CME Group Posts Small MoM FX Volume Growth Behind Firm Yen Trading

The CME Group has released total volumes of its FX products for September. During the month, combined futures and options

The CME Group has released total volumes of its FX products for September. During the month, combined futures and options volumes totalled 16,501,853 contracts, 0.6% above August’s figures, but 16.1% below the same period in 2012. With one fewer trading day than August, on an adjusted average daily volume ratio, September volumes grew 5.4% on the month.

Similar to last month’s figures, Japanese yen volumes held steady and were the second most heavily traded FX contracts, with 5.5% more activity than August. Despite declines in yen volatility, which has partially led to volume declines among Japanese brokers, we believe that CME yen volumes are being boosted by correlation trading. With interest rate product volumes spiking on central bank action speculation, the yen may be receiving interest from traders due to its negative correlation to the dollar.

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Among other notable individual products, it’s worth noting the large year over year declines in commodity currency volumes (see below). The Aussie, Kiwi and Loonie which were last year’s stars on the back of interest rate speculation and carry trading have all seen a decidable decline in volumes during 2013.

In the CME Group’s combined volumes for September, complete product volumes of all futures and options were 261,337,284 contracts and fell 2.8% from August (but were slightly higher on an ADV ratio) while declining 10.8% from the same period last year.

CME Group September FX Futures Contract Volume
CME Group September FX Futures Contract Volume
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