The Chicago Mercantile Exchange Group (CME) recently published its market statistics for January 2023, reporting a 4% growth in its average daily volume (ADV) of foreign exchange transactions for the month. The increase reaches a total of 807,000 forex contracts that were traded on the US-based derivatives marketplace in January.

Additionally, the volume of forex futures and options traded on the platform improved in January with total FX futures traded increasing by 5% year-over-year (YoY). Moreover, an average daily volume of 4.8 million options contracts were traded in the past month.

“CME Group FX Futures and Options volume in January continued the year-over-year growth trend from the prior year, with volumes supported by elevated volatility and increased buyside customer adoption as exhibited by the growth in positions held by Asset Manager Large Open Interest Holders (LOIH),” Paul Houston, the Global Head of FX at CME Group, noted in a commentary shared with Finance Magnates.

Furthermore, Houston noted that the ADV of listed forex contracts jumped 4% YoY. In addition, the average open interest in CME Group's listed FX products increased slightly by 1% last month.

CME Group’s SOFR ADV Skyrockets

On January 12, a single-day volume of Secured Overnight Financing Rate (SOFR) futures and options contracts traded on the CME hit a record 7.56 million contracts with a record open interest rate of 35.7 million contracts on the same day. By month-end, CME Group said its SOFR ADV jumped by 499%.

Giving a breakdown of the volumes, CME Group noted that it posted a record monthly SOFR options ADV of 1.8 million contracts in January 2023. This came with a record open interest of approximately 34 million contracts by January 31st. Similarly, the marketplace saw its SOFR futures ADV skyrocket by 256% with a record open interest of 9.8 million contracts on January 31st.

Across the board, CME Group reported an ADV of 21.7 million contracts in January 2023. This represents a 13% increase from the 19.2 million contracts traded on the platform in December 2022.

Moreover, the Group posted a record 23.3 million contracts in 2022, which is a 19% increase from its output in 2022. This came as CME Group’s equity index, interest rate and forex ADVs shot up 39%, 18% and 24%, respectively in 2022. In addition, CME Group beats estimates by posting a fourth quarter and yearly revenue of $1.2 billion and $5 billion last year.