Leading multi-asset financial trading venue, The Intercontinental Exchange (ICE), has reported positive metrics in its Euro Swiss financial futures contract listed on the exchange, the firm saw daily volumes transacted on the 15th of January crossing previous record highs. Total contracts reached a daily volume record of 199,692 contracts in Three Month Euro Swiss Franc (Euroswiss) futures.
The news brings a dose of optimism to the marketplace after a dismal day which saw leading retail forex providers suffer at the helm of Thomas Jordan, SNB’s Chairman. ICE, one of the largest cross-asset exchange’s notification of volumes comes as no surprise as market volatility supported trader activity.
The current record passes the venue’s previous record of 194,340 contracts which was set on December 4, 2012. The record volume in the ICE Futures Europe Euroswiss futures contracts follows yesterday’s announcement by the Swiss National Bank to cut the deposit rate to -0.75% and abandon the cap on the euro/Swiss franc exchange rate.
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The Swiss franc has been the talk of the market since 2011, when the central bank first implanted the floor at 1.20 to safeguard its economy. Central banks have been known to wave their protectionist wand as they hope to safeguard their currency, the SNB finally removed the peg which caused ample grief in the markets.
Year to date, Euroswiss futures have recorded an average daily volume of 42,945 contracts, up 168% compared to the same period of 2014. Open interest currently stands at 265,191 contracts as of January 14, 2015, up 30% on 2014.
ICE Futures Europe offers the most liquid and capital efficient platform for trading and clearing European interest rate products. In addition, ICE Futures Europe is the home for short-term interest rate futures, including the Three Month Euribor futures contract, the Three Month Sterling futures contract and the Euroswiss futures contract.