The CME Group has reported stellar performance for the full year, Q4, and December 2023, demonstrating robust growth in various asset classes. The company achieved a record average daily volume (ADV) of 24.4 million contracts for the year, marking a substantial increase of 5% over 2022.

Full-Year 2023 Highlights

In the interest rate category, ADV surged 16%, reaching a record 12.5 million contracts. Notable achievements include the record annual ADV for SOFR futures and options, US Treasury futures and options, and 30-Day Fed Funds futures.

Options ADV witnessed an impressive raise of 23%, totaling a record 5.1 million contracts. This included record annual ADV for Interest Rate options, Equity Index options, and Agricultural options.

Energy ADV experienced a rise of 5% rise 2.1 million contracts, with a notable record in Natural Gas options ADV. Agricultural and Metals ADV improved 17% and 15%, respectively. ADV outside the United States grew 8%, reaching a record 6,838,836 contracts, with significant growth in EMEA and Latin America.

Q4 2023 Highlights

In Q4 alone, Interest Rate ADV increased by an impressive amount, 36% to 13.3 million contracts, including a record quarterly US Treasury futures and options ADV of 7,725,355 contracts. Options ADV for Q4 surged 30%, totaling 5.4 million contracts, with record quarterly Equity Index options ADV.

Energy ADV grew 18% to 2.2 million contracts, and Agricultural ADV saw a substantial raise of 26%, reaching a record 1.5 million contracts. Metals ADV in Q4 grew 20%, totaling 609,000 contracts, including a record quarterly Platinum futures ADV of 28,072 contracts.

December 2023 Highlights

December proved to be a particularly strong month for CME Group, with Interest Rate ADV skyrocketing 44% to a December record of 11.4 million contracts. This included significant growth in SOFR futures and options ADV, US Treasury futures and options ADV, and 30-Day Fed Funds futures ADV.

Options ADV in December upsurged 36%, reaching a monthly record of 5.1 million contracts, featuring notable growth in Interest Rate options, Equity Index options, and Energy options. Energy ADV escalated 13%, totaling 2 million contracts, including a substantial growth in Natural Gas futures ADV.

Agricultural ADV increased 14%, reaching a record 1.2 million contracts, with Soybean Meal futures ADV elevating 12% to 149,000 contracts. Foreign Exchange ADV improved 10%, reaching a record 1.1 million contracts, with Japanese Yen futures ADV surging 27% to 214,000 contracts. Metals ADV in December soared 36%, totaling a record 556,000 contracts, featuring a record Aluminum futures ADV of 10,294 contracts.

Micro Products ADV showcased the growing popularity of Micro E-mini futures and options, representing 28.1% of overall Equity Index ADV. Micro WTI Crude Oil futures accounted for 4.9% of overall Energy ADV. BrokerTec U.S. Repo average daily notional value (ADNV) advanced 17% to $313.5 billion, and US Treasury ADNV grew 8% to $91.3 billion.

Erik Norland, the Chief Economist of CME Group, commented: “In December, bond yields fell sharply across all markets as inflation fell in Europe and in the United States. By month-end, rates markets priced as much as 150-200 bps of cuts from the Fed and the ECB over course of 2024 and 2025. Economic data, however, was not uniformly weak, with the US, in particular, showing strong gains in consumer spending and employment.”