trading floors for the first time exceeded over 1.5 million contracts per day during the second quarter of 2003. During the same period, average daily volume on GLOBEX® approached 1.1 million contracts and neared 41,000 contracts for privately negotiated contracts.
The trading activity increase was driven by growth in most product areas, with results especially strong among CME's three primary product groups: interest rates, equity indexes and foreign exchange. Foreign exchange futures posted their best single quarter ever with a total of 8.6 million contracts, breaking a record that has stood since the first quarter of 1994.
CME's Eurodollar futures contract posted its all-time strongest month ever in June when over 21.2 million contracts traded. Eurodollar options on futures also posted its best June performance ever with 11.4 million contracts.
Other individual products setting all-time record volumes in June included: E-mini-NASDAQ-100 futures at 6.3 million, EuroFX futures at 1.1 million, E-mini Russell 2000 futures at roughly 293,000, Mexican peso futures at roughly 235,000, E-mini S&P MidCap™ 400 futures at roughly 115,000, milk options at roughly 6,600, CME Heating Degree Day Seasonal options at 1,200 and butter futures at nearly 1,400.
Year-to-date volume of 315 million contracts is 22 percent higher compared to year-ago levels. The notional value of the underlying contracts traded in the second quarter was $93.4 billion, up from $73.7 billion in the first quarter. Total GLOBEX volume for the first half of 2003 of 133.3 million contracts rose 82 percent compared to year-ago levels. CME products also set numerous open interest records throughout the second quarter and for the first time total exchange open interest exceeded 25 million contracts. June month-end open interest stood at 21.3 million contracts. Open interest is a widely recognized indicator of the level of customer interest in an exchange's products. It represents the number of futures and options on futures contracts outstanding at the close of each trading day.
Chicago Mercantile Exchange Inc. (www.cme.com) is the largest futures exchange in the United States 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 moved about $1.5 billion per day in settlement payments in the first quarter of 2003 and managed $28.5 billion in collateral deposits at March 31, 2003. CME is a wholly owned subsidiary of Chicago Mercantile Exchange Holdings Inc. (NYSE: CME), which is part of the Russell 1000® Index.
