CME Group SOFR Futures and Options Reach Single-Day Trading, Open Interest Records

CME Group achieved record trading milestones for SOFR-based contracts, with 9,784,528 contracts traded on March 7, 2023, and record open interest of 54,666,191 contracts on March 8, 2023.

Rhea-AI Summary

CME Group achieved record trading milestones for SOFR-based contracts, with 9,784,528 contracts traded on March 7, 2023, and record open interest of 54,666,191 contracts on March 8, 2023. SOFR futures alone hit 5,836,669 contracts traded on March 7, while SOFR options saw a record of 4,533,369 contracts on March 8. In March, average daily volume of SOFR contracts reached 6,808,280, significantly surpassing Eurodollar contracts. This growth reflects the increasing importance of SOFR as a hedging tool amidst economic uncertainties.

Positive

• Record trading of 9,784,528 SOFR contracts on March 7.
• Open interest reached 54,666,191 contracts on March 8.
• SOFR futures volume was 5,836,669 contracts on March 7.
• SOFR options volume was 4,533,369 contracts on March 8.
• SOFR futures ADV is 1,168% of Eurodollar futures ADV.
• SOFR options ADV is 1,800% of Eurodollar options ADV.

Negative

• None.

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• Record 9,784,528 SOFR-based contracts traded on March 7, with record open interest of 54,666,191 contracts on March 8

CHICAGO, March 9, 2023 /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today announced new milestones in the growth of its SOFR derivatives contracts, with a single-day record of 9,784,528 SOFR futures and options traded on March 7 and record open interest (OI) of 54,666,191 contracts on March 8.

Individually, SOFR futures traded a record of 5,836,669 contracts on March 7, with record OI of 10,897,300 contracts the same day. SOFR options traded a record 4,533,369 contracts on March 8, with record OI of 43,781,996 contracts the same day.  

"With continued economic and interest rate policy uncertainties, SOFR futures and options are proving to be extremely valuable risk management and hedging tools," said Agha Mirza, CME Group Global Head of Rates and OTC Products. "The market for SOFR futures and options is deeply liquid and fully developed, with a year-to-date average daily volume that exceeds the highest annual volume ever recorded for Eurodollar futures and options."

Month-to-date in March 2023, the average daily volume (ADV) of SOFR futures and options traded is 6,808,280 contracts, with SOFR futures ADV equivalent to 1,168% of Eurodollar futures ADV and SOFR options ADV equivalent to 1,800% of Eurodollar options ADV.

Globally, SOFR futures and options markets include broad participation from global banks, hedge funds, asset managers, principal trading firms and other types of traders.  

SOFR futures and options are listed with and subject to the rules of CME. For more information on SOFR futures and options, please visit www.cmegroup.com/sofr.  

About CME Group

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, 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 and EBS are trademarks of BrokerTec Europe LTD and EBS Group LTD, respectively. Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are service and/or trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor's Financial Services LLC and S&P/Dow Jones Indices LLC, as the case may be, and have been licensed for use by Chicago Mercantile Exchange Inc.  All other trademarks are the property of their respective owners. 

CME-G

 

View original content:https://www.prnewswire.com/news-releases/cme-group-sofr-futures-and-options-reach-single-day-trading-open-interest-records-301768415.html

SOURCE CME Group

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were the trading records set by CME for SOFR contracts in March 2023?

CME Group set records with 9,784,528 SOFR contracts traded on March 7, 2023, and open interest of 54,666,191 contracts on March 8, 2023.

How does SOFR futures trading volume compare to Eurodollar futures?

In March 2023, SOFR futures average daily volume was 1,168% of Eurodollar futures average daily volume.

Who commented on the significance of SOFR derivatives?

Agha Mirza, CME Group Global Head of Rates and OTC Products, noted the value of SOFR as a risk management tool amidst economic uncertainties.

What is the average daily volume of SOFR futures and options in March 2023?

The average daily volume of SOFR futures and options traded in March 2023 is 6,808,280 contracts.

What percentage of Eurodollar options ADV do SOFR options represent?

SOFR options average daily volume is 1,800% of Eurodollar options average daily volume.