CME Group Hits Record 7.56M Single-Day SOFR Futures and Options Contracts

The single-day volume of Secured Overnight Financing Rate (SOFR) futures and options contracts traded on the Chicago Mercantile Exchange (CME) hit a record 7.56 million contracts on January 12. This came with a record open interest rate of 35.7 million contracts on the same day, CME Group disclosed in a press statement.

“Individually, SOFR futures reached a record of 4,513,725 contracts traded on the same day. SOFR options traded a record 3,044,742 contracts and reached record OI of 26,258,989 contracts on January 12,” CME Group explained in the statement.

The new records pile up CME Group’s milestones as the derivatives marketplace operator had seen the average daily volume (ADV) jump 19% to a record 23.3 million contracts in 2022. Also, forex and equities pushed the derivatives operator to a record ADV outside the US last year.

Speaking on the achievements, Agha Mirza, CME Group Global's Head of Rates and OTC Products, noted that the record-breaking performances prove "that SOFR is the most robust and well-designed US dollar interest rate index available.”

Mirza added that the derivative exchange operator will continue to work with its global client base to advance SOFR futures and options “among the world’s deepest and most reliable interest rate liquidity pools for risk management.”

Watch the FMLS22 session on the flow of liquidity in retail and institutional trading.

Trading in the CME Group SOFR Futures and Options So Far

Meanwhile, CME Group disclosed that the ADV of SOFR futures and options traded on its platform totalled 4.67 million contracts within the first two weeks of this month.

“Month-to-date January 2023 SOFR futures ADV is equivalent to 572% of Eurodollar futures ADV and SOFR options ADV is equivalent to 1,334% of Eurodollar options ADV,” the Chicago-based exchange added.

The CME Group SOFR futures and options contracts are traded by top banks, asset management companies, hedge funds and principal trading firms, among others.