US derivatives exchanges operator CME Group, has released its financial results for March and the first quarter of the year.
The group reported a 24% growth in its average daily volume (ADV) in March 2023. The figure came in at 30.3 million contracts at the end of the month and marked the second-highest March ADV on record for the company
CME Group also saw a 4% ADV increase to 26.9 million contracts in the first quarter of the year. The Group noted that this is its second-highest quarterly volume ever.
The growth in March and the last quarter was attributed to a rise in ADV across most of the group’s products and offerings such as interest rates, options, equity index and digital asset derivatives.
March Performance
During last month, Interest Rate ADV increased 40% on yearly basis The Group saw record numbers of contracts traded in March with Secured Overnight Financing Rate (SOFR) futures reached a record ADV of 5,158,969 contracts on 9 March. The marketplace’s SOFR options ADV hit at a record 2,943,422 contracts on the same day. Options ADV for last month also jumped 46%.
The company also saw its foreign exchange ADV jump 17% in March. The Japanese Yen futures ADV rose by 36% and the Canadian dollar futures shooting up 23%. Previously, CME Group saw reported a record single-daily volume of forex futures and options contracts of 3.15 million contracts on 8 March 2023, with the new volume equivalent to $296 billion in USD notional.
Furthermore, Bitcoin futures ADV grew by 51%, Ether futures ADV rose 46% in March 2023.
Quarterly figures
The same trend was observed on a quarterly basis, with the CME Group reporting a 16%YoY increase in its interest rate ADV, which hit a record high of 14,489,970 contracts. This growth in interest rate ADV was driven in part by record highs in SOFR futures and options ADV, which reached 3,907,864 and 2,429,682 contracts, respectively.
In addition, the CME’s options ADV surged 26% year-over-year to a new high of 5,810,179 contracts in the first quarter of 2023. The marketplace also saw a 7% increase in forex ADV, with futures ADV for the Japanese Yen and Mexican Peso surging 33% and 32%, respectively.
Finally, during Q1 2023, the ADV for Bitcoin and Ether futures traded in the marketplace increased by 26% and 14%, respectively.
