In November, Cboe’s US dollar iBoxx iShares credit futures set new records with US$455 million in average daily volume (ADV) and US$1.95 billion in open interest (OI).
While CME’s dollar complex accelerated again after October, it printed US$458 million ADV, while OI retreated slightly to US$626 million.
Eurex’s euro suite OI continued to build up despite lower turnover than a year earlier had €2.42 billion in OI and €81 million ADV. This extends the pattern of growing open interest seen in October across all three markets.
Cboe’s US dollar iBoxx iShares futures delivered the strongest gains, more than tripling October’s US$139.4 million and running at about 2.7 times the Q3 average of US$170.7 million. The firm’s November ADV was more than three times the US$132.7 million traded in November 2024. Average OI at US$1.95 billion was up from US$1.42 billion in October and 35% above the Q3 average of US$1.46 billion. Compared with November 2024’s US$721.4 million, the OI on Cboe’s contracts was almost three times larger.
David Litchfield, director at Cboe global markets, told The Desk: “We saw a large jump in OI across Cboe iBoxx credit futures, particularly in our high-yield futures (IBHY) as the tech-led sell off caused volatility in the CDX/Cboe NA High Yield 1-Month Volatility Index (VIXHY), to climb up to levels not seen since late June when there were talks of US strikes on Iran. We saw investors using the futures for what a liquid beta instrument should be used for – exchanging risk efficiently across both tactical long and short positions.”
On CME’s US dollar-denominated complex, November ADV rose to US$458 million, up from US$289.1 million in October and 60% above the Q3 2025 average of US$292.3 million. Compared with November 2024, when CME’s dollar credit futures traded US$43 million a day, activity was eleven times higher. Average OI eased to US$626 million in November from October’s peak of US$672.1 million. It still stood 45% above the Q3 average of US$431.2 million and almost seven times the US$91.6 million recorded in November 2024.
In euros, Eurex’s Bloomberg MSCI Euro investment-grade and high-yield suite again showed a clear divergence between flow and positioning. November ADV edged up to €81.4 million from €63.1 million in October. It remained below both the Q3 average of €205.9 million and the €196.3 million traded in November 2024 – around 60% lower year-on-year. By contrast, average OI reached a new record of €2.42 billion, up from €2.22 billion in October, about 17% above the Q3 average of €2.06 billion and roughly 44% higher than the €1.68 billion recorded a year earlier.
Sterling-denominated Eurex contracts remained marginal in November. ADV was just over £1 million and average OI about £11.5 million, slightly above October levels but far below the £25.7 million ADV and £33.7 million OI seen in November 2024.
Eurex’s US dollar credit futures followed a similar pattern to its euro suite, albeit from a smaller base. November ADV averaged US$89.1 million, up from US$76.5 million in October and more than five times November 2024’s US$15.9 million, still well below the Q3 average of US$253.1 million. Average OI increased to US$294.7 million from US$275.5 million in October, just shy of the Q3 average of US$303 million yet more than three times the US$86.2 million held in November 2024.
©Markets Media Europe 2025
