The Chicago Mercantile Exchange (CME) had a strong start to its December trading, announcing record trading activity on Friday, December 1, 2006, with a total of 10,997,315 futures and options on futures contracts traded. This eclipsed the previous record of 10,675,578 set on September 1, 2005, and was more than double the exchange’s average daily volume of 5.3 million contracts for November.
Record high electronic trading activity drove much of Friday’s volume with 8,035,059 contracts, 73 percent of total volume, traded on the CME Globex electronic trading platform. CME’s previous electronic trading record was 7,684,329 set on June 8, 2006.
CME’s FX products played their part in the record electronic volumes, helped in no small way by the surge in interest in FX following the long-awaited resumption of the US dollar decline. The Merc says that on December 1, FX products set an electronic record with 726,660 contracts traded, reflecting notional value of $93.5 billion. The previous electronic record for CME FX futures and options on futures contracts was 695,927 contracts set on May 17, 2006.
Open interest in FX futures and options on futures also reached a new level at 1,489,743 positions. Within the FX product group, British pound futures set a new record of 130,521 contracts, with notional value of $16.2 billion.