MATIF Trading Down But Open Interest Up in July

Open interest on index and equity derivatives rose 19.2% in July, and was up 9.2% for interest-rate derivatives despite a 21.5% decline in the number of lots traded to 12,165,324. In equity and equity index derivatives, open interest in the CAC 40 futures contract was 6.7% higher than in June. DJ STOXX 50 futures, which members of Spain's Meff Renta Variable have been able to trade directly since July 5, saw open interest rise 9.6% over the same period. Trading in the energy sector index future began during the month after the telecom sector contract. Trading was down 18.8% for CAC40 futures and 20.3% for short-term equity options. In contrast, transactions in long-term equity options rose 11.4%. In interest-rate products, trading was down 54% on June, when positions were rolled over and interest rates came under intense pressure, thus fell back to the levels observed in May. The Euribor future ranks second in Europe with 287,374 lots traded, and trading in Euribor options rose sharply. In commodities, trading in wheat and rapeseed contracts showed an overall rise of 29%. In rapeseed futures, 20,997 lots were traded, a steep 30.8% increase on June. Two consecutive records were set during the month: 2,015 lots traded on July 6, and 3,135 lots on July 15.