Prominent international exchanges for derivatives, FX and other financial instruments Intercontinental Exchange (ICE) and Chicago Mercantile Exchange (CME) have reported August trading metrics showing mixed performance in different asset classes. ICE has reported positive growth for FX and credit, but an overall drop in financial products trading. Meanwhile, CME Group reported a drop in FX trading and record volumes for metals.
Highlights for ICE trading data for August:
- Energy open interest (OI) up 13% y/y
- Other crude & refined products OI up 7% y/y
- Heating oil average daily volume (ADV) up 168% y/y; OI up 70% y/y
- RBOB gasoline ADV up 283% y/y
- North American natural gas ADV up 19% y/y; OI up 24% y/y
- European natural gas ADV up 39% y/y; OI up 37% y/y
- NYSE cash equities ADV up 10% y/y
- NYSE equity options ADV up 55% y/y
Highlights for CME Group trading data for August:
- Record Metals ADV, up 15% from August 2019, including:
- Record Silver futures ADV of 221,000 contracts, up 61% from August 2019
- Record Micro Gold futures ADV of 194,000 contracts, up 380% from August 2019
- Record Micro Silver futures ADV of 34,000 contracts, up 1,000% from August 2019
- Record 3-Year Treasury Note futures trading volume of 13,401 contracts on August 31
- Micro E-mini Equity futures ADV grew 72% from August 2019
- Options on Micro E-mini S&P500 and Micro E-mini Nasdaq-100 futures launched August 31, trading a combined 1,815 contracts on day one
- Natural Gas options ADV rose 53% from August 2019
- Soybean futures ADV grew 23% from August 2019
- SONIA futures ADV grew 22% from August 2019
- Wheat futures ADV rose 20% from August 2019
Overall, ICE’s aggregated volumes were characterized by mixed results across both the monthly and yearly intervals, while volumes were broadly flat in August across most business segments. During the reported month, ICE’s August average daily volume (ADV) for futures and options business was reported at 4.58 million contracts per day, which corresponded to a change of +10 percent month-over-month from 4.18 million per day in July 2020.
It was metals, in particular, that drove trading volumes for the CME Group, with the derivatives marketplace noting record metals average daily volumes during August. In the month, the number of silver futures trading each day on average was stronger by 61 per cent year on year.
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