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In September, CME volume averaged an all-time monthly record of almost 3.6 million contracts per day, totaling more than 75 million contracts. The previous record was approximately 3.4 million contracts per day in May 2004. CME’s September volume increased 30 percent from September 2003. Representing 61 percent of total exchange volume during the month, trading on GLOBEX averaged a record 2.2 million contracts per day, up 80 percent from September 2003.
“CME experienced continued strong growth in the third quarter and the month of September fueled by expanded participation from market users worldwide,” said CME Chairman Terry Duffy. “Electronic trading on GLOBEX reached a new high, averaging more than 2 million contracts per day in September. Volume was particularly strong in our Eurodollars and foreign exchange markets where year to date electronic trading has grown more than 1,000 percent and 100 percent respectively. During the quarter, we implemented a number of growth initiatives, including the introduction of a new market maker program in our CME E-mini™ S&P 500® equity options and expanded functionality to enhance electronic trading of CME Eurodollar options, which will facilitate growth in our options markets and enable us to better meet the needs of our global customers.”
“With our diverse product line, CME is uniquely positioned to leverage a number of trends in the overall marketplace,” said Craig Donohue, CME Chief Executive Officer. “In FX, for example, newly released data from the Bureau of International Settlements shows the overall spot market increased 60 percent since 2001-- growing from $387 billion per day to $621 billion each day. By comparison, the notional value of CME’s FX products increased nearly 200 percent, from $6.2 billion in April 2001 a day to $18.4 billion per day by April 2004. In September, the notional value ofCME FX volume averaged approximately $27 billion per day. When launched, our CME/Reuters FX agreement is intended to expand the distribution of our eFX products and add value for our customers and shareholders.” Other September highlights include:
- CME’s Interest Rate product area averaged more than 2 million contracts per day, for the first month ever, and was up 68% compared to September 2003.
- September was the twelfth straight record month for Eurodollar futures traded on GLOBEX.
- CME’s electronically traded Eurodollars exceeded 1 million contracts for the first month ever.
- CME’s Foreign Exchange markets hit an all time monthly volume record. CME FX average daily volume totaled more than 236,000 contracts per day, an increase of 41 percent from September 2003.
- CME’s E-mini volume exceeded one million contracts during September 2004, down 8 percent compared to September 2003.
- Trading in CME Interest Rate products, of 1.85 million contracts per day, was up 47 percent compared to Q3 2003.
- ADV of CME Eurodollars on GLOBEX in the third quarter grew to 818,000 contracts, up from 44,000 contracts per day in Q3 2003.
- During the quarter, CME’s Foreign Exchange (FX) markets averaged a record 193,000 contracts a day, up 42 percent from the same period one year ago, while trading in CME’s electronic foreign exchange (eFX) more than doubled from last year’s levels.
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CME AVERAGE DAILY VOLUME (In Thousands)
|
|
Q3 2004 |
Q3 2003 |
Percentage Change |
|
PRODUCT GROUP |
|
|
|
|
Interest Rates |
1,854 |
1,257 |
+47% |
|
E-Minis |
1,025 |
949 |
+8% |
|
Equity Standard |
111 |
118 |
-6% |
|
Foreign Exchange |
193 |
136 |
+42% |
|
Commodities |
41 |
38 |
+6% |
|
Sub Total |
3,223 |
2,499 |
+29% |
|
TRAKRS |
32 |
114 |
-72% |
|
Total |
3,255 |
2,613 |
+25% |
|
|
|
|
|
|
VENUE |
|
|
|
|
Open Outcry |
1,191 |
1,398 |
-15% |
|
GLOBEX (Ex TRAKRS) |
1,982 |
1,062 |
+87% |
|
Privately Negotiated |
50 |
40 |
27% |
CME AVERAGE DAILY VOLUME (In Thousands)
|
|
September 2004 |
September 2003 |
Percentage Change |
|
PRODUCT GROUP |
|
|
|
|
Interest Rates |
2,128 |
1,267 |
+68% |
|
E-Minis |
1,010 |
1,097 |
-8% |
|
Equity Standard |
160 |
174 |
-8% |
|
Foreign Exchange |
237 |
168 |
+41% |
|
Commodities |
45 |
45 |
+1% |
|
Sub Total |
3,579 |
2,750 |
+30% |
|
TRAKRS |
29 |
42 |
-30% |
|
Total |
3,608 |
2,792 |
+29% |
|
|
|
|
|
|
VENUE |
|
|
|
|
Open Outcry |
1,329 |
1,489 |
-11% |
|
GLOBEX (Ex TRAKRS) |
2,192 |
1,220 |
+76% |
|
Privately Negotiated |
58 |
41 |
+43% |
Chicago Mercantile Exchange Holdings Inc. became the first publicly traded U.S. financial exchange on Dec. 6, 2002. The company was added to the Russell 1000® Index on July 1, 2003. It is the parent company of Chicago Mercantile Exchange Inc. (www.cme.com), the largest futures exchange in the United States. As an international marketplace, CME brings together buyers and sellers on its trading floors and GLOBEX® 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 $1.6 billion per day in settlement payments in the first half of 2004 and managed $39.1 billion in collateral deposits at June 30, 2004.
Statements in this news release that are not historical facts are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, which can be obtained its Web site at www.sec.gov. CME undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Chicago Mercantile Exchange, CME, the globe logo and GLOBEX are registered trademarks of Chicago Mercantile Exchange Inc.
* All statistics in this news release exclude data on CME’s non-traditional TRAKRSSM products unless otherwise noted.
