Q3 2025 average daily volume (ADV) on CME’s dollar denominated credit futures reached US$292.3m, up 390% from Q3 2024, with average open interest (OI) at US$431.2m. Cboe’s futures printed US$170.7m ADV and US$1.46bn OI in USD contracts over the quarter, while Eurex’s euro-denominated Bloomberg suite held €2.06bn in average OI alongside €205.9m ADV.
Average daily volume across CME’s complex rose to US$292.3m in the quarter, from US$74.8m a year earlier, or 3.9 times while average open interest reached US$431.2m from US$66.5m. September’s activity ratchetted up growth figure further, from a low base, with ADV at US$622.2m for CME USD contracts, versus US$88.4m in September 2024 (about 7.0 times YoY).
Market sources told The Desk these outlying growth in volume, over open interest reflects economical incentives for market makers to trade and give a better investability profile to the product.
CME did not answer our request for comments, outside of highlighting record volume and OI.
Cboe’s US$ iBoxx iShares futures remained the larger stock of risk held, with average OI at US$1.46bn in Q3, up from US$559m a year earlier, while ADV rose to US$170.7m from US$81.5m. September’s average OI printed US$1.37bn.
In Europe, Eurex continued to anchor euro-denominated exposure. The Bloomberg MSCI Euro investment grade and high Yield futures held €2.06bn in average open interest during Q3 (from €1.83bn in Q3 2024), with ADV at €205.9m. September’s average OI stood at €1.71bn.
Eurex sterling contract OI and volume declined to £10MM and £1.9MM from £14MM and £2.9MM, respectively.
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