News Release

CME Group to Launch OIS Futures and Options on Futures

Tue Jul 29 2008

CHICAGO, July 29 /PRNewswire-FirstCall/ -- In a further expansion of its short-term interest rate product offerings, CME Group, the world's largest and most diverse derivatives exchange, today announced plans to offer 3-month Overnight Index Swaps (OIS) futures and options on futures. The futures contract is scheduled to become available on Sunday, September 7, 2008, for a trade date of September 8, on the CME Globex® electronic trading platform and on Monday, September 8, 2008, for open outcry trading.

The new OIS futures contract will track the overnight effective Federal Funds rate, a major benchmark for the U.S. short-term interest rate market. The contract will reflect the Federal Funds rate compounded over a three-month period that ends on the contract's expiration date. Because the OIS futures contract will cover the same time period as a Eurodollar future, the contract will provide market participants with a direct and efficient way to trade the spread between 3-month LIBOR and 3-month overnight financing costs.

"In the current economic environment, an increasing number of short-term interest rate instruments are linked to the overnight Fed Funds rate," said Robin Ross, managing director, CME Group interest rate products. "Our new contract will be a welcome means of hedging OIS-linked risk exposure. Combining the new 3-month OIS contract with our benchmark Eurodollar futures will enable efficient trading of the Fed Funds/LIBOR spread, which has grown increasingly volatile, creating substantial risk for money market participants. The contract will also provide a direct way to take a view on FOMC policy moves further out the yield curve than is possible with our existing 30-day Fed Funds contracts."

The OIS futures will complement CME Group's rapidly growing 30-Day Federal Funds contracts, which reflect the average level of the overnight Federal Funds rate over a calendar month. CME Group's 30-Day Federal Funds futures and options have experienced strong growth over the past year. For the first six months of 2008, the contracts had average daily volume of 115,673 contracts a day, up 52 percent over the same period last year. For more information on 3-month OIS futures please visit

CME Group interest rate products span the entire U.S. dollar denominated yield curve and are among the world's most actively traded futures and options on futures contracts. They are an important risk management tool for managing short-, medium- and long-term interest rate risk with products based on Eurodollars, U.S. Treasuries, swaps and other dollar-related instruments as well as products for managing interest rate risk in Europe and Japan. In 2007, an average of 6.9 million interest rate contracts a day traded at CME Group.

CME Group ( is the world's largest and most diverse derivatives exchange. Formed by the 2007 merger of the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT), CME Group serves the risk management needs of customers around the globe. As an international marketplace, CME Group brings buyers and sellers together on the CME Globex electronic trading platform and on its trading floors. CME Group offers the widest range of benchmark products available across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, agricultural commodities, and alternative investment products such as weather and real estate. CME Group is traded NASDAQ under the symbol "CME".

The Globe logo, CME, Chicago Mercantile Exchange, CME Group, Globex and E-mini, are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago. All other trademarks are the property of their respective owners. Further information about CME Group and its products can be found at



CONTACT: Media, Pamela Plehn, +1-312-930-3446, or Allan Schoenberg,
+1-312-930-8189,, or Investors, John Peschier,
+1-312-930-8491, all of CME Group

Web site:

Corporate Communications

+1 312 930 3434