CME Group, one of the industry’s largest derivatives marketplace, recorded an all time record high volume earlier this week on December 13th 2016 across its total open interest, supplanting a previous high set just one day earlier, per a company statement.
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On Tuesday, CME Group reported a total open interest record of 120.7 million contracts, its first ever figure above 120 million in a day. This also overtook an earlier record of 119.4 million contracts set back on December 12th, 2016. The daily surge in volumes was also extended to open interest at CME Group, having also yielded a record of 72.0 million contracts – this figure was fueled primarily by Eurodollar options, which also managed to score a record of nearly 44.0 million contracts
The latest uptick in volumes took place ahead of the Federal Reserve’s long awaited rate hike decision. While markets have largely priced in the move, the swell in volumes ahead of the event are nothing new, with the consensus being another rate hike. 2016 has also been characterized as a highly volatile year, with a sizable disparity existing between an August lull and recent peaks in November courtesy of the US election followed by this December.