CME Group Hits Second-Highest Monthly Volume Ever

Rhea-AI Summary

CME Group (CME) reported its second-highest monthly average daily volume with November 2025 ADV of 33.1 million contracts, a 10% year-over-year increase. April 2025 remains the record month at 35.9 million contracts. November highlights include Interest Rate ADV 17.5M, Equity Index ADV 8.9M, Energy 2.6M, Agricultural 2.1M, Metals 1.3M, FX 746k, and a record Cryptocurrency ADV 424k (≃$13.2B notional).

Notable gains: SOFR options +18% (1.6M), Micro E-mini products drove 45.3% of Equity Index ADV, international ADV +6%, and BrokerTec U.S. Repo ADNV +17% to $386B.

Positive

• ADV 33.1M contracts in November (+10% YoY)
• Record Cryptocurrency ADV 424k contracts (~$13.2B notional)
• Interest Rate ADV 17.5M contracts
• Micro products = 45.3% of Equity Index ADV
• BrokerTec U.S. Repo ADNV $386B (+17%)
• International ADV 9.8M (+6%)

Negative

• None.

Insights

Derivatives market strategist

CME Group reported broad, double‑digit ADV growth in November 2025, marking its second‑highest monthly volume ever.

CME Group generates revenue through trading and clearing fees that scale with contract volumes; a 10% year‑over‑year ADV increase to 33.1 million contracts and a record cryptocurrency ADV of 424,000 contracts ( $13.2 billion notional) imply higher transaction and clearing fee income in the period reported. Notable product drivers include strong interest rate activity (Interest Rate ADV 17.5 million), Equity Index ADV growth led by Micro E‑mini products, and marked increases in Micro Metals and Crypto products.

Key dependencies and risks include the sustainability of elevated volumes and product mix shifts; fee revenue depends on futures/options mix, average spreads, and cleared notional. International ADV rose to 9.8 million contracts, and Repo ADNVs expanded ($386 billion U.S., €304 billion European), but these are flow measures not guaranteed to persist. Volume spikes in specific products (e.g., Micro Gold, Micro Silver, Micro Ether) may compress average fees per contract if product mix shifts toward lower‑fee micro contracts.

Watch the following near term: realized clearing and execution revenue in the next reported month and any fee schedule changes; trend continuation versus the monthly record in April 2025; and repo ADNV and customer collateral trends across the next quarter. These metrics will clarify whether the volume gains translate into durable revenue and margin improvement over the coming quarter.

• November ADV reached 33.1 million contracts
• Record Cryptocurrency ADV of 424,000 contracts

CHICAGO, Dec. 2, 2025 /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today reported its second-highest monthly average daily volume (ADV) of 33.1 million contracts in November, an increase of 10% year-over-year. The company's monthly ADV record was set in April 2025 with 35.9 million contracts. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.

November 2025 ADV across asset classes includes:

• Interest Rate ADV of 17.5 million contracts
• Equity Index ADV of 8.9 million contracts
• Energy ADV of 2.6 million contracts
• Agricultural ADV of 2.1 million contracts
• Metals ADV of 1.3 million contracts
• Foreign Exchange ADV of 746,000 contracts
• Record Cryptocurrency ADV of 424,000 contracts ($13.2 billion notional)

Additional November 2025 product highlights compared to November 2024:

• Interest Rate ADV
  • Record Ultra U.S. Treasury Bond futures ADV of 746,000 contracts
  • 5-Year U.S. Treasury Note futures ADV increased 2% to 2.8 million contracts
  • SOFR options ADV increased 18% to 1.6 million contracts
  • 30 Day Fed Funds futures ADV increased 56% to 675,000 contracts
• Equity Index ADV increased 39%
  • Micro E-mini Nasdaq 100 futures ADV increased 72% to 2.2 million contracts
  • Micro E-mini S&P 500 futures ADV increased 80% to 1.6 million contracts
  • E-Mini Nasdaq 100 futures ADV increased 28% to 682,000 contracts
• Energy ADV
  • Henry Hub Natural Gas options ADV increased 18% to 326,000 contracts
  • NY Heating Oil futures ADV increased 32% to 225,000 contracts
• Agricultural ADV increased 8%
  • Corn futures ADV increased 2% to 514,000 contracts
  • Soybean Meal futures ADV increased 4% to 201,000 contracts
• Metals ADV increased 52%
  • Micro Gold futures ADV increased 235% to 476,000 contracts
  • Silver futures ADV increased 22% to 108,000 contracts
  • Micro Silver futures ADV increased 238% to 75,000 contracts
• Cryptocurrency ADV increased 78%
  • Micro Ether futures ADV increased 176% to 229,000 contracts
  • Ether futures ADV increased 127% to 24,000 contracts
• Micro Products ADV
  • Micro E-mini Equity Index futures and options ADV of 4 million contracts represented 45.3% of overall Equity Index ADV and Micro WTI Crude Oil futures accounted for 2% of overall Energy ADV
• International ADV increased 6% to 9.8 million contracts, with EMEA ADV up 3% to 7.2 million contracts, APAC ADV up 13% to 2.2 million contracts and Latin America ADV up 16% to 193,000 contracts
• BrokerTec U.S. Repo average daily notional value (ADNV) increased 17% to $386 billion and European Repo ADNV increased 1% to €304 billion
• Customer average collateral balances to meet performance bond requirements for rolling 3-months ending October 2025 were $135.2 billion for cash collateral and $160.3 billion for non-cash collateral

As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing. 

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners. 

CME-G

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SOURCE CME Group

FAQ

What was CME Group's November 2025 average daily volume (ADV) and YoY change for CME?

CME reported November 2025 ADV of 33.1 million contracts, a 10% increase year-over-year.

Which asset class led CME's November 2025 ADV for ticker CME?

Interest Rate products led with 17.5 million contracts in November 2025.

How large was CME's cryptocurrency activity in November 2025 (CME)?

CME recorded a record cryptocurrency ADV of 424,000 contracts, about $13.2 billion notional in November 2025.

What role did Micro E-mini products play in CME's November 2025 Equity Index volumes (CME)?

Micro E-mini equity index futures and options had 4.0 million ADV, representing 45.3% of Equity Index ADV.

Did CME's international volume change in November 2025 and by how much for CME?

Yes; International ADV rose 6% to 9.8 million contracts, with APAC up 13% and Latin America up 16%.

How did CME's Repo trading via BrokerTec perform in November 2025 (CME)?

BrokerTec U.S. Repo ADNV increased 17% to $386 billion, while European Repo ADNV was €304 billion.