CME Group reports record $207B in gross notional open interest as institutional appetite surges

Asset managers collectively held a record $207 billion in gross notional open interest at CME Group in August, a 20% increase compared to the same period last year. The broader numbers tell a similar story. CME reported an average daily volume of 29.7 million contracts in August, making it the second-highest August on record and a 6% improvement year-over-year. Interest rate products led the charge at 16.7 million contracts per day, equity index contracts averaged 6.8 million, and energy contracts contributed 2.3 million. Treasuries and rates are the main event The interest rate complex was the undisputed star of the month. US Treasury futures and options saw average daily volume climb 15% year-over-year to 11.8 million contracts. Several individual products set their own records, including Ultra US Treasury Bond futures, which averaged 791,000 contracts per day. The 20% jump in asset managers’ gross notional open interest captures this dynamic in a single number. Gross notional measures the total face value of all outstanding derivative positions. A $207 billion figure means institutional desks are maintaining larger and more persistent positions in CME-listed products than at any...