Eurex’s euro-denominated credit futures saw their strongest month on record in March as the Iranian war shock drove heavy trading ahead of futures roll to June expiry. Eurex’s euro suite traded €742 million in average daily volume (ADV), up 37% year-on-year (YoY) from €541 million in March 2025 and almost seven times February’s €110 million. Average open interest (OI) rose to €3.91 billion, up 129% year on year.
CME’s US dollar credit futures traded US$555 million ADV (up 9% YoY) with US$1.15 billion OI (up 331% YoY). Cboe’s iBoxx iShares futures traded US$240 million ADV (up 135% YoY) on US$1.58 billion OI (up 52% YoY).
CME
CME’s US dollar credit futures complex trading remained elevated through March, with ADV at US$555 million, up from US$510 million a year earlier and 5% above February’s US$521 million. Average open interest climbed to US$1.15 billion, up from US$266 million in March 2025 and from US$690 million in February, suggesting market participants are now more comfortable carrying risk in this future complex.
Within CME’s suite, the investment-grade total return contract IQB remained the main instrument in terms of volume and positioning. It had US$623 million of open interest in March, or 54% of the complex OI, on US$187 million of ADV. DHB, the duration hedged version of the investment grade contract, traded US$165 million ADV with US$221 million OI, while HYB, the high yield future, traded US$124 million ADV with US$217 million OI. The newer duration-hedged high yield contract DHY traded US$79 million ADV with US$86 million OI and remained the smallest instrument in terms of volume and OI at CME.
Cboe
Cboe’s iBoxx iShares suite posted a strong year-on-year growth in March volumes but cooled from February’s roll month. ADV was US$240 million, up from US$102 million a year earlier but down from February’s US$435 million. Average open interest was US$1.58 billion, up from US$1.04 billion in March 2025, leaving Cboe as the exchange with the largest dollar credit futures Open Interest despite being below its late-2025 highs. Its high yield future, UBHY, remained the most popular instrument of the Cboe complex. IBHY accounted for US$135 million of ADV and US$1.05 billion of OI, or two-thirds of total OI, while IBIG, the investment grade product, printed US$105 million ADV and US$530 million OI.
Eurex
Eurex’s euro suite saw the most striking development amongst credit futures. ADV reached €742 million, up from €541 million in March 2025 and versus €110 million in February, while average open interest climbed to €3.91 billion from €1.71 billion a year earlier.
The euro spike was concentrated in its flagship contracts. FECX (euro IG) traded €534 million ADV and had €2.95 billion OI, while FEHY (euro HY) traded €208 million ADV with €957 million OI. FECX represented about 72% of euro ADV and 76% of euro OI in March.
Eurex attributed the surge to volatility-driven risk transfer ahead of the roll.
Eurex said: “Thorough engagement with the dealer community has ensured that they were ready and eager to price their clients’ futures trades as volatility began” and added: “Repositioning by large fast money accounts, as well as the rapid repricing of credit and rates conditions that have all taken place in recent weeks, all served as a firm test of the market’s resilience.
Visibly happy with the developments in its markets, Eurex concluded: “For those active in credit markets, futures can now be safely counted as part of the toolbox for navigating the uncertain times ahead.”
Outside euro denominated contract, Eurex’s smaller contracts had a mixed March. Its US dollar credit futures traded US$76 million ADV in March, down 69% year-on-year, even as average open interest rose to US$343 million, up 101% YoY. The sterling contract remained marginal, with £1.39 million ADV (down 91% YoY) and £4.85 million OI (down 45% YoY).
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