Customers welcome: CME-FICC now available to end-users
Following regulatory approval, CME Group and FICC will now offer access to cross-margin benefits for end-user customer accounts of common clearing members, unlocking significant margin efficiencies that span our Interest Rate futures and FICC-cleared cash Treasuries and repo.
Following regulatory approval, CME Group and FICC will now offer access to cross-margin benefits for end-user customer accounts of common clearing members, unlocking significant margin efficiencies that span our Interest Rate futures and FICC-cleared cash Treasuries and repo.
This expansion follows meaningful enhancements to the existing arrangement for house accounts and is capable of generating capital savings and margin efficiencies for participants of up to 80%.
For key details on the customer program, contact our team or explore our resources:
Credit adoption continues as notional OI surges to $1.8B
Adoption of Credit futures continues at an impressive pace, gaining another 23% in average daily open interest (ADOI) month over month (MoM) in April and up almost 350% year over year (YoY) to eclipse the $1.8B notional open interest (OI) mark on April 30.
This deepening of the ecosystem is boosted by a surge in High Yield contracts, which saw nearly 200% growth in April alone. This increase was driven by several block trades of over 1,000 contracts, underscoring the depth of liquidity available across the suite.
The original four are now bolstered by maturity-bucketed and EM contracts, which just celebrated their first full month on the market. Discover more about this burgeoning lineup and tools for managing credit risk in your portfolio.
New heights in the short end
Though volatility has fallen from its recent highs, elevated convexity in the short end suggests traders are still positioning for tail events.
This active environment has kept the short end in focus and pushed ADOI for 2-Year futures to a new all-time high in April of just under 5M contracts.
This represents growth of nearly one million contracts in ADOI year over year, while growth from a percentage look outpaces the trend in overall Treasury futures during the same period.
More in Interest Rates
Eris-istible momentum: Adoption of Eris contracts soars ahead of Options launch
Demand for Eris SOFR Swap futures continues to reach new levels. With last month's ascent to over 700K in ADOI, we've now seen 185% growth in Eris open interest since last April.
The market is further expanding this summer with our launch of Eris Options on June 15.* The initial tenors will include 2-year, 5-year and 10-year, and will physically deliver into Eris futures.
Fed outlook as Warsh Watch begins
We may have just seen the last ever FOMC with Powell as the chairman, though it appears he may stay on as a governor. Kevin Warsh is now poised to take over the top spot before the next meeting in June.
Warsh looks to begin his chairmanship at an uncertain time for the Fed. Last month's FOMC saw the most dissent (one on policy and three on guidance) in over 30 years as concerns over inflation remain front and center.
FedWatch now stands at "no change to the target rate in 2026" as the most likely outcome.
Let's roll
With the First Notice Date arriving May 29, the next Treasury roll is officially upon us.
You can monitor the shift to the next quarter's contracts with our Pace of the Roll tool. Use it to compare the current roll to historical data and break down activity by contract to see exactly how traders are managing Treasury risk heading into the new front month contracts.
Reminder: 5-Year Note futures calendar spreads are now trading at 1/8 of 1/32.
Data as of May 1, 2026, unless otherwise specified.
View an archive of the Rates Recap online at cmegroup.com/ratesrecap.
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