Chicago Mercantile Exchange (CME) Group, a top derivatives marketplace, released its latest market performance figures on Tuesday, reporting a 24% growth in its average daily volume (ADV) in March 2023. The volume reached 30.3 million contracts at the end of the month and represents the company’s second-highest March ADV on record.

Additionally, the exchange’s first quarter 2023 ADV increased by 4% to 26.9 million contracts, representing the second-highest quarterly volume ever, the CME Group said. The monthly and quarterly growth was pushed by increases in ADV across most of the CME Group's products and offerings including interest rates, options, equity index and digital asset derivatives.

CME Outlines Monthly and Quarterly Performance

Providing more details, the CME Group disclosed that while its interest rate ADV increased by 40% year-over-year (YoY) in March 2023, options ADV jumped 46% YoY. The increase in interest rate ADV was pushed by record numbers of contracts traded. For instance, Secured Overnight Financing Rate (SOFR) futures reached a record ADV of 5,158,969 contracts on March 9. Moreover, the marketplace’s SOFR options ADV peaked at a record 2,943,422 contracts on the same day.

Among other products, the CME Group saw its foreign exchange ADV jump 17% in March with the Japanese Yen futures ADV increasing by 36% and the Canadian dollar futures shooting up 23%. Previously, Finance Magnates reported that the marketplace saw a record single-daily volume of forex futures and options contracts of 3.15 million contracts on March 8, 2023, with the new volume equivalent to $296 billion in USD notional.

Furthermore, cryptocurrency derivatives were not left out. While Bitcoin futures ADV increased by 51%, Ether futures ADV rose 46% in March 2023.

On a quarterly basis, the same pattern was produced. The CME reported a 16% YoY growth in its interest rate ADV which came in at record 14,489,970 contracts. The growth in interest rate ADV includes, among others, record SOFR futures and options ADV of 3,907,864 contracts and 2,429,682 contracts, respectively.

Furthermore, CME’s options ADV jumped 26% YoY to a record 5,810,179 contracts during the first quarter of 2023. The marketplace operator’s forex ADV rose 7%, with Japanese Yen and Mexican Peso futures ADV surging 33% and 32%, respectively.

Moreover, the ADV of Bitcoin and Ether futures traded in the marketplace also shot up 26% and 14%, respectively, during Q1 2023.

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