In October trading volumes of credit futures at Eurex, Cboe global markets and CME cooled after the September roll month, but open interest continued to build at the three credit futures exchanges operators.
On CME’s US dollar-denominated complex, average daily volume (ADV) in October printed at US$289.1 million. This was less than half September’s US$623.4 million ADV but in line with the Q3 2025 average of US$292.3 million. Compared to October 2024 activity, ADV was up six times.
Average open interest (OI) climbed to US$672.1 million in October, up from US$622.2 million in September, or eight times the October 2024 level (US$86.3 million), extending the build-up seen through Q3, when average OI stood at US$431.2 million.
Cboe’s US dollar iBoxx iShares futures had the second largest OI of the three operators. October average open interest was US$1.42 billion, little changed from September’s US$1.37 billion and close to the Q3 average of US$1.46 billion, but almost double the US$730.8 million recorded in October 2024. ADV on Cboe decreased less from September than at Eurex or CME. ADV was US$139.4 million in October, down from US$150.0 million in September and below the Q3 average of US$170.7 million, though still 50% higher than October 2024’s US$93.0 million.
As the market grows, traders are increasingly confident in their use of the on-screen liquidity. As such large print on screen can be observed; On 28 October at 250pm UK time, one trader got filled in a US$29m bid (199 contracts) in 2 clips, closely followed by a US$20m fill at a lower price.
In euros, Eurex’s Bloomberg MSCI Euro investment-grade and high-yield futures saw a divergence between open interest and trading activity. Average OI rose to €2.22 billion in October, from €1.71 billion in September and above the €2.06 billion Q3 average, and around 25% higher than in October 2024 (€1.77 billion). However, ADV dropped to €63.1 million, sharply lower than September’s €330.5 million and well below both the €205.9 million Q3 average and October 2024’s €185.6 million.
Further to ADV cooling after a roll month, market participants told The Desk that the steeper decline at Eurex compared to other non-roll months in the year could be attributed to Eurex’ credit futures participants being longer term large position holders who are shifting away from short-term trading to more long-term positioning.
This switch can be seen in the increase in the OI in Eurex’ product suite vs. September 2025.
Sterling-denominated Eurex contracts remained marginal both In terms of ADV and OI.
Eurex’s US dollar credit futures activity reflected a similar pattern. October OI averaged US$275.5 million, below the Q3 average of US$303.0 million but far above October 2024’s US$11.7 million. ADV of US$76.5 million was down from US$212.1 million in September and US$253.1 million over Q3.
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