• Record January ADV for energy, agricultural and cryptocurrency products
• Record January ADV in U.S. Treasury futures and options

CME Group, the world’s leading derivatives marketplace, today reported its January 2025 market statistics reached 25.7 million contracts, the highest January average daily volume (ADV) on record, up 2% year-over-year. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.

January 2025 ADV across asset classes includes:

• Interest Rate ADV of 11.7 million contracts
• Equity Index ADV of 7 million contracts
• Record January Energy ADV of 3.2 million contracts
• Record January Agricultural ADV of 2 million contracts

• Foreign Exchange ADV of 1 million contracts
• Metals ADV of 697,000 contracts
• Record January Cryptocurrency ADV of 198,000 contracts ($13.6 billion notional)

Additional January 2025 product highlights compared to January 2024:

• Interest Rate ADV
  • Record January U.S. Treasury futures and options ADV of 6.7 million contracts
  • 10-Year U.S. Treasury Note options ADV increased 54% to 1 million contracts
  • U.S. Treasury Bond options ADV increased 47% to 207,000 contracts

• Equity Index ADV increased 7%
  • Micro E-mini Nasdaq-100 futures ADV increased 43% to 1.7 million contracts
  • Micro E-mini S&P 500 futures ADV increased 28% to 1 million contracts
  • Micro E-mini Dow Jones futures ADV increased 42% to 119,000 contracts
• Energy ADV increased 29%
  • All-time record Energy options ADV of 606,000 contracts
  • All-time record Henry Hub Natural Gas options ADV of 385,000 contracts
  • WTI Crude Oil futures ADV increased 34% to 1.3 million contracts
• Agricultural ADV increased 35%
  • Record January Agricultural options ADV of 469,000 contracts
  • Corn futures ADV increased 60% to 505,000 contracts
  • Soybean futures ADV increased 31% to 306,000 contracts
• Foreign Exchange ADV increased 15%
  • British Pound futures ADV increased 34% to 129,000 contracts
  • Canadian Dollar futures ADV increased 56% to 115,000 contracts
• Metals ADV increased 9%
  • Record January Metals options ADV of 114,000 contracts
  • Micro Gold futures ADV increased 80% to 121,000 contracts
• Cryptocurrency ADV increased 180%
  • Micro Bitcoin futures ADV increased 255% to 84,000 contracts
  • Micro Ether futures ADV increased 223% to 69,000 contracts
• International ADV increased 11% to 7.8 million contracts, with EMEA ADV up 12% to 5.7 million contracts and Asia ADV up 8% to 1.8 million contracts
• Micro Products ADV
  • Micro E-mini Equity Index futures and options ADV of 2.9 million contracts represented 41.5% of overall Equity Index ADV and Micro WTI Crude Oil futures accounted for 2.3% of overall Energy ADV
• BrokerTec U.S. Repo average daily notional value (ADNV) increased 10% to $318.4 billion and European Repo ADNV increased 13% to €310.3 billion
• EBS Spot FX ADNV increased 21% to $66.5 billion and FX Link ADV increased 94% to 39,000 contracts ($3.2 billion notional per leg)
• Customer average collateral balances to meet performance bond requirements for rolling 3-months ending December 2024 were $75 billion for cash collateral and $177.7 billion for non-cash collateral

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FX Monthly Volumes Commentary – January 2025 

Paul Houston, Global Head of FX, CME Group

January 2025

A solid start to 2025, with $150B of notional value traded each day across FX futures, options and cash markets in January.

Some highlights for January include:

Futures and options

FX futures and options average daily notional volume (ADNV) of $83B (1M contracts, up 15% on January 2024)

Futures: Comparing January 2025 vs January 2024 ADNV grew significantly in the following:

• FX futures currency pairs:
  • GBP $10B(+30%) (129K contracts)
  • CAD $8B (+46%) (115K contracts)
  • CHF $4.1B (+28%) (30K contracts)
  • CNH $458M(+31%) (5K contracts)
  • ZAR $145M (+55%) (5K contracts)

• Strong monthly OI in:
  • CAD $24B (+93%) (344K contracts)
  • CHF $13B (+80%) (94K contracts)
  • GBP $16B (+8%) (202K contracts)

The large open interest holder (LOIH) data provided by the CFTC also shows growing adoption

via the number of customers holding ‘large’ open positions in our markets. According to CFTC data on Jan 21:

• Emerging Market LOIH was 290, with growth in BRL futures, with 98 LOIH (+14% YOY) and ZAR futures with 42 LOIH(+46% YoY)
• Of the G7 currency pairs – CHF was 62 LOIH (+22% YoY) and AUD was 106 (+12% YoY).

Options: January 2025 was the highest volume month since February 2020.  Comparing January 25 vs January 24, we saw options ADNV up 75%, with strong growth in the following currency pairs:

• EUR (+92%)
• CAD (+289%)
• GBP (+77%)

FX Link: In January, FX Link traded $3.2B ADNV ,+70% vs January 24 (39K ADV in contracts, up 94%).

EBS

Strong start to 2025, with EBS ADNV at $66B, up 21% vs January 2024.

FX Volatility

The CME Group Volatility Index (CVOL) shows that the combined G5 CVOL index averaged 9.4 in January 2025

Source: CME