CME Reports Record April ADV


Basel Committee Consults on Interest-Rate Risk

  • Highest-ever April ADV with 33% growth over April 2023
  • Record April ADV for interest rate, equity index, metals, FX and options products
  • Record monthly ADV for U.S. Treasury options

CME Group, the world’s leading derivatives marketplace, today reported its April 2024 market statistics set a new average daily volume (ADV) record of 26.5 million contracts for the month, up 33% from April 2023, with double-digit growth across all asset classes.

Additionally, interest rate, equity index, foreign exchange and options products set new April ADV records. Metals also reached a new April ADV record, including monthly records for metals options, copper futures and options, and silver options. U.S. Treasury options also reached an all-time monthly ADV record. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.

“With double-digit growth in all asset classes and a number of volume records in individual product lines, CME Group is playing an extremely important role in helping our clients around the world navigate risk across many areas of their businesses,” said Terry Duffy, CME Group Chairman and Chief Executive Officer.

April 2024 ADV across asset classes includes:

  • Record April Interest Rate ADV of 12.6 million contracts
  • Record April Equity Index ADV of 7.6 million contracts
  • Record April Options ADV of 5.7 million contracts
  • Energy ADV of 2.4 million contracts
  • Agricultural ADV of 1.8 million contracts
  • Record April Metals ADV of 1 million contracts
  • Record April Foreign Exchange ADV of 988,000 contracts

Additional April 2024 product highlights compared to April 2023 include:

  • Interest Rate ADV increased 37%
    • Record U.S. Treasury options ADV of 1,486,143 contracts
    • SOFR futures ADV increased 32% to 3.4 million contracts
    • 10-Year U.S. Treasury Note futures ADV increased 67% to 2.3 million contracts
    • 5-Year U.S. Treasury Note futures ADV increased 39% to 1.4 million contracts
  • Equity Index ADV increased 36%
    • E-mini S&P 500 options ADV increased 74% to 1.7 million contracts
    • Micro E-mini Nasdaq 100 futures ADV increased 66% to 1.5 million contracts
    • E-Mini Russell 2000 futures ADV increased 26% to 210,000 contracts
  • Options ADV increased 33%
    • Record Metals options ADV of 159,339 contracts
    • Interest Rate options ADV increased 15% to 2.9 million contracts
    • Equity Index options ADV increased 76% to 1.9 million contracts
    • Energy options ADV increased 33% to 402,000 contracts
    • WTI Crude Oil options ADV increased 40% to 195,000 contracts
    • Natural Gas options ADV increased 22% to 193,000 contracts
  • Agricultural ADV increased 16%
    • Soybean Oil futures ADV increased 36% to 196,000 contracts
    • KC HRW Wheat futures ADV increased 49% to 83,000 contracts
    • Record Copper futures ADV of 195,271 contracts
    • Record Silver options ADV of 27,121 contracts
    • Record Copper options ADV of 19,513 contracts
    • Micro Gold futures ADV increased 97% to 165,000 contracts
  • International ADV increased 43% to 7.8 million contracts, with EMEA ADV up 49%, Latin America up 36% and Asia up 31%
  • Micro Products ADV
    • Micro E-mini Equity Index futures and options ADV of 2.8 million contracts represented 37% of overall Equity Index ADV and Micro WTI Crude Oil futures accounted for 3.3% of overall Energy ADV
  • BrokerTec U.S. Treasury average daily notional value (ADNV) increased 18% to 108.2B and U.S. Repo ADNV increased 5% to $294B

John Edwards, Global Head of BrokerTec, CME Group, said in an email that BrokerTec transacted $775B in average daily notional value (ADNV) in April across benchmark cash U.S. Treasuries and U.S. and EU Repo on its dealer-to-dealer CLOB and D2C RFQ and streaming platforms, up 3.5% compared to March 2024.

He said: “BrokerTec U.S. Treasury April  ADNV was $108.2bn, up 18% versus March 2024 and up 18% YoY. Market participants continue to monitor the risk associated with the change in economic conditions, inflation expectations and U.S. Treasury issuance in anticipation of FOMC actions for the rest of the year.

BrokerTec’s overall Treasury RV product produced a $1.9 bn ADNV in April, an increase of 1.5% over April 2023. RV Butterfly activity increased 19% over the same time period. Both products remain a valuable tool in helping BrokerTec traders manage their risk in April’s busier market.”

  • EBS Spot FX ADNV increased 16% to $61.2B
  • Customer average collateral balances to meet performance bond requirements for 1Q 2024 were $75.7 billion for cash collateral and $158.7 billion for non-cash collateral

Source: CME





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