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CME Group, the world's largest and most diverse derivatives exchange, today announced first-quarter 2008 volume averaged a record 13.7 million contracts per day, up 32 percent from first-quarter 2007. Total electronic volume increased 41 percent versus the first quarter in 2007 to average a record 11.1 million contracts per day. Total electronic options volume increased 60 percent to average a record 414,000 contracts per day. March volume averaged 13.5 million contracts per day, up 15 percent from March 2007. Total volume exceeded 269 million contracts for the month, of which a record 83 percent was traded electronically. Total electronic volume averaged a record 11.1 million contracts per day, up 22 percent from the prior March.
First-Quarter Highlights
All CME Group major product lines achieved quarterly volume records. CME Group E-mini equity index volume averaged a record 3.6 million contracts per day, up 72 percent compared with first-quarter 2007. CME Group interest rate volume averaged a record 8.3 million contracts per day, up 24 percent. CME Group commodities and alternative investments volume averaged a record 949,000 contracts per day, up 20 percent. CME Group foreign exchange (FX) volume averaged a record 640,000 contracts per day, up 15 percent from same period in 2007, and representing a notional value of $87 billion.
Record quarterly NYMEX energy and metals volume on the CME Globex trading platform increased 51 percent to average more than one million contracts per day for the first time. Legacy e-CBOT products reached a record 3.9 million contracts per day during the first quarter of trading on CME Globex. Both 5-Year U.S. Treasury Note and 30-Year U.S. Bond volume reached quarterly records following tick size adjustments that went into effect on March 3, up 47 percent and 15 percent respectively compared to the same period in 2007.
All references to volume and rate per contract information in the text of this document assume combined legacy CME and legacy CBOT volumes and exclude our non-traditional TRAKRS products, for which CME Group receives significantly lower clearing fees than other CME Group products, and Swapstream products.
First-Quarter Average Daily Volume Records
Q1 2008 ADV % Change vs.
Product (in thousands) Q1 2007
Total CME Group Products 13,669 +32%
Total Interest Rate Products 8,251 +24%
2-Year U.S. Treasury Notes 423 +87%
5-Year U.S. Treasury Notes 954 +47%
30-Year U.S. Bonds 591 +15%
10-Year U.S. Treasury Note Options 293 +31%
Electronic 10-Year U.S. Treasury Note Swaps 3 +103%
Total E-Mini Equity Index Products 3,628 +72%
Total Equity Standard 202 +2%
E-mini S&P 500 2,579 +87%
S&P 500 futures 73 +19%
E-mini NASDAQ 100 483 +32%
E-mini Russell 2000 319 +53%
Russell 2000 3 +19%
Nikkei 225 19 +37%
Nikkei 225 (Yen) Futures 18 +41%
Mini $5 Dow 210 +62%
Total Foreign Exchange Products 640 +15%
Australian Dollar 53 +41%
Euro FX 202 +8%
Mexican Peso 27 +29%
Total Commodities and Alternative Investments
Products 949 +20%
Oats 3 +23%
Rough Rice 2 +14%
Soybean 222 +61%
Soybean Meal 65 +45%
Soybean Oil 77 +64%
Wheat 115 +53%
Lean Hog 37 +22%
Lumber 2 +42%
Weather 5 +39%
Feeder Cattle Futures 6 +13%
Corn Options 78 +7%
Electronic Corn 188 +28%
March 2008 Highlights
CME Group E-mini equity index volume averaged a record 4.0 million contracts per day, up 52 percent compared with March 2007. CME Group FX volume averaged a record 759,000 contracts per day, up 16 percent from the same period in 2007, and representing a notional value of $109 billion. CME Group commodities and alternative investments volume averaged 903,000 contracts per day, up 23 percent. CME Group interest rate volume averaged 7.5 million contracts per day, up 2 percent from March 2007. Record monthly NYMEX energy and metals volume on the CME Globex trading platform increased 71 percent to average more than 1.1 million contracts per day.
March 2008 Average Daily Volume Records
% Change vs.
Product March 2008 ADV March 2007
Total E-mini Equity Index Products 4,109 +52%
E-mini Equity Index Futures 3,919 +52%
Equity Standard Futures 189 +7%
E-mini Russell 2000 365 +41%
E-mini Russell 2000 Futures 358 +42%
E-mini S&P 500 2,895 +62%
E-mini S&P 500 Futures 2,805 +63%
E-mini S&P MidCap 400 Futures 44 +33%
E-mini MSCI EAFE Futures 3 +467%
Nikkei 225 (Yen) Futures 21 +3%
Nikkei 225 Futures 26 +25%
Russell 2000 6 +116%
S&P 500 Futures 119 +11%
Total Foreign Exchange Products 759 +16%
Electronic FX 709 +20%
FX Futures 729 +14%
FX Options 30 +83%
Australian Dollar 61 +314%
Euro FX 251 +20%
Soybean Meal 66 +66%
Electronic Soybean Meal 41 +198%
Mini Silver Futures 5 +211%
Lean Hog 43 +290%
Electronic Lean Hog 12 +426%
Live Cattle 53 +1%
Electronic Live Cattle 9 +377%
Soybean Options 64 +161%
Soybean Oil Options 11 +235%
CME GROUP QUARTERLY AVERAGE DAILY VOLUME
(In thousands)
Q1 2008 Q1 2007 Percent Change
PRODUCT LINE
Interest Rates 8,251 6,671 24%
E-minis 3,628 2,107 72%
Equity Standard 201 197 2%
Foreign Exchange 640 555 15%
Commodities and Alt. Inv.* 949 789 20%
Total 13,669 10,320 32%
VENUE
Open Outcry 2,336 2,312 1%
CME Globex and e-CBOT 11,097 7,846 41%
Privately Negotiated 236 162 46%
*CME Group Commodities and Alternative Investments product line includes the legacy CME commodities and alternative investments product line and the legacy CBOT agricultural product line and metals, energy and other product line.
CME GROUP MONTHLY AVERAGE DAILY VOLUME
(In thousands)
March 2008 March 2007 Percent Change
PRODUCT LINE
Interest Rates 7,512 7,365 2%
E-minis 4,019 2,642 52%
Equity Standard 264 299 -12%
Foreign Exchange 759 655 16%
Commodities and Alt. Inv.* 903 727 24%
Total 13,456 11,687 15%
VENUE
Open Outcry 2,048 2,422 -15%
CME Globex 11,122 9,088 22%
Privately Negotiated 286 177 61%
*CME Group Commodities and Alternative Investments product line includes the legacy CME commodities and alternative investments product line and the legacy CBOT agricultural product line and metals, energy and other product line.
CME GROUP ROLLING THREE-MONTH AVERAGES
Average Rate Per Contract
(In dollars, and calculated from combined average daily volumes for entire
period)
By Product Line By Venue
Commod-
ities Priv-
3-Month Int- Equity and ately
Period erest E- Stand- Foreign Alt. Open Elec- Negot-
Ending Rates minis ard Exchange Inv. Total Outcry tronic iated
Feb-08 0.506 0.705 1.501 0.963 1.109 0.635 0.563 0.616 2.593
Jan-08 0.509 0.699 1.478 0.964 1.096 0.635 0.510 0.622 2.947
Dec-07 0.530 0.687 1.427 0.985 1.074 0.648 0.517 0.629 3.057
Nov-07 0.523 0.671 1.442 0.972 1.070 0.636 0.503 0.623 3.050
Average Daily Volume
(In thousands, average daily volumes combined for entire period)
By Product Line By Venue
Commod-
ities Priv-
3-Month Int- Equity and ately
Period erest E- Stand- Foreign Alt. Open Elec- Negot-
Ending Rates minis ard Exchange Inv. Total Outcry tronic iated
Mar-08 8,251 3,628 201 640 949 13,669 2,336 11,097 236
Feb-08 7,536 3,137 184 558 882 12,297 2,209 9,880 208
Jan-08 7,390 3,276 187 583 812 12,247 2,241 9,811 195
Dec-07 6,290 2,817 166 561 740 10,574 1,876 8,528 169
CME Group (http://www.cmegroup.com/) is the world's largest and most diverse derivatives exchange. Formed by the 2007 merger of Chicago Mercantile Exchange Holdings Inc. (CME) and CBOT Holdings, Inc. (CBOT), CME Group serves the risk management needs of customers around the globe. As an international marketplace, CME Group brings buyers and sellers together on the CME Globex electronic trading platform and on its trading floors. CME Group offers the widest range of benchmark products available across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, agricultural commodities, and alternative investment products such as weather and real estate. CME Group is traded on the New York Stock Exchange and NASDAQ under the symbol "CME".
